FEI Weekly

January 17, 2018

GE renews break-up talk, and PwC fined $2 million over Indian accounting fraud.

Wal-Mart's Expected Job Cuts Probably Have to Do With This Company

WSJ - Paywall

The giant retailer plans to cut more than 1,000 corporate jobs by the end of the company's fiscal year on Jan. 31. The job cuts are expected to be broad-based, focused on workers primarily at the company’s headquarters. The retailer has been cutting costs and pruning stores as it frees up money to invest in an e-commerce push to fend off Amazon.com Inc.

Blockchain Should Excite, Not Terrify Accountants

Accounting Today

In this podcast from Accounting Today, Ron Quaranta of the Wall Street Blockchain Alliance and Erik Asgeirsson of CPA.com discuss how blockchain will change the accounting profession. "Pre-validated" information will create another level of assurance and, in the future, auditors will be looking at configurations of the systems around the blockchain transaction.

GE to Consider Break-Up

Reuters

General Electric Co again raised the prospect of breaking up the conglomerate on Tuesday as it announced more than $11 billion in charges from its long-term care insurance portfolio and new U.S. tax laws. The company said it will provide another update on its review in the spring.

PwC Fined for Failing to Detect $1.7B Accounting Fraud at Indian Tech Firm

CFO

India’s securities regulator has disciplined PwC for failing to detect a $1.7 billion accounting fraud at Satyam Computer Services, a defunct technology firm, saying it conducted “an eyewash of an audit exercise.” The punishment imposed on PwC by the Securities and Exchange Board of India (SEBI) includes a two-year ban on auditing listed companies in India and a fine of $2 million, representing the “wrongful gains” from its auditing of Satyam Computer Services.

To Be a Strong Leader, You'll Need These "Weak" Qualities

LinkedIn

To be a great leader, you need to do many things that run counter to the stereotype of a strong leader. For instance, a great leader isn’t afraid to say “I don’t know," admit to a mistake, or change course. Leaders also don't have to be outgoing extroverts and shouldn't have to raise their voices. In fact, there is evidence that introverts can actually be better leaders than extroverts.