Professor Elam

Luckin to Re List in USA After Being Expelled in 2020

Wed Jan 198 2022

hutzpah

 

 

 

 

 

hutz·​pah

variants: or hutzpa

less common spellings of chutzpah

: supreme self-confidence : nerve, gall It took a lot of chutzpah to stand up to him the way she did.

 

Luckin will re list in USA

Luckin fabricated $300 M in sales and was kicked off the NASD just two years ago.

 

Wanna invest, I am sure they have changed their spots!

Sol Schwartz Looking for Senior Tax and Audit Professionals

Weekend Jan 8 2022

Is a new job one of your goals for 2022? Now's the time to get started. Our growing firm is looking for great tax seniors, senior managers, and audit professionals. Let's talk about whether we're the right fit for you. Contact us: HR@SSAcpa.com, 210.384.8000, and web: https://lnkd.in/eg5WCQf #accountingjobs #auditjobs

How's Yur ESG

Wed Nov 10, 2021

is becoming a new measurement for companies.

Read about it in this MIT report

Data Analytic Class, Register Today

Friday Oct 22, 2021

As I mentioned in class, datacamp.com is a website that teaches data analytics in several platforms.  They have courses available in Introduction to Power B.I., and Tableau.  

Power B.I.: https://app.datacamp.com/learn/courses/introduction-to-power-bi

Tableau: https://app.datacamp.com/learn/courses/introduction-to-tableau

 

Subscriptions are currently on sale for $149/year.  I believe the sale ends tomorrow (10/22/2021) at 7:30p.m. CST.  They regularly offer discounted rates, but their undiscounted price is stated as $399/year.  

 

Discount landing page: https://www.datacamp.com/promo/october-flash-2021

PwC and Evergrande

Wed oct 20 2021

from Going Concern

Hong Kong audit watchdog investigating Evergrande and PwC [Reuters] Hong Kong’s audit regulator said on Friday it was investigating China Evergrande Group’s 2020 accounts and their audit by PwC because it had concerns about the adequacy of reporting on whether it could continue operating as a going concern. Cash-strapped Evergrande has been scrambling to divest some assets to repay creditors knocking on its doors. With more than $300 billion in liabilities, it has already missed three rounds of interest payments on its international bonds.

Evergrande crisis puts PwC role in spotlight [Financial Times] More on the Evergrande situtation: “Evergrande’s auditors — which have earned Rmb271m ($42m) since 2009 — signed off on the figures presented to them by management for years. And just like its peers who audited those UK companies, PwC may well face criticism over the level of challenge applied against management over accounting policies that could have shown warning signs about the company’s financial health. PwC has declined to comment on its audits of Evergrande as it is a live client engagement.”

KPMG gives A Partner the Boot

Wed Oct 6 2021

Named in Magma case, KPMG ousts partner [Times of India] From last week: “Days after managing director Abhay Bhutada quit following the Sebi action on insider trading in erstwhile Magma Fincorp shares, KPMG India on Monday terminated the services of one of its partners, Saumil Shah. The move came after Shah was named in the Sebi investigation into the insider trading at Magma, now renamed Poonawalla Fincorp after it was taken over. Chairman Adar Poonawalla has said that the company is carrying out an independent investigation too into the recent events that led to the exit of Bhutada.”

PCAOB Proposes Lead Auditor Requirements

Wed Oct 6, 20221

PCAOB moves to strengthen lead auditor’s oversight of other auditors [Journal of Accountancy] The lead auditor’s role in planning and executing a public company audit that involves other auditors would be enhanced under a proposal posted Tuesday in a second supplemental request for comment by the PCAOB. The PCAOB has been looking for years to strengthen requirements that apply to audits involving accounting firms and individual auditors that are outside the accounting firm that issues the auditor’s report.

KPMG in the News Again-For the Wrong Reasons

Weekend Sept  18 2021

It's hard to keep a sescret among 1,100 employees.

KPMG was fined $1450 K for mass cheating on internal exams apparently required by the PCAOB.

 The fines and punishment are amazingly light.  Those involved even e mailed answers around, gee rather lax don't you think?

 

Gensler on Chinese Auditing

Tuesday Sept 14, 2021

From SEC Gary Gensler op ed in the WSJ today

 

The Securities and Exchange Commission may need to prohibit trading in about 270 China-related companies by early 2024. The reason can be traced to the Enron and WorldCom accounting scandals.

Congress passed the Sarbanes-Oxley Act in 2002, mandating inspections of public companies’ auditors by the Public Company Accounting Oversight Board. More than 50 foreign jurisdictions allow the board to “audit the auditors.” Two do not: China and Hong Kong.

Congress acted last year to fill this gap by unanimously passing the Holding Foreign Companies Accountable Act. The law prohibits trading in an issuer’s stock if a foreign jurisdiction prevents our oversight board from inspecting the company’s audit firm for three consecutive years. The SEC has taken all the required steps to implement this law, and the oversight board is on track to finalize its relevant rulemaking before the end of the year. The three-year clock began ticking in 2021.

Now it’s up to Beijing to let the oversight board in so we can ensure the relevant audits are up to U.S. standards. Early next year I expect we will announce which companies, if any, used an auditor that didn’t open its workpapers to U.S. overseers. If these companies use an audit firm in a noncompliant jurisdiction for two more years consecutively, their shares will be prohibited from trading in our capital markets beginning in 2024.

SA CPA Career Fair Day

Thursday Sept 9 2021

Friday Sept 24 2021

 

5 30 - 7 00 PM on line

 

Please share the attached flyer with accounting majors, potential accounting majors and CPA candidates who are considering their future career options.

 

As discussed today, there will be seven presenting sponsors, in addition to the topic-specific speakers, who will provide information about their firms and how to connect with them regarding internships and entry-level jobs:

 

ADKF

Exencial Wealth Advisors

Fisher Herbst & Kemble

Ridout Barrett & Co

Sol Schwartz & Associates

Steven Bankler CPA

theKFORDgroup

 

Encourage your students/CPA candidates to sign up through you or contact us directly at 210-828-2722/toll free 888-828-8680 or amanda@txcpasa.cpa (new e-mail address) by Thursday, 9/23 at 5 p.m. to receive the Zoom link details. Name, university name and e-mail address should be included. If they want their resume included in the book to be provided to the sponsors, e-mail that in PDF to amanda@txcpasa.cpa by Friday, 9/17/21.

 

Thank you for your assistance in getting the word out.