Big Four losing ground as pipeline for corporate CFOs
Plus: Deepfakes fool firm | FBI's take on Bitcoin
Deepfakes, Bitcoin and cyber threats. Even though it sounds like the plot of a scifi thriller, it's the latest news for the Net Gains readers. Are you savvy enough to spot a deepfake? Take this quiz from Northwestern University. -Bianca Prieto, Editor
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In Today's Newsletter:
⚫ Construction accounting solution experiences a breach
⚫ PCAOB focuses on auditor independence
⚫ SEC investigates Kubient
-written by Paul McCormack
Deepfakes target CFOs in rising cyber threat
Deepfakes — those AI-manipulated videos or audio that make it look like someone said or did something they never did — are becoming a serious problem as businesses get more tech-dependent. Earlier this year, a Chinese company and its CFO fell prey to a deepfake scheme, showing just how unpredictable and expensive these attacks can be. Recent data from Deloitte reveals that cyber threats like deepfakes are on the rise, and the concern is real. CFOs, in particular, are prime targets since they control the financial decisions, making them a big deal for attackers. (CFO)
🎙 Ex-FBI agent unpacks Bitcoin's dark side risks
Bitcoin has shaken up the financial game, bringing both epic opportunities and major headaches in the digital world. Former FBI agent Ren McEachern dives deep into the wild side of financial crime, especially when it comes to Bitcoin and crypto. In this podcast he covers everything from money laundering to the headaches of wire transfer reversals, dark web drama, and asset seizures. Plus, he breaks down how crypto tracing works, what off-chain data even is, and why NFTs and Bitcoin come with their own serious risks. If you're into the world of digital finance, this is a must-listen! (Unchained Podcast)
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How much higher data center emissions could be, compared to what tech companies actually report. (The Guardian)
- Zevero secures $7M to adance global carbon accounting solutions
- Cybersecurity firm detects breach in construction accounting system
- PCAOB highlights 5 best practices for ensuring auditor independence
- Firms preserve independence amidst mergers
- SEC accuses Kubient CEO and CFO of fraud and investor deception
Big Four lose ground as a pipeline for CFO roles
Top accounting and consulting firms are becoming less dominant as a talent source for CFOs at major publicly traded companies, though they remain a common starting point. About one-quarter of CFOs at S&P 500 companies have past experience at Big Four firms like PwC, EY, Deloitte and KPMG. Including firms like McKinsey & Co. and Boston Consulting Group, the share of CFOs with accounting or consulting backgrounds rises to one-third, according to Bloomberg data from management profiles, LinkedIn, and corporate biographies. (Bloomberg Tax)
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The Net Gains is curated and written by Paul McCormack and edited by Bianca Prieto.