A former Arthur Andersen audit partner has settled charges brought against him by the Securities and Exchange Commission alleging that he assisted in a $300 million fraud committed by an audit client in 2000.Without admitting or denying the charges, Fred Gold agreed to a $100,000 fine, a permanent anti-fraud injunction, and an administrative order barring him from appearing or practicing before the commission.The SEC alleged that Gold should have known that the 2000 financial statements of American Tissue -- the audit of which he supervised and approved -- included fraudulently inflated assets and earnings, and also that in 2001 Gold altered work papers to prevent discovery of the fraud in a peer review, and later tried to hide the audit failure by destroying documents and e-mails after another accounting firm discovered American Tissue's overvalued inventory.Earlier, former Andersen audit manager John Parson and senior accountant Brendon McDonald settled SEC charges in the same matter; Parson for $50,000 and permanent suspension from practicing before the commission, and McDonald for a $30,000 penalty and a five-year suspension.
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Speedy sentencing; WWTF; no longer Confident; and other highlights of recent tax cases.
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The Internal Revenue Service and the Treasury Department released final regulations on the transfer of clean energy manufacturing, investment and production tax credits, with specific rules for partnerships and S corporations.
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Sens. Cassidy and Warren teamed up to introduce legislation aimed at making math error notices from the IRS easier to understand.
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A recent experiment tested different generative AI models against each other on the CPA Exam and found they each have their own strengths and weaknesses.
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Firms must transform their business models to afford the cost of multilayered retention strategies, a new report by the Pennsylvania Institute of CPAs says.
April 25 -
The IRS has long offered alternative dispute resolution, but says use has declined in recent years, and it hopes to make it more attractive and accessible.
April 24