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Friday Footnotes: That’s Weak; Disclosing Turnover?; One Heckuva Farewell | 8.20.21


Income, lease accounting nonetheless problem non-public corporations [Journal of Accountancy] Income recognition and lease accounting stay a problem for personal corporations after a one-year, pandemic-related delay in efficient dates offered monetary assertion preparers some aid.

For tax & accounting corporations, the time to study blockchain is now [Reuters] One query these professions needs to be asking is: Which expertise will create probably the most impactful transformation — synthetic intelligence (AI), robotic course of automation (RPA), cloud use, or blockchain?

PCAOB sees enchancment in audits of broker-dealers [Accounting Today] The Public Firm Accounting Oversight Board reported a decline within the variety of corporations that had deficiencies final 12 months of their audits of broker-dealers, however the price continues to be comparatively excessive.

IRS mismanaged, misreported expertise purchases, IG probe finds [FOXBusiness] “The IRS misreported $7,469,962 within the Federal Procurement Knowledge System and doubtlessly spent $893,804 greater than the whole award quantity of roughly $139.05 million for 11 info expertise service contracts,” in response to the TIGTA report.

PwC, Grant Thornton Associates Fall Quick in U.S. Audit Evaluations [Bloomberg Tax] Some abroad associates of PwC LLP and Grant Thornton LLP struggled with income recognition and stock of their newest spherical of U.S. audit inspections.

Weak Oversight Plagues Audits of Billions in Non-public Property [Wall Street Journal] Corporations that audit non-public entities primarily police one another, typically with no public disclosure. A Wall Avenue Journal evaluation of the system exhibits that auditors give prime grades to 1 one other, hardly discover fault with the most important accounting corporations and infrequently don’t disclose failures amongst smaller auditors.

Disgruntled HR government trashed personnel information and deleted 17K resumes after being fired [MarketWatch] The previous head of human assets at 1-800-Accountant has been convicted of maliciously destroying the corporate’s personnel information and deleting hundreds of resumes for potential workers after she had been fired. Federal prosecutors say Medghyne Calonge, 41, of Tampa, Fla. had been let go in June 2019 after simply six months on the New York-based on-line accounting agency for poor efficiency. One challenge prosecutors cited was that she inappropriately locked a colleague out of a pc system after that they had gotten into an argument.

The SEC, and ESG advocates, wish to understand how effectively corporations are treating their staff [CNBC] Probably the most fundamental argument made to persuade corporations, and their shareholders, that, investing in workers is a part of long-term shareholder worth creation is turnover. Consultants say turnover, particularly in low-wage industries, is deeply materials to monetary efficiency, as is the flexibility to retain workers.

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