September 2009 Of Interest

Income / Non-Equity Partner Checklist
Consultant Bob Gallagher shares key items that all firms should consider when promoting senior managers to income or non-equity partner status.

One-Third of Execs Expect Rise in Fraud and Misconduct, KPMG Survey Finds
Amid a continuing economic downturn, renewed government regulatory enforcement and with trillions of dollars of government money infused into the U.S. economy, nearly one-third of corporate executives expect fraud or misconduct to rise in their organizations, according to a survey by the audit, tax and advisory firm KPMG LLP.

IRS Goes After Foreign Golfers
As South Korean golfers sweep major golf tournaments in the United States, the Internal Revenue Service is planning to tax all foreign golfers for wearing, using and promoting a corporate sponsor’s product or logo at competitions, reports The Korea Times.

PEOPLE IN THE NEWS

Gollob Morgan Peddy & Co Admits New Partner
Kevin R. Cashion, CPA, was recently admitted as a partner in the CPA firm of Gollob Morgan Peddy & Co., Cashion has been associated with the firm for over 20 years, concentrating his practice in audits of cities and small manufacturing companies.

Parente Adds New Healthcare Partner

Lou Feuerstein has joined the Parente team as a Principal in firm’s Healthcare Practice in the New York and New Jersey offices. “Lou brings to Parente Randolph the wide-spread industry expertise he gained during his 35+ year career spent with a Big Four firm,” Robert J. Ciaruffoli, chairman and CEO of Parente Randolph says.

SEC Names Kroeker Chief Accountant
James L. Kroeker has been named as the Chief Accountant in the SEC’s Office of Chief Accountant. In this capacity, Mr. Kroeker will oversee accounting interpretations, professional practice issues, and international accounting matters.

Greenspan Leaving Moss Adams at End of the Year
Rob Greenspan, managing partner of the Los Angeles office of Moss Adams, has announced that he will be leaving the firm after 30 years of service.

SEC Charges Las Vegas-Based Accountant For Issuing False Audit Reports
The SEC alleges that Michael J. Moore and his firm Moore & Associates Chartered of Las Vegas issued unqualified audit reports with deficient documentation after untrained employees conducted few if any auditing procedures on the financial statements of their clients.

Former House Chairman Michael Oxley to Lead ERC Board
Michael G. Oxley, a former member of Congress best known as cosponsor of the Sarbanes-Oxley Act of 2002, has been elected chairman of the board of directors of the nonprofit Ethics Resource Center,

Top PwC China M&A partner Xie Quits
PricewaterhouseCoopers announced that its long-time China partner Xie Tao had resigned. The resignation of Xie, based in Beijing for PwC as its corporate finance leader for the China market, was a surprise to many dealmakers in China as he has handled more than 100 mergers and acquisitions over the past decade there.

FIRMS AND MERGERS

Shea Labagh Dobberstein Faces Accusations of Fraud By Former Employee
A former employee has brought a $5 million lawsuit against the San Francisco firm allegedly “violating their legal duties” in connection with tax returns the firm had prepared on behalf of two of its corporate clients.

Accounting firm M&A specialist Allan Koltin predicts a “mega-merger” will take place within the profession before the end of the year.
WebCPA reports that at the 2009 Forum on Recruiting and Retention in Chicago in August, Allan Koltin told the audience, “Don’t be surprised to hear about a mega-merger involving two of the top 25 CPA firms in the country who, on day one, would have a revenue base equal to that of the 10th largest CPA firm in the country.”

LECG Announces Proposed Merger With SMART, New CEO and $25M Cash Infusion

Sikich Buys Levi Littell Herbst

Marcum Merges in Margolis

Marcum Search Opens Florida Office

LarsonAllen acquires Ganim, Meder

Beene Garter Acquires Barrons State Tax Consulting

Greenstein Rogoff Olsen Acquires Ronald Boyer Accountancy