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Accounting News Roundup: PwC Gave Facebook Privacy Protections the ‘All Clear’ | 04.20.18

Audit Approved of Facebook Policies, Even After Cambridge Analytica Leak [NYT]
That audit was performed by none other than PwC, and the firm submitted it to the Federal Trade Commission in early 2017. The report, like most audits performed by Big 4 firms, found the Facebook’s privacy protections were fine, and we now know that wasn’t the case. Regarding the leak of users’ private info to Cambridge Analytica, the Times reports that “It’s not clear whether Facebook informed its auditors of the leak, or whether PwC knew about it.”

Ernst & Young Partner Claims Firm Retaliated Against Her After She Reported Sexual Assault [TDB]
We mentioned this story yesterday, but much of the coverage has reported more of the details of the complaint made by partner Jessica Casucci against John Martinkat, and they are disturbing:

Jessica Casucci accuses at least three men of inappropriate behavior, including one partner who lifted her up over his shoulder at a restaurant, and groped her breasts and rear end in front of other colleagues, she alleges in the documents submitted to the Equal Employment Opportunity Commission.

While he was allegedly groping her, the partner said, “I’ve wanted to fuck you for so long,” “I know that you want to fuck me,” and that the “sex would be amazing,” according to the complaint, which noted that the man assured her it would be “the best night of [her] life.”

Two other partners witnessed the interaction, while the “terrified, upset, and deeply offended” Casucci tried to pull herself away, the document claims.

After Casucci reported this and other incidents — including a partner who “repeatedly asked her ‘if she was wearing underwear’ while she was rehearsing a speech,” — she was told to “trust the firm.” At least seven partners knew of the complaint.

Hedge Fund Titans Pull Money From Funds for Huge Tax Bills [Bloomberg]
Many wealthy hedge fund managers — including John Paulson, David Einhorn, and Steven Cohen — had until last year to make good on fees earned offshore. Some of them waited until the bitter end, “benefiting from the magic of tax-deferred compounding –- and hoping that someone would figure out a clever way for them to lower their tax obligations in the meantime. That didn’t happen.”

How To Improve the Child Tax Credit for Very Low-Income Families [TPC]
TCJA expanded the CTC, however, it is still a non-refundable credit and limits how much the poorest families can receive. A new paper has suggestions on how to improve that, including making the CTC refundable.

Previously, on Going Concern…

The featured job of the week is an Audit Manager with BHLF in Walnut Creek, Calif.

In Open Items, someone seems surprised by EY’s Vault ranking.

In other news:

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