ADM pulls earnings call as new accounting issues unfold
Plus: Bitcoin soars | BDO back in hot seat
Strong internal controls aren't just "nice to have," they are essential.
ADM just dropped some big news: it found fresh accounting errors while testing out new controls, all thanks to issues that already led to its CFO’s exit earlier this year. It was enough to halt the earnings call. Keep reading to learn more.
In Today's Newsletter:
⚫ Accountants benefit from personal branding
⚫ Bitcoin soars to all-time high
⚫ Lovesac reaches settlement with SEC
⚫ BDO is back in the hot seat
ADM finds new errors, scraps earnings call
ADM (Archer-Daniels-Midland Co.) disclosed new accounting discrepancies while conducting tests of recently implemented controls — controls that were put in place following an accounting scandal that prompted CFO Vikram Luthar's resignation earlier this year. The newly discovered errors affect reporting in three divisions: agricultural services and oilseeds, carbohydrate solutions and nutrition. In light of these findings, the agricultural commodities giant has canceled its scheduled quarterly earnings call and released preliminary sales figures that fall short of what analysts had forecast. (Agriculture Dive)
The hidden cost of not having a personal brand
In his Accounting Influencers podcast, Rob Brown examines the growing importance of personal branding for accounting professionals in an era where AI and automation are transforming accounting, He demonstrates how accountants must move beyond technical expertise alone to thrive in today's market. Brown outlines strategies for developing a distinctive professional presence that draws career opportunities and expands influence. His insights include concrete steps for communicating your distinctive value proposition, cultivating professional relationships and establishing industry thought leadership. (🎧 Accounting Influencers)
What we're listening to: This 10-minute podcast from The Talking Tax discusses what the future Trump administration will do and how it could affect how accountants do their jobs.
What we're keeping an eye on: In the small town of Red Rock, Okla., population 249, authorities discovered the town lost 39% of its public funds over a five-year period because of fraud. At the center of the scandal is the former town clerk who is accused of giving herself nearly $250K in payouts. The town went years without an audit.
What do you say? What happens if you cry during your CPA exam? Do you get kicked out? That's the question over on our favorite Reddit accounting thread. It's Reddit, so beware of NSFW language.
$82K
Price of Bitcoin following the presidential election. (Semafor)
- Florida HOA Probe: Accountant is eighth suspect charged with fraud
- Registration Revoked: Chinese audit firm faces U.S. sanctions
- Accounting Misstep: Lovesac settles with SEC for $1.5M penalty
- Record Setting: 1,400 finance pros attend CCH conference
- Exec Exit: Healthcare director resigns amid accounting misconduct
BDO faces renewed fraud case in court reversal
In an unusual move, the 2nd U.S. Circuit Court of Appeals reversed its own previous ruling and revived a securities fraud lawsuit against BDO brought by AmTrust Financial shareholders. The three-judge panel's new decision allows shareholders to pursue their claim that BDO fraudulently certified its 2013 audit of AmTrust. This marks a significant shift from the same panel's August ruling, which had dismissed the case on grounds that shareholders hadn't demonstrated the materiality of BDO's allegedly false certification to AmTrust investors. (Reuters)
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