Financial News and Analysis | CFO Dive
Flagstar makes 2nd CFO change this year Lee Smith, the bank’s president of mortgage, will take over as chief financial officer Dec. 27, as Craig Gifford pursues “personal endeavors outside of banking,” Flagstar said.
Macy’s says accountant hid as much as $154M in expenses
Nov 25, 2024 · Dive Brief: A Macy’s accountant intentionally hid as much as $154 million in expenses from the fourth quarter of 2021 through the fiscal quarter ended Nov. 2, 2024, the company said Monday, flagging the flawed bookkeeping just days before the marquis retailing day known as Black Friday.
KPMG backs 120-credit hour alternative CPA licensure option
Oct 9, 2024 · Dive Insight: KPMG’s full-throated support for alternative paths to CPA licensure comes roughly a month after t he American Institute of CPAs shifted to officially move ahead with adding more paths and flexibility to licensure in order to tackle the accounting talent shortage.. The accounting association had previously raised objections to cutting the hourly credit requirement, citing ...
KPMG to invest $100M in Google Cloud effort | CFO Dive
Nov 21, 2024 · Dive Brief: KPMG said Wednesday that it plans to make a new $100 million investment toward enhancing generative artificial intelligence, data analytics and cybersecurity services that it provides through an existing partnership with Google Cloud.; The expanded alliance, which is expected to drive $1 billion in incremental growth for the Big Four accounting and consulting firm, will include a ...
OpenAI’s $6.6B raise puts it at the tech’s vanguard. Will it be …
Oct 10, 2024 · The funding wheel keeps turning To be sure, the spotlight on GenAI has yet to dim significantly. Apart from the $6.6 billion OpenAI just pocketed, funding for AI startups reached $19 billion in the third quarter, representing 28% of all venture dollars, according to Crunchbase data.Meanwhile, the number of U.S. companies willing to invest $10 million or more in GenAI is set to double in 2025 ...
SEC hits UPS with $45M fine for material misstatements
Nov 25, 2024 · Dive Brief: The United Parcel Service will pay a $45 million penalty in association with settled charges from the Securities and Exchange Commission for materially misrepresenting its earnings, relating to the improper valuation of a business unit, according to a Friday press release.; The Atlanta, Georgia based company failed to record goodwill impairment for its UPS Freight unit in 2019, a ...
Wall Street year-end bonuses forecast to jump as much as 35%
Nov 12, 2024 · Dive Brief: Wall Street workers are expected to get year-end bonuses that are as much as 35% higher than they received last year, marking the first time since 2021 that the incentive payments have grown as a whole for the financial services industry, according to a press release from Johnson Associates, a New York City-based consulting firm, sent to CFO Dive, and a report on their analysis.
KPMG’s 29-year SVB stint stirs independence debate
Mar 16, 2023 · The Big Four firm rotated in a new “engagement partner” for SVB in 2021, according to Benedikt Quosigk, an accounting professor at Kennesaw State University in Keenesaw, Georgia who reviewed filings on the matter made with the Public Company Accounting Oversight Board.. Two camps on firm rotation. U.S. regulators have long contemplated limiting how long auditing firms can serve a certain ...
Orthofix ousts CEO, CFO, CLO, citing ‘offensive conduct’ - CFO Dive
Sep 12, 2023 · Dive Insight: I nvestors “ reacted negatively to the news” because it came without warning, according to a Motley Fool report, while noting that the impact may not be long-listing and citing the company’s assertion that the matters were unrelated to the company’s finances. Orthofix’s shares fell 30% to close at $13.01 Tuesday. The terminations come less than a year after Orthofix ...
Accounting events for Q4 and 2024 - CFO Dive
Nov 30, 2023 · As accountants hustle at year-end to prepare to close their books, few have the luxury of time to consider how best to navigate the many challenges facing professionals in the field — be it automation, generative AI or the host of new accounting standards on the horizon.. With that in mind, CFO Dive has compiled a list of upcoming accounting conferences and industry events that give CPAs the ...