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January 27, 2023

Friday Footnotes: PwC Germany Raided; BDO Ballers; Deloitte’s Unexpected New Hiring Push | 12.3.21

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Partners at mid-tier accountant BDO paid more than at EY [Financial Times] BDO, the UK’s fifth-largest accounting firm by revenue, paid partners a record average of £760,000 before tax in the year to the end of June, surpassing the £749,000 paid out by EY.

PwC Germany Offices Raided by Police in Tax Fraud Investigation [Bloomberg Tax] Law enforcement officers on Tuesday searched five PwC offices in Germany as part of an investigation into suspected tax fraud by some of the firm’s partners.

Study Finds At Least Some Auditing Expertise Applies Across Industry Sectors [NC State News] A new study finds the expert skills developed by auditing offices that specialize in working with specific industries are actually applicable across industry sectors, improving the quality of their audits regardless of the industry sector they are auditing.

Revenue, SPACs, and LIBOR pose year-end accounting challenges [Journal of Accountancy] As companies and their auditors prepare for this year end, they face some new and complex accounting and reporting issues.

KPMG U.K. Still in Government Probes Over Two Major Audits [Bloomberg Tax] KPMG U.K. remains under investigation over its audits of two collapsed companies, Conviviality Plc and Carillion Plc, despite the end of a separate investigation into Conviviality’s accounting, the U.K.’s audit watchdog said Friday.

Why Deloitte is betting on consultancy services in Chile [BNamericas] The high polarization in the runup to Chile’s December 19 second round presidential election, between the former left-wing student leader Gabriel Boric and the ultra-conservative José Antonio Kast, has added a new note of uncertainty regarding the local economy in the context of the pandemic. However, Deloitte has opted at precisely this time to expand its consulting services in the country, with the goal of hiring 900 professionals by next May.

SEC finalizes rule that allows it to delist foreign stocks for failure to meet audit requirements [CNBC] The law permits the SEC to ban companies from trading and be delisted from exchanges if the PCAOB is not able to audit requested reports for three consecutive years. It also requires companies to declare whether they are owned or controlled by any foreign government.

Ding-Dong, the Lease Accounting Deadline is Here [propmodo] Companies that waited until the last minute to comply with the latest lease accounting standard, ASC 842, the latest leasing standard issued by the Financial Accounting Standards Board (FASB), are in for a scramble.

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