August 13, 2020

Friday Footnotes: PwC DC; Microsoft’s KPMG Deal; Do You Even Bitcoin Bro? | 12.6.19

Shh! Companies Are Fixing Accounting Errors Quietly [WSJ] Filed under: things y’all probably already know.

BDO USA, LLP NAMES KELLY JOHNSON AS BOARD CHAIR; FOUR PARTNERS ELECTED TO BOARD OF DIRECTORS [BDO] WHY ARE YOU YELLING.

PwC will consolidate as many as 1,700 jobs to DC [WTOP] Big professional services and consulting firm PricewaterhouseCoopers has signed an equally big lease for Douglas Development and Brookfield Properties’ 655 New York Avenue NW, the biggest office redevelopment project in the District this year. PwC’s 15-year lease is for more than 182,000 square feet at the 756,000-square-foot Mount Vernon Square development, which incorporates new construction with several existing buildings in the block.

Microsoft inks $5B cloud partnership deal with KPMG [SiliconANGLE] Soooo who is gonna break it to ’em? From the article: KPMG is another big win for Microsoft, since it’s known as one of the world’s “Big Four” accounting organizations, along with Deloitte Touche Tohmatsu Ltd., Ernst & Young Global Ltd. and PricewaterhouseCoopers. Its main focus is on providing tax, audit and advisory services to large global enterprises.

Ex-Celadon Execs Accused of Accounting Fraud [CFO.com] The former chief operating officer and former CFO of Celadon have been charged with orchestrating an accounting fraud that enabled the trucking company to hide tens of millions of dollars in losses. The charges against former COO William Meek, 39, and CFO Bobby Peavler, 40, came eight months after Celadon, one of North America’s largest truckload freight transportation providers, agreed to pay to settle $42.2 million to settle a federal investigation of the alleged fraud.

Nebraska banks targeted in decade long Russian bank fraud scam [1011Now] The Department of Justice unsealed documents today showing two Nebraska banks and one private business listed as targeted victims of the scheme. It outlines how two Russian nationals stole tens of millions of dollars in what a Nebraska U.S. prosecutor calls one of the most outrageous cyber crimes in U.S. history.

The IRS has a new tax form out and wants to know about your cryptocurrency [CNBC] The IRS just released a new Schedule 1 for the 2019 tax season, spelling out the details on above-the-line deductions, including the tax break for student loan interest and health savings account contributions. Eagle-eyed taxpayers will notice that the IRS threw in an extra question on the form: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”

AICPA Issues New Definition of the Concept of Materiality [CPA Practice Advisor] The American Institute of CPAs (AICPA) Auditing Standards Board (ASB) has issued Statement on Auditing Standards No. 138, Amendments to the Description of the Concept of Materiality, and Statement on Standards for Attestation Engagements No. 20 of the same title to amend various AU-C and AT-C sections in AICPA Professional Standards.

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