KEY ACCOUNTING INDUSTRY INSIGHTS AND UPDATES – MAY 2024

1. EY Adds New York-Based Technology Consulting Firm Nuvalence

Big Four accounting firm Ernst & Young has acquired Nuvalence, a Troy, NY-based technology consulting firm that specializes in innovative artificial intelligence platform and product development. Read More

2. Maryland Accounting Firm SKMB Joins Marcum

The combination brings SKMB’s talented team to Marcum, including two senior advisors and their associates with extensive experience in accounting, assurance, tax services, and business valuations. Read More

3. Ex-HVAC Accountant Admits to Embezzling $1.5 Million in Wilkes-Barre, PA

The former financial controller of a Luzerne County HVAC equipment company pleaded guilty to a federal wire fraud charge for embezzling more than $1.5 million over a three-month period last year to support a gambling habit. Read More

4. Wall Street aims to gut SEC trading surveillance

After 14 years of debate, the Securities and Exchange Commission is in the final stages of bringing a powerful new surveillance tool fully online. But Wall Street is seizing on the ideal political environment for a last-ditch attempt to kill it. Read More

5. IRS updates modernization plans

The Internal Revenue Service released an update Thursday of its Strategic Operating Plan, with improvements planned in services and technology for both taxpayers and tax professionals, while dramatically ramping up audit rates on large partnerships, big corporations and the wealthy, as the Treasury and the IRS also released a report on how much they've accomplished on the plan over the past year using funds from the Inflation Reduction Act. Read More

6. Hong Kong regulator to probe PwC over Evergrande

Hong Kong's accounting regulator said it will investigate allegations over PricewaterhouseCoopers LLP's role auditing China Evergrande Group following a "whistleblower report." Read More

7. IRS unveils draft 1099-DA for crypto

The Internal Revenue Service previewed a draft version of the Form 1099-DA on Friday for crypto brokers reporting on the proceeds of digital asset transactions to their customers. The form is the result of the bipartisan Infrastructure and Investment Jobs Act that President Biden signed into law in 2021. Read More

8. Former ADM CFO to resign after accounting probe

Archer-Daniels-Midland Co. said former chief financial officer Vikram Luthar, who was placed on leave earlier this year amid an accounting investigation, has agreed to resign effective Sept. 30. Read More

9. Thomson Reuters unveils Checkpoint Edge with CoCounsel, featuring its generative AI assistant for tax research

A global content and technology company, is expanding access to the power of generative AI (GenAI) with the launch of Checkpoint Edge with CoCounsel to help redefine how professionals perform tax research. The enhanced solution is built on Amazon Web Services (AWS) and delivers a GenAI assistant to tax professionals. Read More

10. IRS Appeals forms new resolution office

The Internal Revenue Service's Independent Office of Appeals has created an Alternative Dispute Resolution Program Management Office, which will collaborate with the agency's business operating divisions to help taxpayers resolve tax disputes earlier and more efficiently. Read More

11. IRS wraps up tax season

The Internal Revenue Service reported stronger performance on Monday, April 15, as it concluded this year's tax filing season, saying it had answered 1 million more phone calls from taxpayers and helped 170,000 people in person compared to last year. Read More

12. EY weighs another 100 job cuts in Oceania

EY is mulling plans to trim another 100 jobs in its Oceania business, the latest sign of pressure in an industry that spans accounting, audit and consulting, according to The Australian. EY Oceania is preparing to announce the round of redundancies that could be as high as 100 roles and be announced as early as next week, the newspaper reported. Read More

13. LPL drops lawsuit seeking $5.4M tax refund from IRS

In a stipulated agreement to remove a lawsuit seeking millions of dollars in IRS tax refunds from court permanently, LPL Financial dropped its legal case against the government. Read More

14. PCAOB Wallops KPMG Netherlands With Record $25M Fine For Exam Cheating

A fine of $25 million to the Netherlands arm of Big Four firm KPMG for systemic exam cheating over a five-year period is the largest financial penalty doled out thus far by the Public Company Accounting Oversight Board (PCAOB), the U.S. audit regulator said on April 10. Read More

15. PwC Locks Down Top Spot in Vault’s Best Accounting Firms Ranking for 2025

April 15 isn’t just Tax Day. It’s also the day career website Vault.com typically releases its latest ranking of the 25 best accounting firms to work for. Vault’s ranking for 2025 came out Monday morning, and for the 12th straight year, PwC was named the top accounting firm in the U.S. Read More

16. Crowe Adds Southern California Accounting Firm KMJ Corbin & Company

KMJ’s audit and tax capabilities and industry sector specialization will offer an unrivalled client experience and augment Crowe’s ability to serve the ever-expanding needs of its client base in California. Read More

17. PCAOB Proposal Would Require Audit Firms to Disclose a Variety of Metrics

The Public Company Accounting Oversight Board (PCAOB) issued a pair of proposals on April 9, one of which would require audit firms to publicly disclose several metrics—including the involvement of partners and managers on an audit, auditor workload, and auditor turnover—on a new form that would be accessible to investors. Read More

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

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. Knopp will succeed Tim Ryan, senior partner of PwC in the U.S., as CAQ Governing Board chair. Ryan is retiring from PwC on June 30. Read More

19. 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

20. 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
 

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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.