Summertime is customarily downtime for accountants working in the enterprise tax ecosystem, but COVID-19 and its impact have fundamentally shifted that operations timeline. New regulations and ongoing legislation have emerged, and the deadline to file taxes is now weeks away. Supporting clients and their needs is also critical, while social distancing means accounting firms must strike a delicate balance between logistics, employee safety and business success or growth.
While you're here, how about this:
U.K. fines Grant Thornton, sanctions ex-managers for audit | Accounting Today
The Financial Reporting Council fined Grant Thornton UK LLP and sanctioned two of the auditor's former executives for failing to maintain ethical standards, in the latest critique by regulators of accounting firms' shortcomings.
The sanctions come from Grant Thorton's handling of an audit of Conviviality Retail Plc for the year ending April 2014. Engel arranged for Toy, who was part of a team conducting the audit, to move to Conviviality to help prepare the statements.
Updated Bribery Law Guide Reinforces Broad View of Accounting Provisions - WSJ
The second edition of an influential handbook on the U.S. Foreign Corrupt Practices Act incorporates nearly eight years of developments in the antibribery law. It also clarifies the government's view on controversial aspects of the statute's enforcement.
The U.S. Department of Justice and U.S. Securities and Exchange Commission released the first edition of the guide in 2012 to educate companies about the FCPA, which prohibits businesses with ties to the U.S. from paying bribes to foreign government officials. The DOJ and SEC share responsibility for enforcing the FCPA.
Deloitte and its clients adjust to coronavirus accounting and auditing | Accounting Today
Deloitte is helping its corporate clients get ready to prepare their quarterly financial statements in the midst of the novel coronavirus pandemic, as its own employees grow more accustomed to doing remote audits while working from home.
Initially the firm had to scramble to adjust to the new work-from-home environment. "In basically a day, it went from a discussion at the office to everybody basically working from home," said Jon Raphael, national managing partner of innovation and client service delivery at Deloitte & Touche's audit and assurance practice.
This may worth something:
Accounting grad in control of college education, career opportunities | Laurinburg Exchange
HAMLET – Amber Daniels, of Hamlet, earned her accounting degree from RichmondCC in 2015 and a business administration degree and bookkeeper certificate in 2016. Currently, she is employed with Anson County as the assistant finance officer.
Although Daniels started out at a private university, she finished her first degree at Richmond Community College. At the large university, she felt there was a lack of connection with her professors and the staff and a lack of relationships with her peers. When she became pregnant her freshman year, she knew she needed to be close to home. She moved back to Richmond County to care for her then newborn and enrolled at RichmondCC to major in Accounting
Two local accounting firms announce merger | Local News | oneidadispatch.com
Utica, N.Y. — D'Arcangelo & Co., LLP, a Central New York accounting, auditing, taxation, and consulting firm, announced that Utica based Feldman & Company CPAs, LLP has chosen to merge with the 70-year-old accounting firm, effective July 1.
According to the news release, the combined company will have 18 partners and nearly 80 employees located across four offices in Utica, Rome, Oneida, and Syracuse. The firm will continue conducting business as D'Arcangelo & Co., LLP under that banner.
JDP Q2 Letter: One-Size-Fits-All Accounting Models=Dangerous
JDP Capital Management letter to investors for the half year ended June 2020, discussing the one-size-fits-all accounting models.
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In the first six months of 2020 JDP was +19.35% (net) versus -3.08% for the S&P 500. This was our largest outperformance in a half-year since inception.
In the first half nearly 73% of the S&P 500 was negative (365 companies) and 35% were down by more than 20%. Then adding in the smallest companies: 67% of all US-headquartered companies over $50 million in market cap were negative and 44% were down by more than 20%.1
Accounting Group Urges IRS to Delay Tax Collections to October
A group of accountants is urging the IRS to once again push back payment deadlines, waive penalties on late tax filings, and reconsider the effect the coronavirus pandemic has had on taxpayers.
The American Institute of CPAs sent a letter Wednesday asking the IRS to further extend payment deadlines to at least October. The agency said last month that it wouldn't further delay the July 15 deadline for filing and payments, dismissing multiple requests to do so.
Happening on Twitter
The UK's Big Four accounting firms have until 2024 to separate their audit practices following a severe edict from… https://t.co/ZtmcCBlmcx FinancialTimes (from London / New York / Hong Kong) Tue Jul 07 09:04:06 +0000 2020
The Financial Reporting Council, Britain's accounting regulator, has given the companies until Oct 24 to submit pla… https://t.co/PPD3BYgmGo doctorow (from Beautiful Downtown Burbank) Tue Jul 07 15:51:22 +0000 2020
EY - formerly Ernst & Young - are one of the scandal-haunted "Big 4" accounting firms, charged with prudent oversig… https://t.co/jE7eDHvp9v doctorow (from Beautiful Downtown Burbank) Wed Jul 08 15:19:16 +0000 2020
The U.K. accounting regulator asks the industry's four dominant companies to separate their auditing units from the… https://t.co/EhA13ePC5x business (from New York and the World) Mon Jul 06 12:00:04 +0000 2020
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