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Courtesy of Orthofix
Orthofix replaces fired CLO, grapples with internal control ‘material weakness’
The new chief legal officer is joining the company as it faces a fresh set of headwinds related to its internal control over financial reports.
By Maura Webber Sadovi • April 17, 2024 -
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Biden tax negotiator rejoins KPMG as election weighs on Pillar 2 prospects
Although the U.S. has yet to sign on, the OECD’s new Pillar Two tax rules already apply in more than 30 countries, Michael Plowgian said.
By Maura Webber Sadovi • April 16, 2024 -
Chip Somodevilla via Getty Images
70% of CEOs feel ready to deliver on responsible GenAI
The intense focus on safe and ethical GenAI use comes as the technology’s rapid rise is prompting scrutiny from governments around the world.
By Alexei Alexis • April 16, 2024 -
Rasi Bhadramani via Getty Images
OpinionThe CFO’s role in curbing third-party cybersecurity risk
With vendor-related cyber risks spiking rapidly, the stakes are too high for CFOs to treat the issue as merely an IT concern, writes cybersecurity consultant AJ Yawn.
By AJ Yawn • April 16, 2024 -
Jerome Maurice via Getty Images
CFOs mull future benefits for AI in tax: insightsoftware
When it comes to bringing AI into tax, it remains a bit of a “wait and see” for finance chiefs, said insightsoftware’s Josh Schauer.
By Grace Noto • April 11, 2024 -
Courtesy of ADM
Suspended ADM CFO’s pay ticked up in 2023 to $4.5M
The majority of Vikram Luthar’s pay package for last year came from $3.4 million in stock awards, according to Archer Daniels Midland’s proxy filing.
By Maura Webber Sadovi • April 11, 2024 -
Brandon Bell via Getty Images
Lack of uniform standards and disclosures a roadblock to scaling transition finance: report
A lack of standardized definitions, metrics and transition finance instruments endorsed by international organizations threatens broader adoption, the CFA Institute said.
By Suman Bhattacharyya • April 11, 2024 -
Jack Taylor via Getty Images
PCAOB levies record $25M fine on KPMG Netherlands for exam cheating
The $25 million penalty is the largest fine of any type imposed by the auditor watchdog since it was created in 2002 following the Enron accounting scandal.
By Maura Webber Sadovi • April 10, 2024 -
Stephen Brashear via Getty Images
Nation-state actors drive up cyberthreats
Microsoft and Hewlett Packard Enterprise are among companies that have recently reported high-profile cyber intrusions attributed to nation-state actors.
By Alexei Alexis • April 9, 2024 -
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Companies fall short on curbing cybersecurity risks from vendors: Moody’s
Cyberrisks are mounting, with artificial intelligence likely to increase the threat of attack in the short to medium term, Moody’s said.
By Jim Tyson • April 8, 2024 -
Olivier Le Moal via Getty Images
Deploying AI in accounting poses 12 audit risks: CAQ study
CFOs see the value of generative artificial intelligence but may not fully grasp its audit risks, according to the Center for Audit Quality.
By Jim Tyson • April 5, 2024 -
Lazarev via Getty Images
FASB to borrow from international rules for government grants
Many businesses and financial report preparers already rely on the IAS government grant accounting rules because GAAP is silent on the subject.
By Maura Webber Sadovi • April 5, 2024 -
Michael M. Santiago via Getty Images
NY AG prods for missing email relating to ex-Trump CFO’s perjury plea
Allen Weisselberg’s testimony surrounding the triplex was central to the charges of perjury levied against the former CFO, who is set to begin a five-month jail sentence on April 10.
By Grace Noto • April 5, 2024 -
Justin Sullivan / Staff via Getty Images
AT&T hit with proposed class action suit over massive data breach
The breach was a “direct result” of AT&T’s failure to implement adequate cybersecurity procedures, the suit alleges.
By Alexei Alexis • April 2, 2024 -
Courtesy of Tupperware
Tupperware flags accounting strains in late 10-K notice
The late notice comes roughly five months after Tupperware said its former independent auditor PricewaterhouseCoopers declined to be re-appointed.
By Maura Webber Sadovi • April 1, 2024 -
gorodenkoff via Getty Images
Ex-construction CFO pleads guilty to wire fraud stemming from $890K embezzlement scheme
The former CFO is required to pay restitution of $890,000 in addition to other penalties and may also face time in prison.
By Grace Noto • April 1, 2024 -
Lazarev via Getty Images
FASB fine-tunes proposed expense disclosure rule
The proposed accounting standards update is one of several initiatives that have been a priority for FASB under the general theme of disaggregation.
By Maura Webber Sadovi • March 29, 2024 -
Chip Somodevilla via Getty Images
SEC fines Arista Networks founder Bechtolsheim $1M for insider trading
Andreas “Andy” Bechtolsheim, who resigned as Arista chairman in December, allegedly arranged put options contracts for a relative based on non-public information about an imminent deal.
By Jim Tyson • March 26, 2024 -
Greggory DiSalvo via Getty Images
Tax-free M&A comes in crosshairs of bipartisan Senate legislation
An effort to scuttle deal-making tax exemptions coincides with signs of life in M&A after a severe slump last year.
By Jim Tyson • March 25, 2024 -
Kevin Dietsch via Getty Images
SEC busts company behind $300M crypto Ponzi scheme targeting Latinos
Under the leadership of Gary Gensler, the SEC has intensified efforts to protect investors involved in what he calls the “Wild West” of crypto assets.
By Jim Tyson • March 15, 2024 -
Christopher Furlong via Getty Images
EU lawmakers pass sweeping AI rules with global reach, stiff penalties
Penalties include up to €35 million or 7% of a company’s total worldwide annual turnover — whichever is higher — for violations of a ban on “emotion recognition” in the workplace.
By Alexei Alexis • March 13, 2024 -
qingwa via Getty Images
New SEC cyber rules draw ‘question-begging’ breach disclosures
Filers may be opening the door to investor confusion by reporting breaches that don’t appear to be “material” as described, without explaining why they’re doing so.
By Alexei Alexis • March 12, 2024 -
aimintang via Getty Images
Minnesota bill with 120-hour CPA path inches forward
The Minnesota bill would allow future certified public accountants to sidestep the need for a fifth year of college. It is controversial.
By Maura Webber Sadovi • March 11, 2024 -
Permission granted by Andy Gerit
Visa spends ‘billions’ battling cybersecurity threats
“We are all in an arms race to protect this ecosystem, to protect the network,” Visa CEO Ryan McInerney said at an investor conference last week.
By Lynne Marek • March 11, 2024 -
pcess609 via Getty Images
Pillar 2 tax heightens CFO need for quality data
In 2021 more than 130 countries agreed to implement Pillar 2, which seeks to set a global minimum effective tax rate of 15% for certain multinational enterprises.
By Grace Noto • March 6, 2024
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