September 25, 2022

Friday Footnotes: Is Work Wrecking Your Body?; Ex-PwC Associate Gets Rich; AICPA to IRS: Do More | 1.28.22

6 red flags your body is breaking down from overwork [Fast Company] “There are two major ways that overwork can reduce health and longevity,” writes BBC contributor, Christina Ro. “One is the biological toll of chronic stress, with an uptick in stress hormones leading to elevated blood pressure and cholesterol.” She continues: “Then there are the changes in behavior. Those logging long hours may be sleeping little, barely exercising, eating unhealthy foods, and smoking and drinking to cope.”

Deloitte Lets U.K. Staff Take Public Holidays Whenever They Want [Bloomberg] IDK y’all but I’m slightly skeptical of how this one will play out in practice. “Our new approach means that our people can choose to take public holiday leave on the dates that are most meaningful to them, in addition to their contractual and purchased holiday allowance,” said Jackie Henry, managing partner for people. “They are still entitled to take public holidays on the days they fall, or they can take these days off at a different time of the year if they prefer.”

MGO CPA Unveils Its 2021 “Cannabis 50” List [New Cannabis Ventures] MGO (Macias Gini and O’Connell LLP), one of the fastest-growing CPA and business advisory firms in the U.S. and a leader in accounting, tax, audit, and advisory solutions for the cannabis and hemp industries has released its 3rd annual “Cannabis 50” list. The list highlights companies, organizations, and individuals that positively impacted the cannabis and hemp industries during 2021.

Future of the university as we know it is under threat – EY report [PR Newswire] A new EY report, Are universities of the past still the future?, argues that universities in advanced economies are facing a number of existential issues in the wake of the COVID-19 pandemic.

KPMG India’s Audit Chief Leaves Amid Shifts at Firm [Bloomberg Tax] Two senior KPMG LLP staff, including the head of audit, have left in the latest in a series of management changes at the firm’s Indian arm. KPMG India said Friday that Jamil Khatri, head of audit at its affiliate BSR & Co. LLP, was leaving “to pursue other opportunities.” Earlier in January, KPMG said that Vikram Hosangady, its head of clients and markets in India, was leaving “to pursue alternative career options.”

GJM Staff Share CPA Exam Tips [GJM Ltd] Staff from an accounting firm you’ve never heard of share their top CPA exam tips.

Meanwhile, on Twitter:

An update on KPMG’s Carillion and Regenersis misconduct [AccountancyAge] On January 10, 2022, a tribunal hearing commenced to determine the Financial Reporting Council’s (FRC) allegations against KPMG and six of its former auditors. In this article, Andrew Pavlovic, regulatory and professional discipline partner at CM Murray LLP, comments on what is known about the case so far, and the regulatory implications for both the firm and the individual respondents going forwards.

Morning Coffee: The ex-PWC associate who earned $40m last year. Diverse MDs in a majority at BofA [eFinancialCareers] Richard Watts started his career as an associate at PWC and has spent his entire career working in long only asset management, first at Orbis Investment Advisory as an equity researcher, then at Merian Global Investors as a UK mid-cap portfolio manager, and then at Jupiter as co-head of strategy for the UK Small & Mid Cap in the UK. Yesterday it emerged that Watts was paid the equivalent of £30m ($40m) for 2021 for his work last year at Jupiter. It’s an amount that would put most hedge fund managers and bank CEOs to shame.

A bit of history and some wanton drug abuse from Reddit:

AICPA notes IRS announcement on notices, asks Service to do more [Journal of Accountancy] The AICPA said Thursday it appreciates the IRS’s announcement it will halt some notices to taxpayers but said the IRS can do more to reduce erroneous automated notices and unnecessary taxpayer contact. In addition, the Tax Professionals United for Taxpayer Relief Coalition, which includes the AICPA, said Thursday it appreciates the IRS’s announcement as a “good first step” but likewise called for broader relief.

C-suite sees war for talent topping risks in ‘expensive’ 2022: PwC [CFO Dive] The war for talent topped the list of risks that C-suite executives expect to grapple with this year with 48% identifying talent acquisition and retention challenges as the biggest concern, followed by supply chain disruptions and vulnerabilities (32%) and new COVID-19 variants (29%), including omicron, according to a PwC Pulse Survey of 678 executives released on Thursday.

BDO India, top accounting firm, gets sexual harassment complaint from former employee [Moneycontrol] A BDO India senior partner is accused by a female former employee of sexual harassment.

China halts 60 IPOs amid accounting fraud cases [SupChina] Last August, China vowed to step up its scrutiny over accounting firms, taking a “zero tolerance” approach toward securities and financial fraud in the hopes of extirpating risk from its capital markets.

From accountant to activist [ICAEW Insights] When Juan Corlett first began suffering from post-viral fatigue almost a decade ago, he worried about his future career – but he didn’t imagine the illness would make a campaigner out of him.

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