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January 27, 2023

Friday Footnotes: A Deloitteful Failure; PwC Hunts For Missing Emails; CPAs Tell Clients GTFO | 6.11.21

Deloitte Sued for Allegedly Failing to Find ‘Irregularities’ in Audits of Singapore Oil Trader [Insurance Journal] A failed oil trader in Singapore that owes creditors more than $3.5 billion is suing Deloitte & Touche LLP, alleging the auditing firm failed to detect “serious irregularities” in its financial statements for more than a decade.

KPMG shouts breakfast [Australian Financial Review] KPMG’s Victorian chair Carmel Mortell has told staff they should treat themselves this long weekend. Their employer will cover the cost of a coffee and cake (or toastie) to $20 in value, in celebration of their getting through two weeks’ of lockdown.

PwC alleges deleted emails, unusual transactions in Bridging Finance case [Investment Executive] In a court filing on Wednesday, PricewaterhouseCoopers Inc. (PwC) said its forensics team is seeking to recover thousands of emails that were intentionally sought out and “hard” deleted by the Toronto-based investment firm, contrary to its own data retention policy.

Oregon audit finds $6.4 billion in state accounting errors [Blue Mountain Eagle] Oregon’s books show the state incorrectly counted billions of federal dollars in 2020, according to an audit from the Secretary of State. The news comes from a report released on Wednesday by the Secretary of State, which found $6.4 billion in accounting errors over the past year from 14 federal programs. None of the money in question is assumed to be lost or stolen but improperly recorded.

Grant Thornton’s LGBTQ+ Yardage Book Covers are Big Hit… With Photographers [Pro Golf Weekly] LOL @ Grant Whatchamacallit: Grant Thornton was a big hit with the photographers at the PGA Tour’s Memorial Tournament and the LPGA’s U.S. Women’s Open. I’ve seen the name listed as a sponsor of the PGA Tour (events and players) but not exactly sure about their line of business. Anyhow, Grant Whatchamacallit came up with some super colorful LGBTQ+ yardage book covers for a few of their wokest players to show off for the cameras this weekend in Ohio and California. And boy did the wire photographers eat it up.

The New Essential CFO Skillset [Forbes] Now, as we move towards a post-pandemic reality, CFOs are a key voice in determining their firms’ topline strategies. CFOs are involved in efforts across the business, from enhancing processes that support talent acquisition and retention to ensuring business resiliency and preparing for the future.

CPAs tell New Jersey clients it’s time to move to lower-tax states, survey finds [CNBC] Certified public accountants have a message for New Jersey-based clients: It’s time to move to a lower-cost state. That’s according to a recent survey from the New Jersey Society of CPAs, which found that 70% of professionals surveyed who have clients in the state have advised them to move due to the high cost of living. Meanwhile, 53% of accountants surveyed said they have told business clients in the Garden State to relocate due to the high cost of doing business.

Germany buys Dubai data to track possible tax evasion [Reuters] Germany has bought a trove of data that could help treasury officials track down possible tax evasion by wealthy German citizens, Finance Minister Olaf Scholz said on Friday. “The data will now be evaluated by the regional tax authorities,” Scholz said in Berlin. “Tax evasion is not a minor offence it is a crime.”

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