Insights & Regulatory Updates
New CPA Paths Emerge as States Try to Stem Accountant Shortage
The accounting industry is grappling with a growing workforce shortage, prompting states and professional organizations to rethink traditional pathways to becoming a Certified Public Accountant (CPA). In an effort to attract more candidates to the profession, several states are considering allowing aspiring accountants to bypass a fifth year of education—a long-standing requirement that many see as a significant barrier to entry.
SEC Charges Accountant Olayinka Oyebola and His Firm With Aiding and Abetting Massive Fraud
The Securities and Exchange Commission (SEC) has taken significant enforcement action against Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), alleging their role in a sprawling securities fraud orchestrated by Mmobuosi Odogwu Banye, a businessman with an ambitious—and, it turns out, fictitious—empire of U.S.-based companies.
Key Takeaways from SEC Report on Cyber-Related Frauds and Internal Accounting Controls
In today's rapidly evolving digital landscape, the threat of cyber-related fraud has become an ever-present concern for public companies. The SEC's 2018 report sheds light on this issue, focusing on the risks posed by cyber-related frauds that exploit vulnerabilities in internal controls. The report serves as both a cautionary tale and a guide for companies looking to strengthen their defenses against these sophisticated attacks.