Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: PwC Brushes Off Risk; Deloitte Is Ready for the GAY-la; IRS Gets Daggered By Religious Freedom | 11.07.14

The unanswered questions in Tesco’s accounting scandal [The Telegraph]
Much has been made of the fact that Tesco’s auditors, PwC, warned in last year’s annual report that the company’s commercial revenues was at “risk of manipulation”, which effectively flagged up that this could be a problem for Tesco. Sources in the audit world with a knowledge of how the British boardroom works claim that most audit committees would have refused to sign off a report that included that wording. They claim that it is likely the committee would have ordered PwC to go back and ensure that there had been no manipulation. This, therefore, raises a few questions – was Tesco’s audit committee asleep at the wheel? Or was PwC concerned that there had been manipulation and that was the only wording the auditors were prepared to use in their report?

Bank of America Adjusts Third-quarter 2014 Financial Results [Bank of America]
Just a small legal matter worth $400 million, no biggie.

Illinois police are looking for help in the case of an accountant found shot to death [Pantagraph]
She was found dead in her office.

Oh dear [Twitter]

Chance for Tax Overhaul Is Seen in Shift of Power [New York Times]
“We have this tax code that doesn’t bring stability and certainty to the economy,” said Senator Ron Wyden, Democrat of Oregon and chairman of the Finance Committee, who will hand over his gavel to a Republican, Senator Orrin G. Hatch of Utah, in the next Congress. “Historically, Republicans have wanted efficiency. Democrats want fairness. I want both, and we’re getting neither.”

The IRS Has Been Holding This Guy's $447,000 For 2 Years, And He's Never Been Charged With A Crime [Business Insider]
He even tried to get Baker Tilly's help to make sure their books were in order.

Former IRS worker, U.S. reach agreement in ritual dagger case [Houston Chronicle]
It was a RELIGIOUS dagger, you guys. Racists.

New SEC Chief Accountant Weighing Switch to Global Accounting Rules [WSJ]
In his first public comments since taking over as chief accountant a month ago, James Schnurr didn’t tip his hand over whether he favors a U.S. move toward the global rules, known as International Financial Reporting Standards, or IFRS. But “I would hope that within the next few months there would be movement on this,” Mr. Schnurr said on a panel at a Practising Law Institute securities-regulation conference in New York.

The IRS Scandal, Day 547 [Tax Prof]
We sort of checked out around Day 532 or so.

"You Into Handcuffs?": Drunk Dude Busted Calling 911 Looking for Date [Gawker]
Well? Are you?

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

Cat waking up its owner senior man sleeping in bed

Monday Morning Accounting News Brief: PwC Names Names in Tax Scandal; ‘Your Own Everest’ | 6.5.23

Hello and welcome back to another fabulous week. Here’s what’s going on. PwC Australia has named all 67 people involved in the confidential tax leak in an unpublished letter to lawmakers ahead of parliamentary hearings later this week. Jan Bouwens, Professor of Accounting, Amsterdam Business School, Amsterdam, Netherlands writes a letter to Financial Times suggesting […]

dachshund in the sand at the beach sea on summer vacation holidays, wearing red sunglasses with coconut cocktail

Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]