Beware the off-balance sheet return – [FT.com]
Confusion threat to global fair value – [Accountancy Age]
What Caused Our Burnout? – Google Reader for us [The Onion]
- Monday Morning Accounting News Brief: EY Insists Candidates Enjoy Their AI Avatar; Guy at Deloitte’s Grandma Has Something She Can Put on the Fridge | 6.29.26
- Friday Footnotes: Amateur Forensic Accounting Not Appreciated By Local Parks Department; KPMG Getting Dogged | 6.26.26
- Top 20 Firm Eide Bailly Gets on the Private Equity Train
Sleeping Beauty Larry to Be the Next Fed Chair?
Because we love ourselves a good conspiracy theory, we’ll pass along this little musing from Naked Capitalism:
Remember the White Paper that Obama just released? Doesn’t it give sweeping powers to the Federal Reserve? Didn’t Summers have a strong hand in crafting this white paper? And doesn’t Larry Summers know his name has been bandied about as a replacement for Bernanke? You see where this is going, right?
Whole thing here.
Diabolical scheme if it proves true but the scenario at DealBreaker is more our speed.
PCAOB: The Rodney Dangerfield of Bureaucracies
It’s tough being part of a bureaucracy, especially if you’re doing something as glamarous as babysitting auditors. The CIA, FBI, NSA have got it easy. You get to catch bad guys, use guns, and Hollywood makes movies about you. Aside from the warrantless wiretaps and otherwise general big brotherishness, it’s cool.
The PCAOB doesn’t get that luxury. They get to poke around auditors’ work and then tell them how much they suck at it. Not so fun for anybody. They also get to write auditing standards. Take the watchdog aspect, multiply it times infinity, and that’s about the amount fun we’re talking about for writing rules on auditing.
But now people are saying they’re too slow in writing these I-already-want-to-kill-myself boring rules? Yep:
“Given how little they’ve accomplished in the standards-setting area, they don’t get a passing grade,” says Lynn Turner, a former chief accountant for the SEC.
Turner says he and a group of investor advocates wrote to the PCAOB in 2004, asking it to improve fraud standards. But the work remains undone, he says.
Bill Gradison, the board member whose term expires in October, calls the criticism fair. “We’ve been much slower than other standards writers,” he says.
By comparison, the International Auditing and Assurance Standards Board, which sets international auditing standards, among other duties, finished revising its own standards in March. The process, which included 37 standards, took about five years
Man, now comparisons to the Europeans. They’re looking for some new blood at the PCAOB though, since Mark Olson is retiring as Chairman and another board member’s term is expiring.
But don’t you go calling them lazy! “the PCAOB is taken seriously by the auditing community and deserves credit for trying. ‘Anyone who says it isn’t is off the wall,'”
What a ringing endorsement.
COMPLIANCE WATCH: Oversight Board Sets Sluggish Pace [WSJ]
You Know That Guy Who Panhandles on Your Block? He May Be a CPA.
Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.
Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M [WSJ]
Jeremy Newman Just Wants to Be Clear, We are NOT Declaring Victory Over Banco Espirito…YET
After throwing an all night rager last week when BDO International Global Coordination skated on the $521M verdict, Jeremy Newman, BDO Boss, wants everybody to chill.
Newman said he had always been confident that BDO International’s arms-length approach would be proved but added: ‘There is still the risk of a further appeal, as well as the appeal by the US firm.’
See? Staying cool. Not out of the woods yet. But when we beat those bastards on appeal, then we are getting down.
Newman stays cool after BDO victory [Accountancy Age]
Scoping | 06.25.09
The SEC Is Too Lax on CEO Health Disclosure – Because someone’s personal health is everybody’s business [Business Week]
Indicted Billionaire to Appear in Court in Texas – It’s showtime: “On Thursday, the 59-year-old Texas financier was expected to have a chance to formally declare in court he is innocent of charges his international banking and financial empire was really just a Ponzi scheme.” [DealBook/NYT]
Study Ties Madoff Losses to Charity’s Board Size – [DealBook/NYT]
Review Comments | 06.24.09
Get Ready, Folks, ‘Cause This Is The Greatest Late-To-Work Excuse You’ve Ever Heard – [The Onion]
Ex-Treasury Chief Paulson to Testify on Merrill Deal, Panel Says – Cue that Law & Order noise [Bloomberg]
Sanford Says He Had Extramarital Affair – Just a plain-jane affair. No hookers, no staffer’s wife. Just went to the Southern Hemisphere. Meh. [WSJ]
Judge Defers Ruling on Madoff’s Restitution – Sentencing still on for June 29. There might be some angry people there. [DealBook]
Layoff Watch: Even Local Firms are Cutting Back
The bean counter bloodbath continues, even at local firms.
Pittsburgh area firm, Alpern Rosenthal cut a dozen staffers late last week citing “performance issues”. The firm is also requesting current employees “to take a week of unpaid vacation by the end of the year, when [they] will determine whether they institute a hiring freeze or adjust profit sharing.”
Pittsburgh-area accounting firms tighten up, cut staff as downturn lingers [Pittsburgh Business Times]
Option A: Eat Dead Frog, Option B: Pay Legal Fees
We here at Going Concern appreciate it when people embrace their bitterness but sometimes we have to give special attention to someone that goes above and beyond the run-of-the-mill cynicism. Like this gem in an 8-K filed by Expeditors International:
When you come from a frame of reference, as we do, where $0 spent on legal expense would be the most preferred alternative, having to predict anything beyond that, by its nature, would become inherently and incredibly biased towards our own wants, desires and expectations. To us, this is somewhat akin to being asked to predict how many minutes after being force fed a dead frog we would throw-up…and the operative word is “force,” as we’d never elect to do either on our own.
Sheesh, somebody needs a hug. The rest of the excerpt, in all it’s drippy sarcastic glory is at Footnoted.org.
FASB Overseers Hope That Motley Crue-ish Tour Will Help Win Some Fans Back
The Financial Accounting Foundation (“FAF”) trustees are going on a tour that will certainly rival the amount of groupie tail that Motley Crue was getting circa late 80s.
“The Financial Accounting Foundation trustees, who oversee the U.S. Financial Accounting Standards Board (FASB), will meet with small closed discussion groups of investors, auditors, academics and regulators in New York, Dallas, San Francisco, Chicago and Washington, D.C., as well as with the FASB’s standing advisory groups.”
It’s pretty clear that the FAF has the intention of spreading their seed knowledge around the country in order to win back some cred for the FASB.
FASB overseers to seek input on new strategic plan [Reuters via Accountancy Age]
Moody’s Calls Out the USD Haters
Russia and China can suck it re: the U.S. Dollar, according to Moody’s, “In the absence of a credible alternative it’s hard to see abrupt changes and that’s not even in the interest of the creditors,” Pierre Cailleteau, managing director of sovereign risk at Moody’s, said in an interview in Tokyo yesterday. The credit rating “remains solid,” he said earlier at a briefing.”
Do you like apples?
Moody’s Says World Has ‘No Credible Alternative’ to U.S. Dollar [Bloomberg]
Scoping | 06.24.09
Antigua fires finance regulator – Not exactly the most surprising news of the day. [BBC]
Cuomo’s Money Manager Received Funds Linked to Pension Scandal – “EnTrust Capital Inc., a hedge fund firm that’s handled New York Attorney General Andrew Cuomo’s personal and campaign money, received state pension funds to invest from a company he has identified as paying possible illegal kickbacks.” Um, awkward. [Bloomberg]
Missing Governor Was in Argentina – Getting some South American tail no doubt. Deadbeat Dad. [WSJ]
