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December 4, 2022

Footnotes: Pentagon Balks at an Audit; Re-policing Fannie and Freddie; Dodging the Tax Man | 05.13.14

Housing regulator signals shift in policy on Fannie, Freddie [WaPo]

What's up with net neutrality? Glad you asked! [Reuters]

Pentagon Backtracks on Goals for First Audit, GAO Says The Pentagon has backtracked from a pledge to have all budgetary accounts ready by Sept. 30 for the initial step toward its first-ever full financial audit. Then-Defense Secretary Leon Panetta pledged an “all-hands effort” in 2011 to prepare for evaluation a “Statement of Budgetary Resources” — covering funds received, unspent, obligated or put under contract over several years — by the end of this fiscal year so that an audit could begin in 2015. [Bloomberg]

A Deal to Dodge the Tax Man in America [DealBook]

EU Audit Rules May Trip Up U.S. Banks, Insurers A move aimed at improving audits of European companies could complicate life for some of the biggest U.S. banks and insurers as well. In April, European Union lawmakers voted to require EU companies to change their outside auditors every 10 years, and to limit the nonaudit services auditors can provide their EU audit clients. But those changes also will apply to many European subsidiaries of U.S. multinationals, auditing experts say—especially financial-services companies, a sector where EU authorities are particularly concerned about audits in the wake of the financial crisis. [WSJ]

Protip: don't film your own drunken arrest or you may face wiretapping charges [Daily Mail]

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