KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – OCTOBER 2023
- Trump inflated assets by $2.2B, says N.Y. AG
Donald Trump and his company inflated the value of his assets by as much as $2.2 billion in a single year, according to a court filing by New York's attorney general urging a judge to find the former president liable for fraud before a trial set to start in October. Read More - AICPA proposes changes in standards for quality management
The American Institute of CPAs' Auditing Standards Board issued an exposure draft for some proposed changes in the attestation standards for quality management and is asking for comments.The Proposed Statement on Standards for Attestation Engagements, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management, aims to align some of its concepts about standards for audits, reviews and compilations. Read More - BDO names Almeri Szulc as finance director
BDO in Jersey has promoted Almeri Szulc to group finance director. A release from the firm suggests the appointment “reflects BDO Group’s continued growth and its commitment to deliver integrated business and professional services to organizations operating within the Island and overseas. Read More - Auditor EY is under fire over its green light for Wilko
EY, the auditor of collapsed retail chain Wilko, is facing a backlash for its oversight of the group after signing off its accounts despite the firm having warned that it did not have enough funds to cope with a sharp drop in sales. Read More - Midlands mid-market private equity deal activity drops by nearly a quarter in the first half of 2023
Mid-market private equity investment in the Midlands cooled in the first half of the year amid market volatility and tough trading conditions, new analysis from KPMG UK has revealed.The firm’s latest Mid-Market Private Equity study shows that 28 deals were completed in H1 2023, reflecting a drop in volume of 24.3 per cent when compared with the same period in 2022. Read More - LSTA joins lawsuit against SEC over private fund advisers rule
The Loan Syndications & Trading Association joined other financial trade groups Friday in filing a lawsuit against the Securities and Exchange Commission for its recent adoption of a rule mandating new disclosure and reporting requirements for private-fund advisers. Read More - Private Equity, Hedge Funds Sue SEC to Fend off Oversight
WASHINGTON—A coalition representing the biggest private-equity and hedge funds sued the Securities and Exchange Commission on Friday to block new regulations aimed at giving investors more transparency and better terms from asset managers. Read More - KPMG launches AI and Digital Innovation Group
Big Four firm KPMG established an AI and Digital Innovation group led by a newly named vice chair, Steve Chase. This new role gives emerging technology leadership a seat at the table on KPMG's Management Committee led by chair and CEO Paul Knopp. Read More - Deloitte reports record FY2023 revenue of $64.9 bn, a 14.9% jump
Deloitte is the first of the Big Four firms to announce its global revenue for 2022, bringing in a record $59.3 billion for the financial year ending May 31.The firm’s 2022 revenue is an increase of 19.6% in local currency terms from 2021’s revenue of $50.2 billion. Read More - Insolvency firms face new regulation in government changes
Insolvency firms face being formally regulated for the first time under reforms to be announced next week that will nevertheless fall short of a pledge to establish a new regulator according to Sky News. Read More - IRS uses AI to step up audits of large partnerships
The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts against large partnerships, corporations and high-income individuals as well as promoters of sophisticated tax-dodging schemes. Read More - CIPFA and ICAEW announce fast-track pathway to dual membership
CPFA and ACA accountants will have the opportunity to gain dual membership and designation in 2024 as CIPFA and ICAEW announce an accelerated route for newly-qualified chartered accountants as part of their commitment to closer working. Read More - EY launches AI platform EY.ai after US$1.4bn investment
EY has announced the launch of EY.ai, a unifying platform that brings together human capabilities and AI to help clients transform their businesses through confident and responsible adoption of AI. Read More - Inflation expected to drive up tax bracket limits in 2024
While that's a slight decrease from the 7.1% increase this year, it's close to double the 2022 increase of 3%. Bloomberg Tax released the report Wednesday after the U.S. Bureau of Labor Statistics issued its most recent consumer price index, which rose 0.6% in August after increasing 0.2% in July. Read More - Sugar attempted to dodge £186m tax bill
Alan Sugar tried to avoid a £186m tax bill by becoming a non-resident for tax purposes, The Bureau of Investigative Journalism and The Sunday Times can reveal. People who do not live in the UK generally do not pay tax here, even if they are UK citizens. Read More - PCAOB Sanctions EY Canada Engagement Partner for Flawed Auditing of Management Estimate
The Public Company Accounting Oversight Board (PCAOB) today announced a settled disciplinary order sanctioning Ernst & Young LLP (Canada) partner Martin Lundie for violations of PCAOB rules and standards in connection with a 2019 audit. Read More - EY reports record global revenue results of just under US$50b
The Global EY organization (EY) today announces combined global revenues of US$49.4b for the financial year ending June 2023 (FY23), an increase of 14.2% in local currency (9.3% in US dollars). This marks one of the most successful years in the history of the organization with record global revenues and continued significant growth. Read More - IRS plans possible furloughs in case of shutdown
The Internal Revenue Service is developing a contingency plan that may result in service cutbacks in case of a government shutdown, according to the labor union representing IRS workers who face possible furloughs. Read More - Deloitte UK to cut over 800 jobs, source says
Deloitte is planning to cut more than 800 jobs in the United Kingdom, a source told Reuters on Wednesday. The company is proposing some targeted restructuring that would result in the reduction of 3% of its workforce of 27,000 in the UK, a person familiar with the matter told Reuters. Read More - Bank of England’s interest rate pause raises hopes peak has been reached
Mortgage holders have been offered relief after the Bank of England kept interest rates on hold for the first time in almost two years, raising the prospect that a peak in borrowing costs has been reached in the battle against inflation. Read More
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About The Author
Valay Parikh
Co- Founder & COO
With more than a decade of experience, Valay serves as the Vice-President of Entigrity Remote Staffing. Valay leads the India-centric Operations for the company, guiding its strength to unprecedented scales, with his guidance and leadership. Valay is a qualified Chartered Accountant himself. Beginning with public practice, he has served as a consultant and adviser to many small and mid-size businesses. Later on, he went on and co-founded Entigrity with Shawn. Valay has been phenomenal in building India Operations, with his core focus being on identifying and developing Indian talent pool for the company. Utilizing his experience, he developed and built robust HR policies and framework, developed strong training methodologies, and help clients with Financial Reporting, Business Analytics and Business Intelligence, thus creating strong and efficient processes for the clients.
