McGladrey whistleblower claims Deepwater Horizon audit deeply flawed [The Louisiana Record]The whistleblower, who appears to have filed an anonymous internal ethics complaint in the matter, said the audit entered into the court record in the Deepwater Horizon case in November has very little acceptable data to back up its assertion that damage claims are being […]

Bra-Stuffing School Money Embezzler Sentenced to Five Years [NBC Los Angeles]Caught stuffing school money into her bra and walking out the door, the former accountant of a Rialto school district was sentenced to five years in prison Thursday for embezzling public funds. Judith Oakes pleaded guilty to eight counts of stealing $1.8 million in public […]

Just a friendly reminder that we'll be taking a short week due to the holiday. We'll be loitering around as necessary, and as always, you can give us a holla if you need us. See you next year!   Happy New Year's divorce [economia]Way to kill the buzz, BDO: Accountancy firms are well prepared too. […]

Regulators designate MetLife for high-risk financial oversight [LA Times]Too Big to Fail, y'all! "Federal regulators Friday designated MetLife Inc. for special oversight, saying the insurer is so big that its failure or other major problems would pose a threat to the U.S. financial system. In a 9-1 vote, the Financial Stability Oversight Council — a […]

It’s Probably Too Late Now, But I Think I Could Have Saved Enron [Clickhole]This young man has a brilliant idea to save Enron: "It probably means nothing now, 13 years later, but if I were in charge, I would keep Enron’s books clean and maintain good relationships with investors and customers alike. If it isn’t […]

How Wal-Mart Made Its Crumbling China Business Look So Good for So Long [Bloomberg]After years of heralding China as one of its best markets, Wal-Mart (WMT) in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed. Although the reversals seem abrupt, cracks in […]

Prosecution drops embezzlement charge against accountant due to lack of evidence [MLive]“I’m not saying it didn’t occur, but sometimes you just don’t have enough evidence to convince 12 jurors beyond a reasonable doubt,” Assistant Kent County Prosecutor Lawrence Boivin said. Accountant brought company to its knees by stealing nearly £40,000 – but is ordered to […]

How to Find Recruiters in Your Niche [WSJ]You need a how to for this? Put "accounting" on your LinkedIn and they shall find you. Stock Exchange Technology Rules Get First SEC Upgrade Since 1990 [Bloomberg News]U.S. regulators required stock exchanges to show they can prevent technology disruptions under new rules intended to limit the frequency […]

Accounting ‘not cut’ from immigration skilled occupations list for 2015 [The Australian]False alarm. Colombia nabs army captain turned drug-ring accountant [AFP]What I want to know is… do cartels use accrual? Regulators Want Banks to Rescue Themselves Next Time [Bloomberg View]You want to "ensure that there are sufficient resources available in resolution." The idea is that, […]

Ed. note: A thank you from all of us to all those who served. We will be on a somewhat regular schedule today but hope everyone takes a moment to honor our veterans. Love, granddaughter of a Marine ~AG Decline in Bar Exam Scores Sparks War of Words [WSJ Law Blog]You are allowed to gloat […]

The unanswered questions in Tesco’s accounting scandal [The Telegraph]Much has been made of the fact that Tesco’s auditors, PwC, warned in last year’s annual report that the company’s commercial revenues was at “risk of manipulation”, which effectively flagged up that this could be a problem for Tesco. Sources in the audit world with a knowledge […]

7 in 10 use cloud-based accounting: report [accountants daily]On the other side of the planet: "A new report on the role of the professional accountant has revealed 69 per cent of firms in Australia use cloud-based accounting systems. Wolters Kluwer used CapioIT, a specialist in cloud digital disruption, to independently conduct the research on its […]

Tax-Law Revamp an Uphill Climb With Republican-Led Senate [Bloomberg]It's good to manage your expectations. EXCLUSIVE: One of Cincinnati’s biggest accounting firms merges with national company [Cincinnati Business Courier]SS&G Inc., one of the largest accounting firms in Greater Cincinnati, is merging with an accounting firm that's among the nation's 10 largest. Chicago-based BDO USA will add […]

