Accounting News Roundup: Shorter Auditor Tenure and Misconduct Allegations at KPMG, EY Down Under | 02.28.18

Obama Says He’s ‘Fierce’ Free-Market Advocate, Rejects Critics [Bloomberg]
The POTUS has a message for everyone that likes throwing around words like “socialist” or “Mao”. He and his gang are pro-business, “President Barack Obama said he and his administration have pursued a ‘fundamentally business- friendly’ agenda and are ‘fierce advocates’ for the free market, rejecting corporate criticism of his policies.”

Now whether or not you buy this story, the Berg is reminding us that things haven’t been so bad since BO took office, “the Standard & Poor’s 500 Index of stocks has risen more than 25 percent and the economy rebounded from a 6.4 percent decline during the first three months of last year to 5.7 percent growth in the fourth quarter.”

Whether you believe that President secretly dresses like Castro or you’re happy that Bloomberg is giving him credit for the “rebound” after a year in office, we expect him to run with the “turn around” story. He’s got to help out all the poor saps running for re-election after all.

EU Leaders Agree on Greece Support [WSJ]
Since things are getting slightly out of hand over in Greece some of the European leaders got together to talk about it. They came to the conclusion that they can lend a hand ‘if needed’.

Since the world seems to be in the habit of bailing out irresponsible behavior — according to the Journal, “Greece for years violated rules against overspending” — we’re guessing the “needed” part is imminent:

Greece’s fiscal problems—a heavy debt burden and wide fiscal deficits—have spurred fears of a sovereign default and sowed worry of serious trouble in the 16-nation euro zone. Thursday’s summit has become the bloc’s clearest opportunity to reassure financial markets.

It wasn’t clear that investors would be soothed. The euro, which has gyrated for several days amid rising and falling hopes of help to Greece, slipped slightly after Mr. Van Rompuy appeared in front of the stately library where the leaders were meeting to read his statement.

Zee Germans aren’t so thrilled with the whole idea since, “The euro zone is built around the idea that each nation manages its own fiscal affairs,” and they’re notoriously thrifty. Of course letting Greece go the way of Iceland is a big risk and EU members apparently have even floated the idea of ringing up the IMF which some feel would be an abomination.

• Service Offers Receipt Scanning for Accountants [Web CPA]
Perhaps you’ve heard of Shoeboxed.com, which if you have, why on Earth aren’t you sharing it with every accountant that you know?

The long/short is that your client walks in with his/her records for the past year so you can prepare their business’ tax return. You give them the crook-eye since you’re already drowning in files. You tell them to send all their receipts to Shoeboxed who will scan them in and “the data is then extracted and entered, automatically categorized, and securely archived online.”

You, the accountant, can now access this information through your Shoebox account in your favorite tool: spreadsheets. Not only will this cut down on the paper in your office, you won’t have to physically threaten as many clients. Everyone wins!

PCAOB proposal to name engagement partner may generate debate [JofA]The JofA trolled us with the "may" […]