August 21, 2018

Accounting News Roundup: A Landing Pad for Retired Accountants Who Want to Keep Working | 01.18.18

One Accounting Firm Wants to Hire Retirees [WSJ]
PKF O’Connor Davies has 24 employees who hit mandatory retirement age at other accounting firms, including one, in his 70s, who helped jumpstart their international tax practice. Mandatory retirement age policies at accounting firms, most notably PwC, have gotten the attention of the Equal Employment Opportunity Commission, but no action has been taken.

McKinsey, SAP, KPMG face South Africa charges [MW]
The Companies and Intellectual Property Commission is the latest SA agency to poke around the activities related to the graft scandal involving the wealthy Gupta family.

Apple, Capitalizing on New Tax Law, Plans to Bring Billions in Cash Back to U.S. [NYT]
The Tax Cuts and Jobs Act allows companies that have parked profits overseas to bring them back to the U.S. at 15.5 percent rate. Apple stands to benefit since the vast majority of its cash is abroad. “Apple, which has 94 percent of its total cash of $269 billion outside the United States, said it would make a one-time tax payment of $38 billion on the repatriated cash.”

Goldman, Bank of America Join in Wall Street’s Billion-Dollar Steinhoff Disaster [WSJ]
Along with Goldman and BofA, JP Morgan and Citigroup are caught up in the mess, too. Total losses between all the banks are over $1 billion after Steinhoff reported accounting irregularities last month.

Accountant who won Michigan Lottery jackpots pleads to embezzlement [MLive]
File to Accountants Behaving Badly: Luck always runs out eventually. Nichol Evans, an accountant in Michigan we first mentioned last fall, pleaded guilty to stealing $320,000 from her employer, a substance abuse and mental health treatment center. During the time she was forging checks to herself, Evans won $80k from the Michigan lottery.

Previously, on Going Concern…

An Open Letter to Anyone Thinking of Asking the Accountant in Their Life for Help on a Tax Return

From the archives: Diversity in Accounting Is Like Diversity in the Trump Cabinet

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].

Related articles

You Know That Guy That Panhandles on Your Block? He May Be a CPA.

Anybody out there looking to help their fellow CPA, who’s down on his luck?
The Wall St. Journal is reporting that the former BDO Seidman LLP CEO, Denis Field may have to pay back a portion of $180 million that is being sought by prosecutors in the tax shelter case that involves Field and six others.
Natch, everybody has denied wrongdoing. The charges include conspiracy and tax evasion. Good luck with that.

Prosecutors Seek Ex-BDO Seidman CEO, 6 Others To Forfeit $180M
[WSJ]

Partners at Grant Thornton are Just Getting Lazy

Grant-thornton-logo.JPGGrant Thornton is really making our lives easy today: “Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.”
Measly fine, obv but 43 audit reports? And a incorrectly signed off report is one that, “had not been signed off by a responsible individual of the firm”.
So apparently the Brits have got their interns signing off on the audits. Gold star for you today, GT.
ICAEW fines Grant Thornton over audit sign-offs [Accountancy Age]