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Accounting News Roundup: Toshiba’s Scandal Get Worse; Mitchell & Titus Leaves EY; Reneging Offers | 07.15.15

Toshiba to book $2-$3 billion losses over accounting scandal [Reuters]
This all started with an estimate of $419 million back in May. "The charges include six years of overstated profits uncovered by an independent panel probing the electronics conglomerate's accounting irregularities, as well as various writedowns, the people told Reuters."

Toshiba CEO to step down in September in accounting scandal -sources [Reuters]
CEO Hisao Tanaka, Vice Chairman Norio Sasaki and other board members will step down in September.

CFOs Get Cozy With Marketing Departments [CFOJ]
An EY survey of CFOs found that 54% report "an uptick in communication with the CMO over the last three years."

U.S. Chamber of Commerce Criticizes SEC’s In-House Court [WSJ]
Let's all act surprised by the Chamber's discontent: "Chamber of Commerce said the rules governing the in-house court, dating back a decade or more, are ill-suited to some of the more complicated cases now being sent there, including those involving insider-trading allegations. In such cases, the very tight deadlines in the SEC tribunal can make it difficult for defendants, who may be faced with literally millions of pages from the SEC investigation, to prepare properly for the hearing."

KPMG names new managing partner [BBJ]
Scott Cotton succeeds Joe Reid at the Radio Station in Birmingham, Alabama.

Mitchell & Titus Departs Ernst & Young Network [AT]
The largest minority owned accounting firm in the U.S. is ending its relationship with EY after 8 years, "to avoid independence issues," according to CEO Anthony Kendall.

The Workers Who Say ‘Thanks, but No Thanks’ to Jobs [WSJ]
Corporate recruiters do not appreciate it when you pull a DeAndre Jordan.

Big Lebowski festival founder arrested on suspicion of smoking marijuana in bowling alley car-park [Independent]
Far out: "Will Russell was detained outside the Lebowski Fest in Louisville, Kentucky, by police who said he was “not acting normal” in a scene reminiscent of the Coen brothers cemedy. Russell runs the festival for fans of the 1998 movie, whose protagonist, played by Jeff Bridges, loves bowling, pot, and White Russians and is assaulted by the police. An arrest report posted online by city police said that Mr Russell, who was with an unnamed co-defendant, took 'a bladed stance' and then moved towards officers 'with a clinched fist displaying threatening behaviour.' The sheet said that Russell had apologised to officers for 'acting like a savage.' "