A shortage of skilled accountants is contributing to weak financial-reporting controls, which in turn is leading to higher turnover rates among CFOs. Nearly 640 U.S.-listed companies cited insufficient accounting personnel for material weaknesses in their financial reports, leading to a 28% CFO turnover rate, compared to 22% for companies without such weaknesses. This situation raises…

When asked to rate their usage of generative artificial intelligence (AI) tools on a scale from 1-10, accountants rated their overall use at 1.56, indicating a very low adoption of the new technology. A recent paper published in Accounting Horizons by University of Miami academics Mark Ross and James Zhang found that accounting professionals rated…

The shortage of accounting talent in the U.S. is becoming more severe, with 83% of senior leaders reporting a talent shortage this year, up from 70% in 2022. Over 300,000 accountants and auditors have left the profession between 2020 and 2022, a decline of 17%. To address the shortage, 90% of surveyed CFOs are outsourcing…

In an effort to protect consumers, multiple U.S. federal agencies are working together to make it easier for Americans to unsubscribe from unwanted memberships and recurring payment services. The government initiative, called “Time Is Money,” includes the introduction of new regulations and promises further action in various industries such as healthcare, fitness, and media subscriptions….

Avon has filed for bankruptcy in the wake of more than 100 claims alleging talcum powder in its products causes cancer. Avon Products, the cosmetics company’s parent group, said it recently filed for Chapter 11 bankruptcy protection in the U.S. to stave off debt pressures and the impact of looming lawsuits. Lawyers argue there is…

Royal Bank of Canada’s former finance chief has filed a wrongful-termination lawsuit against the Canadian bank, citing the presence of “gender-based stereotyping” in her dismissal. Earlier this year, RBC said it had terminated Nadine Ahn after a probe found that she was in an undisclosed close personal relationship with another executive that led to preferential…