No one panic, if you get licensed before 2014, you’re grandfathered in as substantially equivalent. So if you feel like procrastinating, don’t let us stop you but maybe keep the date in mind.
In addition to the new credit hour requirements, Ah-nuld also signed bills requiring mandatory peer review for CPA firms starting next year and requiring non-active CPAs to disclose their status. We thought those were both standard operating procedure but a couple more laws won’t hurt anything.
If you can’t bear the thought of 25-30 extra credit hours in college, move to Colorado, Puerto Rico, or the Virgin Islands as they’re the holdouts on the 150 credit-hour requirement.
California Adopts 150-Hour Rule [Web CPA]
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Five Questions with Francine McKenna
Our contributor Francine McKenna takes her job very seriously. When we asked her to participate in our little exercise she insisted that all her answers be as long of some of her posts but we managed to explain to her that none of these questions would be related to the Big 4.
She backed down.
As you know, Francine is the and Founder and Managing Editor of Re: The Auditors and a furious Tweeter. Prior to launching RTA, Francine worked for more than twenty years working for in consulting and professional services here in the States and abroad.
• Why should you accountants read your blog?
Do they really have something more stimulating to do?
• If someone had to read just one post of yours which one would it be?
“Too Few To Fail Or Something More?” tells you everything you need to know about how the current regulatory regime works against the shareholder and for the perpetuation of the myth of the current audit firm business model. It’s my first post with original reporting, it’s where I coined the term “too few to fail,” and still one of my most popular.
• Who is your favorite blogger?
So many favorites now, but the guy that told me blogging could make me famous is Mr. Clublife, the guy who stands on the box at your favorite club in NYC.
• Best thing about blogging for accountants?
They are, for the most part, too introverted to complain or harass me too much.
• The biggest issue facing accountants/auditors today is…
They’ve, for the most part, forgotten that their client is the shareholder and that, as professionals, they owe their first professional duty to that client, not their firms, not their partners, not their colleagues and not the management of the companies they audit.
Grant Thornton Continues on Some Sort of John Gotti Teflon-esque Run
The Wall St. Journal reports that a judge has tossed a case brought by freaky-ass, longlife milk company Parmalat against Grant Thornton and Bank of America.
Parmalat filed for bankruptcy back when everyone thought invading Iraq was a good idea so this thing has been dragging.
This is another major lawsuit that G to the T has managed to avoid, along with the dismissal of the Refco suit last month.
GT seems to be quite the bullet dodger and can probably breathe easy. For now, anyway.
Judges Tosses Parmalat Lawsuits [WSJ]