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February 2, 2023

Accounting News Roundup: AICPA Wants Everyone on the Blockchain Bandwagon | 05.23.18

Plus, the shakeup at the PCAOB continues, General Electric wants to sell its insurance unit, POTUS promises more tax cuts, and more.

Melancon calls for the transformation of the audit [AT]
AICPA president, CEO, and world-famous juggler Barry Melancon wants everyone to jump on the blockchain bandwagon to change auditing as we know it. But if you’re worried about all the technological mumbo jumbo, Barry puts your mind at ease:

“We don’t need to really understand the underlying software,” he said. “It’s the implications and power of blockchain that are more important that [sic] the actual software.”

Yes, just cede the knowledge to the tech nerds. We’re all working for them, anyway.

PCAOB Chief Auditor Martin F. Baumann to Leave the Board [PCAOB]
The PCAOB’s announcement that Marty Baumann would be leaving follows the news that Helen Munter, the Director of Inspections, and General Counsel Gordon Seymour would also depart this month.

GE seeking to shed troubled insurance business [Reuters]
That’s the same insurance business that the company took a $6.2 billion write-down for, as well as an additional $15 billion in reserves. I’ll bet that auditor with 109 years of experience will be relieved to have one less thing to worry about.

Trump says he will propose new tax cuts prior to November [Reuters]
Does this guy know his audience or what:

“We’re going to be submitting additional tax cuts sometime prior to November,” Trump said in a speech to the Susan B. Anthony List, an anti-abortion group.

I guess he’s making up for the time that he was supposed to talk about tax cuts and went off on immigration instead.

Previously, on Going Concern…

Megan Lewczyk wrote about Wells Fargo and its seemingly endless string of control failures.

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