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November 29, 2022

ANR: Does Anyone Want an Auditor’s *Real* Opinion?; Competitive Poaching for ‘Heavyweights’ Between Accounting Firms; Chicago’s Cigarette Tax | 11.14.13

The “Chilling Effect”: No One Important Wants The Auditor’s Opinion [Re:The Auditors]
This is a great read from Francine McKenna. The new auditor's report proposals are still being kicked around by the PCAOB's Standing Advisory Group and at the heart of that is the "Critical Matters" section of that proposal. FM recently did a podcast and one of the other guests was an attorney from Davis Polk & Wardell who said this: “There does seem to be an expectation on the part of the PCAOB that auditors are going to engage in a robust discussion of the areas they found most difficult that were part of that subjective judgment applied [by management]. As someone who regularly participates in due diligence calls with auditors I can tell you auditors are not the most voluble people.” 

PCAOB to Propose Auditor Naming Rule on Dec. 4 [CFOJ]
Hey, it's something. And the audit firms will fight it tooth and nail. It's going to be great! 

Apple confirms its under review by Italian tax authorities, denies wrongdoing [WaPo]
Pictures of Italian Apple fanboys sans pants will surface any minute now. 

Accounting Firms Doing More Lateral Hiring [AT]
A Koltin Consulting Group study found that accounting firms are poaching each others' BSD partners.

Winning The Price Is Right [Slate]
News you can use.

Guess who gets burned by Chicago's cigarette tax [Crain's]
The vice president of the 7-Eleven Franchise Owners Association of Chicagoland, apparently.

IFRS Honcho Castigates Countries for Taking “A La Carte” Approach to Accounting Standards [AT]
I love that Accounting Today went with "honcho" in this headline. 

Snapchat Spurned $3 Billion Acquisition Offer from Facebook [Digits/WSJ]
I'm sure they'll get a better offer.

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