April 2014

Sentencing position papers filed with court in Scott London insider trading case

1 Comment / Audits /

The U.S. Attorney and Scott London both filed their sentencing position papers on April 7. This is in advance of the sentencing, expected this month.

Mr. London will file his sentencing position brief under seal, according to a filing from his attorney. That means we won’t be reading his arguments, as presented in the filing, anytime soon.

The government’s filing mentions there will be a sentencing hearing on April 21, 2014 at 8:00 a.m. That means that as of 4/7, the hearing is still set for 4/21, as previously mentioned in court filings.

The US Attorney is recommending 3 years in prison, 3 years supervised release, and a $100,000 fine. (There’s also a $100 special assessment. I have no idea {yet} what that is for.)

Prison term

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Free class on how nonprofits record contributions

Leave a Comment / Accounting /

Learn About Revenue Accounting for Nonprofits on April 25 is the announcement from Sift Media about a good overview of how to account for revenue in a charity. The course is Key Accounting and Reporting Issues for Nonprofits No. 2: Revenue Accounting.

The course is free and will be offered April 25 at 2:00 Eastern. Runs for one hour, thus you can get one hour CPE.

I read through the handout for the course. This will be a superb class those who are new to the nonprofit community.

It will be a good review if you are quite experienced. I have a fair number of years working the NPO community, yet still enjoy this type of class for two reasons: First, it reinforces what I think I know. Second, I frequently find some little tidbit that escaped my attention or that I’d forgot about. Thus it is quite helpful. That, by the way, is the reason I always read the annual risk alert updates. You should too.

Looks to be a great course. I’ve gone through two classes from this instructor. He does a great job.

Oh, did I mention it’s free? And an hour of CPE?

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More good stuff for auditors – 4-2-14

2 Comments / Accounting, Audits /

A few links and comments of interest to auditors. A ridiculous suit against a Big 4 firm, reminder on confirmations, a Big 4 partner on his way to jail, and three articles on whether PCAOB is exaggerating the severity of inspection results.

3/31/14 – Jonathan Weil at Bloomberg View – Go Ahead, Blame the Accountants – In a tweet pointing to the article, Mr. Weil wonders what is happening to him, what with defending a Big 4 accounting firm. The lawsuit from failed MF Global Holdings against their auditor, PwC, is a source of some amusement when the details are considered. MF Global accuses PwC of causing MF Global to violate GAAP.

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