Unfortunately our source didn’t know the final tab on this particular fiesta so we’ll put out for you to speculate.
Possibly a Bacardi bottle on the far left and maybe that’s Glenfiddich, second from the left, so we’re not talking top shelf but it’s also not that garbage that gets served out of the well. Plus, the receipt seems far too long for the number of bottle shown. Leave your best guess in the comments.
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Newt Gingrich Doesn’t Like the FASB
Congress seems hella determined to keep accountants from writing accounting rules. HR 1349, aka the Federal Accounting Oversight Board Act, which was introduced in the Spring would create a board that would consist of the chairs of the Fed, SEC, FDIC, PCAOB, and the Secretary of the Treasury.
This merry band of bureaucrats would basically get to slap the FASB around whenever they want. According to Newt “My head isn’t that big” Gingrich, a supporter of the bill, because of the FASB’S independence, politicians can’t torpedo accounting rules that are “destructive”.
More, after the jump
This gem of legislation has 14 co-sponsors, including seven members from the House Financial Services Committee, along with Gingrich and Paul Volcker. It has been referred to the Financial Services Committee so it will getting some Barney Frank lovin’ soon enough.
Say what you will about the wonks in Norwalk but we’re of the strong opinion that handing over the accounting rule bazooka to this board could possibly be the worst legislation since…anything Maxine Waters has introduced.
Congressional Bill Supports Federal Takeover of Financial Reporting [FinCriAdvisor via Jr. Deputy Accountant]
Moss Adams Gives Venture Bank the ‘It’s Not You, It’s Me’ Routine
Things that could be perceived as bad:
• Your auditor is putting a going concern paragraph in your audit opinion.
• You agree with your auditors when they tell you that you have a material weakness in internal controls.
• It’s August 5th and you haven’t filed your 10-K..
Along with everything listed above, Venture Financial Group entered into an agreement with the Federal Reserve Bank of San Francisco that lists a bunch of stuff that Venture can’t do. Plus they get to report to Fed-SanFran every quarter how they’re doing such a good job at not doing anything they’re not supposed to.
More, after the jump
Apparently all this was more excitement than Moss Adams could stand because they’re kicking Venture to the curb after the 2008 agreements are finished. The firm broke the news to Venture on July 24th and the SEC got the filing just last week.
Accounting firms being the dumper and not the dumpee is usually a good sign of damaged goods. Best of luck to Venture Bank in its quest to find new auditors.
Firm bows out of Venture audit [The News Tribune via Jr. Deputy Accountant]
Dealbreaker RFP
Bess and Greg are getting entrepreneurial over at DB and are probably going to need someone help them count the asston of cash they’re going to rake in as a result.
Those of you thinking about forming your own firm to pick up the ganja engagement probably have the best shot.