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Accounting News Roundup: South Africa’s Probe of KPMG Is Moving Along | 01.12.18

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Ed. note: ANR will be off on Monday to observe Martin Luther King Jr. Day.

South Africa’s Audit Regulator Says Part of KPMG Probe Nearing Completion [Reuters]
South Africa’s Independent Regulatory Board for Auditors (IRBA) announced that one part of the investigation into KPMG’s work for the Gupta family is “nearing completion” and the rest of the probe is proceeding “satisfactorily.” The firm still owes IRBA some information and continues to cooperate.

IBM Names New Finance Chief Amid Management Reshuffle [WSJ]
No, it isn’t Watson. (Although I’m sure it could handle CFO duties, its audit work with KPMG, and still whip through some tax returns.) James Kavanaugh will succeed Martin Schroeter. Kavanaugh is currently Senior VP of finance and operations and previously served as the company’s controller.

Wal-Mart Raises Hourly Wage to $11 in Wake of Tax Overhaul [Bloomberg]
That’s an increase from the current starting wage of $9 an hour. The company is also paying bonuses of up to $1,000 to employees based on seniority. It’s estimated that the company will save $2.2 billion thanks to the new corporate tax rate.

Elsewhere in new tax law news: The updated withholding tables are out.

Robert Jackson and Hester Peirce Sworn In as SEC Commissioners [SEC]
The SEC is now back to full strength after operating for part of the year with only two commissioners, and the rest of 2017 with three, after Jay Clayton’s appointment as chairman in early May.

Accountant sentenced for embezzling more than $200,000 from employer [KWCH]
File to Accountants Behaving Badly: That’s way less fun than a car payment. Kansas-based accountant Misty Leiker got in a bit of trouble for unauthorized purchases of “household goods, antiques, tools, toys, and landscaping services” using a company credit card. As part of her sentencing, Ms. Leiker made restitution of $15,000 and was ordered to pay $500 every month during her 5-year probation.

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Previously, on Going Concern…

From the archives: It’s been a year since PwC hired GE’s tax department. We’re curious about how it’s going, so if you’re in the know, email us.

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