Accounting News Roundup: Deloitte Wants Delay in Case of SEC's Request for Workpapers; AIG's Thank You; An Annoying Tax? | 01.08.13

Deloitte opposes SEC move to restart China audit paper case [Reuters]
Accounting giant Deloitte has asked a federal judge to reject a request from the U.S. securities regulator to resume a court case in which it is trying to force the auditor to hand over work papers from its audit of an allegedly fraudulent Chinese IT company. The move is the latest in a standoff between the Securities and Exchange Commission (SEC) and audit firms over access to accounting documents of U.S.-listed Chinese companies suspected of fraud. [...] Deloitte filed papers late on Monday, arguing that the case should be postponed pending the outcome of new action taken by the SEC against it and four other audit firms for securities violations related to their refusal to provide Chinese audit documents.

Settling The Foreclosure Reviews: Winners And Losers [Francine McKenna/Forbes]
Monday’s announcement of an “agreement in principle” to end the foreclosure reviews at ten of the fourteen mortgage servicing companies provided a neat recovery for the banks, and their ‘independent” consultants, mired in an expensive, seemingly unending project from hell. The “independent” consultants assisted the banks in “extending and pretending” long enough to figure a way out. Now no one will ever have to admit how much the banks really owed borrowers and institutional investors for financial damage from foreclosure abuses.

Rescued by a Bailout, A.I.G. May Sue Its Savior [DealBook]
The board of A.I.G. will meet on Wednesday to consider joining a $25 billion shareholder lawsuit against the government, court records show. The lawsuit does not argue that government help was not needed. It contends that the onerous nature of the rescue — the taking of what became a 92 percent stake in the company, the deal’s high interest rates and the funneling of billions to the insurer’s Wall Street clients — deprived shareholders of tens of billions of dollars and violated the Fifth Amendment, which prohibits the taking of private property for “public use, without just compensation.”

Tax officials raid Nokia campuses in Chennai [ET]
Income Tax officials are raiding the premises of Finnish handset maker Nokia here in Chennai. A team of 20 officials reached the Nokia plant in Sriperumbudur and the Nokia offices in Chennai an hour ago.  "Yes, raids are on. I will call back," said the Nokia spokesperson in Chennai. Authorities said they suspect tax evasion to the tune of Rs 3,000 crore by Nokia. "They haven't paid tax in India," an IT official told ET on condition of anonymity. The raids are expected to go on till evening. 

Suds for Drugs [NYM]
Tide laundry detergent has become an ad hoc street currency, so thieves looking to score drugs are stealing it like crazy.
 
Former Goldman Partner Cahilly Joins NBA as CFO, VP of Strategy [Bloomberg]
Jason Cahilly is replacing Carol Sawdye, who is now the CFO of PwC.
 
Ernst & Young LLP marks 40 years tabulating Golden Globe Awards [E&Y]
FYI.
 
KPMG Expands Its Forensic Service Line With Two Significant Hires [KPMG]
Dr. Richard J. Bergin and Dr. Glenn R. George are your newest Klynveldians.
 
Should We Tax People for Being Annoying? [NYT]
Can we really open this can of worms?
 
We are losing the war against email [Quartz]
This sounds great! "On current trends, then, if email response times keep increasing by 10% a year, and assuming that an average postal delivery time in your country is two days, I estimate that by approximately 2020 it will be faster to get an answer from someone by writing a letter than by sending an email."

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