October 19, 2021

Friday Footnotes: Amazon Prime Accounting?; KPMG Office Outbreak; PwC Staff Appreciation | 3.26.21

Wirecard ‘Criminals’ Had Us Duped, EY Auditor Tells Lawmakers [Bloomberg] An Ernst & Young LLP partner said his firm fell victim to “criminals” at Wirecard AG, rejecting allegations EY didn’t do enough to uncover wrongdoing at the now defunct payment processor.

Deadline for certain single audits delayed because of pandemic [Journal of Accountancy] The due date for certain single audits to be submitted to the Federal Audit Clearinghouse has been delayed six months as a result of challenges related to the coronavirus pandemic. The Office of Management and Budget (OMB) announced the extension in a memorandum for the heads of executive departments and agencies issued this week.

Fake CPA hit with criminal charges for Covid-19 loan fraud [CNN] An Arizona businessman who secured more than $1 million in Covid-19 relief funding and then purchased a Porsche and a new home is now facing federal fraud charges. James Polzin, 47, is accused of filing fraudulent applications for government loans by claiming “nonexistent employees and revenues for businesses he supposedly owned and operated.”

Jeff Bezos-backed accounting start-up hits $1.2 billion valuation after new funding round [CNBC] Accounting start-up Pilot raised a new round of funding from Jeff Bezos and other Silicon Valley investors to help small businesses outsource back-office tasks. The San Francisco-based company closed a $100 million funding round this week, doubling its valuation to $1.2 billion. The round was led by Bezos’s venture capital firm Bezos Expeditions and hedge fund Whale Rock Capital, with participation from Sequoia and Index Ventures. Stripe and its founders, Patrick and John Collison, as well as former VMware CEO Diane Greene had previously invested in Pilot.

Wharton/Deloitte collab aims to break down barriers to inclusive leadership [Penn Today] The Wharton School and Deloitte, a multinational professional services company, are collaborating on a new research initiative to advance diversity, equity, and inclusion in the broader business community. The research will compare experiences of Black and Latino/Hispanic American managers to those from racial majority groups, particularly how managers foster team inclusiveness. Key learnings will be used to develop business school curriculum and management training tools that will aim to advance inclusive leadership.

KPMG offices closed after two staff test positive for Covid [The Royal Gazette] Meanwhile, in Bermuda: Professional services firm KPMG has closed its offices until further notice after two people tested positive for Covid-19, The Royal Gazette can reveal. A KPMG spokeswoman confirmed this afternoon that the firm sent staff home on Monday after the Ministry of Health informed them over the weekend that an employee had tested positive. She added that, after contact tracing, they learnt that another employee had also tested positive after being in close contact with the first infected person.

SEC Launches Probe Into SPAC Craze [PYMNTS] The SEC wants information from four Wall Street bankers about how they are managing the risks involved, four sources told Reuters. SPACs, also known as blank check companies, are essentially shell corporations that buy startups with the specific intent of taking them public.

PwC India gives entire staff bonus for pandemic resilience [Consultancy.in] PwC India will add an extra two-weeks’ pay to the March 2021 salaries of its entire 15,000 workforce – a token of appreciation for the team’s rallying efforts during the pandemic.

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‘What do you actually do?’: Redditors scratch heads at consulting firms [Yahoo News] We’ve often wondered about this too. Deloitte Workers Sue Over ‘Astronomical’ 401(k) Fees [Law360] Deloitte workers slapped the accounting giant with a proposed class action in New York federal court, claiming the company allowed two multibillion-dollar retirement plans to get saddled with […]