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Aprio to acquire RSM US’s professional services practice

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Aprio has struck a deal to acquire RSM US LLP’s Professional Services+ practice in the U.S. and Canada. The PS+ practice serves nearly 80 firms across the U.S. and Canada and offers services related to strategy and leadership, talent development, business processes and operations, and access to group buying solutions. 

The deal is expected to close April 30, subject to closing conditions, and the PS+ practice will operate as part of Aprio effective May 1. The current leader of RSM’s PS+ practice, Dean Sengstock, will continue to lead it and join Aprio as a partner along with four other partners and over 30 team members. 

“In joining Aprio, we have a unique opportunity to carry forward our vision and customized approach for serving clients the way they want to be served,” Sengstock said in a statement Friday. “While we are joining a new firm, our team, the services we provide, and our commitment to exceptional client-centric service, remains the same.” 

Financial terms of the deal were not disclosed. RSM US, based in Chicago, ranked No. 5 on Accounting Today‘s 2025 list of the Top 100 Firms, with over $4 billion in annual revenue i fiscal year 2024, while Aprio, based in Atlanta, ranked No. 24 and earned over $485.34 million in annual revenue in FY 2024.

RSM had more than 17,000 partners, principals and employees in FY 2024. Of this total, 1,183 are partners and principals. Aprio has 204 partners. RSM’s Professional Services+ Practice expects to bring five partners and 30 team members to Aprio. 

“It is an honor to welcome the PS+ practice, clients and team to Aprio. RSM has provided an exceptional platform for the past four decades for the PS+ practice and we are committed to establishing a strong foundation to grow the practice at Aprio,” said Aprio CEO Richard Kopelman in a statement Friday. “With the addition of the PS+ practice, Aprio will include a robust community of complementary firms with unique opportunities for collaboration and growth as we invest in the future.” 

Aprio received a private equity investment last July from Charlesbank Capital Partners. Earlier this month, Aprio acquired JMS Advisory Group in Atlanta. Aprio has completed over 20 mergers and acquisitions since 2017.

“We believe this transaction enhances the PS+ team’s ability to continue supporting their clients, while enabling RSM to focus on our core assurance, tax and consulting service offerings for the middle market,” said RSM US LLP managing partner and CEO Brian Becker in a statement. “We are grateful to the PS+ team for their many contributions to RSM over the last 40 years.”  

Last October, RSM US and RSM UK announced plans to combine by the end of this year.

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Accounting

PCAOB sanctions Adeptus Partners and Howard Krant for violations

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The Public Company Accounting Oversight Board sanctioned Adeptus Partners and its partner Howard Krant for violations related to supervision, review and quality control.

Krant and the firm violated PCAOB rules and standards in connection with the audits of two issuers: Blockchain of Things and Applied UV. 

“Substandard audit work and inadequate quality control put investors at risk,” PCAOB Chair Erica Williams said in a statement. ”When violations like these occur, the PCAOB will take enforcement actions to hold auditors and firms accountable.” 

PCAOB logo - office - NEW 2022

The violations committed by Krant include failing to adequately supervise the engagement teams on the 2020 Blockchain of Things and Applied UV audits, including failing to review the workpapers or obtain computer access to review the workpapers. according to the PCAOB. Krant also failed to properly review the engagement team’s work on deferred revenue for the Blockchain of Things 2021 audit to ensure appropriate audit evidence was obtained.

The firm was also sanctioned for failing to provide reasonable assurance engagement teams performed the audits in accordance with the applicable standards and regulations.

“The firm and one of its partners violated PCAOB standards in the conduct of the audits and failed to implement quality control policies and procedures to safeguard against these violations. The sanctions imposed by the board hold the respondents accountable for those failures,” Robert Rice, director of the PCAOB’s Division of Enforcement and Investigations, said in a statement.  

Without admitting or denying the findings, Krant and the firm consented to the PCAOB’s order, which:

  • Censures both respondents;
  • Imposes a $75,000 civil money penalty on the firm, and a $50,000 penalty on Krant;
  • Suspends Krant from associating with a registered firm for one year; and,
  • Requires the firm to hire an independent consultant to review and make recommendations to the firm’s system of quality control.

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Accounting

IRS Whistleblower Office looks to streamline claims

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The IRS Whistleblower Office has released its first multiyear operating plan outlining principles, priorities, achievements and initiatives for “excellent service” to whistleblowers.

“We need help from whistleblowers — people with firsthand knowledge of non-compliance who are willing to share what they know with us so we can investigate,” said IRS Whistleblower Office director John Hinman in his message prefacing the plan. 

