FEI Weekly

April 20, 2018

Use elastic learning to become a better leader, new report stresses stakeholder role in financial reporting quality.

PPG to Investigate Accounting Violations

Market Watch

Paint maker PPG Industries Inc. said Thursday it has launched an investigation after receiving a report alleging violations of its accounting policies. PPG said it recently received a complaint through its internal reporting system regarding how the company recorded certain expenses in its first quarter. In an initial review, the company said it identified about $1.4 million of expenses that should have been accrued. The complaint, the company said, alleged there may have been up to $5 million in other expenses that weren't properly recorded in the quarter.

Why Collaboration Between Stakeholders in Financial Reporting is So Important

Canadian Accountant

The quality of financial reporting is a shared responsibility between auditors, audit committees, and management, according to a new report by the Deloitte Institute for Audit Innovation and Quality. As the Deloitte report notes, “A lot of attention is being paid of late to audit quality. Regulators, think tanks, and auditors have invested considerable effort exploring what precisely generates a quality audit.” The report reinforces comments made by Brian Hunt, the recently retired CEO of the Canadian Public Accountability Board (CPAB), in which he praised the trend towards a closer collaboration between the three traditional audit parties.

Elon Musk Encourages Workers to Walk Out of Meetings

Quartz

We've all found ourselves in meetings that feel useless, unproductive, or far too long. Elon Musk has this advice to his employees when it comes to long meetings: "Walk out of a meeting or drop off a call as soon as it is obvious you aren’t adding value. It is not rude to leave, it is rude to make someone stay and waste their time."

How Blockchain Prevents Supply Chain Fraud

Forbes

One of the most exciting places to see blockchain grow is the supply chain. In today’s global economy, companies all over the world are partnering for manufacturing, agriculture, pharma development, and everything in between. But as the distance between these companies grows, so does the ability to ensure that the products and processes agreed upon are actually followed when the final product is made. Companies can combat fraud with blockchain by verifying the legitimacy of every part of the supply chain process, helping both the buyer and manufacturer.

Use Elastic Learning to Become a Better Leader

Knowledge @ Wharton

Elastic thinking means finding new ways of looking at things when the old ways don’t work. And the more hierarchical a company is, the more it’s an innovation-killer. If leaders want to be innovative, they have to give the people below them freedom to interact with each other and come up with ideas, instead of having everything dictated from the CEO down.