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December 5, 2022

Accounting News Roundup: SEC Curious About CAT’s Cash Movements; The Ongoing Greek Accounting Tragedy; Don’t Forget to Delegate | 02.18.15

Caterpillar reports SEC cash movement investigation [Reuters]
Sounds fishy, CAT: "The movement of cash among Caterpillar's U.S. and foreign subsidiaries is being investigated by U.S. authorities, the company said in a regulatory filing on Tuesday. The heavy machinery maker said it had received a grand jury subpoena from a U.S. District Court on Jan. 8 and is cooperating with the investigation."

Tesco, Britain’s Largest Retailer, Names John Allan as Chairman [DealBook]  
He'll be paid 
£650,000 a year for three years to help right the ship. 

Greece Needs an Accounting Revolution [FEI]
USC Professor Jacob Soll continues this Greek tragedy, in an interview with FEI: "A modern state has a tax regime managed by a modern system of accounting. That is not Greece. Most of the top Greek accountants have been trained and done their work outside of Greece. I constantly get yelled at by my Greek counterparts saying that they have plenty of accountants, which is true. But there is just not an accounting culture. Politically, nobody on the right or the left relies on accounting because nobody trusts it.”

Former accountant pleads guilty to cooking the books for adult entertainment businesses [SFBJ]
To be fair, I'm sure any guy in South Florida would have trouble keeping business and personal expenses separated of an AEB: "From 2006 to 2009, [Paul] Ruggieri prepared the federal income tax returns for [Anthony] Andreozzi, F&A Concepts and Galaxy Communications. Up until the beginning of 2011, Andreozzi blurred the lines between corporate and personal expenses with the returns for his adult entertainment businesses, and directed Ruggieri to cover up his tracks. Ruggieri classified some of Andreozzi's personal expenses as business expenses, according to the indictment.

If You're Not Delegating as a Manager, You're Not Doing Your Job [Lifehacker]
FYI.

Boston mayor: Stop jumping out of windows into snow [UPI]
Martin Walsh can't believe it's come to this: "I'm asking people to stop their nonsense right now. These are adults jumping out windows. It's a foolish thing to do and you could kill yourself. We're asking people to act responsibly in the city of Boston. This isn't Loon Mountain, this is the city of Boston, where we're trying to remove snow off of the street and it becomes very dangerous. And the last thing we want to do is respond to an emergency call where somebody jumped out of the window because they thought it was a funny thing to do."

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