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December 3, 2022

(UPDATE) Accounting News Roundup: ‘The auditors had a good crisis’; PwC Loses MLM Client to KPMG; EY New Partner Group Photo | 09.24.13

UPDATE/CORRECTION: It seems the Post dropped Nuskin in their article for no apparent reason other than to mention that it was a MLM audited by PwC. No matter, what I initially wrote below was wrong. The company has not fired PwC. Since our stupid CMS won't allow HTML in the headlines, I also had to tweak that a bit. It originally read "PwC Loses Two MLMs to KPMG."  Obviously, I regret making mistakes.  

Deloitte’s global boss hunts for businesses to buy [AFR (paywall)]
"You can’t grow fast enough to meet the needs of our clients in key markets without inorganic acquisitions," says Barry Salzberg.

Auditors Huff And Ratings Agencies Puff [Francine McKenna/Medium]
As good as the lede "The auditors had a good crisis," is, I enjoyed this a bit more: "An auditor’s opinion is not just puffery about its product, the audit report, but something that investors and the capital markets count on. The auditors’ opinion is the manifestation of its public duty. This attempt by lawyers for EY and PwC, from prestigious auditor defense firms Latham and Watkins and Mayer Brown, to weasel out of liability by claiming that an audit report with the firm’s signature is a mere “opinion” is embarrassing. Next thing you know the auditors will be claiming the audit opinion is a protected expression of free speech under the 1st amendment."

SEC Pursues Decade of Pay, Interest to Enforce Old Bar [CW]
The SEC filed an action in U.S. District Court in New York to remind Michael Taber that he's still not allowed to prepare financial statements or other filings submitted to the SEC. Taber was CFO at Del Global Technologies Corp. when the SEC came down on the company and a total of five senior officers for an accounting fraud scheme that created an illusion of meeting profitability goals when in fact the company was sustaining losses. In July 2004, he SEC tossed Taber and the others out of capital markets, barring them from serving as directors or officers of public companies or having any other role that would involve preparing or submitting financial statements to the SEC. It appears, however, that Taber continued working right through the bar, according to the SEC. The SEC filed an action in District Court recently to re-enforce the bar and relieve him of the $584,650 he has earned working in jobs he wasn't allowed to have. 

Accounting firm out at Usana [NYP]
Usana and Nuskin, two "controversial" multi-level marketing companies, have has fired PwC in favor of KPMG. 

Bono defends U2's tax set-up [USAT]
"It is not an intellectually rigorous position unless you understand that at the heart of the Irish economy has always been the philosophy of tax competitiveness. Tax competitiveness has taken our country out of poverty. People in the revenue accept that if you engage in that policy then some people are going to go out, and some people are coming in. It has been a successful policy. On the cranky left that is very annoying, I can see that. But tax competitiveness is why Ireland has stayed afloat. … So U2 is in total harmony with our government's philosophy."

Parkland accountant Ruggieri charged with tax fraud [SFBJ]
I suppose this happens when one of your clients runs a couple of "adult entertainment businesses" and asks you to "falsify the corporate books and records by classifying certain personal expenditures of Andreozzi as business expenses." 

Lots of white and blue shirts. [@Mark_Weinberger]

Swede held for urinating on supermarket fruit [The Local, Earlier]
"It's the first time I've ever heard of such an incident," Victor Prästbacka of the Gothenburg police told Aftonbladet.  He added; "Apparently the fruit was worth 700 kronor which has now gone down the drain." When police arrived on the scene they reported that the man was aggressive and had to be held down by guards. It is understood that the man was intoxicated and was later taken to the police station.

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