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Earnings

Finance and accounting salaries rise as executives adapt to fluctuating market pressures, new report says [Randstad] According to a new report from Randstad USA, finance and accounting professionals remain at the top of the job market, with demand for financial analyst and staff accountant roles growing. Other positions requiring similar skills that are in particular demand include accounting managers, controllers, and payroll coordinators/clerks. Randstad’s Finance and Accounting Salary Guide 2023 found that demand for these positions is highest in California, Texas, New York, Florida, Illinois, North Carolina, Ohio and Georgia. Overall, there was a large regional difference between average salaries for finance and accounting professionals, which can be explained by differences in the cost of living and the fact that in some markets employers offer higher salaries to attract workers back to the office. The report shows that the highest salaries are for finance and accounting professionals working in San Francisco and Los Angeles (+64.8% and +57.6% above the national average, respectively), and the lowest in Little Rock and Kansas City (-8.0% and -6.1%, respectively, below the national average).

The devastating future we were promised

New Deloitte, IMA survey reveals majority unprepared for the future of accounting and finance [PR Newswire] A new multinational survey by the Deloitte Management Center and IMA (Institute of Management Accountants) finds that even though 76% of more than 1,300 finance and accounting professionals surveyed, including analysts, managers, controllers and CFOs, say control of their organizations functions have begun transformation, almost all (95%) report that they have more work or are not progressing fast enough. Another 65% admit that their organization’s control function is not ready or only somewhat prepared to meet future demands. The survey report, titled Stepping into the Future of Management: From Accounting to Understanding, also details the transformative effect the global COVID-19 pandemic has had on finance and accounting, and how finance and accounting professionals can capitalize on this momentum to promote innovation in management and deliver greater value to their organizations.

The ethics of artificial intelligence is a growing concern [Accounting Today — subscription] The increasing use of artificial intelligence in accounting software has led to growing concerns about the ethical issues this technology poses for professionals, their clients, and the public at large. Over the last few years, there has been a growing number of accounting solutions touting the use of artificial intelligence for a wide range of applications, from tax planning and auditing to payroll and expense to ERP and CAS. The accounting profession spent $1.5 billion on such software in 2021 and is projected to spend $53 billion by 2030, according to a report by Acumen Research and Consulting.

Regulation Comes to Cryptography: What It Means for Tax and Accounting Professionals [Thomson Reuters] Cryptocurrency has moved beyond its initial nascent phase to become a widespread asset class that exists throughout today’s financial ecosystem. Some may not realize it, but institutions are using cryptocurrencies and digital assets at a record pace; and trading, buying, and holding crypto is now just as easy as trading any other asset like stocks or bonds—perhaps even easier. And maybe too easy.

Big 4

Deloitte plans to grow its UK consulting practice by 40% by 2027. [Deloitte] The UK workforce will grow to around 11,000 by 2027 and will be supported by around 1,200 new jobs created across the country in FY22. £220 million (US$239 million) will be invested in Deloitte’s expertise in digital transformation, technology and consulting over the next five years.

The former director of EY will pay 24 thousand dollars for insider trading [Compliance Week] A former business development director at Ernst & Young has agreed to pay $23,900 to settle charges by the Securities and Exchange Commission (SEC) for engaging in insider trading.

FC Barcelona replaced EY with Grant Thornton after warnings [Consultancy.eu] Spanish football [soccer for us Yanks] giant FC Barcelona has reported strong profits for its latest financial year, months after appointing Grant Thornton as its new auditor. The firm took over from EY shortly after the Big Four’s auditor warned of a “hole” in the football club’s finances worth hundreds of millions of euros.

PwC Middle East sets new record by welcoming +500 new graduates with 54% women [Zawya] PwC in the Middle East welcomed 412 graduates this summer, setting a record of 529 new graduates during 2022 and confirming PwC’s commitment to investing in talent in the region. New graduates work in all service areas of PwC Middle East. Their well-rounded training will enable them to join the firm’s community of solvers, where they will have the opportunity to immerse themselves in a variety of sectors including ESG, digital transformation and financial services.

