The coronavirus pandemic has interrupted society far and wide, but for three young women in the Greehey School of Business at St. Mary's University, their paid internships with a local bank are still going strong.
At the start of Spring 2020, The Bank of San Antonio — founded in 2007 and now with five locations across the city — hired as interns Natalie Varnell, Accounting and Data Analytics senior; and Anabel Korrodi and Vanessa Chavez, Accounting seniors; all of whom are Greehey Scholars .
Other things to check out:
CPA firms down, but not out, from COVID-19, survey finds | Accounting Today
Accounting firms have been affected, but not sunk, by the COVID-19 pandemic, according to a recent webinar hosted by Sarah Johnson Dobek, founder and president of Inovautus Consulting.
The "CPA Firm Growth Outlook Amid COVID-19 Survey Findings Webinar" explored how firms have been managing since the onset of the COVID-19 pandemic and where they are likely to stand at year's end.
Inovautus surveyed 109 firms and received 95 unique responses. Of the firms polled, 31 percent had revenues between $10 million and $30 million, 16 percent had revenues over $30 million, and another 16 percent of firms had less than $1 million in revenue.
Luckin Coffee moves to remove chairman after accounting scandal
Luckin Coffee announced Friday that its board of directors is moving to force out director and Chairman Charles Zhengyao Lu following an internal investigation of a financial scandal.
A meeting will be held July 2 to consider the resignation removal proposal, according to a company statement.
The proposal was requested by the majority of the board's directors and based on findings and recommendations presented by a special committee, according to Luckin. The Chinese coffee chain said the special committee based its recommendation on evidence gathered through an ongoing internal investigation and on Lu's level of cooperation during the investigation.
Novartis to pay $112M fine for bad accounting controls | CFO Dive
Improper payment schemes took place between 2012 and 2016 and were known among certain managers of the company's subsidiaries, the SEC said. The payments were made in South Korea, Vietnam, and Greece.
The SEC charged the company with having insufficient internal accounting controls within a former business unit, called Alcon, which operated in China from 2013 to 2015. The unit used forged contracts as part of local financing arrangements that generated large losses and resulted in Novartis and Alcon writing off more than $50 million in bad debt.
And here's another article:
Applying the Right Accounting Model for Pandemic-Related Changes in Workforce & Asset Leases |
The business community continues to be affected by COVID-19 and its related economic impacts. Some companies that are negatively impacted may need to restructure their business in order to reduce operating expenditures. Such restructurings may result in terminating employees. This article focuses on the accounting considerations for employee termination benefits.
SEC Discloses 81 Enforcement Actions in 2019
Los Angeles— The U.S. Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) publicly disclosed a combined 81 accounting and auditing enforcement actions during 2019, down slightly from the previous year, according to a Cornerstone Research report released today. Monetary settlements totaled approximately $628 million, $626 million of which was imposed by the SEC.
Cornerstone Research's report, Accounting and Auditing Enforcement Activity—2019 Review and Analysis , examines publicly disclosed SEC and PCAOB enforcement actions that involve accounting and auditing. The most common allegations in 2019 SEC actions involved financial reporting issues, with revenue recognition violations comprising the largest share. The percentage of PCAOB actions involving revenue recognition increased in 2019.
Accounting Firms Must Help in Wirecard Case-Germany - The New York Times
BERLIN — Auditors must help with clearing up the case of Wirecard, the payments firm which disclosed a hole in its books that accountants EY said was the result of a sophisticated global fraud, the German economy ministry said on Friday
"Of course, they (accounting firms) have to recognise errors in balance sheets early on and when something went wrong, they have to actively help clearing it up," a ministry spokeswoman said at a regular news conference.
Deutsche Bank Accounting Head Is Aim of Wirecard Complaint
(Bloomberg) -- Deutsche Bank AG's top accounting executive, Andreas Loetscher, and two ex-colleagues at his former firm Ernst & Young were targeted in a criminal complaint by a German retail investor association for their alleged role in the accounting scandal at Wirecard AG.
The SdK association filed the claim against two unnnamed current partners of EY -- which also audits Deutsche Bank's accounts -- and one former partner because of "the events around Wirecard," according to a statement on Friday. That ex-partner is Loetscher, a person familiar with the matter said.
Happening on Twitter
🚨BREAKING: 26 states (accounting for nearly 63% of the US population) are now #coronavirus hot zones—up from 20 yes… https://t.co/GKqEWRCnGQ DrDenaGrayson (from Florida) Thu Jun 25 17:23:47 +0000 2020
in California, young people are driving coronavirus transmission, while rates among older folks are dropping. yeste… https://t.co/UJE1CuHxkN skarlamangla (from Los Angeles, California) Fri Jun 26 00:38:17 +0000 2020
NEW on Wirecard: EY failed for 3 years to ask for bank statements, a routine audit procedure that could have uncove… https://t.co/5RsAaD2pgz TBraithwaite (from London) Fri Jun 26 12:56:24 +0000 2020
Tech firm Wirecard has filed for insolvency, just days after a $2 billion accounting scandal at the company burst i… https://t.co/KI2zt2HeLT cnnbrk (from Everywhere) Thu Jun 25 10:03:04 +0000 2020
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