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Accounting News Roundup: UBS Deal Hits a Snag; More Clifton Gunderson M&A Activity; Governance Prep Is Big Hurdle for Companies Going Public | 06.08.10
Primaries to Watch From Coast to Coast [WSJ]
There are eleven states that have primaries going on out there today so get out there and pull the lever for someone.
Swiss-US deal on UBS delayed by lower house snub [Reuters]
UBS still owes the IRS 4,450 names of clients as part of the deal that the U.S. reached with Switzerland re: tax evaders with UBS accounts. Small problem – the deal is hung up in Switzerland’s parliament, after the lower house of Switzerland’s parliament rejected it.
Why is this political jockeying even happening? Since the name naming is a big no-no in Swiss secrecy law, the parliamentary approval became necessary after a Swiss court blocked the transfer of the information in January. The names for retracted smackdown has an August deadline but if it is not met, the Swiss risk the the launch of a new tax case against UBS by the United States.
Clifton Gunderson Merges With St. Louis’ Humes & Barrington [Clifton Gunderson]
Clifton Gunderson has obtained St. Louis-based Humes & Barrington, in an deal effective June 1. The H&B staff of 53 will join the 7 partners in adding to the 1,900 professionals at CG. This acquisition was in addition to the purchase of Stockton Bates that we mentioned last week as well as the purchase of BKD’s Merrillville, IL location.
Corporate Governance is Top Challenge for Companies Considering an IPO, KPMG Survey Series Finds [KPMG PR]
Improving governance is biggest challenge as 64% of the companies surveyed looking to make a public offering listed it as a top challenge along with developing a robust business plan (40%) and preparation of financial track record (36%).
Jefferson Wells aligns with Baker Tilly Mexico [Milwaukee Business Journal]
Milwaukee-based Jefferson Wells has aligned with Baker Tilly Mexico to expand its operations in that country and the the Central America region. This marks the fifth expansion for JW in twelve months and is the first into Mexico, Central America and the Caribbean.
Norman Marks is an “evangelist for GRC” (that’s governance, risk management and compliance for those of you that can’t do a Google search). He is a CPA, a chartered accountant and vice president, governance, risk, and compliance for SAP’s BusinessObjects division, and has been a chief audit executive of major global corporations for more than 15 years.
If you read a few Norman’s posts you’ll understand his passion for internal audit, GRC and helping companies find solutions for these issues. Simply stated, Norman is one of the good guys and is doing more than his fair share to help take on the challenges in these areas.
Why should accountants read your blog?
My blog is for anybody with an interest in monitoring events and sharing views around governance, risk management, and internal audit. Accountants are more than people who maintain the books: they are businessmen and women interested in advancing and protecting their organization. That makes them natural leaders in each of these areas.
What are your three must-read accounting blogs and one must-read non-accounting blog?
I read the occasional business blog (aren’t all the better so-called accounting blogs really business blogs) when the topics are interesting. Certainly reTheAuditors by Francine McKenna is interesting. But I really enjoy Mike Jacka (an auditor/humorist) and Richard Chambers, President and CEO of the IIA.
A good accounting blogger is…
Not somebody who writes about (yawn) accounting, but about the accountant’s role in business and advancing the success of his or her organization.
The biggest issue facing accountants today is…
Will the inevitable court cases around Lehman and the principle of ‘fair presentation’ change the nature of external auditing, so that compliance with the rules of US GAAP is no longer sufficient?
Best accounting firm we’ve never heard of (and why they’re great)…
The firm that John Cleese worked in Monty Python (accounting is not boring). Seriously, though, the best accounting firm is the one that puts the interests of its customers first and foremost, consistently performs quality work, exercises fine judgment, provides sound and valuable advice, and sets fees that are reasonable by eliminating unnecessary work and recognizing that fees should not rise faster than wage inflation. You have never heard of them, because I have yet to see them. Sorry, sad, but true.