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Accounting News Roundup: Understanding Audit Committes; A CFO Trophy and a Prison ID; Clawbacks After Restatements | 07.02.15

SEC Opens Comment Period for Auditor Disclosure [CFOJ]
Mary Jo White wants to change things up a bit: "The way audit committees exercise their oversight of independent auditors has evolved and it is important to evaluate whether investors have the information they need," she said.

A prison ID in one hand — and a CFO award in the other [FT]
It sounds like Andrew Fastow  gave a fascinating presentation at Camp Alphaville yesterday: "Clutching a trophy he won after being named CFO of the year in the early 2000s, Mr Fastow said he had won it for services to off-balance sheet financing, adding that people did not win awards for that any more. In his other hand he held his US Federal prison ID — which he said he was given for exactly the same deals that won him the CFO award."

SEC Proposes Rules Requiring Companies to Adopt Clawback Policies on Executive Compensation [SEC]
Proposed Rule 10D-1 would require companies, "to develop and enforce recovery policies that  in the event of an accounting restatement, 'claw back' from current and former executive officers incentive-based compensation they would not have received based on the restatement.  Recovery would be required without regard to fault."  

The Most Common Embarrassing Social Blunders and How to Bounce Back [Lifehacker]
Including mistaking someone for being pregnant, sending the wrong email and bodily function mishaps: "If you fart in a staff meeting and everyone heard it, point the finger at yourself (or have someone pull it) and have a sense of humor about the whole thing."

America’s politicians take courageous, bipartisan stand against peas in guacamole [WaPo]
The New York Times has managed to bring politicians together.

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