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Accounting News Roundup: Motivating Your CEO; IRS Not Looking For Lerner Emails; A PwC Leak | 11.06.14

Posted on by Adrienne Gonzalez

7 in 10 use cloud-based accounting: report [accountants daily]
On the other side of the planet: "A new report on the role of the professional accountant has revealed 69 per cent of firms in Australia use cloud-based accounting systems. Wolters Kluwer used CapioIT, a specialist in cloud digital disruption, to independently conduct the research on its behalf. Three hundred interviews were undertaken with small to mid-sized accounting and tax firms in Australia."

What motivates your CEO over the long term: Shareholder or social value? [PwC]
I think we know the real answer to this one.

Big four audit firms behind global profit shifting [Financial Review]
How the firms provided exceptional client service… by helping clients (legally) hide money.

Unless that person is your child, in which case, she'll get used to you missing birthday parties because you have to work [Twitter]


IRS says it hasn't searched 'other sources' for missing Lerner emails [Fox]
Where else are they supposed to look? Wherever Jimmy Hoffa is?

An accountant sold all his stuff and traveled the world to take 1,600 selfies [Telegraph]
Wait a second, he had a Porsche? "Strabane native Patrick Hamilton Walsh sold all of his worldly possessions – including his Porsche and house – and left his £50,000 accountancy job behind to tick off yet another life goal on his list."

Marks & Spencer called in their auditors from Deloitte to make sure they aren't another Tesco [This is Money]

Someone leaked PwC's documents that show off their tax avoidance skills [Irish Business Times]

Consultants challenge KPMG survey [Financial News]
Come on, man, just let them have one.

Police Say Man With No Hands and No Legs Is Armed and On the Run [Gawker]
Be on the lookout.

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Who Will Rescue Financial Reform? [NYT]
A direct assault on Dodd-Frank would be so blatantly biased toward banks that it would be sure to provoke a public backlash. So the Republican plan is to delay and disrupt reform. The effort is partly ideological — an insistence that regulation is unnecessary, no matter the evidence to the contrary. It is also a campaign fund-raising ploy, because Wall Street will reward the opponents of reform. Of course, Democrats are themselves not indifferent to Wall Street campaign cash, which raises the question of how effectively they will counter the Republicans’ aims.

US Economy Over the Worst: KPMG Executive Surv=”http://www.cnbc.com/id/42277311″>CNBC]
In another sign the American economy is on the comeback trail, a new survey from KPMG shows optimism is improving among U.S. manufacturing and service industry executives. Executives in both key sectors say the worst is behind us.

Why No Warnings? Investors Press Audit Regulator [Forbes]
Francine McKenna rounds up the haps from last Thursday’s Standing Advisory Group of the PCAOB meeting.

COSO Contemplates Expansion of 5 Component Internal Control Framework Into 20+ Principles; Potential Impact On Sarbox 404 Assertions [FEI]
In an update provided at the March 24, 2010 PCAOB Standing Advisory Group meeting, COSO Chairman Dave Landsittel described COSO’s current project to modernize and update its 1992 Internal Control- Integrated Framework. COSO plans to issue an Exposure Draft of a proposed revision later this year, followed by the release of two final documents in 2012.

The Washington Post Peddles Good TARP PR [JDA]
Check it out mostly for the graphic.


Networks, Advertisers Call New Plays Amid NFL Strife [WSJ]
Since the National Football League locked out its players about two weeks ago, some cable and broadcast networks have been preparing contingency plans to air alternative programming in case games are canceled this fall. Advertisers, who spend roughly $3 billion a year on commercials that run during NFL games, also are forging new plans and considering buying commercial time on other marquee programming should the work stoppage continue into the football season. Some advertisers already have bought commercials on Viacom Inc. television networks as a backup.

AstraZeneca settles tax dispute and saves $1bn [Guardian]
AstraZeneca has settled a long-running tax dispute in a deal which sees HM Revenue & Customs refund tax payments that will now go to America instead. The pharmaceutical company announced on Monday morning that US and UK tax authorities have reached an agreement over where it declares certain profits. The dispute over so-called “transfer pricing” dates back to 2002, and was the most significant of AstraZeneca’s ongoing arguments with tax authorities.

SEC Filing: Georgia Gulf Dismisses Deloitte & Touche; Engages Ernst & Young [CityBiz]
Georgia Gulf may not have been crazy about being told they have a material weakness.

What You Hate Most About Your Job [AOL]
“Everything” is a little too broad.

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