AICPA proposes six-point plan to improve audit performance [AT]
Audit quality has been an issue for a while and AICPA President, CEO and CrossFit enthusiast Barry Melancon, CPA, CGMA felt it was time to make a significant move: "Audit quality has always been a CPA profession imperative. And as the issue has risen in importance worldwide, we recognized that a bigger, bolder step was needed to address challenges related to financial statement audit performance. This concerted effort is at the core of the profession’s quality-driven mission to meet the needs and challenges of a rapidly changing financial marketplace.”
SEC Reviews Dubious Avon Bid [WSJ]
This livened up an otherwise dull Thursday: "Avon’s shares shot up by more than 20% midday to nearly $8 after an entity calling itself PTG Capital Partners Ltd. said in a securities filing that it had lodged a bid of $18.75 a share to buy the company. Avon said it hadn’t received such a bid and hadn’t even been able to confirm that PTG Capital existed. A person familiar with the matter said the company was treating the offer as a hoax."
SEC Charges CFO and Son With Insider Trading [CFOJ]
Spiral Toys CFO and (also a CPA) Robert Stewart is going to have an awkward conversation with his boss very soon: " 'I found out about this this morning,' Spiral Toys Chief Executive Mark Meyers told CFO Journal Thursday. 'I’ve obviously left plenty of messages [with Robert Stewart],' he said." Mr. Meyers also mentioned that the charges are "highly likely" to cost Mr. Stewart his job.
Perfect Insider Traders Got Caught [BloombergView]
Same story, different hilarious details: "If there's one thing that insider traders like almost as much as playing golf, it's failing to recognize their own fathers' names in Finra inquiries."
Oklahoma man who killed stepdad with 'atomic wedgie' says fight 'got out of hand' [OL]
That's the understatement of the week.