Please ensure Javascript is enabled for purposes of website accessibility
December 9, 2022

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]
FYI.

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 SaukValley.com 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 SaukValley.com. 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.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]