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November 25, 2022

Footnotes: Dirty Dogs > Accounting; Mandatory Auditor Rotation Is Breaking Up LTRs; Peace Out, GM | 12.09.13

Big Four Firms to Be Questioned on Push into Consulting [WSJ]

Subscription required to read "Will Naming the Audit Partner in Reports Improve Quality?" but since I was there when Tammy asked Doty about this, I can save you a click. The PCAOB seems to think so (but you all knew that anyway) [Compliance Week]

A Canadian chartered accountant got busted being really, really bad at investing on behalf of clients [CBC News]

This former accountant would rather get bitten by dirty dogs than go back to her old hedge fund gig [Stamford Advocate]

I have no idea what this is but it is an amazing headline: "PwC to hold captive seminar next week" which, sadly, doesn't have anything to do with kidnapping a bunch of people and forcing them to sit through a PwC seminar. DAMNIT. [The Royal Gazette]

What's going on in Europe? PwC just lost another audit client, one it has had for over 86 years. Oh, that's right, regulators are MAKING THEM change auditors every 10 years. Let's make some popcorn and see what happens. [MT]

Effects of nonaudit services at audit firms concern PCAOB, SEC [CGMA Mag]

We taxpayers sold the last of our stake in GM, and we only lost like $11 billion in the process [DealBook]

Oh and I don't have a link for this, but I just got this "tip" from my pals at the New Jersey Society of CPAs: If your favorite team isn't in the Super Bowl this year, how about scoring a victory by renting out your home for the big weekend? Craigslist shows a Short Hills, NJ, rental that weekend costing $20,000, while a Hoboken, NJ, rental costs $10,000. Wouldn’t it be nice to get five figures for a few days use of your residence – especially if it was tax-free for federal income tax purposes! "This is possible under certain provisions of the Internal Revenue Code known as the so-called ‘vacation home’ rules. These rules govern the rental of a dwelling which is used by the taxpayer as a residence. A dwelling unit includes a house, apartment, condominium, mobile home, boat or similar property,” says Gerard Bobal, CPA, a partner at WeiserMazars LLP. [NJSCPA]

One last note, since I've been sitting here breathing in PCAOB/SEC fumes all day, Caleb and I decided we're going to submit comments to the PCAOB on auditor naming. We have until early February to do this, and of course we would love your input before we send the letter off. Because I kind of have a crush on Jim Doty, I'm going to dot all the i's with hearts and spray the envelope with Bath and Body Works Secret Wonderland. That's neither here nor there, however, but if you want us to include your views on the matter in our comments — which we will, of course, publish here once we have decided what they are — then have at it and let us know how you feel. [AWeb]

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