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Accounting News Roundup: Jerry Brown Is Bringing the Pain; Who Resolved to Improve Time Management?; Pet Airways Names CFO | 01.04.11

Posted on by Caleb Newquist

Brown Says Calif. Budget He Proposes Next Week Will Be `Painful’ [Bloomberg]
Jerry Brown said the budget he’ll propose as California’s new governor, 36 years after he first stepped into the job, will be “painful.” Brown, 72, a Democrat who served two terms as governor from 1975 to 1983, faces a self-described “day of reckoning” over a $28 billion budget gap that promises battles with lawmakers, unions and investors threatening to shun the bonds of the most- indebted state. “The budget I present next week will be painful but it will be an honest budget,” Brown said at his inauguration today in Sacramento, the state capital. “It is a tough budget for tough times.”

Loud Noise Likely Caused Birds’ Deaths in Arkansas [WSJ]
Can we get an auditor up in this mofo? The Times had the number of red-winged blackbirds at “more than 4,000” but now the Journal reports, “Between 1,000 and 5,000 birds died during the incident, which happened in Beebe, a town northeast of Little Rock.” Is there not a single human capable of getting a hard number of dead avians in all of the Natural State. We realize it involves counting but come on.

Time Management for Young Professionals [AW]
Admit it, this was your resolution, wasn’t it?

Coast Guard CFO takes blame for $138M in misspending [FCW]
Awfully big of you boss, “The Coast Guard’s chief financial officer is taking sole responsibility for the apparent misuse of $138 million despite federal auditors’ assertion that other Coast Guard officers and executives also ought to be considered responsible, according to a report.”

Skype 5 beta is horrible [AccMan]
An unmitigated review.

IRS pursues ‘Little Fockers’ star Teri Polo [Tax Watchdog/Detroit News]
Paying the $450k owed should be a snap now.

IRS forced to put some tax filings on hold [On the Money/The Hill]
Attention homeowners: “The Internal Revenue Service announced in December that it needed to reprogram some of its processing systems after a few provisions were extended during the recent lame-duck session — meaning that some taxpayers will have to wait until mid- to late February to file their returns. Taxpayers who itemize their deductions on a Schedule A form are among those who will have to bide their time before filing. (Itemized deductions include, among other things, charitable deductions and mortgage interests.)”

Pet Airways Appoints Andrew Warner as President and Chief Financial Officer [PR Newswire]
Yes, the company does what you think it does.

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New York Leads in Pursuit of Lehman [WSJ]
In 2001, the regulator of the nation’s biggest banks told its examiners to be on the lookout for firms whose regulatory filings made them look healthier than they really were. That followed guidelines issued in 1990 that said banks could face disciplinary action if their filings “have significant inaccuracies or are ‘window dressed.’ “

But as early as this week, it is the New York attorney general—not the Office of the Comptroller of the Currency, the bank regulator—who is expected to file a lawsuit alleging accounting firm Ernst & Young LLP allowed Wall Street broker Lehman Brothers Holdings to fake itsppear financially healthier.

Staff Audit Practice Alert No. 7 [PCAOB]
Knowing the PCAOB like we do, we’re expecting a major dump of auditor inspections and disciplinary orders on Friday around 3 pm.

Globalization, Regulation and Offshoring Push KPMG to Hire 250,000 over Five Years [FINS]
Julie Steinberg at FINS gets the lowdown from KPMG’s Global Head of People, Rachel Campbell.

SEC Fines Audit Firm, Bars Partner Over China Energy Fraud [Bloomberg]
The U.S. Securities and Exchange Commission fined a California audit firm and one of its partners $129,500 for “improper professional conduct” in connection with a Chinese energy company accused of accounting fraud.

Moore Stephens Wurth Frazer & Torbet LLP of Orange County “did not exercise professional skepticism and due professional care” in audits of China Energy Savings Technology Inc., the agency said in a statement today. Kerry Dean Yamagata, 53, the partner at Moore Stephens responsible for the audits, was barred from practicing as an independent accountant for at least two years, the SEC said.

Accounting Majors Score Lowest in Verbal and Writing Among All Grad Students [TaxProf Blog]
Get better, people.

Details of secret bank talks revealed [FT]
It gets more awkward for auditors in the UK.

Deloitte CEO: Better Career Preparation Starts in High School [Hire Education/WSJ]
Barry Salzberg gets academic in a blog post for the Journal.


BAE to be handed Tanzania fine on Tuesday [Reuters]
BAE Systems will be fined by a London court on Tuesday after pleading guilty to making accounting errors in Tanzania, bringing a six-year investigation into the company’s activities to an end.

The fine is expected to sign off a settlement agreed between Britain’s Serious Fraud Office (SFO) and BAE in February when the British defence firm entered into a plea bargain deal with the UK fraud watchdog.

How to Make Auditors More Accountable [Room for Debate/NYT]
For those of you looking to get all pointy-headed about this E&Y/Lehman debacle.

Groupon Hires Amazon Finance Executive Child as CFO to Help Raise Funding [Bloomberg]
Groupon Inc., owner of a daily coupon website with 40 million subscribers, named Jason Child chief financial officer as it considers raising more money to fund growth.

Child, 42, previously served as Amazon.com Inc.’s vice president of finance, overseeing its $14 billion international business, Groupon said today in a statement. He will relocate to Chicago, where Groupon is based.