The Latest

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  Controllers hunt for workarounds to ‘continuous’ reporting, accountant shortage

  As leaders of their firms’ accounting operations, many controllers are outsourcing work and using AI to speed accounts payable and receivable tasks.

  Strategy & Operations

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  CEOs, CFOs can’t get non-prosecution agreement under DOJ pilot

  Criteria released by the Department of Justice April 15 lets corporate executives know if they stand a good chance of avoiding charges for coming forward with misconduct allegations.

  Strategy & Operations

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  NSA sounds alarm on AI’s cybersecurity risks

  Malicious actors on the hunt for sensitive data or intellectual property may be attracted to attack vectors unique to artificial intelligence, the NSA warned.

  Technology

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  Google to restructure finance team ahead of AI push: Reports

  The restructuring is the latest round of layoffs by Alphabet as the company looks to funnel more than $100 billion into AI projects.

  Technology

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  Accounts receivable automator Versapay taps new CFO

  Ed Neumann is joining the AR platform provider as it looks to grow by targeting companies seeking to digitize their older manual systems.

  Financial Reporting

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  Orthofix replaces fired CLO, grapples with internal control ‘material weakness’

  The new chief legal officer is joining the company as it faces a fresh set of headwinds related to its internal control over financial reports.

  Financial Reporting

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  Werfel sees IRS budget request yielding $341B in extra revenue

  The IRS chief testified to a Senate committee after Republican lawmakers secured a $20-billion cut to the agency’s budget.

  Financial Reporting

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  Cyber insurance gaps stick firms with millions in uncovered losses

  An analysis of 101 breaches across various sectors revealed insurance gaps resulting in an average of $27.3 million in uncovered losses per incident.

  Technology

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  CFOs worry over rising operations cost: Grant Thornton

  Finance chiefs are banking on GenAI to offset cost pressures in the face of persistent inflation, with 71% of CFOs still expecting a jump in net profit.

  Technology

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  Powell: Inflation data deny Fed ‘greater confidence’ needed to cut rates

  The Fed chair is just one of many policymakers who, in the face of persistent price pressures, has voiced no urgency in reducing borrowing costs.

  Strategy & Operations

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  Biden tax negotiator rejoins KPMG as election weighs on Pillar 2 prospects

  Although the U.S. has yet to sign on, the OECD’s new Pillar Two tax rules already apply in more than 30 countries, Michael Plowgian said.

  Strategy & Operations

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  70% of CEOs feel ready to deliver on responsible GenAI

  The intense focus on safe and ethical GenAI use comes as the technology’s rapid rise is prompting scrutiny from governments around the world.

  Strategy & Operations

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  Opinion

  The CFO’s role in curbing third-party cybersecurity risk

  With vendor-related cyber risks spiking rapidly, the stakes are too high for CFOs to treat the issue as merely an IT concern, writes cybersecurity consultant AJ Yawn. 

  Compliance

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  ChatGPT grabs the shadow IT crown: report

  Generative AI tools emerged as the latest villain in the enterprise battle to curb SaaS bloat and rationalize software portfolios, Productiv analysis found.

  Technology

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  How AI speeds ‘hugely time-consuming’ pricing, quote tasks

  Artificial intelligence could cut anywhere from 30% to 70% of the time businesses spend on the quote process, according to Lydia DiLiello, CEO of Capital Pricing Consultants.

  Strategy & Operations

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  Retail sales surge as economy enters Q2 spurred by spend-happy consumers

  After the release of the retail sales data, the Federal Reserve Bank of Atlanta upgraded its estimate for the annualized rate in first quarter GDP growth to 2.8% from 2.4%.

  Strategy & Operations

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  Customers Bancorp boots CFO for ‘cause’

  Carla Leibold was terminated Wednesday over a violation of company policy, a characterization she reportedly disputes. Philip Watkins was promoted to take her place, the company said.

  Leadership

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  NYCB hires new CFO, general counsel

  The beleaguered Long Island-based lender brought aboard four executives Friday whose careers had crossed paths with that of newly minted CEO Joseph Otting.

  Financial Reporting

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  Scribd promotes CFO to CEO following expansion push

  Scribd is tapping its former CFO for the role after moving to streamline its offerings, including breaking its document and book content into two distinct platforms.

  Strategy & Operations

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  Cyberattacks pose biggest business threat, small companies say

  Small businesses in professional services are more concerned about cyber risk than those in manufacturing or other services, the U.S. Chamber of Commerce said.

  Strategy & Operations

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  Suspended ADM CFO’s pay ticked up in 2023 to $4.5M

  The majority of Vikram Luthar’s pay package for last year came from $3.4 million in stock awards, according to Archer Daniels Midland’s proxy filing.

  Compliance

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  Tech vendor Docyt adds voice feature to AI-driven accounting tool

  Docyt is among the software vendors racing to capitalize on recent advancements in AI. Many of them are zeroing in on the corporate finance market.

  Technology

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  Lack of uniform standards and disclosures a roadblock to scaling transition finance: report

  A lack of standardized definitions, metrics and transition finance instruments endorsed by international organizations threatens broader adoption, the CFA Institute said.

  Strategy & Operations

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  CFOs mull future benefits for AI in tax: insightsoftware

  When it comes to bringing AI into tax, it remains a bit of a “wait and see” for finance chiefs, said insightsoftware’s Josh Schauer.

  Financial Reporting

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  PCAOB levies record $25M fine on KPMG Netherlands for exam cheating

  The $25 million penalty is the largest fine of any type imposed by the auditor watchdog since it was created in 2002 following the Enron accounting scandal. 

  Financial Reporting

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