Please ensure Javascript is enabled for purposes of website accessibility
December 5, 2022

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.

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.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]