FEI Weekly

November 22, 2017

Uber's massive data breach and what CFOs really think of bitcoin.

FRC to Consider Tougher Penalties for "Big Four"

Reuters

A study published by the Financial Reporting Council (FRC) advises that "Big Four" accounting firms should be punished with much larger fines for misconduct. The FRC has faced repeated criticism for being too slow and too easy on the Big Four. Accountants that have been found to be dishonest should be banned from a professional accounting body for at least 10 years, it said, longer than many of the bans imposed so far.

Uber Covered Up 2016 Data Breach

Fortune

Uber failed to disclose a massive breach last year that exposed the data of some 57 million users of the ride-sharing service, the company’s new chief executive officer said on Tuesday. According to the company’s account, two individuals downloaded data from a third-party cloud server used by Uber, which contained names, email addresses and mobile phone numbers of some 57 million Uber users around the world.

Study Reveals Just How Deep Gender Bias in Finance Goes

Quartz

A new study by researchers at the Yale School of Management and the Columbia Business School reveals a profound bias in finance against women. The bias even affects people's willingness to take recommendations from men with neutral- or feminine-sounding names. The study is yet another piece of evidence that gender bias exists in a market that should be performance-minded.

Many CFOs Think Bitcoin is "Real But in a Bubble"

CNBC

Ninety-seven CFOs on CNBC's Global CFO council were asked their views on bitcoin, the cryptocurrency that's been on a wild run over the last 6 months. According to the 43 that responded, 27.9% said the cryptocurrency is "real but in a bubble" and another 14% said that bitcoin is "real and still going higher." Meanwhile, 27.9% called it a "fraud" and 30.2% said they don't know enough to have an opinion.

The Future of Leadership

HuffPost

Leaders of the future must take steps to ensure their organizations remain agile and flexible. Focusing on analytics, communicating vision, cultivating an empowering culture, and incorporating a global worldview will help leaders ready their organizations for the shift from hierarchical leadership models of the past.