Summary of Monday morning accounting news: The leadership vacuum; KPMG fined (again); PwC Ups Leave | 10.3.22

Deloitte launches the Global Sustainability & Climate learning program which aims to enhance the skills and capabilities of Deloitte employees to help address a global societal challenge. Dubai’s financial regulator has tentatively fined KPMG and one of its former partners $2 million for the audit by the firm of Abraaj, the emerging markets private equity group that collapsed in 2018. Meanwhile, in Australia: PwC Australia has updated its parental leave policy by removing caregiver labels and extending to 26 weeks the period parents can take time off while receiving their full salary. According to AICPA President and CEO Barry Melancon, there is a leadership void in the world, and the accounting profession can help fill it. The IRS is increasing standard per diem rates for business travel. The SEC charged Kim Kardashian for crypto shilling without disclosing the payment she received for said shilling.

Fat Joe is suing BDO, we’ll dive into that story later this week with a little scoop we got this weekend. From TMZ:

Fat Joe is suing his Chicago-based accounting firm, claiming he ran a Ponzi scheme that misappropriated his funds and those of some MLB players as well.

According to legal documents, obtained by TMZ Hip Hop, Joe claims that the BDO tax center, his longtime CPA Andre N. Chammas and his assistant Vanessa Rodriguez defrauded him in several ways.

According to the documents, Joe noticed accounting irregularities after Rodriguez was fired in July…and he says things didn’t really go well when he started to take a closer look.

For starters, Joe says his wife Lorena’s name was used to open AMEX accounts and make huge unauthorized purchases, including $40,000 in fees for Uber rides and UberEats deliveries, as well as charges for education of Rodriguez’s daughter.

A few things we are working on this week:

  • The one perk that will get young people back in the office (supposedly)
  • An embarrassing campaign to recruit students into the profession
  • Have you considered working as a subcontractor? We’re talking to a guy who hasn’t had a “real” job since the 90s.
  • Apparently there was some drama with the CPA exam results
  • Now (like October) is the perfect time to look for a tax job, we have a few to check out

Is auditing dying? A Reddit thread.

Quick Twitter check, let’s see what we have.

Finally, the Monterey Bay Aquarium Jelly Cam is always on in case you need it. Have a great week everyone!

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