Busy month for Deloitte: Consulting giant announces major B-School initiatives [Poets & Quants] One of the largest consulting companies in the world is also one of the largest employers of business school graduates. So it’s news when Deloitte announces a new partnership with a leading B-school — even more so when it announces more than half a dozen of them. Deloitte this month unveiled the names of the six universities and colleges that will participate in the second year of the Future of Work Institute; the schools are Boston University, Florida State University, Howard University, University of Nebraska-Lincoln, University of Southern California, and Dallas College.

Financial directors

Netflix Chief Accountant Ken Barker Resigns After 3 Months On The Job; CFO Spencer Newman will take over while a replacement is searched [Deadline] Ken Barker, Netflix’s chief accountant, resigned from the company just three months after arriving. In an SEC filing, the company said Barker tendered his resignation on Thursday. The statement described it as a “personal decision” and emphasized that it “was not the result of a disagreement with the company on any matter relating to the company’s financial performance, operations, policies or practices.” Barker joined Netflix last June after 19 years at Electronic Arts. Prior to EA, Barker worked at Sun Microsystems and Deloitte & Touche.

CFOs continue to struggle to retain talent [CFO Dive] CFOs looking to attract and retain the right talent amid inflationary pressures, rising interest rates and other economic stresses must “double down on recognition and meaningful work for employees,” Jessica Beer, managing director of Deloitte Consulting, said in an interview. To attract and retain viable talent to keep the business afloat, 71% of CFOs said their approach is a flexible workplace environment, 63% said clarity on career development and growth opportunities, and 62% reported a second-wave salary increase, according to the third-quarter CFO Signals report.

Audit

China sends regulators to Hong Kong to assist US audits – sources [Reuters] Beijing has sent a team of regulators to Hong Kong to assist the PCAOB with on-site audit inspections of Chinese companies, four people familiar with the matter said, in a landmark deal between the two countries.

Revolution Beauty’s auditor raises “serious concerns” about the accounts [Financial Times] Revolution Beauty, an online retailer that launched in London last year, has slashed its forecasts and revealed that its auditors have refused to sign off on its accounts. The company said on Friday that BDO had informed it of “a number of serious issues” with its reporting for the year to February 2022. Among the issues highlighted by the auditor was the company’s “ability to provide sufficient and accurate audit evidence” in several areas. and “the validity of certain commercial arrangements entered into by the company.”

OSC contacts audit firms for information on internal policies and procedures [Ontario Securities Commission] Meanwhile in Canada: The Ontario Securities Commission (OSC) announced today that it will make targeted inquiries of certain public accounting firms that conduct audits of Ontario reporting issuers. As a result of ethics violations identified by regulators in Canada and other jurisdictions, the OSC will request specific information about the internal policies and procedures of auditing firms. The scope of this review does not currently include an individual audit of an issuer’s financial statements previously filed with the OSC. Among other things, the OSC will seek information about the firm’s policies related to compliance with relevant ethical requirements and the operation of internal whistleblower programs. The OSC will also request details of the firm’s procedures regarding the dating of audit work performed and the conduct of internal training courses.

Practice

What small firms need to know about succession and M&A [Journal of Accountancy podcast] Hear as Terence Putney, CPA, managing director of Whitman Transition Advisors and leading accounting firm merger consultant, discusses succession and related M&A trends with small firm philosophy leader Jeff Drew, PCPS manager. During his 44-year career, Putney has been involved in hundreds of accounting firm mergers and acquisitions and has written more than 20 articles on succession issues for JofA.

News

Trump’s former accounting firm has begun turning over documents to Congress [New York Times] Mazars USA, the longtime accounting firm of former President Donald J. Trump, who cut ties with him and his family business this year, began turning over documents related to his financial affairs to Congress. New parts of the documents are expected to follow.

Investors are demanding a review of “outdated” US accounting rules [Financial Times] “Investors are increasingly concerned that accounting standard-setting has not kept pace with the evolution of sources of value and risk, leaving investors without the information they need to evaluate today’s companies,” wrote the US Securities and Exchange Commission’s Investor Advisory Committee. resolution passed Wednesday.

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