Deloitte’s Brazil Firm Covered Up a Couple of Bad Audits
The big news in the international audit firm world today is an announcement by the PCAOB that Deloitte’s Brazil firm audited badly and then covered up that bad auditing, which is also bad. The whole thing involved a dozen auditors including the Brazil firm’s former Audit Practice Leader, former Risk and Reputation Leader and former […]
Now on Day 389, the IRS Scandal Has Reached the Supreme Court of Brazil
Yes, TaxProf is still diligently counting the days: Thiago Sorrentino was kind enough to let me know that the Supreme Court of Brazil (the Supremo Tribunal Federal) has cited my daily roundup on the IRS Scandal in Medida Cautelar NA Susepnsao De Tutela Antecipada (STA/752) 389 days of scandal? It seems like just yesterday we […]
The EY Rebranding Has Gotten More Exposure Than It Bargained For (Slightly NSFW)
It's been an exciting week at EY, what with the rebranding, tagline, Vision 2020 a new CEO and all. It marks the culmination of a lot of hard work on the part of marketing, communications, leadership, web designers, programmers, and countless other professionals to get to this moment. And it appears that at no point […]
Initial CPA Exam Testing In Brazil Went So Well, The AICPA Has Opened It Up to All South Americans
As everyone knows by now, in February of 2012 the AICPA opened up the CPA exam to certain international locations, namely Bahrain, Kuwait, Japan, Lebanon, United Arab Emirates and Brazil. Presumably, this has been such a smashing success that the AICPA is looking to expand the empire. Beginning July 1, 2013, CPA exam testing in […]
Hans Hoogervorst Would Like You to Look at the Example Brazil Is Setting
If anyone over the SEC needs a little help getting their heads around how to best get on board with IFRS, H-squared has found a prize pupil for you to emulate:
Addressing a conference in Sao Paolo, the former Dutch finance minister used Brazil as a “textbook example” of how best to implement global accounting standards. Hoogervorst […] praised the country’s full adoption and decision not to “tweak” the standards, saying this means global investors are “entirely comfortable” Brazilian companies’ financial statements.
Hoogervorst: Brazil embodies ideal IFRS adoption [Accountancy Age, Earlier]
Brazil Accountants to Join International Community of CPA Exam Kvetchers
I know this will cause a lot of Brazilians to get excited but please try to exercise some self-control.
Yes, it’s true, the CPA exam is coming to South America and since the AICPA and NASBA will start administering the CPA exam in February 2012, they’ll be in fine shape for 2014 and 2016:
Testing in Brazil will be open to citizens and long-term residents of Brazil, Argentina, Venezuela, and Colombia. U.S. citizens living abroad are eligible to test at any location.
The international administration of the exam, which will be offered in English, is the same as the U.S. exam administered by the AICPA, NASBA, and Prometric in the United States. Licensure requirements for international candidates are the same as for U.S. CPA candidates. Along with passing the Uniform CPA Examination, international candidates must meet educational and experience requirements as mandated by U.S. state boards of accountancy.
If any of our Brazilian friends have a head start on panicking over this, I suggest you start with our coverage to calm down. See you in 2012.
Brazilian Accountant Wins the Right to Watch Porn, Masturbate at Work
A least one accountant at the SEC is getting his lawyer on the phone as we speak.
Ana Catarian Bezerra, a 36-year-old Brazilian accountant who suffers from a chemical imbalance that triggers severe anxiety and hypersexuality, has won the right to masturbate and watch porn at work!
Since she knew the only way to cure her anxiety was to masturbate, she knew she needed help, explaining:
“I got so bad I would to masturbate up to forty seven-times a day. That’s when I asked for help, I knew it wasn’t normal.”
After getting some medical attention and a prescription “cocktail” of tranquilizers, NOW she only masturbates a few eight times a day. Still A LOT of masturbation, but A LOT LESS than before.
Due to her orgasmic medical condition, she took her employer to court in order to be allowed to masturbate on the clock and WON.
Brazilian Woman Wins Right To Masturbate At Work [Guanabee via PH]
BDO Is Not Impressed with KPMG’s Business Tactics in Brazil
BDO announced a new member firm in Brazil today because…well, KPMG kindasorta poached their last one. Well, BDO Global CEO Jeremy Newman has had it up to here (i.e. eye-level) and wanted to point out that A) this not uncommon:
“BDO is not the first firm to have suffered as a result of our larger competitors using their dominant financial position to buy market share and we have expressed our concerns about this in BDO’s recent submission to the European Commission’s Green Paper on the role of the audit profession,” said Newman.
B) this is some shady dealings:
“These tactics are not driven by client needs but by one firm’s wish to buy market share and presumably achieve further economies of scale. We are concerned that when one firm looks to dominate it reduces choice for clients and leaves the market worryingly dependent on just a few players.
and C) these aren’t just fightin’ words. The most interesting accounting firm in the world will be taking action:
“BDO will be lodging an objection to this deal with the Brazilian competition authorities.”
BDO lines up complaint against KPMG Brazil [Accountancy Age]
PricewaterhouseCoopers Suggests You Put Your Money on Brazil to Win the World Cup
Leave it to an accounting firm to make a conservative pick on the biggest sporting event in the world. The firm tries to make the point that wealthy countries do not outperform poorer ones in the football tournament. The most poignant (and blatantly obvious) example being that the United States sucks and Brazil is a heavyweight:
“The US football team performs well below expectations based on the size of its economy or population relative, for example, to Brazil. This reflects the ascendency of football in Brazil as contrasted to the greater popularity of sports such as American football and baseball in the US.”
However, P. Dubs manages to give England a fighting chance, “England seems a reasonable bet to reach the quarter finals based on its current FIFA world ranking and past World Cup performance, but it will do well to get beyond that point – which it has never done before when playing outside Europe.” That’s especially shocking since the firm has a vested interest in at least one English lad.
But as we mentioned at the outset, P. Dubs suggests the safe money is on Brazil, “Brazil remains the favourite to lift the World Cup this summer as the number one ranked footballing nation and the only country that has won the tournament outside its home region.” If you want some sweet action, take the home team.
Power v passion: Wealth comes second to location and tradition when projecting World Cup winners [PwC]