Congress tees up crucial votes on debt limit [WaPo]
A bipartisan effort in the Senate to allow President Obama to raise the federal debt ceiling in exchange for about $1.5 trillion in spending cuts over 10 years gained momentum Sunday, as leaders agreed they would have to act in the next two weeks to avert a potential default by the U.S. government. The growing sentiment for raising the federal limit on U.S. borrowing sets the stage for a week of largely scripted actions on Capitol Hill, where leaders in both chambers are looking to build support for the plan being crafted by Senate Majority Leader Harry M. Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).

Allegations against Chinese cos to continue, affect funding – Fitch [Reuters]
Allegations of fraud and accounting irregularities at Chinese companies are likely to continue for at least the near term and the accusations may hamper the firms’ access to funds regardless of the claims’ merit, Fitch Ratings said. A string of fraud allegations against Chinese companies listed in North America, often made by investors shorting the stock involved, has sparked a sell-off in China-related equities.

Getting Out of a Slump [WSJ]
Everyone can relate to hitting a wall at work. Whether it’s feeling unchallenged or underappreciated, most of the reasons people get stuck in their role can be resolved with planning. But you must understand the nature of the problem and determine whether it’s a workplace issue, such as being topped out in the company, or a psychological impasse.

PwC putting $100m into Africa [FT]
The latest long-term investment into Africa comes from PwC, which on Monday said it would put $100m into the region over the next five years. PwC is among several international organisations that have upped their spending in east Africa of late, and the firm believes the value of the continent’s economic output could double to nearly US $3,000bn by 2020.

The “Independent” Auditor’s Real Client? Time to Re-Assess, I Kid You Not [Re:Balance]
Forget the investors! Sort of.

43% of College Grades Are A’s [TaxProf]
Gosh, the kids must be getting smarter.

One in three workers ‘admits to skiving’, survey suggests [BBC]
PwC polled 1,190 people, of which 34% admitted having taken time off under false pretences. The majority of so-called “skivers” said they did so because they were bored and depressed with work. Illness is the most common excuse. Four out of 10 said they planned their sick days by faking symptoms around the office in advance. Some of the more incredible excuses given for missing work included a rabbit running away and amnesia.

As White House talks falter, Senate works on agreement to raise debt limit [WaPo]
President Obama prepared Thursday to bring bipartisan talks over the debt to a close, as Senate leaders worked across party lines to craft an alternative strategy to raise the nation’s $14.3 trillion debt limit and avert a government default. “It’s decision time,” Obama told congressional leaders after meeting at the White House for a fifth straight day. Obama gave Republicans until early Saturday to tell him whether any of three options for trimming the federal budget would win GOP support.

Rebekah Brooks ’s British Subsidiary [NYT]
After days of mounting pressure from politicians and investors, Rebekah Brooks, the embattled chief executive of Rupert Murdoch’s British newspaper operations, announced her resignation on Friday in another stunning blow to Mr. Murdoch’s once all-powerful empire, now facing investigation by authorities in Britain and the United States.

Smaller Tax Changes on the Table [WSJ]
The scope of possible tax changes in a deficit-reduction deal has narrowed so sharply in recent days that taxes might disappear from a final deal altogether. Congressional Republicans have warned they won’t accept any tax increases, while President Barack Obama has repeatedly insisted that any agreement to curb budget deficits be “balanced” by both spending cuts and increased tax revenue. The two sides have inched closer over the past days. Some, but not all, Republican negotiators have said they would consider ending some tax breaks if their value was offset by tax cuts, resulting in no net increase in revenue. And White House officials dropped on Wednesday a requirement that a deal result in increased revenue.

NOTW case raises questions over auditor’s role [FT]
Allegations of police bribery at the News of the World have raised fresh questions about the role of auditors and their responsibility for preventing corporate wrongdoing. But as preparations are made for a judge-led inquiry into the disgraced tabloid, the firm that vetted its accounts seems unlikely to face investigation by audit regulators, at least not in the coming weeks. For almost a decade, Ernst & Young has audited News Group Newspapers, an arm of the US-based News Corp that contains the now-defunct News of the World and its sister tabloid, the Sun. It also audits News Corp.

Minnesota governor, GOP lawmakers agree to end shutdown [WaPo]
Minnesota’s two-week-old government shutdown moved toward resolution Thursday, as Gov. Mark Dayton (D) and Republican legislative leaders agreed to a deal for closing the state’s $5 billion budget gap without a tax increase. Speaking to reporters outside his office after emerging from a nearly three-hour meeting with GOP legislative leaders, Dayton said that the government shutdown would end as soon as lawmakers flesh out details of the agreement and move them through a special session of the Legislature. Officials said that should happen “within days.”

Going In Circles: A Few Remarks On Audit Reform [Re:The Auditors]
The Billy Preston video is an especially nice bonus.