Please ensure Javascript is enabled for purposes of website accessibility
December 4, 2022

Accounting News Roundup: SEC Settlements; KPMG Shopping for Advisory Shops; Church Moonlights as Night Club, Loses Tax Exempt Status | 03.16.15

S.E.C. Wants the Sinners to Own Up [NYT]
The SEC has managed to secure 18 admissions of guilt so far since changing its policy in 2013, including: "Most of the companies in these cases were financial firms. The other settlements involved Chinese affiliates of the big four United States accounting firms; Lions Gate, an entertainment company; and Standard & Poor’s, the ratings agency that admitted to facts stating how it misrepresented its methodology for assessing several commercial mortgage-backed securities in 2010 and 2011."  

KPMG plans advisory spending spree [Economia]
Richard Fleming, the Advisory Leader in the UK, confirmed to The Times that the firm would be "investing a lot" over the next three years.  

Grant Thornton faces £49m negligence claim [FT]
Manchester Building Society claims GT botched the advice and audit related to "the implementation and application of hedge accounting."  

The FASB’s New “Going Concern” Reporting Rules: A Solution in Search of a Problem [Accounting Onion]
Tom Selling writes that the new rules won't address the underlying issue problems with going concern opinions that include lack of timeliness and redundancy. 

Tax Exempt Church Turns Out To Be A Night Club [Robert Wood/Forbes]
This church's fellowship included, "lingerie and pajama events, ‘Wet n wild,’ twerking and naked paintball parties," as well as, "holy iconography [that] featured oral sex and drinking." Incredibly, its tax-exempt status was taken away.

Dairy Queen is giving away ice cream [CNN]
Vanilla cones. Only one per customer.

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.

Comments are closed.

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 […]