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February 2, 2023

Accounting News Roundup: ‘One of the worst income statements I’ve ever seen’ | 03.28.18

Tesla is just months from a total collapse, says hedge-fund manager [MW]
John Thompson of Villas Capital Management doesn’t mince words: “This is one of the worst income statements I’ve ever seen and between the story and the financials, the financials will win out in this case.”

Court rules ex-EY partner has right to accounting expert during PCAOB interview [AT]
The PCAOB denied Mark Lacetti an accounting expert to be part of his legal team that represented him during an investigation. The D.C. Circuit Court of Appeals said that was wrong and vacated the order from the SEC to suspend Lacetti from practice. His attorney said, “The consequences will be widespread, and should lead to fairer PCAOB investigations.”

Mulvaney nears victory in struggle with Mnuchin on tax rules [Politico]
There’s a turf war going on between the Office of Management and Budget and the Treasury Department over “the final say over IRS regulations — and the implementation of the Republicans’ tax law.”

SEC Charges Energy Storage Company, Former Executive in Fraudulent Scheme to Inflate Financial Results [SEC]
File to Accountants Behaving Badly: Keep an Eye on Those Sales People. Van Andrews, a sales executive for Maxwell Technologies, allegedly schemed to inflate the company’s revenue via secret side deals. He also falsified records to hide the scam from Maxwell’s finance department and the company’s auditors. However, that didn’t prevent SEC from charging the former controller, James DeWitt, with “failing [to] adequately to respond to red flags that should have alerted them to the misconduct.”

Previously, on Going Concern…

I mentioned robots replacing humans.

In Open Items: Using a (Tax) Recruiter

From the archives: Today in Questionable Business Expenses: A $100,000 Motor Home for Dogs; See also: When Stealing From Your Company, Be Sure To Charge Boss’s Birthday Party To Your Personal Account

In other news:

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