Accounting News Roundup: Satyam Founder Sentenced to Prison; Losing Lotto Tickets; Deloitte Prepares Companies for Crisis | 04.09.15

Democrats Gird for Tax-Relief Battle [WSJ]
Only 32 days remain! “Congressional Democrats, under pressure from their liberal wing, are preparing to put up a fight over tax relief for wealthier Americans before they agree to any compromise with Republicans that could extend the Bush-era breaks.

With the lame-duck Congress reconvening Monday, House Speaker Nancy Pelosi (D., Calif.) may hold a vote mid-week on legislation that would extend the 2001 and 2003 tax cuts only for families with income less than $250,000, while allowing the upper brackets to expire.”

Deloitte hopes to resurrect Roland Berger deal [ft.com/cms/s/0/2e44af2a-f8bb-11df-b550-00144feab49a.html#axzz16gAzoSvU”>FT]
Deloitte does not take “no” for an answer.

PCAOB Signals More Enforcement, Fee Increase in 2011 [Accounting & Auditing Update/CW]
The Public Company Accounting Oversight Board has signaled through its 2011 budget that it is beefing up its enforcement staff to handle an increasing caseload. The board also signaled that public companies can expect a 5.4-percent increase in the support fee they will pay in 2011 to help fund the operations of the PCAOB.

Another Guilty Plea in Iowa Film Fiasco [Tax Update Blog]
Despite this round of justice, Joe Kristan reminds everyone, “Whatever the merits of the case against Ms. Runge, if any, it’s hard to believe that she is the only person out there who should be worried. The State Auditor reported that fully 80% of the tax credits issued under the program were issued improperly, with millions of dollars milked from the state for imaginary or grossly-inflated expenses and through the use of strawmen LLCs to funnel cash improperly out-of-state.”

Turkey, Gravy, Networking: How Savvy Job-Hunters Spend the Holiday [FINS]
Though hiring probably won’t pick up until the new year, savvy candidates are cramming their calendars with informational interviews, meetings with recruiters and as many holiday happy hours as they can handle.

“The general rule is that it’s a really good time to network, because people are in a mindset of charity, goodwill and warmth,” said J. Patrick Gorman, principal at iFind Group, a New York based recruiter of accountants.

The Answer Is No [JDA]
But what’s the question you ask? Go find out.

Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” [RTA]
Prior notice is always helpful, “The leadership of the Big 4 audit firms in the UK has admitted that they did not issue ‘going concern’ opinions because they were told by government officials, confidentially, that the banks would be bailed out.”

The House of Lords Looks at the Role of Auditors: And Then Everyone Went for Tea [Re:Balance]
Jim Peterson was pleasantly surprised by the testimony of the Big 4 in the UK, although he had low expectations.

Tax Consequences of Oprah’s Latest Car Giveaway [TaxProf Blog]
From the Prof, “Oprah was back at it last week, giving away to her studio audience a 2012 VW Beetle, a $1,000 Nordstrom gift card, an iPad, and a limited edition Oprah 25th anniversary watch from Phillip Stein encrusted with 58 hand-set diamonds, among other things.”

We should also mention that the audience’s screaming is unbearable.

Destiny’s Child star Kelly Rowland ducks ‘Bills, Bills, Bills’ [Detroit News/Tax Watchdog]
We’re not sure where she left it with Beyoncé but maybe she’ll call Jay-Z to help out?

Twenty Lies You’ll Hear on a Job Interview [Bloomberg BuisnessWeek]
Including a couple of our favorites: “We’re all about work-life balance” and “We don’t have office politics here.”

Strauss-Kahn Case Seen as Near Collapse [NYT]
The sexual assault case against Dominique Strauss-Kahn is on the verge of collapse as investigators have uncovered major holes in the credibility of the housekeeper who charged that he attacked her in his Manhattan hotel suite in May, according to two well-placed law enforcement officials. Although forensic tests found unambiguous evidence of a sexual encounter between Mr. Strauss-Kahn, a French politician, and the woman, prosecutors now do not believe much of what the accuser has told them about the circumstances or about herself. Since her initial allegation on May 14, the accuser has repeatedlaw enforcement officials said.

They’re Everywhere! Big Four Auditors Mixed Up In Mortgage Fraud [Forbes]
Francince McKenna sees “complicit auditors.”

Geithner Exit Would Force Obama to Rebuild [Bloomberg]
Treasury Secretary Timothy F. Geithner’s potential departure from the administration would force President Barack Obama to assemble a new economic team as he enters a re-election campaign that’s likely to be dominated by voter concern over jobs. Geithner has told Obama that he’s considering leaving the administration after the president reaches an agreement with Congress to raise the national debt limit, according to a person familiar with the matter.

Bill Clinton Backs Tax Holiday on Foreign Profits, With Caveats [Bloomberg]
Former U.S. President Bill Clinton endorsed a tax holiday on repatriating offshore profits with conditions, taking a position contrary to the Obama administration. “I favor it under certain circumstances,” Clinton said in an interview with Bloomberg Television’s Al Hunt yesterday in Chicago. He suggested an approach that would give companies a 20 percent tax rate on repatriated profits, which could be reduced to 10 percent if they “reinvest it in increasing employment in America.”

H-P Girds for iPad Battle [WSJ]
H-P’s device, the TouchPad, comes more than a year after Apple started selling its iPad. In that time, Apple has sold more than 25 million tablets and added nearly $100 billion in market capitalization. H-P, meanwhile, has lost $50 billion. H-P is planning a marketing blitz for the TouchPad. But it faces an uphill battle in the fast-growing tablet market, which is dominated by the iPad and crowded with devices from Samsung Electronics Co., Motorola Mobility Holdings Inc. to BlackBerry maker Research In Motion Ltd. “We know we’re the fifth man in a four-man race,” said Richard Kerris, the H-P executive in charge of developer relations.

Minnesota government shuts down [CNN]
A budget stalemate forced a virtual full shut down of the Minnesota government on Friday and left only a limited array of state services in operation over the busy holiday weekend. Visitors won’t be able to go to the state parks or the zoo, and travelers will find the highway rest stops shuttered. Road construction projects will cease, as will licensing for teachers and businesses.

Accounting woes threaten Chinese listings in Singapore [Reuters]
The string of blow-ups at overseas-listed Chinese companies could derail Singapore Exchange’s efforts to revive investor confidence and dent its status as a major trading hub for mainland issues. The bourse’s long-running charm offensive in China means Chinese stocks, known in the city-state as S-chips, now make up around 20 percent of its 779 listed companies, up sharply from April 2004 when there were just 41 mainland firms listed on the exchange. But a rash of accounting problems that broke this year, reminiscent of a previous wave in 2008 in Singapore, threatens to undermine SGX’s strategy as investor interest fades.

PricewaterhouseCoopers names new managing partner in Kansas City [KCBJ]
It’s New Year’s Day at PwC (E&Y too) and John Martin takes over in Kansas City from James Gegg. Well, sort of. The entire firm has the day off.

Business groups turn on Camp [The Hill]Exhibit A: A threat from the American Bankers Association's […]