Big Four firm Ernst & Young has filed suit against embattled outpatient care provider Health South, charging it with hiding massive accounting fraud from the audit firm and subsequently exposing it to litigation and damaging its reputation. According to the Associated Press, the suit, filed March 18, charged that testimony in the ongoing fraud trial of former HealthSouth CEO Richard Scrushy demonstrated that company executives faked financial documents to hide the fraud from its auditors. Ernst & Young served as HealthSouth's auditor from 1996 to 2002 -- the period, prosecutors charged, when earnings were inflated by about $2.7 billion. Ernst & Young is seeking reimbursement of any litigation costs the auditor must pay in lawsuits related to the HealthSouth fraud, as well as unspecified damages for lost business.
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The Public Company Accounting Oversight Board plans to host a series of five in-person forums this year, with different members of the board visiting cities including Chicago, Los Angeles, Denver, Miami, and Jersey City.
6h ago -
The first class members of the AICPA and NASBA's pilot Experience, Learn & Earn program are completing their inaugural semester.
7h ago -
A phish, a mill and a stroll overseas are just three of the 12 major scams the Internal Revenue Service identified for this year's rogues gallery.
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The process of becoming a remote partner isn't much different from the traditional path — but it may take a little extra effort.
April 17 -
The Internal Revenue Service is extending tax relief on required minimum distributions from inherited retirement accounts not made in 2024 after providing similar relief in recent years.
April 16 -
Internal Revenue Service commissioner Danny Werfel testified at a hearing of the Senate Finance Committee to discuss this past tax season and the proposed budget for carrying out the agency's future plans.
April 16