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Accounting News Roundup: More on KPMG’s Venture Fund; Miami Is the Capital of Tax Fraud; Dixon Has Another Big Problem | 11.12.13

Can’t KPMG Just Do Better Audits? [Bloomberg]
Jonathan Weil reacts to the news that KPMG is starting a venture fund: "This line from the Times article, quoting a senior KPMG partner named Simon Collins, caught my attention in particular: 'Mr. Collins said that it would be "very difficult" to provide audit services to the companies it invested in — "but we can incubate them, we can advise them." ' Let’s get this much straight: 'Very difficult' is the wrong answer here. The correct response is that it should be impossible. Any first-year accounting student can tell you that auditors aren’t supposed to audit companies in which they have ownership stakes."

Angola Names Deloitte to Audit $5 Billion Sovereign Wealth Fund [Bloomberg]
The Luanda-based fund will help diversify the economy from oil, build commercial infrastructure and support socio-economic growth, Armando Manuel, finance minister and former head of the fund, said in the statement. Deloitte’s appointment “ensures accountability to the Angolan state and citizens,” he said.

Injuries to Players Raise Questions on Athlete I.P.O. Plan [DealBook]
LOL Fantex.

Standing Advisory Group Meeting [PCAOB]
Starts tomorrow at 1 pm.

Five Auditor Independence Issues PCAOB SAG Not Yet Addressing [Re:The Auditors]
And no plans to, either.

The hand-holding is getting embarrassing. 

Estate Planning for Sex Toys [TaxProf]
This could be an exciting conversation you get to have with Mom or Dad some time soon.

GASB Offers Accounting Toolkit for Pension Plans [AT]
Your sleeping aid for this evening.

Miami Replaces Tampa As IRS Tax Fraud Capital [TBT]

Penis-Shaped Christian Science Church Doesn't Look That Much Like A Penis, Architect Claims [HP]
"We didn’t design it to be seen from above," Scott Shepherd told last week. Local architect John McLane, who did not design the church, told the site he believes it's "a little bit of a stretch" to claim that the aerial view of the structure looks like a penis. […] The church, which is located in the town of Dixon (indeed), was designed by an architect who McLane guesses "probably" designed it that way by accident, according to Shepherd noted that the shape makes sense for the needs of the church because it allows for ample natural light as well as space for a sanctuary.

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