KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – APRIL 2024

1. Bipartisan $78B tax deal hits GOP roadblock in Senate

Senate Republicans are poised to sink a $78 billion tax-cut package, gambling that they'll win the majority in November and can push then for bigger breaks for business. They also don't want to hand President Joe Biden an election-year victory on the legislation, which includes both child and business tax breaks, lawmakers and aides have said. Read More

2. NYC's delinquent property taxes soar

More New Yorkers have stopped paying their property taxes — a troubling trend since the onset of the pandemic that city officials attribute to the end of a tax-lien sales program that punishes delinquency. Read More

3. Crowe Set to Acquire Texas Firm Belt Harris Pechacek

Top 15 accounting firm Crowe has entered into an agreement to acquire Belt Harris Pechacek (BHP), a Texas-based firm that provides audit and support services to local Texas governments. Read More

4. PwC Hit With $2.75 Million Fine By PCAOB For Running Afoul of Independence Rules

The Public Company Accounting Oversight Board (PCAOB) nailed Big Four firm PwC US with a $2.75 million fine on March 28 for quality-control violations related to auditor independence. Read More

5. Withum Joins Forces With Boutique CPA Firm BBD

Top 25 accounting firm Withum has merged in BBD, a Philadelphia-based boutique accounting, tax, and advisory firm that primarily serves nonprofit and government organizations, effective March 31. Read More

6. KPMG U.S. CEO to Chair Center for Audit Quality’s Governing Board

Paul Knopp was elected to the role on April 1, succeeding Tim Ryan, senior partner of PwC in the U.S., as CAQ Governing Board chair. The next chair of the Center for Audit Quality (CAQ) Governing Board is Paul Knopp, U.S. CEO of Big Four firm KPMG, who was elected to the position on April 1. Read More

7. EY strengthens South West Audit team with new Partner promotion

Jemma originally joined EY in 2011 as an Audit Senior and has over 15 years’ experience. During her time at EY, Jemma has built extensive knowledge of both the South West, working with listed and private businesses across a range of sectors including utilities, consumer, manufacturing and transport. Read More

8. IHT receipts reach £6.8bn in the months from April to February, up £400m

The government’s inheritance tax take seems to be increasing thanks largely to years of house price increases, especially in London and the south-east, pushing families that probably wouldn’t consider themselves wealthy, over the inheritance tax threshold. The revenue generated plays an important part in the government’s spending programme. Read More

9. RSM UK announces new office managing partner in Leicester

Leading audit, tax and consulting firm RSM UK, has announced Sheetal Sanghvi as its new office managing partner in Leicester, effective from 1 April. Following Sheetal’s appointment as office managing partner in Nottingham last April, the new role will enable greater consistency across the East Midlands region. Read More

10. KPMG UK joins the SAP® PartnerEdge® programme

KPMG UK has announced that it has joined the SAP® PartnerEdge® programme, combining KPMG’s industry-specific, business-centric approach with the power of SAP’s market-leading technology to help clients fast-track their digital transformation journeys with the aim of becoming future-ready businesses. Read More

11. U.S. Agency Calls for Audits of AI Systems to Hold Companies Accountable

The National Telecommunications and Information Administration on Wednesday issued a report calling for establishing a system of audits for artificial intelligence systems that would ensure transparency as well as hold tech companies accountable for potential risks and harms. Read More

12. IRS’s ERC Crackdown Has Stopped $1 Billion in Fraudulent Claims

IRS revealed ongoing efforts to tackle erroneous Employee Retention Tax Credit (ERC) claims. The agency has protected over $1 billion in revenue in six months by increasing enforcement surrounding questionable ERC claims driven by aggressive and misleading marketing. Read More

13. FRC revises UK and Ireland accounting standards

The Financial Reporting Council (FRC) has today issued comprehensive improvements to financial reporting standards applicable in the UK and Republic of Ireland which are used by an estimated 3.4 million businesses. Read More

14. AuditBoard and KPMG Announce Strategic Alliance

Organizations will be able to leverage the combined power of AuditBoard’s award-winning connected risk platform and KPMG’s deep expertise to elevate audit, risk, IT security, and ESG programs, and help businesses better manage growing risk challenges. Read More

15. UK tech tycoon called mastermind of 'massive fraud'

Lynch's Autonomy Corp. used a number of accounting tricks to make its revenue growth appear better than it was, such as back-dating contracts, pretending to ship goods and overpaying for unnecessary services so vendors would then buy Autonomy products, Assistant U.S. Attorney Adam Reeves said in his opening argument Monday at a trial in San Francisco federal court. Read More

16. PCAOB fines KPMG China partners combined $150K over audit violations

The Public Company Accounting Oversight Board (PCAOB) imposed collective fines totaling $150,000 against three partners at KPMG China for violations of standards related to their audit work at education service provider Tarena International. Read More

17. FloQast Announces Strategic Consulting Partnership with PwC UK, Expanding Financial Transformation Capabilities in the Region

FloQast, a Finance and Accounting Operations Platform created by accountants for accountants, announced today a strategic consulting partnership with PwC UK, a global leader in assurance, advisory, and tax services. Read More

18. Biden's $7.3T budget sets up tax fight with Trump

President Joe Biden's $7.3 trillion fiscal 2025 budget proposal lays out a second-term vision that would deliver more services, middle-class tax breaks and price controls to voters funded through higher taxes on the wealthy and corporations. Read More

19. FCA fines advice firm £898K and bans pair over British Steel pension transfers

The firm, which is in administration, poorly advised people to transfer out of defined benefit (DB) pension schemes, including the British Steel Pension Scheme (BSPS), according to the regulator. Arthur Cobill, an adviser at IFM, and William Hofstetter, one of its directors, have been banned from advising customers on pension transfers and pension opt outs.Read More

20. Grant Thornton appoints Head of VAT technology and transformation

Leading financial and business adviser Grant Thornton UK LLP is pleased to announce the appointment of Alex Miller as Partner in the firm’s newly formed VAT technology and transformation team.Read More

 

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Christopher Rivera

Director, Client Relations

Christopher Rivera, Chris serves as a Director of Client Relations and Business Development at Entigrity. He is an expert at leading and managing teams actively from the front. His expertise in sales, training, coaching, mentoring and influencing combined with his competitive nature makes him a strong leader.  Chris has traveled through the length and width of the country and has spoken with more than five thousand CPAs, understanding their challenges and limitations. On the grounds of that, he can now easily provide opinions and solutions that can be immensely helpful to the professionals. He has also represented Entigrity at a number of major accounting conferences and networking events.