Britain's Fraud Office launches probe into Tesco accounting scandal [Reuters]It'll be awhile: "When the SFO launches a full criminal investigation against a company or individuals it has to be satisfied that there are reasonable grounds to believe that conduct might involve serious or complex fraud or bribery. Such investigations can take years to complete." There […]

Why More Accounting Firms Are Creating Family Offices [Forbes]In case you really wanted to know. GOP: Majority would ‘get to truth’ on IRS [The Hill]Republicans vow to put the clamps on the IRS if they sweep to power in November. GOP lawmakers and aides believe that House-passed legislation to limit the IRS’s reach would have […]

Fed's Dudley Warns Banks Must Improve Culture or Be Broken Up [Bloomberg]Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York. If bad behavior persists, “the inevitable […]

Janet Yellen Warns of Inequality Threat [NYT]Janet L. Yellen, the Federal Reserve chairwoman, said Friday that she was concerned about the growing inequality of wealth and income in the United States, and that chances for people to advance economically appeared to be diminishing. “I think it is appropriate to ask whether this trend is compatible […]

Tax Reform in the UK Reversed the Tide of Corporate Tax Inversions [Tax Foundation]Knock me over with a feather: "The United States is not the only country to experience the phenomenon of corporate tax inversions." Savannah accounting firms merge [BiS]You probably never heard of them. Accountant who blew 25k on plastic surgery for "the perfect […]

Defunct Physicians United Plan owners file $500M lawsuit against accountants [Orlando Business Journal]BTW, they are talking about McGladrey: "The owners of the now-defunct Winter Park-based Physicians United Plan Inc. are suing their accounting firm for $500 million." What if taxes go up and no one notices? [The Hill]You people need to start paying attention: "At […]

SEC Charges Two with Insider Trading on Pershing Square’s Announcement on Herbalife [SEC]The SEC’s orders find that Filip Szymik of New York City and Jordan Peixoto of Toronto engaged in insider trading in Herbalife securities in advance of hedge fund manager William Ackman’s December 20, 2012 announcement of the views of his hedge fund, Pershing […]

State Auditor scolds WorkForce Central over inadvertent job fair accounting error [News Tribune – Tacoma]Revenue is hard: The problem, according to the report, concerns two job fairs held in 2013 where the consortium “received payments from sponsors that were used to offset the costs of each event. Payments from sponsors are considered program income, which […]

Chicago-area accounting firm to be acquired [Crain's]The BKD merger is on. This is the hottest job sector in Chicago [Crain's]Her look, more news out of Chicago: "Chicago headcount at the Big Four accounting firms leapt by as much as 13 percent for the year ended in June and by bigger percentages at some smaller accounting […]

L-3 reveals more accounting problems, revisions [MW]Well that blows: "L-3 Communications Holdings Inc. on Friday revealed more accounting problems and revisions to prior results as the company found material weaknesses in its internal financial controls. The defense contractor said it will amend its annual report for 2013, as well as its results for the first […]

Tesco accounting error 'stratospheric' [BBC]Stratospheric, now. Bookkeeper banged to rights over tax fraud [economia]Headline of the day? Occupational Hazards of Working on Wall Street [Bloomberg View]It's still cool: "A few times in the past several decades it has sounded as if big Wall Street banks were losing their hold on the graduates of the world’s […]

Alibaba's IPO Priced at $68 a Share [WSJ]China's middle class is HOT James Hansmann, 86-year-old accountant from Agawam, permanently barred from preparing tax returns, must pay nearly $500k in federal embezzlement case [Masslive]It's cool, he was ready to retire anyway. Richmond Fed President Jeffrey M. Lacker Comments on Policy Normalization Principles and Plans [Richmond Fed]Dissent […]

CPA Firm Pyramid Structure Comes Under Pressure [Tom Hood]This might look familiar.  What New Team Leaders Should Do First [HBR]For the new managers out there. ONLY a year? Lawd, time has slowed to a crawl… [Twitter] Almost my 1-year #workaversary as a Tax Staff with #EY! Started as an #intern back in Summer 2010 #throwbackthursday #timeflies […]

