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Monday Morning Accounting News Brief: SEC Backdoors; MAcc Prof Makes a List; Advise All the Clients! | 6.20.22

a calm dog sitting in a car

Excuse the afternoon morning news brief this afternoon, today is a holiday. “Juneteenth is a day of profound weight and power.”

EY partners stand to make a lot of scratch if this split happens. You’re going to be hearing a lot about Client Advisory Services in the coming months and years and it was all the rage at the recent AICPA Engage conference. North Carolina Agricultural and Technical State University Master of Accountancy (MACC) Director Kecia Williams Smith ‘95, CPA, Ph.D., has been named one of the 25 Most Powerful Women in Accounting for 2022 by The American Institute of CPAs (AICPA) and CPA Practice Advisor. Five Republican senators are unhappy with the SEC’s attempt at backdoor crypto accounting regulation (SAB 121): “The senators’ letter pointed out that SEC staff provide guidance on existing regulations, but no regulations are cited in SAB 121, and the bulletin was worded as though compliance was an expectation, even though a staff bulletin is not intended to create enforceable obligations. The letter goes on to criticize SEC policy more broadly.” The IRS is dumping more work on its voice bots.

For last week’s news you may have missed, give a quick visit to Friday Footnotes and come back every Friday at 5pm Eastern for a fresh batch of profession headlines.

I spent the weekend working on a 2000+ piece Lego project which I assure you was not this.

A couple things we’re working on:

    • still crunching the numbers on how much accounting grads hate the CPA exam
    • post-Covid office fashion
    • doing a deeper dive into the EY split and how it resembles the conditions of a certain infamous accounting firm collapse some 20+ years ago
    • after much research, we’ve determined that being an audit partner sucks
    • do you need to take a leave of absence?
    • ancient Going Concern advice that aged badly

Put on your best noise-cancelling ear buds and enjoy this work playlist I found for you. Have a great week everyone!