January 18, 2021

Friday Footnotes: Ex-CPA Sues Dolphins; Coffey Time at the AICPA; BDO Hooks Up with MBAF | 1.8.21

Can the Dolphins win this one? Former VP sues the team in federal court. [South Florida Sun Sentinel] A former accountant who says he served as vice president of the Miami Dolphins sued the football team in federal court Thursday, claiming the organization incorrectly classified him as a contract worker—not an employee—and owes him unpaid benefits. Ronald Katz, 63, of Boca Raton, says he worked for the Dolphins from 2008 to 2016 and made $600,000 a year, or $50,000 a month. Now he wants what he says is due to any other regular full-time Dolphin’s employee: a pension, benefits and health insurance.

Punit Renjen: Deloitte will double India workforce in 3 years [Consultancy.in] Punit says: “We have 55,000 individuals who serve the most prominent clients and government in India and the world from India. We have centres in Hyderabad, Gurgaon and Pune that serve the world. Our plans over the next two to three years is to double that workforce. It is partly because of the talent arbitrage opportunity.”

AICPA promotes Sue Coffey to CEO of public accounting [Accounting Today] The Association of International Certified Professional Accountants has promoted longtime AICPA executive Sue Coffey to the new position of CEO of public accounting. Prior to her new role, she was executive vice president of public practice at the Association. As part of her newly expanded role, she will partner with AICPA president and CEO Barry Melancon in setting strategy and strengthening the profession. She will continue to report to him, but the move sets her up as a likely successor to Melancon, 62, who has been leading the AICPA since 1995 and is its longest-serving chief.

Sacked EY officer’s bid to jail ex-partners flops [Business Daily Africa] A sacked partner at a top audit firm, Ernst & Young (EY) Kenya, has lost a bid to have 14 of his former colleagues fined and jailed for court contempt over a salary row, pending determination of a case in which he is seeking over Sh450 million for unfair termination. Laban Gathungu wanted all 14 partners fined at least Sh20 million each for contempt of court and two of them—Gitahi Gachahi and Herbert Chiveli Wasike—jailed for six months for disobeying court orders.

Pack of private equity bidders circle £400m KPMG restructuring arm [Sky News] A heavyweight pack of private equity firms is circling the big four auditor KPMG as it prepares to offload its restructuring operations in the UK. Intermediate Capital Group (ICG) and Towerbrook Capital Partners are preparing to lodge initial bids for the business ahead of a deadline later this month.

Miami accounting giant MBAF acquired by national firm BDO [Miami Herald] Miami powerhouse accounting and consulting firm MBAF has been acquired by BDO, one of the largest accounting firms in the country. For BDO, the marriage doubles its existing Florida staff, said CEO Wayne Berson, and significantly expands its Miami presence, where BDO has about 200 employees.

Judge to weigh case on Florida’s unemployment problems [WOGX-TV] A Leon County circuit judge has scheduled a hearing next month to decide whether to toss out a class-action lawsuit that seeks damages because of problems with the state’s unemployment-compensation system during the COVID-19 pandemic. Judge John Cooper has scheduled a hearing Feb. 16 on motions by the Florida Department of Economic Opportunity and Deloitte Consulting, LLP to dismiss the case, according to court documents.

U.S. Accounting Standard-Setter Looks to Tackle Controversial Topics in 2021 [Wall Street Journal] The U.S. accounting standard-setter plans to tackle issues around accounting for goodwill and disclosure of expenses in 2021, after a year marked by a leadership transition and the economic havoc caused by the coronavirus pandemic. In recent months, the FASB has advised on how to account for the impact of the pandemic, delayed implementation of certain rules by a year and temporarily slowed its pace of standard-setting. It is now turning to other, longstanding issues that have divided companies and investors for years.

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