Accounting For The JP Morgan Whale Trades [Forbes]
Francine McKenna: "As a non-GAAP metric, the auditor’s opinion provided by PricewaterhouseCoopers in JP Morgan’s 10-K (and the negative assurance the auditor provides for the 10Q) does not cover the VAR number or the model that produces it. (The audit opinion or quarterly review work doesn’t cover press releases or MD&A either, although the auditor has an obligation to review disclosures to make sure they are not misleading or incomplete.) However, as the bank’s primary risk management tool, the VAR model and the policies and procedures around it are certainly reviewed. It should be on the auditor’s radar as a key indicator of the quality of the bank’s risk management policies and processes."
Crazy Eddie’s one-time CFO offers tips on spotting financial fraud [PI]
Sam Antar sings his merry tune: “The plain truth is that the accounting profession today, whether in the role of external auditor or internal auditor and accountant, does not have the sufficient education, training, skills, and experience necessary to match wits with criminals of my former caliber.”
IRS widens taxpayer debt forgiveness program [Reuters]
More middle-class Americans will be able to work out their debts to the U.S. Internal Revenue Service because of changes in a tax payment forgiveness program, the agency announced on Monday. The "Offer in Compromise" program lets taxpayers negotiate agreements with the IRS to pay less than the full tax owed. The announced changes make the program more flexible for taxpayers, with some people able to pay off their debts faster, according to the IRS.
Starting with: " 'People have talked to me for only a few minutes, and then asked if they would be the right fit for a position. That's too aggressive,' says Suki Shah, chief executive of GetHired.com, a jobs site based in Palo Alto, Calif."