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US Audit Board’s Hands Tied in Responding to FTX Collapse

The leader of the US audit board warned investors Tuesday to be wary when companies such as collapsed crypto exchange FTX tout that they’ve hired an accounting firm registered with the board because it doesn’t guarantee a quality audit.

There’s No Such Thing as Pretax Income—Yes, You Read That Right

When we speak of pretax income, we are disconnecting the idea of taxes as fees paid to purchase the opportunity for income and are obfuscating the terms of the contract we’ve all entered when we earn money. But income is only possible after services are received in exchange for taxes paid.

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