October 24, 2021

Friday Footnotes: Firm Fined For Data Breach; Deloitte Named Most Attractive; EY Expands Legal Arm | 10.8.21

FRC’s changes to fraud auditing standard explained [ICAEW Insights] The Financial Reporting Council (FRC)’s UK Auditing Standard on Fraud (ISA (UK) 240) has been significantly updated for the first time in 16 years. The changes are a response to recent public discussions on the role of audit in identifying fraud, including high profile cases in which auditors were found to fall short of their responsibilities when it comes to fraud.

Deloitte named to Universum’s “World’s Most Attractive Employer” list for the 13th Consecutive Year [PR Newswire] Universum today featured Deloitte for the 13th consecutive year in the 2021 “World’s Most Attractive Employer” (WMAE) rankings, a list of the top 50 most desirable workplaces for students entering the workforce. Deloitte retained its position as the most attractive professional services employer overall; was the top professional services firm in all three student study categories: business, engineering, and IT; and also rose one spot to fourth place overall with business students.

KPMG launches multi-year program to accelerate global solutions for Environmental, Social and Governance issues [Business Review] The collective investment will focus on training and expanding KPMG’s global workforce, harnessing data, accelerating the development of new technologies and driving action through partnerships, alliances and advocacy. The key to the transformation will be embedding ESG in the organization and client solutions to drive measurable change.

EY taps Novartis exec to expand legal services business [Reuters] Big Four auditing firm EY has recruited the former head of legal and compliance solutions at Novartis AG to steer the growth of its legal services arm. Santosh Singh joined EY Law as its global legal managed services delivery leader, a newly created role in which he’ll be responsible for expanding EY’s legal managed services capabilities, overseeing teams across seven countries, the company announced Thursday.

War for talent has never ‘been more intense’: PwC [Yahoo Finance] “This white-hot talent market, this war for talent, I don’t think, has ever been more intense,” Yolanda Seals-Coffield, principal and deputy people leader at PwC, told Yahoo Finance. “The ability to attract new channels of talent to go out to people and tell them that they can have a differentiated experience with us around flexibility is what’s motivating us here.”

Portland accounting firm will pay $50,000 for failing to disclose data breach as digital intrusions spike [The Oregonian] Last month, the department reached a $50,000 settlement with Portland accountants Gustafson & Co. after a 2020 data breach that the state says compromised the personal and financial information of nearly 1,900 Oregonians. Gustafson agreed to the settlement at the behest of its insurance company, according to Jim Mullaney, one of the firm’s founders. But he said Gustafson disputes the state’s conclusions. “That was an insurance company decision, not our decision,” Mullaney said.

CFOs might find PCAOB evidence-quality guide a useful auditor check [CFO Dive] If evidence auditors are using isn’t relevant or from a reliable source, or if the reliability of the evidence itself is questionable, that can call into question the soundness of the opinion. “In some cases, information that was determined by the auditor to be more relevant may not be the most reliable, and vice versa,” the guidance, released October 7, says.

Revisions proposed to AICPA ethics code address certain SEC rule changes [Journal of Accountancy] The SEC’s amendments to certain requirements in Rule 2-01 of Regulation S-X were designed to prevent the triggering of auditor independence rules violations in situations that don’t necessarily impair an auditor’s judgment or impartiality.

Australia’s climate policy is being dictated by a former accountant in a cowboy hat [CNN] “It’s the little old bush accountant saying that lots of clients have ideas, but (you need) to sit down with them and say, ‘Okay, that’s your idea, let’s prudently go about this,'” Barnaby Joyce told the Australian Broadcasting Corporation (ABC). He said whole towns rely on Australia’s coal industry, and they shouldn’t be forgotten.

Photo by Sam Lion from Pexels

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