03/21/2025

Well, hi there! Sit back, enjoy, and relax as you’re currently on the Daily Accrual.

Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

📊 Accountants Gone WILD

The Public Company Accounting Oversight Board (PCAOB) has signed a Statement of Protocol with Romania’s audit regulator, ASPAAS, effective March 4, 2025. This marks the 18th European agreement for the PCAOB, allowing both regulators to oversee auditors operating in their jurisdictions. PCAOB Chair Erica Y. Williams emphasized the agreement’s role in strengthening investor protection through independent audit oversight and global transparency.

Under the Sarbanes-Oxley Act, the PCAOB oversees audits of U.S.-listed companies and SEC-registered brokers and dealers and has conducted inspections in over 50 non-U.S. jurisdictions. This new partnership with Romania further reinforces its efforts to strengthen accountability, ensuring audit quality, and build investor trust in global markets.

Source: Public Company Accounting Oversight Board (PCAOB)

🧮 COOL AF! (Cool Accounting Facts!)

As of 2024, a whopping 671,855 CPAs are actively licensed across the U.S., making up nearly 47% of all accountants and auditors! 

Getting a CPA isn’t just about passing a test—it’s a grueling journey of learning, and experience. But those who make it through? They become elite financial experts, navigating business complexities, audit preparations, and federal state taxes.

NASBA’s latest count spans 52 states and jurisdictions—except for Hawaii, New Mexico, and Vermont. So, next time you see a CPA live in action, give them a nod of appreciation—they’ve earned it! 

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📝🔢Numbers Don’t Lie

Florida businessman Patrick Walsh and ten of his companies will pay $20 million for fraudulently obtaining Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, as announced by the U.S. Department of Justice on March 12. Walsh, serving a 66-month prison sentence, pleaded guilty in January 2023 to wire fraud and money laundering, with a court order to repay $7.8 million in restitution.

Walsh falsified loan applications for dormant companies and even used his wife’s name to secure $7.8 million, which he spent on a private island, Texas oil investments, and personal debts. His fraud was exposed by whistleblower Andrew Hersh, a former IT worker. Authorities stress this particular case as a clear warning against exploiting federal relief programs.

Source: Thomson Reuters

🐦 Twitter Showdown

#NotYourTaxWizard💰🧙