PwC US Appoints Terri McClements as Managing Partner of the Washington Metro Market [PR Newswire]"I look forward to creating opportunities for our people and showcasing PwC's value as an outstanding service provider, employer, and corporate citizen in the D.C. Metro region, from Richmond to Baltimore," noted McClements. "I've had exceptional experiences at PwC, including the […]

Accounting is most profitable industry, study shows [Chicago Tribune]Here's something that's probably not a surprise to many: An industry all about crunching numbers is also the most profitable. And 7 of the 15 most profitable industries are related to health care or real estate, according to newly released data. Sageworks, a Raleigh, N.C.-based collector of […]

CAQ: Number of Restatements Lower than 10 Years Ago [NYSCPA]A study published by the Center for Audit Quality has shown that the number of restatements on financial statements has declined over the last 10 years, according to Compliance Week. Restatements in 2003, before the Sarbanes-Oxley Act took effect, numbered 856, peaked in 2006 at 1,784, […]

To get rich in tech, become an accountant—especially if you’re a woman [Quartz]This sounds familiar. You need this [Twitter] @going_concern I'm gonna use this for GC. http://t.co/1MdC3CewdK — Matt Bramanti (@mattbramanti) June 25, 2014 Yes, College Is Worth It, Another Study Concludes [AP]From the Bureau of Things We Knew: "Those with bachelor's or associate's degrees […]

Accounting change will expose true condition of pension funding [FW News Sentinel]The most important issue surrounding GASB's rule change is the way governments must report the level and type of future payment obligations on pensions. For most governments, these rules don't matter much. For a responsible municipal government that has almost fully funded its pensions, […]

Stairs fall kills 'bright and capable' City accountant after boozy night out [Express]The tragedy happened in Pimlico, London – yards from the apartment where M16 spy-in-a-bag Gareth Williams was found dead in 2010. Tests revealed Ms Brownlee, a senior tax manager at Deloitte, had 218mg of alcohol in 100ml of her blood, more than two-and-half […]

Cincinnati’s biggest, oldest local accounting firms merging [Cincinnati Business Courier]They're like the KPMG of Cincinnati. Audit firm EY appealing HK court ruling that says China law does not protect papers [Reuters]Audit firm EY said on Friday it would appeal a Hong Kong court's ruling that Chinese law does not protect the working papers of mainland […]

Leverage Job Prospects With a Master’s in Accounting [U.S. News]This is totally not shilling or anything: "Accounting has long been considered a reliable profession, but it's recently become something else: in-demand. Out of 565 employers from around the world, 45 percent plan to hire master of accounting graduates this year, according to a survey from […]

AICPA Names New Technical Director for Center for Plain English Accounting [AICPA]Thomas Groskopf is your new $20 word killer, succeeding the late Dr. Tom Ratcliffe.  UI graduate student union concerned about Deloitte [WCF Courier]Deloitte Consulting revealed it could save universities $30 million to $80 million annually during a town hall at the University of Northern […]

Paul Reddam's KPMG Tax Shelter Stunk In More Ways Than One [Forbes]J. Paul Reddam, whose horse, “I’ll Have Another”, won two legs of the Triple Crown in 2012, just got some bad news from the Ninth Circuit. The Tax Court decision that upheld the denial of his $50,164,421 capital loss from a 1999 KPMG designed […]

Regulators Set New Rules for Companies’ Revenue Accounting [DealBook]Accounting for revenue — one thing that every company has, or at least needs if it is going to stay in business — will be significantly changed in 2017, the two boards that set accounting standards for companies in most major countries around the world announced on […]

What Your Accountant Thinks About Your Bitcoins [BBW]Given that few people really understand taxes and even fewer understand Bitcoins, it’s tempting to believe that tax issues surrounding the cybercurrency would be mind-blowingly complex. In most cases, Whatley says, things remain fairly simple. The Internal Revenue Service tried to clear things up last week by saying […]