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December 3, 2022

Accounting News Roundup: PwC Calls Out E&Y for Shadowing; Romney Tweaking Financial Disclosures; Stephen Chipman in Kansas. Yes, Kansas. | 01.27.12

PwC says E&Y tried to poach client bank [FT]
In the sober world of auditing, discretion is key. But that has not stopped the UK arm of PwC from revealing an alleged attempt to poach Lloyds Banking Group, one of its most lucrative clients. In an unusual move that demonstrates the extent of regulatory pressure on the biggest audit firms, PwC has claimed that Ernst & Young wants to dislodge it as Lloyds’ auditor.

 

Romney campaign to correct financial disclosure forms to include overseas income [WaPo]
Mitt Romney’s campaign said Thursday it was working to correct the Republican candidate’s financial disclosures following reports that nearly two dozen funds, including a now-closed Swiss bank account, were not included on the forms as required. The Romney campaign described the problems as “trivial” and said it was preparing “minor technical amendments” to correct any discrepancies.

Time to pay your taxes [WaPo via DMWT]
Unpaid taxes owed by federal employees, by organization. And it has a search function!
 
Grant Thornton CEO predicts consolidation in accounting industry [WE]

Chipman said his firm is re-focusing its efforts on serving entrepreneurial firms this year because “everybody is trying to figure out how do you grow in this environment.” “I think what we’re saying is what is going to pull us out of this stagnant, volatile environment is growth from entrepreneurial, dynamic organizations,” he said.
 
MF Global Clients May Lose in $700 Million Bankruptcy Fight [Bloomberg]
MF Global Holding Ltd.'s clients may be the losers no matter who wins a $700 million dispute between bankruptcy administrators in London and New York that threatens the return of money locked in customer accounts. The trustee of MF Global Inc., the New York brokerage unit, is seeking the return of money used as margin for American customers trading in Europe. It wants U.K. administrators KPMG LLP to tap into $1.2 billion it had set aside for customers with segregated accounts, which are supposed to be protected.

 

Why Higher Taxes Will Have to be Part of the Medium- and Long-Term Fiscal Solution [TaxVox]
William Gale: "The best way to raises taxes is to broaden the tax base by reducing the number of specialized credits, deductions, and loopholes. For example, limiting the tax benefit of itemized deductions to 15 percent would affect mostly high-income households and raise more than $1 trillion over the next decade without raising marginal tax rates."

Police seize 16 kilograms of cocaine in U.N. mail shipment [AP]
Well, that's embarrassing for someone.

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