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How firms are delivering value with audit data analytics

When Ed Wilkins, CPA, talks to audit committees about adding data analytics to the audit process, he explains to them that it usually takes three years for investment in a complex audit analytic to pay for itself, according to the Journal of Accountancy. Audit analytics give practitioners the ability to examine an entire dataset rather than just a sample, improving the quality ...

Global economic confidence rebounded in Q4, say ACCA and IMA

From Accounting Today: Global economic confidence bounced back in the fourth quarter of last year to approximately the level it enjoyed in mid-2019, with a particularly strong improvement in North America, according to a new survey of accountants from the Association of Chartered Certified Accountants and the Institute of Management Accountants. While the Global Economic Condi ...

Technical Accounting: The CFO’s Secret Weapon

From Shauna Watson, writing at Cfo.com:  Charles Holley, the retired CFO of Wal-Mart, has said that CEOs want finance chiefs who are: Adept influencers Strong communicators Tireless change agents Nowhere on that list is “proficient accountants.” The controller-style CFO has fallen out of favor, particularly in private equity environments, where fund sponsors believe bo ...

Huawei CFO's lawyers say US case undermines 'double criminality'

Al Jazeera: A lawyer for Huawei Chief Financial Officer Meng Wanzhou argued in a Vancouver court on Monday that she should not be sent to the United States for trial because her alleged crimes do not meet Canada's tests for extradition, in a case that has strained relations between Ottawa and Beijing. Meng, 47, has said she is innocent and is fighting extradition in part becau ...

France and U.S. Move Toward Temporary Truce in Trade War

From New York Times: The détente emerged after Presidents Macron and Trump agreed to grant more time for talks over a global solution to taxing Amazon, Facebook and other digital giants. France and the United States appeared to strike a temporary truce in a trans-Atlantic spat, French officials said Tuesday, after President Emmanuel Macron agreed to suspend a tax on American t ...

McKinsey report suggests banks would be a major casualty in a global recession

You have another reason to hope the economy doesn’t fall into a global recession: Turns out one in three banks wouldn’t survive such a downturn. The only way they’d make it? If they merged with another financial institution or massively restructured. That’s according to recent analysis from the folks at McKinsey. The management consultancy classifies 35% of banks worldwideas ...

Why Procurement Savings Get Lost in Translation

By David Schannon and Chuck Miller, Bain & Co. (from Cfo.com) It’s a frustrating scenario at many companies: The procurement chief announces major savings from a new initiative, but the gains never make it to the bottom line. The problem is pretty obvious: two accounting systems that don’t mesh. Procurement departments calculate savings based on categories of goods, such ...

What skills will the future CFO need?

From Cfo.com: The future CFO needs to be a thought leader who fosters an open and collaborative culture to build next-generation practices. “That means empowering the team and giving them more control over the day-to-day finance operations,” says Anthony Coletta, CFO of SAP North America. To succeed in their new leadership roles, senior finance executives need to be adept at i ...

Corporate CFOs in High Demand at Charities as Budgets Come Under Scrutiny

From WSJ: After three decades working as a financial executive for General Electric Co. and the Depository Trust & Clearing Corp., Oscar Raposo took a career break in 2015 to go backpacking in Asia. When it was time to return to work, he decided to move into the nonprofit sector. “I wanted to do something that I was passionate about,” said Mr. Raposo. He is now finance chi ...

PwC fails to ward off multimillion negligence claim

PwC has failed in a High Court bid to ward off a pending multimillion euro negligence claim against the Big Four firm, reports Accountancy Daily. The firm had asked Mr Justice Fancourt to strike out the claim and grant them summary judgment. However, in a complex judgment running to more than 18,000 words, the judge refused. The case has been brought against PwC and Windward ...

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