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Friday Footnotes: Deloitte’s New Dope Deal; PwC BTC; The Robots Are Coming | 9.6.19

Posted on by Going Concern News Desk

How an Agency You’ve Never Heard of Is Leaving the Economy at Risk [Project On Government Oversight] POGO writes a hit piece on the PCAOB.

Vic.ai, AI platform for accountants, gets $11.2M Series A funding [Accounting Today] Accelerating the robot takeover.

De Blasio proposes ‘robot tax’ to counter job losses from automation [The Hill] Speaking of robots stealing your job…

Deloitte and TruTrace Technologies Inc. form strategic alliance to improve cannabis quality control and safety for retailers and consumers [Yahoo] Press release time: “Deloitte’s leadership in the cannabis space will expedite the ability of this technology to reach key stakeholders, helping increase transparency in business decisions for everyone along the supply chain. This technology builds trust in the cannabis industry, not only between producers and retailers but also between retailers and consumers,” says David Stewart, a partner in Deloitte Canada’s Forensics practice. “We’re pleased to be able to play an integral role in helping all stakeholders in the cannabis space increase business performance and reputation while keeping consumers safe.”

Turning words into actions: PwC Luxembourg embraces crypto-payments [PwC] And another press release: Thomas Campione, Director, Blockchain & Crypto-assets Leader, PwC Luxembourg, states: “As part of the Firm’s market assessment, what quickly became clear is that we could not continue to invest in the field, promote it, build solutions for clients and support their transformation while not also being exposed to it. Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world. It is very difficult to properly appreciate the challenges of AML/KYC-enhanced due diligence in a world made of public/private keys, with the complexity and risks of custodial solutions, or to comprehend the decentralised finance ecosystem growing “next door” without being exposed to it in its day-to-day activities.” The Firm acknowledges the challenges of this move and has carefully reviewed its internal policies and procedures to meet the standards required by the crypto industry and closely collaborated with a local regulated exchange to provide the best payment experience.

Nissan CEO to Return Part of His Pay Following Audit [WSJ] Nissan Motor Co. Chief Executive Hiroto Saikawa on Thursday said he will return a portion of his performance-based pay, after Nissan auditors found that the amount was too high.

7 in 10 young workers prefer freedom to job security [Journal of Accountancy] A majority of young adult job seekers value the freedom of being their own boss over job security, and many also envision going into business for themselves one day, according to research conducted by MAVY Poll on behalf of the AICPA. Seven out of 10 (70%) young adult job seekers said they were confident that the potential freedom of being their own boss would be worth more than the job security of being employed by someone else. Additionally, more than half (53%) said they are likely to start their own business in the future.

Chester skating accountant wins world championship title [CheshireLive] Her win is a win for uncoordinated accountants everywhere.

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EY Might Not Make Buckets of Money From This Split Thing After All

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Cut, Cap and Balance Is Just More of the Same Glut, Crap and B&#$^*!

The plan approved by the House last night traded $2.4 trillion for both the Senate and House approving a balanced budget amendment, though I’m not quite sure how borrowing more money is going to help us get our financial house in order.

If I were a legislator, I’d suggest avoiding the “Let’s pay the Visa off with the Mastercard” tactic if at all possible but that’s just me.

David Brooks broke down the Republican theatrics into four categories: “Beltway Bandits,” the “Big Government Blowhards,” the “Show Horses,” and the “Permanent Campaigners.” FYI for Caleb’s knowledge, Grover Norquist was the one named as a Beltway Bandit, though in fairness to this town, anyone could be considered that.

“The Democratic offers were slippery, and President Obama didn’t put them in writing. But John Boehner, the House speaker, thought they were serious. The liberal activists thought they were alarmingly serious. I can tell you from my reporting that White House officials took them seriously,” Brooks wrote in the NYT.

“House Republicans are the only ones to put forward and pass a real plan that will create a better environment for private-sector job growth by stopping Washington from spending money it doesn’t have and preventing tax hikes on families and small businesses,” said John Boehner in a statement.

Really? So how is it that this includes an increase in the debt ceiling?

Meanwhile, this is what Ron Paul had to say in a statement:

I have never voted to raise the federal debt limit, and I have no doubt that we face financial collapse and ruin if we continue to grow our debt. We need to make major spending cuts now, in this budget, and we can no longer afford to allow more deficit spending based on promises of future cuts.

“The CCB act would add $2.4 trillion of new debt to our gargantuan $14.4 trillion debt. CCB would also only cut $111 billion from this year’s budget, allowing a deficit of nearly $1.5 trillion. This is far from the Pledge’s call for ‘substantial’ cuts. And, CCB locks us into current levels of overseas welfare, which will continue to endanger America’s security by forcing us to subsidize other wealthy nations.

See, that’s pretty much where I’m at with this. The debt trap is impossible to get out of, anyone who has gotten trapped in a pay day loan can tell you all about that.

That’s exactly where we are. That’s where we’ve been. And where we’ll continue to be unless we get the debt monkey off our back. I’m not as concerned about subsidizing China’s explosive growth as I am about compromising our national security by letting those assholes at the Fed run the show. We owe them more than we owe China.

So Norquist may be a tax troll and I’m fine with that but this Dog and Pony Debt Show has got to stop, it’s old and it’s not doing us any good.

Anyone got a better plan?

McGladrey Announces Contest Where the Grand Prize Is Caddying for a Golfer That Isn’t Natalie Gulbis

The cakehole fillers at McGladrey announced a contest last week where the winner will caddy for Davis Love III at the McGladrey Classic Pro-am. All you have to do is submit “a creative photo and short essay explaining why you should be Davis’ caddie.”

Of course you’ll have to know DL3 inside-out and upside down, just like the folks at Mickey G’s [Someone who] understands my needs, my game, and my love and passion for the game of golf.” Right. Needs like making sure that there is a fresh pair of pants available for photos should Dave win the tournament, keeping John Daly’s hillbilly ass out of earshot and verifying that the McGladrey people put “Davis Love III” on the checks.