July 18, 2018

Accounting News Roundup: PwC vs. The Olds; U.K. Fraudbusters; Heckling Mnuchin | 03.01.18

mnuchin tesco trial identity fraud

Suit Claims PWC’s Campus Recruiting Disadvantages Older Job Seekers [WSJ]
We first mentioned this suit nearly two years ago and now a judge “is expected to decide whether to add the roughly 14,000 other older workers who didn’t get job offers from PwC to the case in the coming weeks.” The firm claims “its hiring practices are merit-based” and would never discriminate against the olds.

Britain’s White-Collar Cops Are Getting Too Good at Their Job [Bloomberg]
Formerly the “Serious Farce Office,” the U.K.’s Serious Fraud Office has turned it around, but its success, in the Brexit era, has become inconvenient as the country tries to lure businesses.

Mnuchin, Dogged By Protesters, Doesn’t Want Video Posted [WSJ, Marketplace]
Students heckled the Treasury Secretary at a recent appearance at UCLA. At one point, someone simply shouted, “I think you’re full of shit.” Seems appropriate since he still believes the new tax reform law won’t add to the deficit.

SEC: Insider Bought Minutes After Warnings Not to Trade [SEC]
Don’t insider trade, Part 185:

According to the SEC’s complaint, on November 20, 2014 at 4:04 p.m., Yang Xie, then-Director of Global Health Outcomes Research for Merck, received an email from a Merck attorney discussing a contemplated merger between Merck and Cubist Pharmaceuticals, Inc. The email included an attachment advising recipients not to trade in Cubist’s stock until a full trading date had elapsed after a public announcement of the acquisition. The complaint alleges that, approximately six minutes later, Xie replied to the e-mail and acknowledged receiving it. Approximately 14 minutes after he received the Merck attorney’s email, Xie bought 80 shares of Cubist stock. On January 21, 2015, the date the tender offer was completed, Xie sold his Cubist stock and realized illegal profits of approximately 39%.

Previously, on Going Concern…

Deloitte agreed to pay $149.5 million for its failed Taylor, Bean & Whitaker audits.

In Open Items: Quit After 8 Months

From the archives: Northern Illinois Accounting Professor Is the Subject of the Nerdiest, Most Obscure Hitler Parody Video To Date; An Accountant’s Tickmark for Life

In other news:

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Accounting News Roundup | 01.21.10

How to find the “best and brightest” [CPA Success]
This may be a better topic for the friendly HR professional but figuring out who these future accounting rock stars are before they show up on their first day is “more art than science”, as Tom Hood notes.
Popular to some old-school thought, GPA does not always indicate who’s going to dominate in the real world and “soft skills” — besides being a terrible term — are in more demand than ever.
Help The The American Red Cross of Greater Chicago Help Haiti [Re: The Auditors]
The American Red Cross of Greater Chicago is having a drive today and since Francine’s friend is the CFO, we’ll be glad pass around the news:

One of my oldest and dearest friends, Guillermo Becerra, is the CFO of the American Red Cross of Greater Chicago. I asked him how I could help him, and the Red Cross, during what must be an incredibly busy time post-Haiti earthquake.


“The Chicagoland community will come together on Thursday, January 21 to give to the American Red Cross as we help the people of Haiti recover from the catastrophic earthquake that devastated their country last week.
The Chicago Helps Haiti media relief drive begins at 5 a.m. and lasts until 11 p.m. Nearly every TV and radio station in our area will be promoting this fundraising effort throughout the day. You can help too, by giving via phone or online, and sharing your thoughts here, on Facebook or Twitter, and by asking others to give.
To give from 5 a.m. to 11 p.m. CALL 1 (877) 565-5000 or visit www.chicagoredcross.org/haiti

Plus, we’re guessing that if you give, your 2009 tax return isn’t much of a concern.
If Your Password Is 123456, Just Make It HackMe [NYT]
The Times is concerned that you have a shitty password which puts you at a huge risk of being hacked by someone sitting in their parents’ basement.

Imperva found that nearly 1 percent of the 32 million people it studied had used “123456” as a password. The second-most-popular password was “12345.” Others in the top 20 included “qwerty,” “abc123” and “princess.”

You know who you are, ye with stupid passwords. Also, don’t even think of changing it to “654321” because that drops in at #19.

Accounting News Roundup: Haiti Relief Passes Senate; Accounting Job Surge? CPAs Basically Control People’s Lives | 01.22.10

Senate votes for faster tax breaks for Haiti gifts [WaPo]
As expected, the U.S. Senate unanimously passed legislation yesterday that allows taxpayers to deduct donations made for Haiti relief efforts. You have until the end of February to donate so that it may be included on your 2009 return.

Maybe it’s bad legislation but we’ve been over that.

CPA Jobs Set for Surge. But When? [CPA Trendlines]
That’s the question, isn’t it? Rick Telberg, who has done a great job of tracking the Bureau of Labor Statistics on accountants, points out that while the latest BLS forecasts a 22% increase (279,400 jobs) by 2018, there’s no indication that it’s happening now:

[M]any tax, accounting and finance professionals are still slogging through the Great Recession. The Association for Financial Professionals, for instance, reported that about one in four respondents say their organizations will contract in 2010. At the same time, a PricewaterhouseCoopers survey of private companies found 43 percent of CEOs and CFOs still budgeting no expansion over the next 12 months to 18 months. The data just seem to reinforce economic uncertainties and a weak outlook.


The BLS is looking past the past the recession for the jump in opportunities but just when the hell will that be? Just because the economy isn’t contracting currently, doesn’t mean it won’t in the future and this “recovery” has been tepid at best.

Theismann to CPAs: You Are the Conscience of America [Web CPA]
Joe Theismann gets it. He knows that without all of you out there in CPA land, your clients don’t stand a chance. They’d be finished. Finished!

“You’re the conscience of America,” Theismann told conference-goers. “You are the survivors in tough times. With accountants, I’m not looking for someone to file taxes and do my financials. I can do that myself online. In your position you can basically control people’s lives.”

So get out there and control somebody’s life. Joe Theismann is expecting it.