When accounting goes unaccounted for
Things still suck for lawyers, they might just suck less than they have lately [ATL]
Can you draw a perfect score in the accounting game? [JofA]
Facebook is buying WhatsApp for $19 billion, so I guess now we know what's app! [WSJ]
The IRS Is at a Tipping Point: Under Attack, Distrusted, and Underfunded [TaxProf]
Ex-Madoff aide testifies at own trial, denies he knew of fraud [Reuters]
Free the Internet! [Bloomberg]
SEC Bars Firm From Auditing U.S.-Traded Companies Based in China The SEC said in an […]
Invoking their continuing motto of “Better Late Than Never”, the SEC closed the Tyco case today as Dennis Kozlowski and Mark Swartz agreed to be banned from serving as directors or officers of a public company. The timing of this ban comes as a bit of surprise since these guys have been in jail since 2005 but we are talking about the SEC.
Since Bernie Madoff has a much longer sentence than the Tyco twins, the Commission will figure there’s no rush and he’ll retain his rights to serve as a director/officer until around 2020.
Settlement Ends S.E.C. Case Two From Tyco [DealBook/NYT]
As you probably know, BDO Seidman is having a rough year. Tax shelter prosecutions and trials for the International Global Coordination firm that now falls on the U.S. make for some big liability exposure.
The obvious solution to this conundrum? Spreading the love!
BDO Seidman, LLP, is pleased to announce that 10 new partners have been admitted to the partnership, effective July 1, 2009. Five of the new partners are in the tax practice, four are in the assurance business line and one is in BDO Consulting. BDO Seidman, LLP is a leading national professional services firm providing assurance, tax, financial advisory and consulting services to private and publicly traded businesses.”I am very proud to welcome each of these very deserving individuals to our partnership,” said Jack Weisbaum, CEO of BDO Seidman. “The key to maintaining momentum in our profession is a commitment to recruiting, training and retaining superior client service professionals. Each of these new partners is an example of our commitment to human capital development.”
What are the chances that these new partners are some of the most hated people in the firm? C’mon, $520 million judgment hanging out there, the bigwigs have to be thinking, “well, as long as we’re screwed, we may as well stick it to some people within the firm we don’t like.”
Congrats to the new partners!
BDO Seidman, LLP, Admits 10 New Partners [BDO Seidman Press Release]