October 22, 2020

Friday Footnotes: Australia as Punishment; SEC Takes on GE; Some Generic Awards | 10.9.20

KPMG bank auditor avoids prison for ‘regulatory corruption’ [Reuters] A Manhattan federal judge sentenced former KPMG audit partner David Britt to home confinement on Friday over his role in a scheme to get access to a regulator’s audit inspection plans, saying his deportation to Australia after living for decades in the United States was itself a form of punishment.

GE Says It Has Received ‘Wells Notice’ From SEC Relating to Accounting Investigation [Wall Street Journal] Federal securities regulators have warned General Electric Co. of a civil-enforcement action over its accounting for a legacy insurance business, adding a fresh hurdle to efforts to turn around the once-mighty manufacturer.

CPAs Urged to ‘Reimagine What’s Next’ During Innovation Summit Keynote [CPA Practice Advisor] It’s hard to reimagine the future when we’re mired in a pandemic and face the prospect of a global recession. But that’s exactly what we must do — and the time to do so is now. That message was driven home with noticeable urgency on Oct. 2 during “Anticipate and Reimagine What’s Next,” an hour-long interactive program that kicked off the 2020 CPA Innovation Summit, a virtual series of 18 live webcasts presented by the Maryland Association of CPAs.

Updating Accounting Education for the ‘CPA Evolution’ [The CPA Journal] The CPA Evolution initiative is a joint effort between the National Association of State Boards of Accountancy (NASBA) and the AICPA that seeks to align the CPA licensure model with the changing landscape of the accounting profession. Responsibilities previously performed by CPAs are increasingly outsourced, automated, or completed by paraprofessionals. Today’s CPAs complete tasks that require deeper critical thinking, problem solving, and professional judgment. Changes to the CPA licensure model necessitate changes in accounting education.

7 IRS Tax Lessons From John McAfee’s Tax Evasion Indictment [Forbes] Colorful tech figure and sometimes taunter of the IRS John David McAfee has been indicted for federal income tax evasion. Given his profile, particularly such antics as proclaiming that he isn’t filing tax returns but the IRS can come find him, it may not seem a surprise that McAfee is in some serious hot water.

Accounting worker claims ‘Office’-inspired prank got department shut down for 3 hours [Fox News] Fox nabs a TIFU post from Reddit that claims a prank in the accounting department led to colleagues thinking a cat was trapped in the ceiling.

EisnerAmper Earns 2020 “Best of Accounting” Award for Client Service Excellence for 4th Consecutive Year [ABL Advisor] EisnerAmper, one of the largest accounting, tax and business advisory firms in the U.S., announced that it has earned ClearlyRated’s “Best of Accounting” Award for excellence in client service for the fourth consecutive year.

Deloitte Wins 2020 ‘Audit Innovation of the Year’ at the Digital Accountancy Forum & Awards [PR Newswire] Omnia DNAV, the latest feature of Deloitte Omnia, was named “Audit Innovation of the Year.” This marks the third time since 2015 that Deloitte has been recognized by The Accountant and International Accounting Bulletin for delivering innovative and transformative technologies to the audit profession.

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