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February 2, 2023

Accounting News Roundup: A Shortage of Restatements; A Bad Accountant Named Ballance; PwC’s Legal Expansion | 08.01.14

CAQ: Number of Restatements Lower than 10 Years Ago [NYSCPA]
A study published by the Center for Audit Quality has shown that the number of restatements on financial statements has declined over the last 10 years, according to Compliance Week. Restatements in 2003, before the Sarbanes-Oxley Act took effect, numbered 856, peaked in 2006 at 1,784, and then declined to 738 in 2012.

Has Mind Control Conspiracy Captured IRS? [Forbes]
Don't worry, it's just some crazy guy.

Accountant who stole £200,000 from luxury shoe firm and spent it on a lavish wedding and a racehorse for her husband jailed for three-and-a-half years [Daily Mail]
Crooked Dale Ballance, 44, bought a share in a racehorse called Sharadiyn for her husband with the money she stole when in charge of the finances at international upmarket shoe and handbag firm Mode in Pelle. Her indulgent wedding included a ring-bearing owl and seven bridesmaids – as well as two wedding dresses she bought without having any idea how much either of them cost.

Exclusive: PwC becomes contender in Singapore legal market after sealing local tie-up [LegalWeek]
PricewaterhouseCoopers (PwC) has extended its legal offering into Singapore after sealing a tie-up with local firm Camford Law. The move is part of a wider plan for the accountancy giant to ramp up legal capability around Asia-Pacific, with the aim to boost Asian legal services revenue from $75m to between $150m and $200m and have approximately 500 lawyers in the region within five years.

Grant Thornton poaches EY partner [economia]
The partner's name is Goldsack.

Canada Revenue Agency refuses to divulge audit tactics targeting charities [Globe and Mail]
The federal government has denied a freedom-of-expression charity’s request for auditors’ guidelines on political activity, saying revealing how the Canada Revenue Agency conducts audits could hamper their work. Since Ottawa first started cracking down on political activities among charities in 2012, Pen Canada has filed a series of access-to-information requests seeking, among other things, the criteria auditors use to determine what, exactly, constitutes political activity.

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