The Latest
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Trump Media replaces auditor charged with fraud
The Sarasota, Florida-based media company dismissed its former auditor on Friday, the same day the SEC charged BF Borgers with “massive fraud.”
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Coca-Cola exec to take Diageo CFO seat
Diageo is tapping Coca-Cola alum Nik Jhangiani for its CFO as the Guinness maker battles slumping sales in the face of changing consumer tastes and spending trends.
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Microsoft says cybersecurity overhaul will impact top execs’ pay
The development follows harsh criticism by a Department of Homeland Security panel of the company’s response to a 2023 breach.
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SEC hits Trump Media auditor with $12M fine
BF Borgers, an auditor of public company financial statements, has committed massive fraud impacting more than 1,500 SEC filings, the agency said.
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Businesses need ‘eye in the sky’ scanning for geopolitical risks: McKinsey
Building a coordinated scanning and oversight capability can help organizations separate signal from noise, says Ziad Haider, a partner and global director at McKinsey.
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Opinion
Why collections need more CFO love in today’s cash-hungry market
With higher rates and an uncertain economy, many companies are paying invoices late because they don’t know when capital will be available next, Capchase’s Przemek Gotfryd writes.
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Peloton cuts jobs, searches for new CEO amid financial turmoil
“We made some very tough decisions, and while we firmly believe these actions are the right thing to do for the business, cuts like this are painful,” CFO Liz Coddington said.
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Driven Brands CFO resigns after one year on job
The automotive services company’s shares slumped Thursday after it released earnings and announced its finance chief is leaving the company.
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US inches forward on real-time payments: report
“Real-time payments are still in their infancy in the U.S., accounting for only a 1.5% share of the total payments volume in 2023,” according to a report by ACI Worldwide.
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Fed holds main rate steady, citing lack of progress against inflation
Fed Chair Jerome Powell said that the central bank will likely need to sustain current borrowing costs longer than it had expected early this year.
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Auditoria.AI’s ‘human-in-the-loop’ option targets automation-wary finance teams
When it comes to new technologies, CEO Rohit Gupta sees CFOs and their finance teams as “fast followers” rather than early adopters.
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Amazon clinching bigger, longer cloud deals after AI boost: CFO
Amazon is the latest tech giant whose hefty AI spending has been rewarded by Wall Street in the current earnings season. Meta has been an exception.
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Deep Dive
Modern finance team makeovers: Chief accounting officers
CFOs and CAOs have developed a “symbiotic relationship” as the finance function morphs into a driver of business strategy.
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Cornell University CFO meets with students, protesters
As protests swept across U.S. college campuses last week, the Ivy League university's finance chief stepped into the fray.
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Wage gains, inflation undercut Fed forecast for three rate cuts this year
A report of rising wages prompted traders in interest rate futures to dial down bets on reductions in the Federal Reserve’s main interest rate.
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Meta falls in AI reckoning as Microsoft, Google soar
Investors rewarded AI spending strategies at Microsoft and Google but rebuffed Meta, whose stock plummeted.
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Escalating cyber talent shortage drives up risks: report
Cybersecurity threat actors' innovative methods are driving up demand for professionals with diverse and specialized skill sets, the World Economic Forum said.
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Internal audit leaders need to hire more tech-savvy accountants: IIA
Companies hiring for internal audit need to prepare for disruption from new technology such as artificial intelligence and robotic process automation, IIA said.
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Cannabis firm MedMen files for bankruptcy
MedMen is liquidating its California assets following a failure to clamp down on excessive debt, with its seventh CFO in a five year period exiting ahead of its bankruptcy.
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FedNow pricing aimed at avoiding market disruption
The Federal Reserve aimed to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a Fed official said Wednesday.
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Trucking firm Saia CFO announces retirement
Douglas Col will stay on through the end of the year to ensure a smooth transition for his successor.
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Rising geopolitical worries, war drive CFO hedging, US Bank says
The threat of geopolitical tensions is a growing worry for finance leaders while concerns about inflation have eased, a U.S. Bank study found.
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‘Quantum advantage’ may boost businesses $2 trillion by 2035: McKinsey
The federal government has stepped up investment in quantum technologies, more than doubling research and development spending since 2019.
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Chemours CFO resigns following accounting investigation
Jonathan Lock’s resignation comes after an internal audit determined he had engaged in unethical financial practices.
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Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.