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December 8, 2022

Accounting News Roundup: KPMG’s Audit of Carillion; New Tax Law, One Month On; Happy Tax Season | 01.29.18

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KPMG to be investigated over Carillion auditing [The Guardian]
The U.K.’s Financial Reporting Council probe “will cover 2014 to 2016 and additional audit work carried out during 2017,” including “whether KPMG breached any rules, in particular the ethical and technical standards for auditors.” KPMG said it would fully cooperate.

The Tax Law, Just One Month Old, Is Roaring Through U.S. Companies [WSJ]
Companies of all sizes are “dusting off once-shelved plans, re-evaluating existing projects and exploring new investment” but it’s unclear whether the overall economic impact will match the corporate activity and profits.

Elsewhere: The governors of New York, New Jersey, and Connecticut plan to sue over the law.

SEC Weighs a Big Gift to Companies: Blocking Investor Lawsuits [Bloomberg]
It seems people inside the SEC are testing the waters a bit: “The agency, according to two of the people, has privately signaled that it’s open to at least considering whether companies should be able to force investors to settle disputes through arbitration.”

Don’t be fooled by fake IRS calls or emails [WaPo]
It’s the first day of tax season, so be sure to remind your gullible friends and relatives to keep an eye and ear out for bogus IRS communication.

Previously, on Going Concern…

Grant Hutchinson wrote about a firm that’s using a new client selection model that reduced employee burnout.

From the archives: What Happens When You Mix a Seedy Strip Club, an Unsophisticated Taxpayer and the Tax Court?

In other news:

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