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Friday Footnotes: CPAs Get Pied; EY Beats BBC; A ‘Critical Shortage of Auditors’ | 4.30.21

Posted on by Going Concern News Desk

AICPA, NASBA and AAA to Announce New Model Accounting Curriculum at Free Online Event [AICPA] The free online event, to be held June 15-16, will provide attendees with a thorough overview of the Model Curriculum. The event is open to all who are interested, including members of the media. To attend, register online.

Local CPA’s take pies to the face for worthy cause [Fox43] Gift CPAs of Mechanicsburg and Lancaster got pies to face today live on social media, in honor of World Wish Day on April 29.

Companies can delay reporting due to auditor shortage: ASIC [Australian Financial Review] The corporate regulator has given companies longer to report their financial results amid a critical shortage of auditors that is also leading to dramatic pay rises across the professional services.

EY is UK’s third most valuable brand – ahead of many giants [Consultancy.uk] Global accountancy and consultancy firm EY is UK’s third most valuable brand according to new research, worth more than the likes of BBC, HSBC, Land Rover and Vodafone.

Tax day horror story: King of Prussia firm says its accountant failed to file taxes for years [Philadelphia Inquirer] Here’s your weekend long read: For decades, family-run Purolite has sold specialty resins, gradually expanding sales to more than 30 countries. It is privately owned and doesn’t release financials. So it was unusual when in February the company’s chief executive updated its website by posting an angry open letter. “Beware! I want to personally warn you of the gross malpractice and professional misconduct committed against my company, Purolite, by our former accounting firm Citrin Cooperman,” warned Purolite’s Stefan Brodie. The specific charge: The company’s accountants had failed to properly file Purolite tax returns — and in some years, failed to file returns at all — from 2010 to 2017.

Grant Thornton sells private wealth division [Financial Standard] Grant Thornton Australia has sold its private wealth business to its senior team members.

Resilience lessons for women accountants [Journal of Accountancy] Women made up 59.7% of all accountants and auditors and 52.6% of financial managers in the United States in 2020, according to the U.S. Department of Labor’s Bureau of Labor Statistics. This kind of trail blazing requires resilience.

18-year-old is youngest Chartered Accountant in Ghana [GhanaWeb] Hannah Ann Enyan is now the youngest chartered accountant in Ghana.

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Former IRS Investigator-cum-Accounting Professor Claims He Took Money from 18 Year-old Prostitute ‘To Protect Her,’ Denies Pimp Status

Accounting professors can be a strange lot. This is known. Whether they’re getting ejected from basketball games, taking off their shirts for money or taking their pants for free, there is no shortage of curious behavior.

Then there’s the story of Kemp Shiffer, who was a part-time professor at the University of Nevada-Reno and IRS investigator. Prof Shiffer was arrested on August 3rd when he collected $400 from a 18 year-old prostitute:

The woman told police that before she began prostituting for Kemp Shiffer, he made her “try out” for the job by performing multiple sex acts on him, according to a probable cause affidavit filed in Reno Justice Court to support his Aug. 3 arrest.

After Shiffer took the money from the 18-year-old Eureka, Calif., woman at the Peppermill Resort Casino Spa just before 10 p.m. Aug. 3, detectives of the regional Street Enforcement Team arrested him.

“He spontaneously stated ‘I am not a pimp. I didn’t collect her money as her pimp. I collected it to protect her,’” according to the affidavit filed last week against the 58-year-old.

Apparently this isn’t Shiffer’s first attempt at “protection” as the Reno Gazette-Journal also reports that he quit the IRS after an investigation into his attempt to use “his authority and his badge to secure women to work as prostitutes for him.”

The reader who pointed us to the story simply had this to say, “And he was my favorite accounting professor when I was in school… who knew?”

Hopefully none of your female classmates.

Records: Retired IRS investigator charged with pandering said ‘I am not a pimp’ [RGJ]

Employees on a conveyor belt leaving their jobs

BDO Lawsuit Alleges a Defector Took the Team With Him When He Jumped Ship to Another Firm

BDO USA filed a federal trade secrets lawsuit against Ankura Consulting on Monday that alleges […]

FASB Closes the ‘Lehman Loophole’

FASB issued Accounting Standards Update No. 2011-03 to improve the financial reporting of repurchase agreements, also called “repos,” or other transactions that govern the transfer and repurchase of financial assets. The new guidance gives companies some new parameters to consider in determining whether a transfer is in fact a sale of an asset, and therefore qualifies for sale treatment, or whether an entity has retained some control over the asset and therefore cannot claim to have sold it. [CW]