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Footnotes: Dewey Get to See the Books?; EY Snags an Ex-Booz Hire; Benihana in This What? | 08.11.14

Posted on by Adrienne Gonzalez

SEC Charges Kansas for Understating Municipal Bond Exposure to Unfunded Pension Liability [SEC]

U.S. Postal Service posts $1.96 billion loss No thanks to Grant Thornton's attempt to help 'em out with some business [MW]

How the hell does a single accountant owe over $400 million in taxes? The installment plan is $1000 a week [The New Zealand Herald]

Three accounting blunders and embarrassments ONLY three? [Telegraph]

Indicted Dewey Brass Win Access To Firm's Books Dewey & Leboeuf LLP’s disgraced leaders have won permission to examine the accounting system within the defunct firm ahead of a criminal trial on the Manhattan district attorney’s charges that they cooked the books to keep Dewey afloat, according to court records. [Law360 (sub)]

Teenage Mutant Ninja Turtles is all about… taxes? [Forbes]

IRS put lien on ex-Mich. housing chief's home for unpaid taxes The state housing authority director who abruptly resigned last week amid a political furor over his eye-popping travel expenses was slapped with a lien on his house for about $105,000 in unpaid taxes in late 2012 while serving in the position, records show. [The Detroit News]

MF Global would appreciate if the judge doesn't dismiss lawsuit against PwC kthx [Bankruptcy Beat via WSJ]

EY hires former Booz & Co exec to lead public sector practice [Reuters]

Congressman's Office Admits "Benihana in This Bitch" Tweet Was Mistake No, having to admit it was a mistake is the mistake [Gawker]

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But Does She Get a Key to the Bathroom?

porta.jpgOne of the best things about making partner is that, if you’re lucky, you’ll end up on a board of directors someday. You get a nice chunk of change for sitting in some meetings pretending like you’re responsible for a company. Pretty simple.
Just like Sue James, a former E&Y partner. She was introduced as one of the new directors at Yahoo! The 8-K filed by Yahoo lays out her comp:

Ms. James will participate in the current director compensation arrangements applicable to non-employee directors. Under the terms of those arrangements, Ms. James will receive an annual retainer of $80,000 for her service on the Board, an additional annual retainer of $35,000 for serving as Chair of the Audit Committee of the Board, and will participate in Yahoo!’s other compensation programs for its non-employee directors. In addition, Ms. James is expected to receive in February, subject to Board approval, a grant of restricted stock units under the Company’s 1996 Directors’ Stock Plan with the number of such units to be determined by the Board at the time of the grant

Not too shabby. The filing doesn’t outline her rights to the facilities but for that kind of money she could, at the very least, arrange to have a rent-a-john parked outside Yahoo! HQ.

Footnotes: Audit Committees v Auditors; More EBITDA Magic; Stupid Startups | 05.02.14

Let's find out what Jim Doty has to say about Developments in the Relationships Between […]

Caption Contest Finalists: Auditing Is Craptacular

Who knew servants of the capital markets could be so creative? Since democracy is alive and well here at GC, it’s about time to get the vote on this one going.
Thumbnail image for crapper.jpg
Here are the finalists:

A. If you think that’s bad, you should see where the prior year work papers are kept.
B. You think this is bad, the intern’s desk is inside the bathroom.
C. The audit staff showed the client who is boss by blocking entry to the restroom until the accountants provided the requested PBC’s.
D. Don’t think the .05% raise was the only benefit to becoming a senior manager.
E. In retrospect, the auditors realized that they shouldn’t have expressed so much concern over where the client was going.
F. Upon their arrival to their workstation, the audit team quickly understood the reasoning behind the under-accrual for utilities expense for the months of January through March.