Friday Footnotes: KPMG Sued (Again); Accounting For Weed; Less Travel Equals Profit For EY Partners | 11.5.21
.CPA Web Domain Launches in Canada [Business Wire] The restricted web domain, administered by the American Institute of CPAs (AICPA) and its business and technology arm, CPA.com, officially launches in Canada this morning at 11 Eastern time. To be eligible, Canadian CPAs and CPA firms must be licensed. Preferred names will be awarded on a first-come, first-served basis.
KPMG, fiduciaries face ERISA lawsuit from former 401(k) participants [Pensions & Investments] Former participants in a KPMG 401(k) plan have sued the company and plan fiduciaries, alleging a series of ERISA violations. “Plan fiduciaries failed to administer the plan in a prudent manner,” said the complaint filed Tuesday in U.S. District Court in Newark, N.J. The complaint criticized “the selection (and maintenance) of several funds … and payment of excessive record-keeping and administration fees that wasted the assets of the plan and the assets of participants because of unnecessary costs.”
‘She would never just leave’: Missing accountant’s disappearance could be linked to her employer [WFLA] Heidi Planck hasn’t been seen in more than two weeks, but on Tuesday, investigators were considering new information about the Mid-City mom and whether her disappearance is related to her job as a financial controller. The 39-year-old’s employer, Camden Capital in El Segundo, is under federal investigation for an alleged $43 million fraud scheme.
Accountant, IRS agent take stand in tax evasion trial [Rome Sentinel] There was some confusion between the Zourdos family, accountant Vincent J. Gilroy Jr. and an IRS agent about the exact nature of the daily sales calendar books that were maintained at each of the stores. Gilroy testified on Thursday that he did not know the calendar books existed. He said the one time some of them were in his possession, he didn’t crack them open, in part because he trusted the Zourdos family.
Deloitte Wins 2021 ‘Digital Innovation of the Year’ at The Digital Accountancy Forum and Awards 2021 [PR Newswire] Omnia’s Trustworthy AI Module, Deloitte’s unique artificial intelligence evaluation technology, has been recognized as ‘Digital Innovation of the Year’ at the Digital Accountancy Forum and Awards 2021 in London earlier this week. This marks the second consecutive year Deloitte has garnered top honors for delivering innovative and disruptive technologies by The Accountant and International Accounting Bulletin. It also marks the fourth time Deloitte has won the award overall.
Serving cannabis clients: Understand the risks [Journal of Accountancy] Despite its significant size, the industry poses challenges for CPAs, said Ron Seigneur, CPA/ABV, a founding partner of Colorado firm Seigneur Gustafson, LLP. “Even as marijuana becomes mainstream in many states and municipalities, it remains a thorny issue because the Controlled Substances Act, enacted in 1970 under the Nixon administration makes it a federal crime to grow, distribute and use it,” Seigneur said.
ESG ‘make-or-break’ factor for leading investors: PwC [CFO Dive] “It is clear that investors expect ESG to be an integral part of corporate strategy,” according to James Chalmers, global assurance leader at PwC U.K. “That includes making expenditures to address ESG issues, while clearly communicating the rationale and benefits to the business strategy.”
EY’s UK partners handed record pay as deals boom [Financial Times] The Big Four accountant said fee income had increased 7.3 per cent to £2.75bn in the 12 months to July 2, with profits rising more quickly partly because of lower travel costs during the pandemic.
Advice From a Recruiter: How to Land an Accounting Job You Love [CPA Academy] Sign up for this webinar on Friday, November 12 at 10 a.m. EST with Accountingfly’s Beth Dierker and learn how to find the accounting job you’ve been yearning for.
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