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September 29, 2023

Accounting News Roundup: Mandated Internal Auditors; Toshiba’s Bad Best Guesses; Deloitte Dorms | 09.10.15

Justice Department Sets Sights on Wall Street Executives [NYT]
Well, individuals in general, is more like it: "[T]he Justice Department issued new policies on Wednesday that prioritize the prosecution of individual employees — not just their companies — and put pressure on corporations to turn over evidence against their executives."

SEC Looking at Outside Candidates to Lead Audit Regulator PCAOB [WSJ]
Jim Doty's term as PCAOB Chairman is up next month and he wants to stay if the SEC will have him. Mary Jo White says the Commission is following protocol by looking at outside candidates.

Accounting Rife with Estimates Haunted Toshiba [CFO]
Specifically, percentage of completion accounting.

Internal Auditors Press SEC to Require Their Job [CFOJ]
The Institute of Internal Auditors respectfully requests the SEC to guarantee their members' job security:

The Florida-based professional group asked the Securities and Exchange Commission, an investor protection agency, to require all public companies maintain an internal audit function, or explain why they don’t.

“In the best interest of the investing public and continued efforts toward restoration of investor confidence, an independent, objective, and competent internal audit function is basic and fundamental to effective corporate governance,” the group said in a letter in response to the SEC’s call for comments on audit committee disclosures

Basically, they want the same deal as external auditors. And look how well that's been working out.

How To Talk About The Yahoo Spin-Off Without Embarrassing Yourself [Forbes]
Tony Nitti is here to help you understand the delectable details of tax-free spinoffs:

Recognizing that sometimes, the best thing for business owners is to go their separate ways — or that sometimes two businesses should no longer operate together, for legal or other reasons, and need to be separated — Congress carved out a VERY limited exception whereby a corporation can distribute an entire business to its shareholders in a tax-free manner. It is what we call a 'divisive,' reorganization, because it allows a once-combined business to be divided into two separate businesses without the imposition of tax, a rarity in the Code.

I recommend reading the whole thing if understanding tax-free spinoffs is something you do to impress your friends (or it's helpful for your job).

Deloitte to help graduates with pre-booked London flats [FT]
Affordable apartments in London are hard to find, so Deloitte will just take care of that by putting up 40 of its new employees in old Olympic Village in Stratford.

French Castles Cheaper to Rent Than San Francisco Apartments [NBC]
Appears reasonable.

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