Public Company Stints Continue to Attract CFOs [CFOJ]
One taste and they're hooked! "Returning to a public company is 'in the DNA' of many CFOs, and that’s why many of them look for the next opportunity, said Richard Cannellos, CFO and senior client partner for Epsen Fuller Group, an executive search firm. Brokering a lucrative deal gives such CFOs an 'experience backbone' that many don’t have, he added."
IRS, Tax-Preparation Firms Join Forces to Combat Return Fraud [WSJ]
Should we feel better about this? "Participants in the effort include Intuit, H&R Block Inc., Jackson Hewitt Tax Service Inc., Liberty Tax Service and others. Intuit CEO Brad Smith praised the 'new era of active collaboration' between tax agencies and the industry."
Dewey Defense Lawyers Drill Down On Cooperator [TAL]
Thomas Mullikin, the ex-Dewey controller, was cross-examined yesterday and it did not sound fun: "Andrew Frisch, showed jurors emails where Mullikin assured his superiors that financial statements he had prepared for the firm's auditor Ernst & Young or for bank lenders were in compliance with accounting standards—even though he knew otherwise. Frisch, who runs his own three-lawyer boutique, also projected a management representation letter to Ernst & Young, pointing to Mullikin's signature at the bottom. Mullikin admitted that he signed them first, which Frisch argued gave the three Dewey & LeBoeuf defendants, who co-signed later on, a comfort level that the financial information was truthful."
KPMG Can't Nix Fraud Suit Over Ex-Rangers Owner Audit [Law360 (Sub)]
Plaintiffs believe the firm "help[ed] private equity investor and former Texas Rangers owner Tom Hicks cheat lenders out of $525 million in debt."
Accounting Firms Armanino & RBZ to Merge [CPAPA]
The two California firms have combined revenues of $195 million. The deal closes August 1.
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