Footnotes: China Wants More Local Audit Firms; The Latest Twist in IRS Blamestorming; New Head CGMA | 10.23.12

Chinese Auditing Firms Extend Reach “At Baker Tilly China we are some way ahead in this regard—all of our senior partners and management team are Chinese nationals—and our active program of secondments is providing newly qualified CPAs with valuable international experience. Great progress has been made towards the convergence of national and international accounting standards, which is helping Chinese firms to meet international requirements, and boosting the overseas development of Chinese companies.” [AT

The Pre-Election Mood: Enervation Over Innovation [Re:Balance]

The Ten Biggest Differences between the Romney and Obama Tax Plans [TaxVox]

Did the IRS Cause the Financial Crisis? [HP]

IRS Sells Confidential Information of 850,000 Tax Preparers for $35 [TaxProf]

Richard Caturano is the latest CGMA to run the AICPA. [AICPA] 

SEC Charges Trio in ".44 MAGNUM" Investment Scheme The SEC alleges that Geoffrey H. Lunn of Sheridan, Colo., operated the $5.77 million investment scheme with assistance from Darlene A. Bishop of Odessa, Texas, and Vincent G. Curry of Las Vegas. Lunn portrayed himself as the vice president of Dresdner Financial, a firm whose executives he claimed had connections to Dresdner Bank and was purportedly planning to purchase several other banks to expand its operations. Lunn, Bishop, and Curry solicited investors throughout the U.S. and in several foreign countries for their ".44 Magnum Leveraged Financing Program" that they promised could turn an investment of just $44,000 into $2 million within 10 to 12 banking days. However, Dresdner Financial was not a real company and investor money was not used for any investment purpose. Lunn withdrew the money in cash and Western Union transfers, paid hundreds of thousands of dollars to Bishop and Curry, and gave nearly a million dollars to three Las Vegas call girls. […] According to the SEC's complaint, Lunn also testified to SEC investigators that it was a "one-eyed man" using the alias "Robert Perello" who actually created Dresdner and the Magnum program. Lunn testified that Perello told him that he named the program accordingly because "when people found out they'd been ripped off, they would buy a .44 Magnum and shoot themselves in the head." [SEC]

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