September 24, 2018

Accounting News Roundup: PwC Appeals India Ban; Blockchain Names; Flying Cars and Sales Tax | 01.26.18

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PwC appeals two-year ban on audits in India [AT]
The Securities Exchange Board of India banned PwC from auditing public companies earlier this month over the firm’s failure to detect the fraud at Satyam Computer Services. The appeal is expected to be heard by the end of February.

PCAOB Board Statement on Passing of Former PCAOB Chairman William McDonough [PCAOB]
Mr. McDonough was the first chairman of the PCAOB, serving from June 2003 to November 2005. Before leading the PCAOB, he served as the President of the New York Fed from 1993 to 2003. He was 83.

SEC warns against public companies adding blockchain to their name [TechCrunch]
In a speech, Commission Chairman Jay Clayton issued a bit of a warning to companies thinking about hamfisting “blockchain” into their business name: “The SEC is looking closely at the disclosures of public companies that shift their business models to capitalize on the perceived promise of distributed ledger technology and whether the disclosures comply with the securities laws, particularly in the case of an offering.”

Futuristic Flying Cars Fraught with Sales Tax Implications [BNA]
SALT professionals who’ve been sitting around thinking about the different treatment of purchases of motor vehicles and airplanes know there’s a lot of work to be done if we’re going to have flying cars one day. Of course, if we can’t get South Dakota v. Wayfair right, do we really deserve flying cars?

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The featured job of the week is a Corporate Auditor with PulteGroup in Atlanta, Ga. They’re looking for someone with 2-5 years of public accounting audit or advisory and SOX compliance experience.

Previously, on Going Concern…

What Do We Think Is Going Through KPMG CEO Lynne Doughtie’s Mind During This Interview?

From the archives: How Will Your Team Air Its Grievances This Busy Season?

In other news:

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Ernst & Young Is Here to Help (For a Small Fee)!

ernst_young.jpgWe thought that Ernst & Young was advising the New York Fed on the winding down of AIG out of the goodness of their hearts but it turns out it’s actually about the money.
E&Y could make as much as $60 million advising the New York Fed, which is 50% more than the initial agreement, according to Bloomberg. The NYF is also reimbursing E&Y for expenses, up to 10% of the professional fees. This occurs after the parties had initially said $40 million would be the cap but $60 mil is it, we swear, no more.
And because E&Y is solid like that, the firm is billing out partners and directors at discounted rates ($775/hour). I mean, ’cause, let’s face it, this thing’s a mess and E&Y is going to be working hard, working late, working weekends.
Ernst & Young’s Maximum Pay for AIG Advice Swells [Bloomberg]

Our Speculation About the Motivation Behind Deloitte’s Most Recent Survey

heelys.jpgBig accounting firms like doing surveys. We’ve often thought about the motivation behind the constant surveys and further wonder if firms ever josh the numbers around out of a personal vendetta against its rivals, enemies, former clients, etc.
Deloitte’s survey that states that American consumers are planning on spending less this back-to-school season causes us to speculate as to why the Big D would do such a survey? It’s a nice little press release we suppose. Shows that the firm is plugged into the current state of the economy, etc., etc. But then we got to thinking about how Heelys, the obnoxious shoes with wheels, recently dumped Deloitte because their fees were too high in favor of Grant Thornton.
Far be it from us to speculate about the temperament of a Big 4 accounting firm when it has business swiped away by a second-tier firm but isn’t it possible that Deloitte is bitter about the whole sitch? Isn’t it possible that Deloitte is merely putting out this survey as a way to scare consumers out of spending money on back-to-school junk like Heelys?
Back-to-School Shoppers Plan to Spend Less, Save More [Bloomberg]