A delayed start? Accounting Today’s Accountants Confidence Index In partnership with ADP ®
The ACI jumped again for the second month, with overall expectations of growth rising in both the short- and the midterm. The index components rose more strongly for the next six months than for the next three, with many respondents expecting the coming
The high volume of changes in the Tax
Code, along with a shortened cycle and missed deadlines, are increasing the risk of a delayed start to the 2019 tax-filing season, according to a new report from the Treasury Inspector General for Tax Administration. ( See page 22.)
Charles “Chuck” Rettig was officially
sworn in as commissioner of the Internal Revenue Service by Treasury Secretary Stephen Mnuchin — and he has quite a job ahead of him, coming on board as the service is working to implement the many changes to forms, systems, calculations and other aspects of the tax system created by the massive tax reform act passed by Congress last December, while also struggling with the repercussions of slashed budgets, a shrinking workforce, and a seeming inability to manage technology.
The Center for Audit Quality marked its
fourth annual “#Auditorproud” day on Sept. 27, celebrating the audit profession on social media and encouraging students and prospective professionals to consider a career in the field.
The Securities and Exchange Commission
warned publicly traded companies that they should consider cyberthreats when they implement internal controls. The suggestion stems from an investigation by the SEC’S Enforcement Division of nine unnamed companies that fell prey to cybercriminals who stole millions of dollars from them. In some cases, the frauds went on for months at a time and were detected only after law enforcement authorities or outside parties intervened. Each company lost at least $1 million.
The IRS is phasing out its grand “Future
State” initiative for interacting with taxpayers online, which was begun in 2014, but it is incorporating some of the concepts in its five-year strategic plan. ( See page 22.)
Top 100 Firms EKS&H and Plante Moran
finalized the merger they agreed on in June. The two were already the largest independent firms in their respective regions of the country — Plante Moran primarily in the Great Lakes area, and EKS&H in the Mountain Region — and the combined firm expects to be the 11th largest in the country, with over 3,000 professionals in 27 offices. ( See M&A Watch, page 32.)
Cynthia Holder, a former inspections
leader at the Public Company Accounting Oversight Board and former executive director at KPMG, pleaded guilty to scheming to defraud the PCAOB and the SEC by getting confidential lists of which audit clients the PCAOB planned to inspect and giving the information to KPMG employees to improve the firm’s performance on inspections.
PWC Global firms earned gross revenues
of $41.3 billion in the fiscal year ended June 30, growing 7 percent in local currency terms, and by 10 percent in U.S. dollars. In terms of service areas, Pwc’s advisory business grew 10 percent, to $13.8 billion. Tax and legal services revenues, meanwhile, grew by 8 percent to $10.4 billion. Over fiscal 2018, the firm added 64,776 staff, bringing its headcount to more than 250,000 people. PWC firms admitted a record 739 partners worldwide, 30 percent of whom were women.
Big Four firm EY announced that it will
boost its hiring in the new year, with approximately 15,700 candidates expected to be brought on board in the U.S. ( See page 38.)
Top Six Firm Grant Thornton announced
revenues for the fiscal year ended July 31 of $1.8 billion, an increase of 3.4 percent over the previous year, and a record for the firm. Grant Thornton also highlighted its ongoing branding efforts, which include sponsorships of the PGA Tour, The
The Association of International Certified
Professional Accountants and its technology arm, Cpa.com, are seeking candidates for their joint startup accelerator program. ( See page 31.)
Erica Ishida was appointed to the newly
created position of CEO of the Leading Edge Alliance, to work with president Karen Kehl-rose, who will retire at the end of the year. Ishida has more than 15 years of experience in organization design, change management and leadership development; most recently, she led a strategic execution consulting firm she founded, which focused on developing leaders, especially women leaders. Kehl-rose, who has been in her role since the creation of the CPA firm association in 1999, will assist with the transition through June 2019.
Steve San Filippo, founding partner of
Sensiba San Filippo LLP, died unexpectedly Oct. 9, at the age of 67. San Filippo founded SSF in his home in 1977 and grew it into one of the top 25 firms on the West Coast.
3 month All responses from an October 2018 survey of the Accounting Today Executive Research Council, an online panel of over 1,500 accounting professionals. The ACI was created in partnership with: 6 month