Latest Articles

  • KPMG Knew About Shenanigans at Wells Fargo in 2013, But Didn't Think They Were Material

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    Big Four firm KPMG, which has served as troubled bank Wells Fargo's external auditor for 85 years, knew about the unethical and illegal conduct at the financial institution since at least 2013, but didn't feel what they found was material and so didn't note it in their reports. 
  • TIGTA: IRS Missed Collecting $1.1 Million from Delinquent Federal Contractors

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS for improperly excluding certain federal contractors from the Federal Payment Levy Program (FPLP), which allows the service to systemically collect back taxes from Federal contractors at a minimal cost. In so doing, it has missed out on collecting about $1.1 million in back taxes. 
  • UK Regulator Levels Largest Fine in its History at PwC

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The UK's Financial Reporting Council, which regulates the accounting profession in that country, leveled the largest fine in its history, $6.6 million (or, roughly, 5.1 million pounds), at Big Four firm PwC over misconduct during its audit of RSM Tenon Group. 
  • 'Walking Dead' Creators Challenge AMC's Accounting Practices in Lawsuit

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The co-creators and producers behind hit cable series The Walking Dead have sued AMC Entities and related companies over what exactly constitutes "profit" when the production studio and TV network are owned by the same company. 
  • Poll: Finance Professionals Want to Both Lower Taxes and Cut National Debt

    By:
    Chris Gaetano
    |
    Aug 16, 2017
    A recent survey of 94 senior finance professionals has found widespread support for reducing taxes in many different areas, but also for reducing the national debt. 
  • Uber Agrees to Regular Privacy Audits, Adds Business Tools for Companies

    By:
    Chris Gaetano
    |
    Aug 16, 2017
    Controversial ride-sharing company Uber has agreed to regular privacy audits as part of a settlement with the Federal Trade Commission over what it said was a failure to protect the personal information of both its drivers and customers. It also, as a separate matter, has added new billing, expense and reporting tools for companies that use the service for business purposes. 
  • SEC Hits KPMG with $6.2 Million Fine for Audit Failures

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    The Securities and Exchange Commission has leveled a $6.2 million fine against Big Four firm KPMG over failure to properly audit an oil and gas company, which gave investors a false impression as to its worth. 
  • Arthur J. Roth, Former NY Tax Commissioner, NYSSCPA Board Member, Dies at 77

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    Arthur J. Roth, a former NYSSCPA board member, died suddenly August 6 in West Palm Beach, Florida. 
  • Regulatory Roundup: Aug. 9-15

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Bill Would Require Small Firms with Attest Clients to Undergo Peer Review

    By:
    Ruth Singleton
    |
    Aug 15, 2017

    A bill (S6026A/A7895A) that would require mandatory peer review for all CPA firms in New York state that do attest work was passed in the Senate and Assembly in June and now requires only Gov. Andrew Cuomo’s signature to become law.  The Society advocated for passage of the act, which eliminates an exemption from mandatory peer review for firms with two or fewer CPAs, in order to protect the public interest by ensuring best practices among all CPA firms that perform audits.