The man – looking dapper as ushe – needs representation and isn’t interested in sticking around without it.
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KPMG Got Fired by North American Savings Bank After Six Months on the Job
- Caleb Newquist
- April 21, 2010
Technically, if you count the days (based on the 8-K) it’s less than six months.
The reason? Without getting too wonky, it appears NASB wasn’t thrilled that KPMG challenged their valuation method of a real estate investment, Central Platte Holdings, LLC.
Klynveld had been engaged to audit the September 30, 2010 financial statements of NASB but things managed to get confrontational right off the bat as KPMG raised questions about the Company’s valuation methodology of Central Platte in its first quarter review.
This must have made NASB a little uncomfortable since KPMG’s methods might not paint as rosy as a picture and could have resulted in a restatement. Per the 8-K, “KPMG also informed the Company that if the investment was determined to be impaired, evidence existed which indicated that such impairment may have occurred in a prior period.”
Obviously the mere idea of a restatement was completely unacceptable for NASB but when KPMG requested that the Company engagement a third party appraisal, they really freaked. Either the bank didn’t want to pay for said third party’s services, or they were worried that the appraisal would show that Central Platte wasn’t worth squat.
More from the 8-K filing:
At KPMG’s request, management estimated the fair value of the investment in Central Platte. After reviewing management’s estimate of fair value, KPMG requested the Company obtain an independent third party appraisal of the fair value of the investment. KPMG did not complete their review of the fair value of the investment in Central Platte prior to their dismissal.
While the Company continues to evaluate whether it should change its accounting method in measuring impairment of the investment in preparing the financial statements for the quarter ended December 31, 2009, the Company disagrees with KPMG that its method of evaluating potential impairment of the investment in such period or in any prior
periods was in error.
For those of you unfamiliar with SEC filing lingo, the statement “the Company continues to evaluate whether it should change its accounting method,” actually means “We’re not changing shit.” Luckily, NASB knew that it can rely on their old auditors to give the thumbs up to their preferred method so they ran back (weeping and arms flailing no doubt) to BKD.
Maybe KPMG’s Kansas City office needed business but something tells us they’re better off.
Real estate dispute leads NASB Financial to switch auditors [KC Star]
8-K [SEC.gov]
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Accountants Behaving Badly: E Is for Embezzlement, This Lady Is a Wreck, Records Destruction!
- Jason Bramwell
- February 22, 2021
Plus, a U.K. accountant is going to spend some time in jail for stealing money […]
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Getting Regular Sex in Denmark May Have Cost Søren Hansen About $2.6 Million
- Caleb Newquist
- May 20, 2010
Back in March we told you about non-Phil/Tiger golfer Søren Hansen, who was looking at jail time for dodging about 10 million kroner in taxes.
He managed to avoid the Danish joint but a judge did order him to pay 8 million in back taxes and an additional 8 million in fines. This works out to $2.6 million which is around what Tiger Woods spends on hookers in a weekend. So in other words – a chunk.
Hansen maintained throughout the ordeal that he was not a resident of Denmark because he changed his residence to Monaco in 1999 (it’s on his Wikipedia page for crissakes! What’s it going to take?!?) and thus not subject to the tax. The judge didn’t buy it because “he used his summerhouse in Hornbæk for residential purposes, as well as stayed over in his girlfriend’s Copenhagen apartment regularly.”
Obviously Hansen could have moved his g/f to Monaco to avoid all the trips back but that would have put a serious damper on the Monaco tail situation.
Golfer hit for 16 million kroner [Copenhagen Post]