Review Comments | 06.22.09

• Hong Kong Police Raid Ernst & Young Office in Akai Audit Probe – Seems that they were to arrest individuals taking home office supplies for personal use. [Bloomberg]
• SEC told to aggressively assess tips after Madoff – As opposed to passively assessing them, which has been standard operating procedure at the Commission for years. [Reuters]
• Tax Court: CPA’s Google Search Does Not Constitute Reasonable Cause to Avoid Penalty – The Internet does not trump the IRC. [TaxProf Blog]
• Senate Committee Rejects Public Option for Health Overhaul – You’re either thrilled or completely pissed. [WSJ]
• Reznick Group Launches New SAS 70 Website – For you serious types. [Press Release]
• Stanford fails in bid to access insurance – Unfortunately for Stan, there’s no exchange rate for Lucky Strikes. [FT]

• Michael Jackson’s Death Ruled a Homicide – Thank the Maker. We’re in need of a circus. [Reuters via NYT]
• MADOFF VICTIMS FIGHT PICARD OVER PROFITS – Yes, because he’s working against you people. [NYP]
• Tech Firms Drowning in Their Options Worthless paper. [CFO]
• FASB Stakes A Claim On Disclosure Of Litigation Contingencies – Let’s just go back to cash basis. Thoughts? [FEI Blog]

• AICPA Objects to ‘Reckless’ Behavior Bill – Barry Melancon, on the Hill, earning the dollar. [Web CPA]
• Accused Ponzi schemer Petters’ case goes to jury – The effectiveness of the cocker spaniel defense will live and die on this trial. [Reuters]
• Sarbanes-Oxley For Everyone: To Be Or Not To Be? (With Postscript) – One GC contributors point of view on small company SOX compliance. [RTA]
• Sarbanes Oxley Logic and the Paper Tiger – And another. [Accounting Nation]
• ‘Bought’ Isn’t the Same as ‘Place in Service’ – Section 179 and depreciation discussion. Go tax people! Go! [Tax Update Blog]