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November 30, 2022

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

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Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in 2018. Meanwhile, in Australia: PwC Australia has updated its parental leave policy removing carer labels and extending the time parents can take off while on full pay to 26 weeks. There’s a leadership void around the world, according to AICPA president and CEO Barry Melancon — and the accounting profession can help fill it. IRS raises per diem standard rates for business travel. The SEC has charged Kim Kardashian for shilling crypto without disclosing the payment she received for said shilling.

Fat Joe is suing BDO, we will be diving into this story later this week with a little inside scoop we got over the weekend. From TMZ:

Fat Joe is suing his Chicago-based accounting firm, claiming it was running a Ponzi scheme that misappropriated his funds and those of some MLB players, too.

According to legal documents, obtained by TMZ Hip Hop, Joe claims tax hub BDO, its longtime CPA Andre N. Chammas and his assistant Vanessa Rodriguez defrauded him in several ways.

According to the docs, Joe noticed some accounting irregularities after Rodriguez was fired in July … and he says things really didn’t add up when he started taking a closer look.

For starters, Joe says his wife Lorena’s name was used to open AMEX accounts and make huge unauthorized purchases, including $40K in charges for Uber rides and UberEats deliveries, as well as tuition payments for Rodriguez’s daughter.

A few things we’re working on this week:

  • The one perk that will get young people back to the office (supposedly)
  • An embarrassing campaign to recruit students to the profession
  • Have you considered contract work? We talk to a dude who hasn’t had a “real” job since the 90s
  • Apparently there’s been some drama with CPA exam scores
  • Now (as in October) is the perfect time to look for a tax job, we have a couple for you to check out

Is audit dying? A Reddit thread.

Checking Twitter quick, let’s see what we’ve got.

Lastly, the Monterey Bay Aquarium Jelly Cam is still live in case you need it. Have a great week everyone!

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