Accounting News Roundup: PwC Getting Dropped?; Deloitte Gets Picked Up; KPMG HK Auditor Gets Cleared | 04.28.11

Here’s a Tax Guide for Nuts [WSJ]
New York is the latest state to roll out a set of odd distinctions between “food” items that are taxable (e.g. Hi-C) and non-taxable (Tang).

Most States Seen Raising Jobless Tax on Businesses [NYT]
As persistently high unemployment has drained the funds that are used to pay jobless benefits, more than two-thirds of the states expect to raise taxes on businesses this year to replenish them, according to a survey of labor agencies released Wednesday. Unemployment taxes remain low by historical standards: the survey, by the National Association of State Workforce Agencies, found that states have effectively cut the unemployment tax rate on businesses by 64 percent since the unemployment program began collecting taxes from employers in 1938.

Fiesta Bowl considers cutting ties to legal, accounting firms [TAR]
The Fiesta Bowl, which has made numerous changes to keep its status among college football’s elite post-season games, is considering whether to cut ties with its longtime legal counsel, Snell & Wilmer, and accountant PricewaterhouseCoopers. The bowl’s recently completed internal investigation into financial wrongdoing and potentially illegal behavior by employees raised questions about whether Snell & Wilmer’s lawyers and accountants at PricewaterhouseCoopers did enough to alert board members to improprieties.

Northern Oil and Gas, Inc. Announces Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm [NOG]
Northern Oil apparently wants to play with the big boys, as they ditch Mantyla McReynolds (a BDO alliance firm) for Deloitte.

What a Coinkydink! Overstock.com Buys Naming Rights Near Courthouse [Gary Weiss]
Honestly, you can’t make this up.

Priest Questioned Over Gambling Spree After Deloitte’s Internal Audit [inAudit]
A parish priest in Ottawa, Canada has decided to end his 14-year service to the Glebe church following an internal audit conducted by Deloitte LLP that revealed several controversies involving his gambling activities.

KPMG Auditor Cleared of Taking Bribe for Work on Hontex’s Hong Kong IPO [Bloomberg]
A KPMG senior manager was cleared by a Hong Kong judge of accepting a HK$300,000 ($38,601) bribe for his work on the listing prospectus of Chinese fabric maker Hontex International Holdings Co. The prosecution failed to prove beyond reasonable doubt that Leung Sze-chit, 33, intended to accept envelopes containing cash as a reward from Chan Chau-wan, a consultant hired by Hontex for its listing, in February 2010, District Court Judge Stephen Geiser said today.

Here’s a Tax Guide for Nuts [WSJ]
New York is the latest state to roll out a set of odd distinctions between “food” items that are taxable (e.g. Hi-C) and non-taxable (Tang).

Most States Seen Raising Jobless Tax on Businesses [NYT]
As persistently high unemployment has drained the funds that are used to pay jobless benefits, more than two-thirds of the states expect to raise taxes on businesses this year to replenish them, according to a survey of labor agencies released Wednesday. Unemployment taxes remain low by historical standards: the survey, by the National Association of State Workforce Agencies, found that states have effectively cut the unemployment tax rate on businesses by 64 percent since the unemployment program began collecting taxes from employers in 1938.

Fiesta Bowl considers cutting ties to legal, accounting firms [TAR]
The Fiesta Bowl, which has made numerous changes to keep its status among college football’s elite post-season games, is considering whether to cut ties with its longtime legal counsel, Snell & Wilmer, and accountant PricewaterhouseCoopers. The bowl’s recently completed internal investigation into financial wrongdoing and potentially illegal behavior by employees raised questions about whether Snell & Wilmer’s lawyers and accountants at PricewaterhouseCoopers did enough to alert board members to improprieties.

Northern Oil and Gas, Inc. Announces Appointment of Deloitte & Touche LLP as Independent Registered Public Accounting Firm [NOG]
Northern Oil apparently wants to play with the big boys, as they ditch Mantyla McReynolds (a BDO alliance firm) for Deloitte.

What a Coinkydink! Overstock.com Buys Naming Rights Near Courthouse [Gary Weiss]
Honestly, you can’t make this up.

Priest Questioned Over Gambling Spree After Deloitte’s Internal Audit [inAudit]
A parish priest in Ottawa, Canada has decided to end his 14-year service to the Glebe church following an internal audit conducted by Deloitte LLP that revealed several controversies involving his gambling activities.

KPMG Auditor Cleared of Taking Bribe for Work on Hontex’s Hong Kong IPO [Bloomberg]
A KPMG senior manager was cleared by a Hong Kong judge of accepting a HK$300,000 ($38,601) bribe for his work on the listing prospectus of Chinese fabric maker Hontex International Holdings Co. The prosecution failed to prove beyond reasonable doubt that Leung Sze-chit, 33, intended to accept envelopes containing cash as a reward from Chan Chau-wan, a consultant hired by Hontex for its listing, in February 2010, District Court Judge Stephen Geiser said today.

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