Accounting & Tax

Auditing

Deloitte Fined Record $19M Over Audit Failures

A U.K. investigation found the Big Four firm liable for “serious and serial failures” in its audits of software firm Autonomy.

Matthew Heller
September 18, 2020
Capital Markets

Opendoor to Go Public Through SPAC Merger

The merger with Social Capital Hedosophia Holdings II values the company at $4.8 billion.
Sustainability

How Finance Leaders Can Drive Sustainability Transformations

The CFO has the opportunity to lead the sustainability conversation by articulating the manifold ways sustainability creates value for the company.
Auditing

Deloitte to Create Independent Audit Board

The new board is part of Deloitte's plan to implement U.K. regulatory changes after a series of high-profile audit failures at Big Four accounting firms.
Risk Management

Business Interruption: Insurers Balk at Paying Claims

Business interruption insurance has offered little protection from the large losses caused by COVID-19 government shutdowns.
Auditing

PCAOB to Consider Revising Audit Evidence Rule

The board will assess whether it should change its standard to reflect the growing use of technology-based auditing tools.
Financial Performance

Michaels’ Sales Jump 11% on E-Commerce Push

The crafts retailer has enhanced and expanded omnichannel capabilities including curbside pick-up, same-day delivery, ship from store, and in-app purchases.
Disclosure

CFTC Urges Changes to Climate Risk Disclosure

Current rules have "not resulted in disclosures of a scope, breadth, and quality to be sufficiently useful to market participants and regulators."
COVID-19

Be Ready to Distribute COVID-19 Vaccine in Two Months, CDC Says

Public health authorities were notified to prepare to distribute a coronavirus vaccine as early as late October.
Cash Flow

Metric of the Month: Cash-to-Cash Cycle Time

APQC found that top performers on this measure have a CCC of 33.2 days or less on average, while bottom performers take 74 days or longer.
Financial Performance

Macy’s Shares Higher on Better-Than-Expected Q2

Digital sales increased 53% year-over-year, which helped offset the loss of sales at stores due to coronavirus closures.
Compensation

Employers May Balk at Payroll Tax Holiday

President Trump's tax deferral may be "too complex or impose too much potential liability on [employers] to be worth taking advantage of."
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