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Footnotes: Lincome Tax Planning and Other Silly Things | 07.19.12

Priceless SpongeBob SquarePants Coins Couldn’t Prevent Collapse Of Peregrine Financial Group [DB]

U.S. corporate auditor watchdog gains access to Spain [Reuters]

You Got the Accounting Job. Now What? At PricewaterhouseCooper [sic], it takes an average of 13 years to become a partner, says Paula Loop, U.S. and global talent leader for the firm. As a person progresses up the ladder, organizational, communication and managerial skills become more important. "The technical competency is fundamental, that's really more of a baseline," she says. "Once you move up, you need to be able to organize a team and manage really large projects. You have to be opportunistic and be willing to jump on new opportunities. You should have agility and be able to work in different countries and work in different areas of expertise." [FINS]

This is Lincredible: Did Jeremy Lin Leave the Knicks for Lincome Tax Break in Lin-Star State? Wait..What? [DT]

JCT: GOP tax plan costs $29 billion more than Dems [The Hill]

Fraud case versus Grant Thornton over telecom audit revived [Reuters]

CMEDY (Update): Dude, So That’s What You Did With My Company [TFI]

SEC Charges Chicago-Based Consulting Firm and Executives With Accounting Violations The SEC found that Huron Consulting Group Inc., a provider of financial and operational consulting services to clients in various industries, failed to properly record redistributions of sales proceeds by the selling shareholders of four firms acquired by Huron. The selling shareholders redistributed the money to employees at those firms who stayed on to work at Huron as well as other Huron employees and themselves. Because the redistributions were contingent on the employees’ continued employment with Huron, based on the achievement of personal performance measures, or not clearly for a purpose other than compensation, Huron should have recorded the redistributions as compensation expense in its financial statements. By failing to do so, Huron overstated its pre-tax income to the public. Former chief financial officer Gary Burge and former controller and chief accounting officer Wayne Lipski oversaw these accounting decisions at Huron. [SEC]