November 30, 2020

Friday Footnotes: Tomorrow’s Accountant; Some Horny Deer; Risky! | 10.23.20

Ed. note: Happy 10/23 to my fellow Fallout fans out there. Only 57 years to go!

The Accounting Professional of Tomorrow [The CPA Journal] A long (but good) read that tries to answer the following questions: Is the accounting professional of tomorrow an endangered species? Supply and demand seems to be a key issue; why are students not flocking to such a stable and lucrative career? Are they settling for a different occupation or course of study because the academic rigor is too difficult?

Deer crashes through window into accounting office [UPI] Experts said it is currently rutting season for deer and the buck may have confused its own reflection in the office window for a romantic rival.

Gauging risk assessment and response processes [Journal of Accountancy] How auditors assess and respond to risks of material misstatement in the financial statements, including the risk of fraud, is a critical component of audit quality. New research supported by the AICPA’s Assurance Research Advisory Group provides analysis about auditor risk assessment and response processes based on engagement teams’ real-world experiences with their clients.

The IRS Reels in a Whale of an Offshore Tax Cheat—and Goes for Another [Wall Street Journal] Mr. Smith, who is famous for announcing at Morehouse College’s graduation that he would pay off student loans for the class of 2019, will pay $139 million to the Internal Revenue Service in taxes and penalties. He will also forgo claims to $182 million in deductions for charitable donations, which could add more than $65 million to what he owes the IRS. But he won’t be prosecuted.

Deloitte Wins ‘Americas Tax Technology Firm of the Year’ Award [CPA Practice Advisor] International Tax Review (ITR) has named Deloitte as the leading “Americas Tax Technology Firm of the Year,” “Americas Transfer Pricing Firm of the Year,” and “Tax Compliance and Reporting Firm of the Year” for the organization’s work driving pioneering solutions and enhancing efficiency for numerous client engagements in the Americas region.

PwC executive identified in £63m court dispute over alleged leak [Financial Times] A senior executive at PwC has been identified in a £63m court case against the Big Four accounting firm in which it is accused of leaking confidential client information. The firm denied that Ian Green, formerly head of PwC in the north of England, provided a business associate with information about a dire financial situation at Watchstone, an insurance business that had hired PwC for advice on a financial restructuring.

Dan Black on EY’s ‘Rebuild Your Working World’ initiative [Consulting.us] Somehow missed this one last week. TL;DR Rona bad, get gud scrub: “It’s during these times that I force myself to remember advice once shared by John Pierpont “J.P.” Morgan. He said, “The first step toward getting somewhere is to decide you’re not going to stay where you are.” As simple as it sounds, this advice has tremendous power when applied with conviction. In March/April of this year, when my hometown of New York was considered the epicenter of the US COVID-19 pandemic, I initially felt helpless and at the mercy of conditions that were outside of my control.”

FASB to Take Up Digital Currencies Question [CFO] A Financial Accounting Standards Board meeting on Wednesday will decide whether the board should add a project on accounting for digital currencies to its technical agenda this year and, if so, what the project’s scope should be.

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