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PricewaterhouseCoopers’ firm in the United Kingdom was fined a record £5 million ($6.4 million) by the U.K.’s Financial Reporting Council for its audits of Connaught, a social housing maintenance business that collapsed in 2010. PwC was also ordered Thursday to pay the FRC Executive Counsel’s costs and to make an interim payment on account of […]
A California CPA has won a key ruling in a suit against the California Board of Accountancy claiming it is improperly enforcing a fingerprinting requirement. Ned Leiba of the Stockton-based firm of Leiba Bowers CPAs objected to a recent requirement from California regulators mandating “live scan” fingerprints from many members of boards, commissions, licensees and […]
Business technology solutions provider Net@Work acquired the Sage HRMS (Abra) practice of Cost Management Services, a fellow Sage certified business customer. CMS clients will have immediate support from the Net@Work employer solutions team and access to Net@Work’s portfolio of business solutions, including ERP and accounting, cloud, document management, CRM, ecommerce payments, and IT-related services. Net@Work […]
CPAs and their business clients and corporate tax departments need to consider different scenarios for the possible corporate tax reforms now being weighed in Congress. “The good news is that for taxpayers in the corporate tax space, they have opportunities that are available to them when tax reform is afoot,” said Diane Tinney, director of […]
Credit card use has permeated almost every industry, with an estimated 30 million businesses accepting credit cards worldwide. The percentage of payments accepted via credit card continues to increase in all industries; including over 20 percent increases in industries such as business-to-business (manufacturers, distributors and wholesalers), professional services and health care. In 2016, the volume […]
The Internal Revenue Service recently published an update to Publication 5146, Employment Tax Returns: Examinations and Appeal Rights, explaining the procedures IRS auditors use to conduct employment tax examinations and an employer’s rights and responsibilities during and after the examination process. While there were no significant changes in the latest version of the publication, at […]
The Association of Chartered Certified Accountants has released a new report calling for more professional skepticism on the part of auditors. The ACCA’s report recommends market participants consider cognitive bias—the behavioral drivers that could influence decision making—more actively and take steps to minimize its impact on audit quality. The report advises standard-setters to design auditing […]
A pair of accounting professors has written a paper proposing a way to communicate accounting complexity. The new measure would use interactive tags in Extensible Business Reporting Language, or XBRL, format, the technology now required by the Securities and Exchange Commission for financial filings. The professors, Rani Hoitash of Bentley University, and Udi Hoitash of […]
Right Networks, which provides cloud-hosting services for accountants and small to medium-sized businesses, has reached a milestone 100,000 users. Founded in 2002, Right Networks hosts on-premise software being used by firms and businesses so the data and functions can be accessed any time, as in with cloud-based applications. Cloud hosting also removes the need for […]
Sage kicked off the first day of Sage Summit 2017 by addressing its partners, outlining both what they could expect from the software company over the next few years and what those partners, resellers and accountants were anticipating in their own businesses, based on Sage-commissioned research. Sage executives presented these survey findings while explaining that […]
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