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Accounting News Roundup: Well, at Least That’s Over; Tax Reform, Anyone?; Your Guide to a PCAOB Inspection | 11.07.12

Obama Wins New Term as Electoral Advantage Holds [NYT]
Barack Hussein Obama was re-elected president of the United States on Tuesday, overcoming powerful economic headwinds, a lock-step resistance to his agenda by Republicans in Congress and an unprecedented torrent of advertising as a divided nation voted to give him more time. In defeating Mitt Romney, the president carried Colorado, Iowa, Ohio, New Hampshire, Virginia and Wisconsin, a near sweep of the battleground states, and was holding a narrow advantage in Florida. The path to victory for Mr. Romney narrowed as the night wore along, with Mr. Obama winning at least 303 electoral votes.

Democrats keep control of Senate [CNN]
Democrats will retain their control of the Senate after winning several closely contested races on Tuesday. While poll results were still being calculated in North Dakota and Montana, Democratic victories make a Republican majority impossible. "No chance we get there," a top GOP source told CNN Tuesday night. "We have (a) real possibility of going backwards."

Marijuana legalization passes in Colorado, Washington [CNN]

Voters in Washington and Colorado passed ballot initiatives Tuesday to legalize marijuana for recreational use, the biggest victory ever for the legalization movement. "The significance of these events cannot be understated," said NORML, a pro-legalization organization, in a news release. "Tonight, for the first time in history, two states have legalized and regulated the adult use and sale of cannabis." But in many ways, it's just the beginning of the battle. Marijuana is still illegal in the eyes of the federal government, which overrules states' rights. "The voters have spoken and we have to respect their will," said Colorado Gov. John Hickenlooper, in a statement. "This is a complicated process, but we intend to follow through. That said, federal law still says marijuana is an illegal drug ,so don't break out the Cheetos or goldfish too quickly."
Tax Reform 1986 Is No Model for 2013 [Martin Sullivan]
Regardless, if Congress could get to work on this, that'd be great.
Top tax-writers cruise to reelection [The Hill]
Top tax-writers in both parties and in both chambers cruised to reelection on Tuesday, putting themselves in position to be key players in a Congress where tax reform could prove a central issue. Reps. Dave Camp (R-Mich.) and Sandy Levin (D-Mich.), the chairman and ranking member of the House Ways and Means Committee, both cruised to another two-year term with more than 60 percent of the vote.

Bob Moritz: America's Talent Gap [HP]
American business must step up to the plate, but we cannot do it alone. We are taking the long view here — there are no quick fixes. And taking the long view means making investments. For example, we must use our respective expertise and become involved in the education process, helping educators to teach students the additional skills they need to succeed. Different businesses can contribute here in different ways. For PwC, we are using our employees' core skill set to focus on improving financial literacy — skills our future leaders need for tomorrow, regardless of the positions they might hold. Other companies might offer internships and job-shadowing programs, allowing youth to experience the types of promising jobs that await them.

PCAOB inspection process explained in CAQ guide [JofA, CAQ Guide]
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BDO and PKF confirm "advanced merger discussions" [Accountancy Age]
BDO AND PKF are in "advanced discussions" to merge in the new year, they have confirmed. A merged entity would create a firm with more than £400m in revenues, with 3,500 staff.

Utahns elect first non-CPA as auditor in 40 years [SLT]
This is a travesty.

Family Outraged After Officer Tickets Toddler For Trying To Pee In Front Of His Own House [HP]
An Oklahoma toddler who was potty training thought he was doing the right thing when he pulled down his pants in his front yard. But Dillan's well-intentioned act may cost his mom thousands of dollars, after it earned her an expensive public urination ticket from a passing Piedmont police officer. […] "I said really, he is three years old, and he said it doesn't matter. It is public urination. I said we are on our property and he said it's in public view," Jennifer Warden told the station. The family plans on fighting the ticket, since the police officer stopped Dillan before he could finish peeing. A court appearance is set for December. "For $2,500 we all should be able to pee all over our whole yard," Warden said.


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