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January 31, 2023

Friday Footnotes: Deloitte Tightens Its Belt; KPMG Kuts; Square Gets Square With the SEC | 11.8.19

Maryland Association of CPAs CEO and Going Concern favorite Tom Hood has been chosen as one of Maryland’s most admired CEOs [Daily Record] Go Tom!

Deloitte Private to be cut amid low profit, low growth [Financial Review] Big four consulting firm Deloitte is set to dissolve one of its six business units, Deloitte Private, an advisory arm aimed at small and medium enterprises and high net-worth individuals, and move its partners, staff and clients to other divisions. move, which staff are scheduled to be told about on Friday, has been in the works for the past year and is driven by the low profit per partner unit and low revenue growth at Deloitte Private.

How audit committees can improve disclosure [Journal of Accountancy] The percentage of audit committees providing public disclosure on many key metrics has increased in recent years, but opportunities for greater transparency remain, according to a yearly report published Wednesday by Audit Analytics and the Center for Audit Quality (CAQ), which is affiliated with the AICPA.

KPMG looks to close private members’ club [Financial Times] KPMG has instructed property agents JLL to seek a new tenant for its private members’ club in Mayfair after the accounting firm’s UK chairman personally pushed to offload the property. The lavish club known as Number Twenty was opened in 2015 in one of London’s most exclusive areas and offers free membership to partners, executives and clients.

Post-#MeToo, Ernst & Young Grapples With Diverging Views Of Its Culture [NPR] Your Boomer uncle will finally understand those waffle memes you’ve been posting on Facebook.

IRS Announces Higher Estate And Gift Tax Limits For 2020 [Forbes] You probably already know this.

Complaint data: Millennials more likely victims of fraud, especially online [KOMO] Based on complaints, the Federal Trade Commission says digital natives (as the tech industry calls them) are actually twice more likely than people over 40 to report losing money while shopping online.

Square is dropping an accounting metric after the SEC said it’s not allowed [MarketWatch] Square Inc. is making a change to its accounting after receiving a comment letter from the Securities and Exchange Commission in a move that has implications for other U.S. companies. The payment company is abandoning its practice of offering an adjusted revenue number, a metric that does not conform with Generally Accepted Accounting Principles, or GAAP, the U.S. standard, and that the Securities and Exchange Commission does not allow.

Thomas the Tank Engine was allegedly the engine for an accounting cover-up [Quartz] Headline of the Week goes to…

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