Compliance
PCAOB Fines Nine Member Firms of KPMG Global Network $3.37 Million
The PCAOB announced on Tuesday that it has censured and fined nine member firms of KPMG's global network a combined $3.37 million, involving issues such as failure to disclose other audit participants and quality control deficiencies. Among them, the Brazilian and Canadian member firms were each fined $700,000, while member firms in Australia, the UK, Switzerland, and others were also penalized. A KPMG spokesperson stated that the relevant errors have been corrected and the penalties have been accepted.
Uncovering Hidden Tax Credits: A CFO's Essential Guide to Cash Flow Strategies
Companies lose billions of dollars each year by failing to claim tax credits and deductions. This article, aimed at CFOs, systematically reviews key tools including R&D tax credits, cost segregation, the 179D energy-efficient building deduction, bonus depreciation and Section 179 expensing, and the 45L residential energy-efficient credit. It also interprets new IRS compliance rules, the Section 174 amortization controversy, and the TCJA expiration outlook, and proposes three actionable recommendations.
Vulgar and 'explicit' text messages of Orthofix's fired executives exposed in lawsuit
Orthofix Medical fired its CEO, CFO, and Chief Legal Officer for 'cause' in 2023 without detailing the violations. Recently, in a lawsuit filed by the dismissed executives in California court, documents submitted by the defense revealed private text messages among the three containing inappropriate content such as gender discrimination and racism, becoming the focus of the case.
AICPA Revises New CPA Licensure Pathway: Drops 'Competency Framework' Requirement
AICPA and NASBA released a revised proposal for an alternative CPA licensure pathway on Tuesday, removing the component that would have assessed candidates' 'competencies' (such as professional ethics, critical thinking, and technical areas like auditing and taxation) from the original plan, and instead requiring a bachelor's degree, passing the CPA exam, and two years of professional experience. This move responds to concerns raised in previous public comments regarding the feasibility of implementing the competency framework. The revisions will be incorporated into the Uniform Accountancy Act model legislation, with public comments due by May 3.
Tether appoints new CFO, advances comprehensive audit process
Tether Holdings announced on Monday the appointment of Simon McWilliams, who has over two decades of financial experience, as its new Chief Financial Officer, a move seen as a key step toward the company's comprehensive financial audit. Former CFO Giancarlo Devasini will transition to the role of Chairman.
Dwolla Appoints Former Walmart Executive Daniel Quezada as Chief Financial Officer
Dwolla announced on Wednesday the appointment of Daniel Quezada as Chief Financial Officer. Quezada has held senior finance positions at Walmart, Burger King Holdings, and 8base. He will be responsible for optimizing resource allocation, driving technological innovation and partnerships, to address intense competition in the A2A payment sector.
Robinhood CFO sells about $1.2 million in company stock after SEC ends investigation
Robinhood Markets Chief Financial Officer Jason Warnick sold about $1.2 million in company stock on Tuesday, a day after the U.S. Securities and Exchange Commission (SEC) formally closed its investigation into the company's cryptocurrency business. The conclusion of the probe marks the end of a years-long tug-of-war between the Menlo Park, California-based company and regulators over whether digital assets qualify as securities.
Modern Tax Compliance Podcast Series: Navigating the Evolving Regulatory Landscape
Sovos releases a three-episode podcast series, "Modern Tax Compliance," exploring the rapid evolution of tax compliance, including digital asset taxation, regulatory complexity, and compliance priority setting, to help businesses proactively address challenges.
US Anti-Corruption Safeguards Face 'Serious Doubts,' Watchdog Report Says
Transparency International released the 2024 Corruption Perceptions Index, with the US dropping from 24th to 28th place. The report notes that although the US Supreme Court adopted ethics rules in 2023, they lack effective enforcement mechanisms. Meanwhile, the Trump administration's suspension of the Foreign Corrupt Practices Act has raised concerns about increased risks of overseas bribery by US companies.
AICPA's New CEO: Will Be 'Outspoken' If IRS Layoffs Affect Services
Just eight weeks into his tenure, AICPA's new CEO Mark Koziel has weighed in on hot topics including IRS layoffs, the PCAOB's outlook, and CPA licensure reform. He stated that if IRS services are affected, the association will be 'outspoken,' and noted that on licensure reform, 'members have spoken.'