Accounting & Auditing Highlights for the Week Ending Oct. 5, 2018


U.S. Highlights:

Leasing

Oct. 5: The SEC’s chief accountant has some advice for companies struggling to prepare for changes in how they account for leased property: Don’t under-invest in technology. Click here to read the full report. (Subscription required.)

Financial Reporting            

Oct. 5: Corporate boards—and their audit committees in particular—might want to dust off their disclosure and social media policies after Tesla Inc.’s SEC settlement stemming from tweets by the electric carmaker’s CEO. Click here to read the full report. (Subscription required.)

Corporate Governance

Oct. 4: PNC Financial Services Group Inc. and Verizon Communications Inc. said Gregory D. Wasson is resigning from their boards after he agreed to pay a fine to resolve a regulator’s claims he misled investors. Click here to read the full report. (Subscription required.)

Business of Accounting

Oct. 1: Accountants will need to pick up some new skills as automation, machine learning, and eventually, blockchain, begin to seep into their everyday work. Here is a look at a few steps accountants, whether in corporate or public accounting, can take to prepare for the profession’s technology transformation. Click here to read about the five skills accountants will need for the future. (Subscription required.)

Oct. 4: Big Four accounting firms led by PwC topped the pack this year among the best-regarded alternative legal service providers, a new survey shows. Click here to read the full report. (Subscription required.)

Oct. 4: KPMG LLP turned far from the accounting and auditing field to look for the partnership’s first independent director, choosing a recently retired, four-star Air Force general with a background in aeronautics. Click here to read the full report. (Subscription required.)

Oct. 5: Tim Ryan, the U.S. chairman of PricewaterhouseCoopers, wants fellow chief executive officers to lead a day of coordinated talks about workplace diversity in December. The initiative was spurred by the shooting death of PwC employee Botham Jean in his home by an off-duty police officer in September. Click here to read the full report. (Subscription required.)

International Highlights:

Australia

Oct. 5: Audit committee chairs in Australia list auditor independence and better use of technology as the key areas for improvement, a newly released survey conducted by Australian regulators says. Click here to read the full report. (Subscription required.)

South Africa

Oct. 3: KPMG LLP is continuing to lose staff and clients in South Africa more than a year after issuing a public apology for some of the work it did in the country, according to people familiar with the matter. Click here to read the full report. (Subscription required.)

Oct. 3: KPMG South Africa is seeking a chief executive officer from outside the auditing firm to rebuild trust after becoming embroiled in a series of scandals that cost the organization a number of high-profile clients. Click here to read the full report. (Subscription required.)

Denmark

Oct. 5: The Danish Business Authority says it’s started an investigation into Danske Bank’s external auditors. Click here to read the full report. (Subscription required.)

Composed and compiled by Amanda Iacone, accounting reporter for Bloomberg Tax.

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