September 22, 2021

Friday Footnotes: KPMG Lied; EY Works For Free; Macaroni and Cheating | 9.3.21

KPMG faces complaint of providing ‘false’ information on Carillion audit [Reuters] KPMG allegedly provided “false and misleading” information about its audits of collapsed builder Carillion and data erasure company Regenersis for regulatory checks, Britain’s accounting watchdog said on Wednesday.

EY teams up with NYC to offer pro bono advice to Black businesses [Consulting.us] Through the NYC Department of Small Business Services (SBS) program, EY will provide up to four hours of pro bono consulting and guidance to 500 Black entrepreneurs operating businesses in the five boroughs. EY’s experts will provide tailored advisory support on topics including access to capital, financial management, and customer acquisition.

Deloitte Augments Legal Business Services With New Contracts Team [Bloomberg Law] Deloitte’s year-old campaign to boost its U.S. legal business services revenue is being spurred by a new addition of contracts management consultants, the Big Four accounting giant announced Monday.

DEI data should measure accountability, PwC exec says [HR Dive] “For decades, many evaluated the success of their diversity efforts through programs meant to train women and racially and ethnically diverse employees to be successful,” Schuyler said. “The outcomes, however, were often focused on evaluating satisfaction in attending these programs and monitoring turnover, but did not dig into the real issues that inhibit equitable experiences and truly build a culture of belonging.”

The Latest IRS Headache for Taxpayers: 11 Million ‘Math Error’ Notices [Wall Street Journal] Millions of Americans have gotten a scary, confusing letter from the Internal Revenue Service in 2021 saying they owe more taxes. Making matters worse, many of the letters are about stimulus payments meant to lessen the blow of the pandemic.

Coda to a massive scandal: Two Kraft executives charged in accounting scheme [CNN Business] The SEC announced the formal charges and the settlement on Friday after a long-running regulatory investigation that Kraft disclosed in 2019. The company will pay $62 million as part of the settlement. The agency alleges that from the last quarter of 2015 to the end of 2018, Kraft “engaged in various types of accounting misconduct” — including faking supplier contracts to get discounts that the company hadn’t earned — to ultimately make their financials look better to analysts and investors.

FASB report describes investor outreach [Journal of Accountancy] FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to an Investor Outreach Report published this week. The report notes that FASB seeks investor input through its Investor Advisory Committee as well as through investors who are members of other advisory bodies such as the Financial Accounting Standards Advisory Council, the Not-for-Profit Advisory Council, the Private Company Council, and the Small Business Advisory Committee.

Numbers add up for accountants as average bonuses of €20,000 are expected this year [Independent.ie] Chartered accountants are expecting average bonuses this year of €20,000, highlighting the earning capacity of those in the profession. A new survey from the Chartered Accountants Leinster Society shows that 67pc of the 1,000 chartered accountants who responded are expecting a bonus in 2021, compared with 52pc last year.

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