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December 1, 2022

Accounting News Roundup: Fun Times for PwC; KPMG Capital Kicks Off; Accountants Under 40 on Social Media | 12.22.14

Tesco Faces Fresh Accounting Investigation [WSJ]
And PwC's audit will get a look too: "PricewaterhouseCoopers, Tesco’s longtime accounting firm and conducting the external audit, said it would work with the FRC. A person with knowledge of the matter said the FRC would be looking into both Tesco’s accounting practices over the three years and the PwC audit. The person said that the FRC investigation was to be expected as it has been tracking the Tesco issue since September and 'there is a clear public interest into this matter.' " 

Corporate Governance Watchdog to Examine Barclays’ Auditor [DealBook]
Guess who: "A British corporate governance watchdog said on Monday that it had begun an investigation into the accounting firm PricewaterhouseCoopers’ auditing of Barclays after the British bank was fined this year for failing to properly segregate billions of pounds in client assets. The Financial Reporting Council said that it would review PricewaterhouseCoopers’ role in reporting to British regulators on the bank’s compliance with client asset rules from Dec. 31, 2007, to Dec. 31, 2011."

Taxes can change fortunes? Well, PwC would know… [Guardian]
PwC is having an essay contest? PwC is having an essay contest: "The PwC Paying for Tomorrow Prize for Students is asking for 2,000-3,000-word essays on the topic of 'a country’s taxes can change its fortunes, and those of its people', for a top prize of £20,000, presumably on condition they loan the loot to a parent at a vast rate of interest."

CEO of Japan energy start-up steps down after accounting probe [Reuters]
It's nice to hear a conciliatory statement every now and then: " 'We have decided to change our chief executive to reflect the deep regret and responsibility we have as a listed company, to acknowledge the serious nature of the situation and to make clear where the responsibility lies,' the company said in a statement at the weekend announcing the departure of [CEO] Motohide Ikeda."

KPMG Capital Begins Funding of Tech Companies [AT]
More accurately, KPMG begins disclosing the funding of tech companies. First is L.A.-based Bottlenose: "
Bottlenose investment is the first company funding that KPMG has publicly disclosed. Officials with KPMG and Bottlenose declined to say how much, except that it was a substantial amount. KPMG has already made several other investments that have not yet been disclosed and plans to make more."

Almost all accountants under 40 using social media [AWEB]
94%, according to a Wolters Kluwer survey.

People Keep Getting Stuck in Things, Maybe We Need Whiskers [Gawker]
Yes.

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