Europe imposes mandatory rotation on auditsUnder reforms drafted by British MEP Sajjad Karim, companies will be obliged to change their auditor every 14 years – although this may be extended to 25 years by member states if they fulfil certain criteria. [Accountancy Age]
PwC created 'extraordinary' structure 'to avoid tax on UK properties', say MPs [Guardian]
Instagram user @alipaul asked her students to draw a picture of what a CPA does… and this is the result. Seems legit. [Instagram]
Tax writers tread cautiously around mortgage interest break [The Hill]
Will the Retirement of Max Baucus Open the Door to Tax Reform? [TaxVox]
Maybe Ernst & Young should consider moving out of Times Square. [Bloomberg]
House Appropriations Committee Chairman Hal Rogers (R-Ky.) expects "heads to roll" at the Internal Revenue Service (IRS) over billions of dollars in improper refunds.
Rogers told Treasury Secretary Jack Lew on Thursday that he was appalled at an IRS inspector general report that found the agency had overpaid up to $13.6 billion in low-income tax credits. The overpayments accounted for nearly one-quarter of the tax credits issued under the Earned Income Tax Credit (EITC), according to the IRS.
"Twenty-one percent is unacceptable," he said. "That's one out of every five dollars is faulty. I expect heads to roll on this one. This is too big to fail, if you will." [The Hill]
Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]
Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]
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Europe imposes mandatory rotation on audits Under reforms drafted by British MEP Sajjad Karim, companies will be obliged to change their auditor every 14 years – although this may be extended to 25 years by member states if they fulfil certain criteria. [Accountancy Age]
