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Accounting News Roundup: Yes, Public Company Audits Should Be Eliminated; KPMG Is Buying; #PwCPromotionDay | 06.19.15

Should companies eliminate audits? [Fortune]
There's mounting evidence that audits provide little value.

One in 20 registered audit firms quit the market in last year [Accountancy Age]
Or 4.9% to be precise. That's up from 3.8% in 2013.

High Tech, Fantasy Accounting [NYT]
FLASH: tech companies exclude costs from their custom reporting metrics, including stock-based compensation, acquisitions and restructuring. 

BPM names new CEO to lead accounting firm [SFBT]
James Wallace left his position as COO of Saginaw, MI-basedRehmann, to be CEO of San Francisco-based Burr Pilger Mayer. 

KPMG acquires Boxwood [economia]
The firm's "ambitious exapnsion plan will require more 'inorganic growth' over the coming months." 


Heinz Very, Very Sorry for Link to German Porn Site on Ketchup Bottle [Gawker]
The site in question, Fundorado, didn't waste the opportunity, posting a banner that read: "JA, DAS ORIGINAL VON DER KETCHUP FLASCHE!”