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Among about two dozen scientists in Graham’s lab were three young students: Olubukola Abiona, Geoffrey Hutchinson and Cynthia Ziwawo. What the world didn’t know at the time was that those three students — Abiona, Hutchinson and Ziwawo — were doing the foundational work for those vaccines to eventually save lives. Geoffrey Hutchinson served in the Peace Corps and taught chemistry to high school students in Mozambique. The fruits of Abiona, Hutchinson and Ziwawo’s labor were evident this week as the United States began to roll out updated versions of the Moderna and Pfizer/BioNTech Covid-19 vaccines. Abiona, Hutchinson and Ziwawo all confirmed Wednesday that although they haven’t made their appointments yet, they plan to get the updated shots.
Persons: Barney Graham’s, Olubukola Abiona, Geoffrey Hutchinson, Cynthia Ziwawo, , Graham, , ’ ”, Hutchinson, , ” Ziwawo, Anthony Fauci, — Abiona, Ziwawo —, Ziwawo, Kizzmekia Corbett, ” Corbett, David Satcher, he’s, Valerie Montgomery Rice, “ They’re, Abiona, Hannah Montana, Austin Steele, CNN Abiona, BioNTech, “ It’s, Dr, Sanjay Gupta Organizations: CNN, Vaccine Research, National Institutes of Health, University of Washington, , Vaccine Research Center, National Institute of Allergy, Diseases, Moderna, Morehouse School of Medicine, David Satcher Global Health Equity Institute, Association of American Medical Colleges, NIH, Disney, David Satcher Global Health Equity Summit, KPMG LLP, Indiana University School of Medicine, Case Western Reserve University, Peace Corps, United States, Pfizer, CNN Health, FDA, Food and Drug Administration, US Centers for Disease Control Locations: China, Bethesda , Maryland, Ziwawo, United States, Atlanta, Graham’s, Nigeria, Mozambique, Abiona, United
Auditors Didn’t Flag Risks Building Up in Banks
  + stars: | 2023-04-10 | by ( Jean Eaglesham | ) www.wsj.com   time to read: 1 min
When KPMG LLP gave Silicon Valley Bank a clean bill of health just 14 days before the lender collapsed, the Big Four audit firm flagged potential losses on loans as a so-called critical audit matter. But the audit opinion was silent on what actually brought down the bank—its unrealized bond losses and ability to hold them given a reliance on potentially flighty deposits. “The auditors failed to mention the fire in the basement or the box of dynamite on the first floor, but they did point out the peeling paint on the flower box,” said Erik Gordon , a University of Michigan business professor. “How could they miss the interest-rate risk?”
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits.
Silicon Valley Bank failed just 14 days after KPMG LLP gave the lender a clean bill of health. Signature Bank went down 11 days after the accounting firm signed off on its audit. What KPMG knew about the two banks’ financial situation and what it missed will likely be the subject of regulatory scrutiny and lawsuits.
For some firms, the move shrank the amount of taxable income that can be offset by interest expenses. Higher interest rates generally lead to higher interest expenses tied to companies’ variable-rate debt, new borrowings and refinancings. The cap can hit companies’ cash flows immediately, though not necessarily their financial statements, due to timing differences in claiming the deductions. Aluminum maker and recycler Novelis plans to allocate less cash toward its venture-capital arm due to the higher interest expenses. Leveraged loans have variable rates that typically reset every one to three months, based on short-term interest rates.
A national shortage of accountants is prompting small and midsize firms to hire overseas for the first time as they seek workers to audit U.S. companies’ books and prepare Americans’ tax returns. Large firms such as KPMG LLP and PricewaterhouseCoopers LLP have long hired international accountants to support client work. Now, with tax season poised to kick off, small and midsize accounting outfits that serve family businesses, individuals and smaller companies say they are offshoring jobs as local recruiting pipelines dry up and accountants leave the profession in droves.
CIOs Contend With Pushback on AI Rollouts
  + stars: | 2023-01-06 | by ( Isabelle Bousquette | ) www.wsj.com   time to read: +6 min
Overall enterprise adoption of AI has grown threefold since 2019 as algorithms grow in scale and sophistication, according to International Data Corp. That left executives underwhelmed by the results and disillusioned, according to Todd Lohr, KPMG LLP’s U.S. technology consulting leader. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. In 2022, organizations spent on average 4% to 6% more on AI than the previous year, according to IDC. Other emerging technologies are more likely to be cut than AI, given its cost-savings potential, she noted.
Big Four firm KPMG LLP missed multiple red flags when it audited the financial statements of Carillion PLC, the liquidators of the defunct construction and outsourcing firm said. KPMG received £29 million from Carillion without qualifying its audit opinions over the course of 19 years, according to the liquidators. The construction company’s liquidators also reject KPMG’s argument that the value of the construction contracts was concealed. The Carillion liquidators will rely at trial on findings from the FRC’s investigation, the filings show. If there is no settlement between the liquidators and the audit firm, the case against KPMG could go to trial in or around 2024.
A partner at accounting firm Spielman Koenigsberg & Parker LLP was fined $150,000 for allegedly misleading investigators, the largest monetary penalty imposed on an individual in a case settled by the U.S. auditing watchdog. The regulator also permanently barred Mr. Taylor from associating with a PCAOB-registered accounting firm. Mr. Taylor became a partner at the firm in 1999, according to the firm’s website. Neither Mr. Taylor nor the firm immediately responded to a request for comment. “The quality control systems at audit firms are fundamental to audit quality and regulatory compliance,” Mark Adler, the acting director of the PCAOB’s division of enforcement and investigations, said in a statement.
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