Friday Footnotes: China v. Deloitte; Fraud Jumps Over a Lazy Brown Watchdog; Stay Home, PwC | 2.12.21

China orders Deloitte to investigate whistleblower allegations [FT] China’s Ministry of Finance said in a statement that it “attached great importance” to the whistleblower report and that it had called a meeting with Deloitte’s management.

Virtual accounting: How to succeed remotely [Journal of Accountancy] The coronavirus has changed the business landscape significantly. Many accounting firm leaders, who were once reluctant to allow employees to work from home or other locations, now realize the value of a remote workforce, especially when it comes to recruiting and retaining talent. But working remotely can also create challenges, such as communicating with and managing employees, setting up necessary technology, and establishing and enforcing processes and policies for a virtual working environment.

AICPA Proposes New Quality Management Standards for CPA Firm Audit Quality [CPA Practice Advisor] The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued the exposure draft (ED), Proposed Quality Management Standards, that includes three interrelated standards that address the way CPA firms manage quality for their accounting and auditing practices. The standards offer a new proactive, risk-based approach to effective quality management systems within CPA firms, which will improve the scalability of the standards and promote a system tailored to the firm and its engagements.

ICYMI | Modifying the Pathway to Becoming a Licensed CPA [The CPA Journal] Leaders in the profession, however, have begun to question whether the competencies currently tested on the CPA exam reflect those needed by contemporary accounting and financial services professionals.

Accounting watchdog told Wirecard it did ‘not want’ to investigate fraud [FT] Germany’s accounting watchdog told Wirecard in 2016 that it did “not want” to formally investigate fraud allegations raised by short sellers and asked the now-disgraced payments company to prepare arguments “why the accusations are unfounded”, according to people briefed on the matter.

MNP to Acquire Subset of Deloitte Business to Expand Footprint in Select Locations Across Canada Français [Newswire.ca] In total, approximately 70 Deloitte partners and senior leaders, nearly 900 team members and close to 25 offices will join MNP. The transition will take place in selected locations in BC, Alberta, Saskatchewan, Manitoba, Ontario and Quebec; all provinces where both firms have offices.

PwC offers clarity about working from home [Irish Times] In a note to staff recently, PwC managing partner Feargal O’Rourke updated them on its so-called Smart Working (working from home) model. “In order to continue to give as much clarity as we can, we are confirming that our Smart Working model . . . will continue until September 1st, 2021. In short, no one will be required to come into our offices until then if you do not want to do so. I hope this will help people plan out their lives for the next seven months,” O’Rourke said.

Did GameStop Traders Pave the Way for a New Era of Securities Fraud? [Bloomberg Law] The pressure is growing on the SEC to determine if there were any manipulative efforts to drive up GameStop’s share prices.

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1 Comment

  1. Did the PCAOB ever order a Big Four firm to investigate a whistleblower complaint? Dd it intervene in Botta vs. PWC? Imagine, these guys want to inspect the audits of Chinese companies.

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