Industry News

 

Accounting

Faced with the revelation that six of its auditors had improperly received advance information from an employee of the Public Company Accounting Oversight Board about up upcoming inspections of the firm, KPMG yesterday announced that it was replacing its top auditor, Scott Marcello and four other audit partners. (CFO)

http://ww2.cfo.com/finance-risk-management/2017/04/kpmg-replaces-audit-chair-wake-pcaob-leaks/

Information Systems

After three years of litigation, Neiman Marcus has agreed to pay $1.6 million to settle a class action over a security breach that exposed the credit card information of about 350,000 customers. (CFO)

http://ww2.cfo.com/legal/2017/03/neiman-agrees-pay-1-6m-data-breach/

Supply Chain Management

Manufacturing is having a moment. Optimism on Wall Street and rising levels of consumer and business confidence have put manufacturing squarely back into growth territory. One index that tracks global manufacturing performance, the JPMorgan Global Manufacturing PMI, is the highest it’s been since 2011. Production growth rates are at a three-year high. So is the rate of expansion in new orders. And factory payrolls are growing faster than they have in over five years.By all indications, 2017 is shaping up to be a growth year for manufacturing. But a few concerns lie underneath the good news. Average input prices are rising and supplier delivery times are longer. While this is typical of growth pressures on the supply chain, it also underscores the challenges. (Industry Week)

http://www.industryweek.com/supplier-relationships/why-manufacturers-are-turning-supply-chain-finance-prep-growth

Market analysis

The first quarter marked a relatively strong start to the year for initial public offerings of U.S. companies, helped in particular by the IPO of social media darling Snap. Twenty-five companies raised $9.9 billion through IPOs in Q1, the most money in a first quarter in three years. The number of companies that went public was the highest in two years, says Renaissance Capital, the global IPO research firm and investment adviser.(CFO)

http://ww2.cfo.com/capital-markets/2017/03/ipo-market-better-not-great-q1/

Finance

Hard on the heels of the bankruptcy filing of its U.S. nuclear power unit, Toshiba has warned that it may not be able to stay in business. The warning came as the ailing Japanese conglomerate released unaudited third-quarter results showing it lost 648 billion yen ($5.9 billion) and projected a 1.01 trillion yen ($9.2 billion) for the full year ended in March. (CFO)

http://ww2.cfo.com/corporate-finance/2017/04/toshiba-issues-warning/