• Accounting News Roundup: Managing Robots; Glass Lewis Knocks KPMG; ‘Crack and Pack’ | 04.05.18

    By | April 5, 2018

    Get Ready for an Exciting Career as a Data Hygienist [Bloomberg]
    Justin Fox writes about what kind of jobs artificial intelligence will create, noting that even now, the work being done by lots of people is relatively new: “[A]bout half of Accenture’s 435,000 employees are doing work that didn’t exist as recently as five years ago.”

    This type of work includes computer systems design, and management and technical consulting. These job areas have surpassed legal and accounting services since 1990, two services that people expect AI will disrupt. However, Fox writes that as AI emerges more people will be “guiding, correcting and managing the robots.” Sounds like a dream for those of you who don’t like working with the humans.

    Facebook Says Cambridge Analytica Harvested Data of Up to 87 Million Users [NYT]
    Did Mark say 50 million? Haha, yes, that wasn’t quite right. Maybe EY can take its non-bot adulterer counting skills and apply it Facebook’s problems.

    In unusual move, prominent firm bashes Wells Fargo auditor [CO]
    Glass Lewis is telling Wells Fargo shareholders to oppose the reappointment of KPMG as the bank’s auditor. In a report, the proxy advisory firm wrote, “Given the severity of the fraudulent account activity and KPMG’s prior knowledge of the incident, we believe shareholders may question whether KPMG is adequately ensuring the integrity and transparency of financial information.”

    AICPA Seeks Clarity on Meals, Other Expenses [CFO]
    It’s been over two months since the AICPA expressed their angst about the lack of guidance around the new tax law, so they’re raising their hand again to ask when the homework will be assigned.

    Crack and Pack: How Companies Are Mastering the New Tax Code [WSJ]
    Speaking of guidance, many service businesses looking to qualify for the 20 percent pass-through deduction aren’t waiting for it to split their services from the real estate or administrative aspects of their firms: “It isn’t clear how the IRS will look at such arrangements or how it will determine where profits are made. The agency hasn’t yet issued regulations in this area.”

    Previously, on Going Concern…

    Jason Bramwell wrote about controllers’ love affair with Excel.

    I mentioned a story about a guy accused of using federal funds for guns and porn (among other things) who is keeping his job because his boss didn’t want to put undue pressure on his people during tax season.

    In Open Items, a frustrated, confused accountant needs advice.

    From the archives: Table-Dancing Philly Audit Luigi Will Pretty Much Consume Your Entire Afternoon

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