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September 24, 2023

Accounting News Roundup: Banks Have a Culture Problem; CPA to Pay for Failure to CPA; A Love that Burns | 10.21.14

Fed's Dudley Warns Banks Must Improve Culture or Be Broken Up [Bloomberg]
Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York. If bad behavior persists, “the inevitable conclusion will be reached that your firms are too big and complex to manage effectively,” Dudley told industry leaders in a speech yesterday at the New York Fed.

Don't tweet and drive [Twitter]

Accounting firm paying Cherryville $75K for not finding embezzlement [WSOCTV]
Meanwhile, in North Carolina: "An accounting firm in Kings Mountain will pay the town of Cherryville $75,000 for failing to find embezzlement. Channel 9's partners at The Gaston Gazette reported that Darrell L. Keller CPA is paying the city after an agreement reached through mediation."

AICPA Modernizes Non-Audit Standards for Accountants in Public Practice [AICPA]
SSARS No. 21 represents the AICPA’s Accounting and Review Services Committee’s (ARSC) efforts to clarify and revise the standards for members in public practice who perform reviews, compilations, and engagements to prepare financial statements. Approved by ARSC in August, it creates a bright line between accounting (preparation) services and reporting (compilation or review) services and is a better fit for the current electronic and cloud-based practice environment.

Accountant accused of part in misappropriation of up to €7.9m [Irish Times]
An engineer and businessman has claimed he was the victim of a “devastating fraud” in which his accountant and others allegedly misappropriated €7.9million of his assets and income.

IRS sues Boston lawyer over $2.7M in taxes, penalties [Boston Herald]
His tax lawyer says the IRS is just being a big jerk.

Millennials Care More About Having A Good Job Than Getting Married Or Buying A House [Fast Co]

Tinder starts a burning passion that leaves woman dater trapped in chimney after she became obsessed with man she met online [Daily Mail]
"I'm going to be a little more cautious of who I invite into my house now," the man said.

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