KPMG’s U.K. firm, one former partner and four former employees faced sanctions Monday over auditing problems at two clients, the construction company Carillion and the data services company Regenersis. The U.K. Financial Reporting Council announced the findings of a disciplinary tribunal of the firm’s audits of Carillion for the fiscal
The Internal Revenue Service is coming under fire in Congress again, this time for lax oversight of fraudulent charities that applied for tax-exempt status and received approval. House Ways and Means Oversight Subcommittee chairman Bill Pascrell, D-New Jersey, sent a letter to outgoing IRS Commissioner Chuck Rettig demanding answers to
Bloomberg Tax & Accounting announced that Chicago-based Top 10 Firm RSM US has been named the first Certified Implementer of Bloomberg Tax Provision and Bloomberg Tax Fixed Assets. “We are really pleased RSM is the first Certified Implementer for both Bloomberg Tax Provision and Bloomberg Tax Fixed Assets,” said Lisa
Business software provider Xero announced the early U.K. release of its new Xero Go app, which aims to provide small business owners, freelancers and other self-employed individuals access to entry-level accounting solutions. The new app will allow people to record expenses via the Quickscan feature, which extracts expense information from
The Institute of Internal Auditors unveiled new research during its annual international conference in Chicago this week pointing to changes in the internal audit profession worldwide. The report collected feedback from 3,600 internal audit professionals representing 159 international locations and found regional differences within a diverse profession involved in traditional
The Federal Bureau of Investigation is warning people to make sure their cryptocurrency trading app is legitimate, because over the past year it is believed 277 people have lost $42.7 million to fake ones designed by scammers. Sometimes these apps appear to come from legitimate financial institutions, such was the
Grant Thornton U.K. LLP has been fined approximately $1.32 million pounds, or about $1.58 million, for its audits of Sports Direct International, a British sportswear retailer, by the U.K.’s Financial Reporting Council. The FRC imposed severe reprimands and fines Monday against the firm as well as a former partner, Philip
Senator Joe Manchin said he put the brakes on the Democrats’ tax and climate agenda in order to wait for July inflation data and to see what the Federal Reserve does next — but is willing to consider moving ahead in September. The West Virginia Democrat said Friday that he
An unprecedented global agreement on how to tax corporations, a key diplomatic win of President Joe Biden’s administration, is at risk of unraveling after members of his own party delayed a crucial vote, threatening the chances of the world’s biggest economy joining the deal. The U.S. Senate has an increasingly
Democrat Joe Manchin is once again playing spoiler for President Joe Biden’s economic agenda, bringing it to a screeching halt even after spending much of the year whittling down its grandest ambitions. The West Virginia senator said Friday it wouldn’t be “prudent” to act now on climate and tax plans