Satyam Founder Gets 7 Years for India’s Biggest Corporate Fraud [Bloomberg]
Ramalinga Raju, his brother B. Rama Raju, and former CFO Srinivas Vadlamani and chief auditor Srinivas Talluri all received 7-year sentences. The Raju brothers were also ordered to pay fines of 50 million rupees (~$800k).
IRS Scammed With Losing Lotto Tickets [TDB]
This is a better-than-average (although still illegal) tax shelter: "Gamblers have concocted a scheme to repurpose the dud ducats to offset their winnings. A winner can go online and get $5,000 worth of losing lottery tickets to cover their $5,000 in gambling winnings. The lottery tickets serve as a sort of security blanket if the auditor comes calling. Ads captured on Craigslist and eBay from Florida to California hawk the tickets so the potential lotto buyer can defraud Uncle Sam."
Marijuana Taxes Won’t Save State Budgets [NYT]
Colorado predicts it will raise $69 million from marijuana sales; a paltry sum in the context of its $27 billion budget.
In a mock cyberattack, Deloitte teaches business how to respond [ComputerWorld]
This actually sounds fun: "For Deloitte's exercise in crisis management, an organization's top executives are gathered in a conference room, including the top managers for security, IT, finance, marketing and legal, as well as the CEO. They are presented with a mock scenario in which an attacker has successfully hacked into the corporate network and they must develop a response and recovery plan. Periodically, they are given new bits of information to advance the story, such as mock media reports and investigation results."
Revised Auditing Standard Puts Onus on Auditor to Read Annual Reports [AT]
Annual reports just aren't glossy mags, you know!
Nearly 9 percent of Americans are angry, impulsive and have a gun, study says [MSN]
This probably explains why some people hear stories of accountants packin' heat.