How auditors assess and respond to risks of material misstatement in the financial statements, including the risk of fraud, is a critical component of audit quality. New research supported by the AICPA’s Assurance Research Advisory Group provides analysis about auditor risk assessment and response processes based on engagement teams’ real-world experiences with their clients. The […]
Archives for October 2020
Fidelity buys LGIM’s £5.8bn personal investing arm
Fidelity has acquired Legal & General Investment Management’s UK Personal Investing business which manages £5.8bn in assets for 300,000 clients. The company says the deal, for an undisclosed sum, will double the number of D2C customers using Fidelity’s expanding Personal Investing business. Fidelity Personal Investing currently has 280,000 customers with £20.3bn assets under management. The […]
Introducing Osome: the next-gen corporate services provider
Think back to the last time you visited the office of your corporate services provider. What’s the first thought that comes to mind? A room full of cabinets? Files? Paper? Osome, a Xero Platinum Partner with offices in Singapore, Hong Kong and the United Kingdom, prides itself on having a paperless office from day one. […]
Uber and Lyft face setback in case to reclassify workers, but it’s far from over
Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., listens during a panel discussion at the Bloomberg Global Business Forum in New York, U.S., on Wednesday, Sept. 26, 2018. Mark Kauzlarich | Bloomberg | Getty Images Uber and Lyft must comply with a preliminary injunction requiring them to stop classifying drivers as independent contractors pending […]
Former Wells Fargo manager alleges age, race, disability bias
A former Wells Fargo manager filed a discrimination claim against the bank after losing his job while on medical leave for cancer. Reginald Robinson, 65, alleged race, age and disability discrimination in a complaint filed against the company’s clearing-services business with the Equal Employment Opportunity Commission last month, according to a copy of the document […]
Merrill Lynch promotes exec to oversee Southeast division
Merrill Lynch promoted one of its own to fill a key position left vacant amid recent executive changes at the wirehouse. The firm elevated Steve Alch to the post of Southeast division executive, according to an internal memo seen byFinancial Planning. He replaces Eric Schimpf who was named head of advisory development, a recently created […]
GM shares close at new year-to-date high following Hummer EV debut
Shares of General Motors closed Thursday at their highest price so far this year following the successful debut Tuesday of the new GMC Hummer EV as well as the automaker’s announcement earlier in the week of more than $2 billion in new U.S. investments to support electric vehicles. The stock settled at $37.41 a share, […]
Draft instructions for partnership capital account reporting released
On Thursday, the IRS released an early draft of the instructions for Form 1065, U.S. Return of Partnership Income (IR-2020-240). The IRS is accepting comments on the draft instructions for 30 days and plans to issue final instructions in December. The revised instructions will apply to the 2020 tax year (i.e., the 2021 filing season) […]
Americans’ personal financial satisfaction sees record rebound
Reflecting the economic volatility Americans have experienced this year, the AICPA’s Personal Financial Satisfaction Index saw its highest-ever quarterly growth in the third quarter of 2020, rising 16.5 points, marking a 99% increase from the last quarter. In the second quarter of 2020, the PFSi experienced its largest-ever quarterly drop, falling 18.5 points, a 55% […]
How I Invest My Money – Carl Richards on how he did the sketches!
[embedded content] Carl Richards is the best known illustrator and one of the most sought after expert speakers in finance. You’ve probably seen his sketches in the New York Times or on his blog, The Behavior Gap. Carl talks to Josh Brown about the process by which he created 25 new custom illustrations to match […]