August 16, 2022

Monday Morning Accounting News Brief: EY Sucks at Auditing; Accounting Headaches; KPMG Partner Banned | 7.25.22

Some headlines to get you started on this fine Monday:

KPMG partner banned from accounting after misleading regulator over Carillion. KPMG fined £14.4 million after the firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. The spread of ESG labels into the $55 trillion market for short-term debt is creating new accounting challenges for those keeping track of how much good green finance is actually doing. Pennsylvania State Revenue Secretary Dan Hassel said scammers are sending letters that appear to be from the state tax office demanding that businesses turn over their accounting records. Deloitte Guam is closing its doors. The FRC has assessed that 35% of inspected EY audits require improvements, an increase from 21% the previous year, despite saying the firm ‘made progress” on actions to address its previous findings.

Oh and ICYMI, the Journal of Accountancy podcast covered the top issues facing CPA firms, give it a listen.

A few things we’re working on this week:

  • Small firms are suffering in this market, won’t someone think of them?!
  • Updating the EY payroll drama with some new info.
  • We predict an explosion of firm mergers and acquisitions in coming months — find out why.
  • A gimmick that might help you pass the CPA exam.
  • Resignation Watch: is one B4 office experiencing more exodus than others?
  • Signs you are in a toxic work environment.

Have we missed an important headline? Wish we’d discuss FASB’s supply chain financing rules? Shoot us a text at 202-505-8885 or email [email protected] so we can talk about it.

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And here are your anti-stress jellies. Go ahead, watch them for an hour, no one will notice you’ve gone inactive.

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