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Friday Footnotes: A Billion Dollar AI Audit Startup; Oops, All Independence Violations!; Bipartisan Tax Vote | 2.2.23

Going Concern

Paul McNab, formerly tax partner for 22 years, is challenging a key clause in the firm’s retirement plan that denies pension payments to partners – which are worth around $140,000 a year – if they leave to work for a “major competitor”. In the middle of a busy tax season, it would only take a few seconds—and just one click.

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Key Accounting Challenges Facing Professional Services Businesses

Basis 365

Service-based businesses, such as marketing agencies or management consultants, face several accounting issues that are unique to their industry. Accounting standards, such as ASC 606 (IFRS 15), provide guidance on revenue recognition for these types of businesses.

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Friday Footnotes: Deloitte Partner Scammed By Other Deloitte Partner; Big 4 Legal Grows; A $3.5 Billion Error | 2.17.23

Going Concern

KPMG to cut about 200 staff amid consulting work slowdown [ Australian Financial Review ] This is separate from KPMG US layoffs announced earlier this week. Those creditors include the UK tax authority, HMRC. And to treat it as such does a disservice to the people of our state who have to have confidence in their elected officials.”

Legal 96