PCAOB says deficiencies rise among reports by audit firms

Inspections of nearly half of the firms’ engagements reviewed by the PCAOB revealed evidence that the auditor failed to obtain enough evidence to support its opinion.

By Jim Tyson • Aug. 16, 2024

Walmart used AI to crunch 850M product data points and improve CX

“We're finding tangible ways to leverage generative AI to improve the customer, member and associate experience,” Walmart CEO Doug McMillon said.

By Bryan Wassel • Aug. 15, 2024

Explore the Trendline➔

Top 5 stories from CFO Dive

The promises and traps of generative AI, revamped modern finance teams and stark geopolitical risks are among the top forces CFOs are grappling with this year.

By CFO Dive staff

SEC imposes $390M in fines in crackdown on shoddy record-keeping

The agency that regulates Wall Street in the past year has slammed several financial services companies for flawed record-keeping.

By Jim Tyson • Aug. 15, 2024

Cisco plans to cut 7% of workforce amid AI push

The tech giant is “shifting hundreds of millions of dollars” into artificial intelligence and other growth areas of its business, CEO Chuck Robbins said.

By Alexei Alexis • Aug. 15, 2024

Chipotle CFO postpones retirement; stays on in president role

Jack Hartung will stay on to help advise Chipotle’s leadership following Brian Niccol’s planned jump to Starbucks.

By Grace Noto • Aug. 14, 2024

Starbucks taps CFO for interim CEO in midst of leadership shift

Starbucks alum Rachel Ruggeri will step in as interim CEO as the coffee chain continues to fight labor activists and political protesters, leading to slumping sales.

By Grace Noto • Aug. 13, 2024

M&A, vendor reliance help drive up ransomware threat: report

The financial severity of claims related to ransomware attacks increased more than 400% from 2022 to 2023, the study found.

By Alexei Alexis • Aug. 13, 2024

The first 100 days: 4 key considerations after a private equity acquisition

The first 100 day period calls for an all-hands-on-deck approach to set a comprehensive plan for people, processes and technology to address both short-term needs and future value creation goals.

By Sarah Owings, WilliamsMarston Partner • Aug. 12, 2024

Ledger check: How finance teams can transform using AI

As technologies and capabilities expand, finance leaders report a growing investment and expectation of AI in the coming year.

Aug. 12, 2024

IRS restarts review of employers’ claims for pandemic tax credit

The agency last year suspended processing applications for the Employee Retention Credit after reports of fraud.

By Jim Tyson • Aug. 9, 2024

NJ law firm asks court to dismiss ex-CFO’s Chap. 11 bankruptcy case

The ex-CFO, who pleaded guilty to embezzling $1.5 million from his former employer, filed the petition for bankruptcy to delay pending litigation, the motion argues.

By Grace Noto • Aug. 9, 2024

Disney anticipates ‘flattish’ theme park revenues in Q4: CFO

Lower income consumers are “feeling a little bit of stress," while high income individuals are "traveling internationally a bit more,” CFO Hugh Johnston said.

By Alexei Alexis • Aug. 8, 2024

ZoomInfo shares plummet after weak quarter, CFO departure

ZoomInfo’s VP of FP&A will step in as interim CFO as the company turns to AI to bolster its financials after offering weak guidance.

By Grace Noto • Aug. 6, 2024

Tyson surprise chicken profit leads to ‘positive turnaround’

The meat processor’s focus remains on maintaining its financial strength after seeing a surprise $244 million profit for its chicken segment, interim CFO Curt Calaway said.

By Grace Noto • Aug. 5, 2024

Big tech banks on AI boom as infrastructure spending heads for trillion-dollar mark

“While we're investing a significant amount in the AI space and in infrastructure, we would like to have more capacity than we already have today,” Amazon CEO Andy Jassy said.

By Matt Ashare • Aug. 5, 2024

How to curb ‘key man risk’ and late SEC filings

The accounting talent shortage and increased reporting requirements helped create a “perfect storm” leading to more late SEC filings, UHY’s Ro Sokhi said.

By Maura Webber Sadovi • Aug. 2, 2024

Accounting pipeline task force calls out 6 fixes

Reducing the time and cost of education needed to become a licensed CPA and raising starting salaries were among the solutions proposed in the final report.

By Maura Webber Sadovi • Aug. 2, 2024

Ex-Pizza Hut exec to take finance helm of Driven Brands

The transition comes as the automotive services leader is focused on accelerating growth while also generating cash flow.

By Alexei Alexis • Aug. 1, 2024

Life Time Group interim CFO moves to permanent seat

The leadership announcement comes as Life Time reached a key “inflection point,” reporting $175.1 million in free cash flow for its most recent quarter.

By Grace Noto • Aug. 1, 2024

Microsoft, Alphabet disappoint investors in latest earnings season

Wall Street is closely watching big tech companies to see if their heavy investments in artificial intelligence are paying off.

By Alexei Alexis • July 31, 2024

Fed holds rates steady; points to ‘totality’ of data needed for potential September cut

The central bank continued to maintain rates at their 23-year high, but cracked open the door for a potential cut in September.

By Grace Noto • July 31, 2024

BlackBerry promotes cyber finance chief to company CFO

The CFO shift comes as BlackBerry seeks $150 million in cost saving and proceeds with a separation plan for its IoT and cybersecurity divisions.

By Grace Noto • July 30, 2024

Ex-NJ law firm CFO sentenced to five years for $1.5M embezzlement scheme

The former finance chief is required to pay $1.5 million as restitution to his former employer, the NJ AG’s office said.

By Grace Noto • July 29, 2024

Flex appoints 20-year company alum as interim CFO

Longtime company alum Jaime Martinez will step in as interim CFO as Flex looks to execute on a restructuring plan aimed at improving its operational efficiency.

By Grace Noto • July 25, 2024

Alphabet investors get mixed news from departing CFO Ruth Porat

The tech giant’s shares sank after Porat’s mixed comments about the company’s operating margin outlook.

By Alexei Alexis • July 24, 2024