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Why do clients leave? According to an article in Accountingweb, part of it might have to do with false beliefs professionals may have about their clients. The articles goes into them in more detail, but they include:
An Economist article, by way of CFO.com, argues that corporate boards just aren't working the way they should.
Okay, cupcakes are getting kind of ridiculous. You can tell because this guy just made a $900 cupcake. Granted, he made it for a special occasion, his wife's birthday, but it still kind of stretches belief. What makes it so pricey? Mostly the ingredients:
Bank of America has agreed to pay nearly $17 billion for its role in the financial crisis, roughly equal to about three years worth of profits, making it the largest in U.S. history, according to the Wall Street Journal.
CPAs who advice municpal governments may be examined by the the Securities and Exchange Commission sometime over the next two years as part of a new initiative launched to ensure compliance with regulations on municipal advisors that were part of the Dodd-Frank Act. Municipal advisors are defined as someone who:
Conference calls can be a frustrating affair. Many times, it seems like most of the people on the line just aren't giving the call their full attention.
The New York State Department of Taxation and Finance has a new Taxpayer Advocate: Margaret Neri, who has replaced Camille Siano-Enders, who has herself been appointed Director of Conciliation and Mediation Services to replace an outgoing Kevin Law, according to Geoff Gloak, a state tax department spokesperson. Neri, who will also be serving as the department ethics officer, was appointed in late July and was appointed because of what Gloak said is "her longstanding personal and professional commitment to working through the legal system on behalf of the disadvantaged.
The Treasury Inspector General for Tax Administration released a report that said the IRS needs to do better at ensuring accurate reporting and payment of the medical device excise tax that was implemented as part of the Affordable Care Act. It found that the IRS cannot identify the population of medical device manufacturers registered with the Food and Drug Administration that are required to file a Form 720 and pay the excise tax.
The Public Company Accounting Oversight Board (PCAOB) issued its third report on broker-dealer audits and said that despite some improvement, the board still has serious concerns over the nature and number of audit issues they're still finding. The report said that the PCAOB identified audit deficiencies or independence findings in 56 of the 60 audit firms inspected, and in 71 of the 90 audits inspected.