The plan reflects a multiyear approach to improving processes and operations, expanding collaboration and outreach and integrating stakeholder feedback with: 

  • An enhanced claim submission process;
  • Effective use of whistleblower information;
  • Fair and timely awards;
  • Keeping whistleblowers informed of the status of their claims and the basis for IRS decisions on claims;
  • Safeguarding of whistleblower and taxpayer information; and,
  • Supporting the office workforce with technology, training and other resources. 

Thirty-eight initiatives will address areas to advance the program, including several to speed claims: a claims portal, more locations nationwide for claim review and better initial analysis, among other measures.
Since 2007, the office has made awards of more than $1.3 billion based on collection of more than $7.4 billion from tips. In fiscal year 2024, the IRS paid awards totaling $123.5 million based on tax and other amounts collected of $474.7 million, the third highest amount in the program’s history. Whistleblowers’ awards are generally 15% to 30% of the attributable money collected. 

The Continental Congress passed America’s first whistleblower law in 1778. The first law related to whistleblowers on tax violations was enacted in 1867. 

(Read more:Whistleblower awards from the IRS more than doubled.”)

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Accounting

Atkins sworn in as SEC chairman

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Paul Atkins was sworn in Tuesday as the new chair of the Securities and Exchange Commission; he is expected to bring a more deregulatory and crypto friendly approach to the SEC.

Atkins was previously a member of the commission from 2002 to 2008, when he was appointed by then-President George W. Bush. He was named by President-elect Donald Trump last December as the next SEC chair, prompting the departure of then-chairman Gary Gensler on Inauguration Day, Jan. 20. In between, commissioner Mark Uyeda was acting chair.

Uyeda, a Republican member of the SEC, has already been slowing down rulemaking. He withdrew accounting guidance on crypto assets, stopped defending a controversial climate disclosure rule, and set up a crypto task force led by another Republican commissioner, Hester Peirce.

The Senate confirmed Atkins’ nomination on April 9.

“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” Atkins said in a statement. “As I return to the SEC, I am pleased to join with my fellow commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors. Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business.” 

Atkins was most recently chief executive of Patomak Global Partners, a company he founded in 2009, where he spearheaded efforts to develop best practices for the digital asset sector. He also served as an independent director and non-executive chairman of the board of global stock exchange operator BATS Global Markets Inc. from 2012 to 2015.

During his previous tenure as an SEC commissioner, he pushed for transparency, consistency, and the use of cost-benefit analysis at the agency. He also represented the SEC at meetings of the President’s Working Group on Financial Markets and the U.S.-EU Transatlantic Economic Council. From 2009 to 2010, he was appointed a member of the Congressional Oversight Panel for the Troubled Asset Relief Program in the wake of the financial crisis.

Before his time as an SEC commissioner, Atkins was a consultant on securities and investment management industry matters, especially regarding issues of strategy, regulatory compliance, risk management, new product development, and organizational control. From 1990 to 1994, he served on the staff of two chairmen of the SEC, Richard Breeden and Arthur Levitt, ultimately as chief of staff and counselor, respectively.

He started his career as a lawyer in New York, focusing on a variety of corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions. He worked for two and half  years in his firm’s Paris office.

Originally from Lillington, North Carolina, he grew up in Tampa, Florida. He and his wife Sarah have three sons.

The Center for Audit Quality congratulated Atkins on Tuesday, saying his deep experience with the SEC and long-standing commitment to investor protection would position him well to lead the commission at a time of rapid change in the capital markets and corporate reporting. The CAQ said it shares his “belief in the critical role that independent assurance plays in fostering trust in our financial system.” 

“Strong capital markets depend on strong investor confidence — and investor confidence depends on the credibility of the information they rely on,” said CAQ CEO Julie Bell Lindsay in a statement. “We welcome Chair Atkins’ leadership and look forward to working together to advance thoughtful, forward-looking policymaking that recognizes the vital role of assurance in protecting investors and reinforcing the integrity of our markets.” 

Atkins was asked during his confirmation hearing whether he would support the elimination of the Public Company Accounting Oversight Board; he said it would be up to Congress, but he was listed as a contributor to the Heritage Foundation’s Project 2025, which called for eliminating the PCAOB and rolling back SEC regulations, and he has been critical of the PCAOB while he was a commissioner. The PCAOB was mandated by Congress as part of the Sarbanes-Oxley Act of 2002.

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