Compliance
AICPA and NASBA released a revised proposal for an alternative CPA licensure pathway on Tuesday, removing the component that would have assessed candidates' 'competencies' (such as professional ethics, critical thinking, and technical areas like auditing and taxation) from the original plan, and instead requiring a bachelor's degree, passing the CPA exam, and two years of professional experience. This move responds to concerns raised in previous public comments regarding the feasibility of implementing the competency framework. The revisions will be incorporated into the Uniform Accountancy Act model legislation, with public comments due by May 3.
Tether Holdings announced on Monday the appointment of Simon McWilliams, who has over two decades of financial experience, as its new Chief Financial Officer, a move seen as a key step toward the company's comprehensive financial audit. Former CFO Giancarlo Devasini will transition to the role of Chairman.
Dwolla announced on Wednesday the appointment of Daniel Quezada as Chief Financial Officer. Quezada has held senior finance positions at Walmart, Burger King Holdings, and 8base. He will be responsible for optimizing resource allocation, driving technological innovation and partnerships, to address intense competition in the A2A payment sector.
Robinhood Markets Chief Financial Officer Jason Warnick sold about $1.2 million in company stock on Tuesday, a day after the U.S. Securities and Exchange Commission (SEC) formally closed its investigation into the company's cryptocurrency business. The conclusion of the probe marks the end of a years-long tug-of-war between the Menlo Park, California-based company and regulators over whether digital assets qualify as securities.
Sovos releases a three-episode podcast series, "Modern Tax Compliance," exploring the rapid evolution of tax compliance, including digital asset taxation, regulatory complexity, and compliance priority setting, to help businesses proactively address challenges.
Transparency International released the 2024 Corruption Perceptions Index, with the US dropping from 24th to 28th place. The report notes that although the US Supreme Court adopted ethics rules in 2023, they lack effective enforcement mechanisms. Meanwhile, the Trump administration's suspension of the Foreign Corrupt Practices Act has raised concerns about increased risks of overseas bribery by US companies.
Just eight weeks into his tenure, AICPA's new CEO Mark Koziel has weighed in on hot topics including IRS layoffs, the PCAOB's outlook, and CPA licensure reform. He stated that if IRS services are affected, the association will be 'outspoken,' and noted that on licensure reform, 'members have spoken.'
Super Micro Computer, an AI server manufacturer headquartered in San Jose, California, submitted its 10-K annual report for the fiscal year ending June 30, along with 10-Q quarterly reports for the first and second quarters of fiscal 2025, on Tuesday, meeting the extended deadline approved by Nasdaq in December and avoiding delisting risk. However, its registered public accounting firm BDO issued an adverse opinion in the 10-K, stating that material weaknesses exist in the company's internal controls over financial reporting. The company stated that no restatement of prior financial results is needed and that it has regained compliance, but investigations by the U.S. Department of Justice and the SEC via subpoenas are still ongoing.
According to Conference Board data, anti-ESG groups submitted 20% of shareholder proposals in the early 2025 proxy season, up 5 percentage points from the same period last year. Among Russell 3000 companies in 2024, the number of anti-ESG proposals increased from 23 in 2021 to 112, more than quadrupling. The Trump administration's executive order terminating federal DEI programs and the overturning of Nasdaq's board diversity rule have further intensified scrutiny pressure on companies.
The PCAOB announced a $2.75 million civil penalty against PwC Israel (Kesselman & Kesselman C.P.A.s) for failing to detect or prevent widespread improper answer sharing in internal training exams from 2017 to 2022. The firm agreed to pay the fine and improve its quality control policies, but neither admitted nor denied the findings.