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Accounting News Roundup: The Big 4 Break Up Debate and H&R Block’s Shred Party | 03.22.18

deloitte cyber attack

Should the Big Four accountancy firms be split up? [FT]
Natasha Landell-Mills argues for, and Jim Peterson against, the forced spinning off of the Big 4 audit practices. Both make compelling points. Here’s Landell-Mills: “Lasting reform depends on auditors working for shareholders, not management. […] Lack of scrutiny creates space for conflicts of interest.”

And here’s Peterson: “The growth of the Big Four, operating in more than 100 countries, reflects their multinational clients’ needs for breadth of geographic presence and specialised industry expertise. […] Rather than a quick amputation, we need a full-scale re-engineering of the current model with all of its parts.”

Digital transformation in finance will be built on Excel [AT]
The Excel is strong with this one: “When you can use something as a foundation for solving a wide range of problems, it’s no wonder it becomes the de facto standard for an entire profession.”

See also: Insurrection in Excel Nation

Britain to review if accounting watchdog needs more teeth [Reuters]
Failures of HBOS and Carillion have caused enough people to wonder if the Financial Reporting Council needs enhanced powers. A review is being commissioned and details are “in due course.”

H&R Block hosts shredding promotion [AT]
This Saturday, bring all your old financial documents, personal information, and incriminating evidence to an H&R Block location from 9 am to 12 pm and destroy it for free. Also: “Guitarists Michael Angelo Batio and Bibi McGill will also host Block’s ‘Tax Shred Live’ on the company’s Facebook page on March 22 at 11 a.m. CDT.”

Deloitte Hires Head of Intelligence Agency to Help Run Booming Cyber Business [Bloomberg]
Europol Executive Director Rob Wainwright will join Deloitte and the firm plans to hire 500 cybersecurity professionals. With that much expertise, maybe Deloitte will be able to get its own house in order.

Previously, on Going Concern…

I observed that some crypto traders were going the “screw it” route with their taxes.

In Open Items, someone is worried that their Big 4 internship will be revoked.

From the archives: CPAs Spanked by SEC for Porn Site Audit

In other news:

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