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Footnotes: Let’s Just Assume Everything Out of the SEC Is on Delay Until Further Notice | 07.18.12

US SEC delays court action seeking Deloitte China audit papers [Reuters]

Grant Thornton chief calls for more action on fraud [Australian]
Baker Tilly slammed by $50 million jury verdict Hit with a $50 million verdict for negligence, Baker Tilly Virchow Krause LLP is suing its insurance carrier for refusing to cover most of the damages — two troubling developments for an accounting firm with revenue of $259 million for the year ended May 31. The Wisconsin county court jury verdict, and the two-plus years of litigation leading up to it, already has slowed Baker Tilly's expansion plans, industry consultant Allan Koltin said. He predicts the verdict, reached in late May, will be overturned on appeal but added, “If they lost it, it would put them in jeopardy.” [Crain's, Earlier]
Austin Plane Crash Cost IRS $38.6 Million [AT]
Loan-Loss Snag Threatens Progress in Uniting Accounting Rules [WSJ]
The Real Way to Poop at Work with 100% Secrecy [Jezebel]