KPMG at risk of losing vital HSBC audit [FT]
KPMG could lose the biggest audit contract in corporate Britain after HSBC decided to consider bringing in a fresh pair of eyes to vet its accounts. The bank said it would put its audit contract out to tender for the first time in more than two decades in the most striking sign yet that regulatory pressure is starting to break down the ties that bind many big companies to their auditor. HSBC paid KPMG $81m in 2012. The majority of this was for audit and audit-related services, the rest being tax and other consultancy work. It has held the audit contract since 1991.
“We believe the model leads to a more timely recognition of credit losses,” Hans Hoogervorst, chairman of the London- based IASB, said in the statement. “At the same time, it avoids excessive front-loading of losses, which we think would not properly reflect economic reality.”
Single, childless and want work-life balance? How taboo [WaPo]
Talk about nerve.
The Ten Worst States for Taxes (Nine Are Blue States) [TaxProf]
North Carolina surprises with a very respectable 7th place.
Texas Is the New California [Forbes]
Does this mean Phil Mickelson is going to hold another press conference?
Ex-Kirkland Partner Freedman Pleads Guilty to Tax Fraud [BloombergLaw]
Hey, that's something!
This is so stupid: "Twenty-year-old twins Leon and Raquel Papu, sophomores at Babson and Tufts University, respectively, have called upon their BCCG concierge to intervene in a landlord dispute, wait for a plumber and line up Boston Celtics tickets. Mr. Papu, who was born in Colombia but grew up in Miami, also contacted the company when he was pulled over for speeding on the way home from a Vermont ski trip last winter. The concierge reached out to a local lawyer, who went to the ticket clinic and paid the fee."