Please ensure Javascript is enabled for purposes of website accessibility
February 2, 2023

Accounting News Roundup: Theranos’s Fraud and Busy Season Self-Control | 03.15.18

SEC Charges Theranos CEO Elizabeth Holmes With Fraud [WSJ]
Ms. Holmes and Theranos’s former president, the SEC said, perpetrated ” an elaborate, yearslong fraud in which they exaggerated or made false statements about the company’s technology, business and financial performance.” As part of the settlement, Holmes gives up control of the company she founded in 2003 and is banned from being an officer or director of a public company for ten years. A criminal investigation is ongoing.

During busy season you need to work less. Do it by getting paid more. [Thriveal]
Our resident artist Greg Kyte writes over at Thriveal’s blog about the dropoff in productivity, but other stuff too. “We have a certain amount of self-control and it gets used up as we go through the day. By forcing yourself to stay at work for 11 or 12 hours, you gobble up your self control. That’s why you eat like crap from February through April.”

Finance Teams Face Budget Cuts Amid Digital Transformation [WSJ]
A study by the Hackett Group reported that finance departments expect budgets to be cut a smidge, 1.3 percent in 2018. This is down from reductions of 3.4 and 4.0 percent in 2017 and 2016, but CFOs “are unable to fully implement the digital tools needed to further streamline operations without more resources.”

Senate passes rollback of banking rules enacted after financial crisis [WaPo]
The bill allows banks with less than $250 billion in assets to be exempt from certain Dodd-Frank provisions, among other things. It heads to the House where lawmakers want to weaken the oversight of the Consumer Financial Protection Bureau.

Previously, on Going Concern…

Greg Kyte’s Exposure Drafts cartoon addresses dating and the CPA exam.

I noted that off-balance sheet liabilities are still successfully hiding the ugly.

From the archives: CPAs Acting Out a Scene from the Empire Strikes Back

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].

Image: Brian Robert Marshall/Wikimedia Commons

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]