Grant Thornton is really making our lives easy today: “Grant Thornton has agreed to pay nearly £6,000 in fines and costs after it failed to correctly sign off 43 audit reports.”
Measly fine, obv but 43 audit reports? And a incorrectly signed off report is one that, “had not been signed off by a responsible individual of the firm”.
So apparently the Brits have got their interns signing off on the audits. Gold star for you today, GT.
ICAEW fines Grant Thornton over audit sign-offs [Accountancy Age]
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Madoff CFO Used a Spork for Breakfast Today
- Caleb Newquist
- August 12, 2009
A quick correction:
We mentioned yesterday how nice a lady Frank DiPascali’s sister was for putting her house up for bail. We’re sure she is very nice but the judge wasn’t convinced that DiPascali wouldn’t bolt so he didn’t let him out on bail regardless of the agreement prosecutors had with defense attorneys.
Why Are Accounting Firms Crappy at Diversifying Their Workforce?
- Caleb Newquist
- September 14, 2009
Since accounting firms like to boast about their diverse workforce but always seem to maintain that it isn’t diverse enough, we would kindly ask, “which the hell is it?” The whole argument of “we can always do better” is fine but at least one academic is saying that the accounting profession has pretty much failed in its attempts to develop a more diverse workforce.
Continued, after the jump
Frank K. Ross, director of the Howard University Center for Accounting Education, called for increased efforts at recruitment, retention and leadership development…Ross noted that despite four decades of effort and significant progress, accounting still trails other professions, and many large businesses, in minority representation. According to the AICPA’s most recent study, minorities currently hold only 5 percent of partnership positions at the largest firms, and only one percent of partners are African-American.
So if accounting firms of all sizes having been trying for forty years to diversify their workforce and still trail other professions and minorities only compromise 5% of the partner positions at the largest firms, does that mean these firms really suck at recruiting and retaining a diverse workforce?
If the AICPA is calling out its own members for sucking at diversity, we might have more of a corporate culture issue as the source of the problem. Professor Ross notes “significant progress” but that doesn’t really seem to be illustrated here.
Fortunately, like all good academics, Prof. Ross manages to have suggestions for improvement:
• Making diversity an integral part of the corporate culture – building it into the DNA of the organization;
• Developing special training for employees at all levels to help them become more sensitive to cultural differences and more aware of diverse styles of working;
• Identifying the best and brightest from their minority workforce and singling them out for focused support at all times, including downturns; and,
• Establishing diversity in cultural background and experience as key criteria in hiring and for work assignments.
Honestly we’re not crazy about these suggestions since we don’t understand how some of these would be implemented. All the firms require diversity training already so is the suggestion to require super-diversity training? And “identify the best and brightest”. Don’t the firms already claim to do this?
Since you all are on the front lines discuss – in the comments – your firm’s diversity initiatives and whether you think they are actually productive or its simply more of your firm’s sorry attempt to disinform about their lack of diversity. Is it the culture among the firms or are there other factors keeping these firms from improving on diversity?
The Summer Corporate Outing: Be Bold!
- Caleb Newquist
- July 20, 2009
Since it’s summer, it’s inevitable that many of you will receive the an invitation to a company pool party, BBQ, ball game, etc. For many accountants, fashion is an afterthought at the office. Blue shirt or white shirt today? Black trousers or khakis? Not a terribly fashion forward bunch. In fact, we might go so far to say, fashion Neanderthals.
However, when an event outside of the office occurs, the need for non-work attire arises. Some bean counters will still don trousers and button-ups because well, they’re lame. For the more free-spirited among us, this is the opportunity to cut loose.
The Journal has a stuffy piece about what’s “appropriate” at these corporate outings. We here at Going Concern want you to ignore social conventions and go with your gut when preparing for these summer corporate get-togethers.
Do you look fab in a super-tiny speedo? We say ROCK IT! Looking to wear a t-shirt from your favorite strip club? Wear it PROUD! Been waiting for the perfect opportunity to wear that new skirt that shows off those fantastic gams? We’re ALL FOR IT!
The Journal is concerned about “knowing” your co-workers too well and their inability to get that image of you in your velour tracksuit out their heads. We say, GET YOURSELF OUT THERE! Life is far too short to be held down by fashion impotent bean counters who can’t pull off tight leather shorts.
Overexposed: Surviving The Corporate Outing [WSJ]
