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February 3, 2023

Friday Footnotes: Me Too Too; CPA Cred Boosted; Why the F*ck Do Partners Get Paid Bank Despite Failings | 9.20.19

AICPA’s new forensic standard expected to boost CPA credibility on witness stand [Accounting Today] The American Institute of CPAs has a new forensic accounting standard due to take effect at the beginning of next year, and it promises to give CPAs a leg up in terms of their credibility in providing litigation support as expert witnesses on the stand at trials.

69-Year-Old Accountant From Irvine Dies In Apparent Post-Triathlon Incident [The Malibu Times] RIP Stephen Zamucen

CPA Firms and the #MeToo Era [CPA Practice Advisor] Federal, state and, in many instances, local laws prohibit sexual harassment and employment discrimination. These laws hold employers responsible for maintaining a non-discriminatory workplace free of harassment, intimidation and retaliation. In 2006, the “Me Too” movement was founded by Tamara Burke to aid women who have been victims of sexual violence. This movement shed a light on many high-profile accusations against men and women in politics, business and entertainment. Increasingly, this has raised questions in the minds of business owners about how to maintain a non-discriminatory workplace, which is further complicated by the extensive use of both personal and business technology by firm personnel.

Some Big Four partners get decade-high UK pay despite falling audit standards [Quartz] The British arms of the Big Four accountancy companies are facing considerable scrutiny amid declines in audit standards and calls by a Parliamentary committee to break the firms up. Their executives, however, are raking it in.

Public Companies Consider New Controls to Prepare For Audit Rule [WSJ] It’s a subscriber post so who knows wtf they said.

India’s stock market skyrockets the most in 10 years after surprise tax cut [CNBC] Indian stocks surged overnight Friday after the country’s government announced a big cut to India’s corporate tax rate.

Montgomery College Loses Money in Fraud Scheme [Bethesda Magazine] Montgomery College sustained a “financial loss” after falling victim to a fraud scheme, the school announced Thursday afternoon. College and law enforcement officials were mum on details Thursday, but said the incident will not interrupt student activities or operations at the college. Officials did not specify what happened or disclose how much money was lost. A news release from the college said the crime occurred “earlier this month,” but Marcus Rosano, director of media relations for the college, declined to give a specific date.

FASB makes a second effort to improve balance sheet debt classification [JofA] After considering comments on a previous proposal for improving balance sheet debt classification, FASB issued a reproposal on the issue Thursday. FASB is attempting to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet. The board issued its first proposal on the issue in January 2017. The initial proposal contained provisions to replace the current, fact-specific guidance with an overarching, cohesive principle for determining whether debt or other instruments within the scope of the proposal should be classified as a current or noncurrent liability as of the balance sheet date.

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