Accounting News Roundup: Grant Thornton Done Auditing Big U.K. Business | 03.29.18

grant thornton uk ftse

Grant Thornton exits audit market for big UK companies [FT]
GT audits five FTSE 350 companies and will continue to do so, but will not bid for new audit work at the largest U.K. companies, making any claims by the Big 4 that there is “robust competition” in the audit market even more laughable. Grant Thornton U.K. CEO Sacha Romanovitch said, “Structures in the [FTSE 350] market make it impossible for us to continue to succeed in it. If this space is dominated by four players and there does not seem to be market appetite to change, let’s focus on areas where we can [succeed].”

Atlanta Hack Highlights Ransomware Dangers [CFO]
A 2016 survey of CIOs found that less half of the governments reported having formal cybersecurity policies

Trump Attacks Amazon, Saying It Does Not Pay Enough Taxes [NYT]
An ironic thing to say, given that Trump just handed massive tax cuts to corporations only a few months ago.

How Taxpayers In Each State Will Fare Under the TCJA’s Individual Income Tax Provisions [TPC]
Taxpayers in Alaska, Louisiana, North Dakota, South Dakota, Texas, Washington, and Wyoming will do pretty well, seeing their after-tax income increase more than 2.1 percent. California, New York, and Oregon: Not so much.

Accountant admits creating fake employee, stealing $1.5M from her company [AJC]
Stantisha Kemp managed payroll for her employer, an unidentified medical development company, and started her scam in 2007 with phony records that led their payroll processor to deposit money into her account. Things “intensified” when she created a fake employee in 2010.  “Accountants who lie, cheat and steal threaten the financial solvency of businesses,” a U.S. Attorney said.

Previously, on Going Concern…

Greg Kyte’s Exposure Drafts cartoon touched on one area of diversity where accounting firms have had some success.

Jason Bramwell wrote about the nascent technologies — notably AI and blockchain — that will transform SOX compliance.

In Open Items, an ode to contra accounts.

From the archives: “Just Go Rob the H&R Block Instead, Their Computers Are Nicer”; See also: That Time an Accounting Firm Recruiter Told Me That My Personality Sucked

In other news:

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