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CPE
FINAL REMINDER TO SUBMIT COMMENTS: NASBA and the AICPA released for public comment an exposure draft of proposed changes to the Statement on Standards for Continuing Professional Education (CPE) Programs (Standards) on September 17, 2025.
— NASBA (@NASBA) December 11, 2025
Interested parties are encouraged to…
Fraud
FedRAMP at the center of DoJ’s latest cyber fraud allegations [Federal News Network]
A former Accenture employee has been charged with allegedly misleading federal officials about the security of a cloud platform used by the Army and other agencies. In an indictment secured by the Justice Department this week, Danielle Hillmer was charged with multiple counts of fraud over allegations that she concealed a cloud platform’s noncompliance with security controls required by the General Services Administration’s Federal Risk and Authorization Management Program (FedRAMP). DoJ’s press release on the indictment states GSA’s Office of the Inspector General has been involved in the investigation.
Walz announces fraud-prevention overhaul in Minnesota [St. Cloud Times]
Minnesota has drawn national attention for its struggles to prevent fraud. On Dec. 12, Gov. Tim Walz launched a new preventative effort to combat the issue. Walz announced a partnership with WayPoint, Inc., a Minnesota-based company that specializes in forensic accounting and financial investigations, according to a release.
$2.2M COVID relief fraud scheme: 10 Floridians among 11 indicted [FOX 13 Tampa Bay]
Prosecutors say the false loan applications listed companies that were barely functioning or completely inactive. The conspirators mentioned that they provided transportation, healthcare and food services to the fake small businesses. The group tried to make the SBA believe the small businesses were real by filing false tax returns, and by listing fake employees, fraudulent business revenue and costs, officials said.
Black Lives Matter leader in OK accused of misusing millions [USA Today]
A local Oklahoma Black Lives Matter leader was indicted by a federal grand jury for charges of wire fraud and embezzlement after accusations she used funds meant for social justice causes for her own personal benefit, authorities said. She is accused of using the funds on recreational travel to Jamaica and the Dominican Republic, food and groceries for herself and her children, retail shopping, a personal vehicle and six properties in Oklahoma City.
Tech Support Scammers Stole $85,000 From Him. His Bank Declined to Refund Him. [New York Times]
David Welles, a retired lawyer, had been struggling with his new iPad for hours when he tried to call tech support. But instead of dialing Microsoft to help him connect his email, the phone number he found on Google put him in touch with cybercriminals. The smooth talking scammer who answered called himself Alex and built a rapport with Mr. Welles, assuring him that he could resolve his tech headaches. Before too long, Mr. Welles downloaded remote access software, both on his iPhone and his laptop, allowing the scammer to burrow deep inside of his devices, where he stored his username and passwords on his hard drive. “A big mistake,” said Mr. Welles, who is 87. “All of a sudden, on the laptop, I could see it going blank, and little lights flashing around.”
Do Kwon Gets 15 Years in Prison for $40 Billion Terraform Fraud [Bloomberg]
Terraform Labs Pte. co-founder and onetime fugitive Do Kwon was sentenced to 15 years in prison for the fraud that led to the company’s $40 billion collapse in 2022 and triggered a series of cascading crises in the cryptocurrency world.
AI
Amazon Prime Video pulls AI-powered recaps after Fallout flub [The Verge]
Dunno about you but we’re excited for the next season of Fallout. Too bad Amazon totally bungled this pre-season hype.
The feature is supposed to use AI to analyze a show’s key plot points and sum it all in a bite-sized video, complete with an AI voiceover and clips from the series. But in its season one recap of Fallout, Prime Video incorrectly stated that one of The Ghoul’s (Walton Goggins) flashbacks is set in “1950s America” rather than the year 2077, as spotted earlier by Games Radar.
Deloitte CEO On 2026 AI Plans, Removing AI ‘Fear’ And AWS Partnership [CRN]
Deloitte Consulting CEO Jason Salzetti wants 2026 to be the year when people move away from the fear of AI and embrace its enormous opportunity, which is already driving huge productivity gains for Deloitte customers. “2026 will be the year where people really realize the value of humans in this AI equation,” said Salzetti.
KPMG International becomes first Big Four international entity to attain ISO 42001 certification for AI Management Systems [KPMG]
KPMG International announced today that it has achieved the ISO 42001:2023 certification, the world’s first international standard for AI Management Systems. KPMG International is the first of the Big Four’s international entities to receive this accolade, underscoring the firm’s global leadership in responsible, ethical, and trustworthy AI. This achievement builds on the momentum of ISO 42001 certifications already earned by KPMG member firms in Australia, Spain, India, and the USA.
Audit
Audit Board to Examine Quality Safeguards at PE-Backed Firms [Bloomberg Tax]
The US audit regulator will scrutinize safeguards meant to deliver effective audits as part of routine inspections of private equity-backed accounting firms, an agency official said Tuesday. Outside ownership introduces threats that could undermine auditor independence and weaken firm culture. Profit pressures could reduce audit team staffing and other resources, said Christine Gunia, inspections director for the Public Company Accounting Oversight Board. Board staff will focus on those and other risks during inspections of firms that have cut PE deals and those considering such investments, Gunia said at an American Institute of CPAs conference in Washington.
Acting PCAOB chair defends embattled PCAOB [CFO Brew]
“I believe each of these pillars has been a watershed moment for investors in the capital markets. If we consider what life would be like with their absence, I strongly believe investors would be worse off,” acting chair George Botic, a CPA who’s been with the PCAOB since 2003, said.
UK’s FRC probes EY for unauthorised audit report issuance [International Accounting Bulletin]
The FRC underlined that starting an investigation should not be interpreted as confirmation of wrongdoing.
Tax
CA ANZ formally reprimands accountant who took 4 years to file client’s tax return [Accounting Times]
Last Wednesday (3 December), CA ANZ’s professional conduct committee issued a formal reprimand to a member for failing to lodge a client’s 2019 tax return for over four years. The CA ANZ member was the director of an accounting firm. The committee found that they failed to complete and lodge their client’s 2019 business tax return for almost five years, despite repeated requests. The return was lodged, eventually, in April 2024.
California IRC conformity update – CA 109 e-filing mandate, waiver guidelines, and NOL limitation decoupling [PwC]
Beginning with tax years starting on or after January 1, 2025, California mandates that exempt organizations subject to the unrelated business income tax electronically file Form 109, California Exempt Organization Business Income Tax Return. Organizations should take the necessary steps to comply with this electronic filing mandate.