Friday Footnotes: Accounting AI Explodes; SOX Compliance Sux; KPMG Gets on a List | 6.17.22

Going Concern

VCs Target AI Accounting Startups as Companies Look to Control Spending in Uncertain Economy [ Wall Street Journal ] It’s finally happening! World-wide, startups making AI-powered accounting software amassed $233.3 This is effective as of June 2, 2022.

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JPMorgan, Goldman-Backed Payments Co Finablr Eyes IPO

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However, we don’t know the size of the IPO. Goldman Sachs, HSBC and JPMorgan are all involved with the management of the IPO. Finablr started in April of 2018 as an umbrella for companies like Travelex, Xpress Money and the UAE Exchange. The company planned to sell 30 percent of its shares publicly and use that money to expand. The company’s founder spoke at the Indian budget forum hosted by the Institute of Chartered Accountants of India-Dubai.

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UK Accounting Watchdog Ramps Up Fines

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’s accounting watchdog, the Financial Reporting Council (FRC), has now levied more fines in two days than it has in the entirety of 2017, according to Bloomberg reports on Tuesday (June 19). The newly aggressive tactics suggest the FRC took note of criticism by policymakers that the regulator was ineffective and “toothless” to address substandard auditing by the nation’s Big Four auditors: KPMG, PwC, Ernst & Young and Deloitte. The U.K.’s

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B2B Payment Terms In Flux Amid Market Volatility

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While the move was welcomed, Construction Products Association Economics Director Noble Francis told the publication that it is unclear how the government would enforce this, and raised concerns that the construction sector is particularly vulnerable to the consequences of late payments.

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