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- KPMG’s job cuts are here
KPMG’s job cuts are here
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
Today’s Ledger:
KPMG cuts hit after scandal.
Auditors get new fraud rules.
America gets almost no vacation.
WTF of the Day🤯
KPMG Job Cuts Hit After Scandal
KPMG Australia is reportedly getting ready for a major round of job cuts, and the timing is ugly. The firm is still dealing with fallout from its audit scandal, public scrutiny, and a long list of senior exits. Reports say the cuts could include dozens of partners and around 1,000 staff, with CEO John Sams telling partners that conversations had already started with people affected.
Once trust breaks at a Big Four firm, the cleanup usually hits people fast. KPMG has already lost senior leaders across audit, legal, HR, and operations. KPMG has not commented yet, but this looks less like a normal cost cut and more like a firm trying to reset after a very public mess.
Read the article
What’s poppin in accounting🍿
Auditors Just Got New Fraud Rules
The AICPA approved a rule that tells auditors what to do when a company’s numbers look suspicious. It does not mean auditors are now the fraud police. Company leaders are still the first ones responsible for stopping fraud. But auditors now have clearer marching orders, stay skeptical, look harder at risky areas, write down what they find, and speak up when something feels off.
The big focus is revenue, because that is where a lot of accounting games happen. Think fake sales, early sales, or numbers that make the business look healthier than it is. Auditors will also need to understand how a company handles whistleblower reports, which are tips from employees who say something is wrong.
The rule kicks in for audits ending on or after Dec. 15, 2028, but firms can start using it earlier.
Read the article
Weekly Trend Chart 📊
America Is Almost Last For Paid Vacation
The U.S. looks brutal compared with the rest of the world when it comes to paid time off. A review of paid leave laws in 197 countries found that America guarantees workers 0 paid vacation days by law. Add in public holidays, and U.S. workers get 10 paid days total, which puts the country second from the bottom worldwide.
Iran sits at the top with 53 paid vacation days (ironic lol), including 26 paid leave days and 27 public holidays. A bunch of countries guarantee 30 paid leave days before holidays are even counted. The simple version is this in most of the world, paid time off is treated like a basic worker right. In America, it is still mostly treated like a company perk.
Meme of the Day😂
Happy FRIDAY! 😂