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November 28, 2022

Accounting News Roundup: Six-Point Plans for Audit Quality; Phony Takeover Bids; Insider Trading and Golf | 05.15.15

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."

Stop Punishing the Family Man [HBR]
This is also the perfect time to remind new or soon-to-be Dads to take all your paternity leave if it's available to you. 

Oklahoma man who killed stepdad with 'atomic wedgie' says fight 'got out of hand' [OL]
That's the understatement of the week.

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