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February 3, 2023

Accounting News Roundup: Lots of Bad Audits and CEO-Employee Pay Gaps | 03.12.18

Accounting watchdogs find ‘serious problems’ at 40% of audits [FT]
The 52 audit regulators that make up the International Forum of Independent Audit Regulators found “accounting lapses […] at two-fifths of the 918 audits” they examined last year. Among these, 41 percent “related to independence and ethics,” a figure one expert called “absurdly high.”

Are You Underpaid? In a First, U.S. Firms Reveal How Much They Pay Workers [WSJ]
As companies begin to release their CEO-to-median-employee ratios, one consultant on the rule said that employees “are going to go through something akin to the stages of grief,” when seeing the eye-popping results. Marathon Petroleum, for example, paid its CEO 935 times as much as its median worker.

Paul Ryan Tax Cut Showcase Upstaged by Trump Tariff Announcement [Bloomberg]
It sucks when the boss undermines you with his stupid ideas. But since Paul Ryan is the victim here, our sympathy wanes.

IRS has more than $1B in refunds waiting for 2014 non-filers [AT]
If you have clients who didn’t file a 2014 return, they have until April 17 to speak now or forever hold their peace about the refund.

Previously on Going Concern…

Grant Hutchinson collected some reactions to IBM reversing course on remote workers from companies that are all in.

From the archives: Tweeting a Lot About Audit Stuff Can Get You a Job at Deloitte

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