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February 7, 2023

Friday Footnotes: This CPA Just Won the Lotto, Literally; Corona and Recruiting; Ballin’ | 3.13.20

Coronavirus forces EY to go virtual with some student hiring [Financial News] EY, one of the UK’s Big Four accountancy firms, has gone virtual with parts of its student recruitment process in response to the spread of coronavirus. The group, which hired 918 graduates and apprentices in 2019, has switched its in-person EY Experience Days to virtual events for candidates applying to its graduate, undergraduate and apprenticeship programmes, a spokeswoman confirmed.

Ocala CPA revealed as winner of $396.9 million Powerball drawing, bought ticket in Bonita Springs [Ocala Star Banner] Sheryll Goedert, of Collier, Jernigan & Goedert. P.A. claimed the Jan. 29 Powerball drawing worth $396.9 million. Goedert, who claimed the prize as the managing member of Vacation Life LLC, chose to take the lump sum amount of more than $276.5 million, according to a Florida Lottery press release. Goedert formed Vacation Life on Feb. 5, about a week after the drawing, according to Florida Division of Corporations records.

Paying ransom is often ‘only logical solution’ for cyberattacks: Deloitte [Smart Cities Dive] Governments are often vulnerable to these attacks due to the criticality of their services, poor defense systems (a result of limited modernization) and the costs of cyber insurance and cybersecurity risk analysts, the report says. Deloitte suggests the costs associated with restoring lost data and lost revenues while systems are down, can be more consequential than the costs of the ransom.

Top SEC Accountant Moffatt Departs Agency [Bloomberg Tax] The chief accountant for the Division of Corporation Finance will be leaving the SEC, the agency announced Thursday. Kyle Moffatt has served as chief accountant since 2018 and took over the division’s disclosure review program in 2019. In addition to providing technical accounting support and oversight of public company disclosures, he worked to streamline the commission’s rules governing financial statements.

China’s regulators to support smaller banks to limit financial contagion from burgeoning bad debt, PwC says [Yahoo] China’s financial regulators need to cut the country’s smaller city and rural commercial banks more slack, as they are most vulnerable to higher-risk borrowers amid a slumping economy and depressed demand caused by the coronavirus outbreak, according to consultancy PwC.

Odd Job: Professional athletes have super-complicated tax returns. This guy can help. [Vox] An interesting profile on a dude who helps keep the Tax Man out of athletes’ hair.

GE Proposes Keeping KPMG as External Auditor [WSJ] General Electric Co. will keep KPMG LLP as its auditor for another year, extending a relationship that dates back more than a century and has been tested recently by accounting problems.

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