Friday Footnotes: Solving the Talent Shortage Ten Offshore Hires at a Time; PwCers Using Caregiver Benefits | 9.5.25

Posted on by Going Concern News Desk
white cat with two different color eyes

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday.

Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. If you have something to say about any stories linked here you are welcome to email the editor, text us at 202-505-8885, or hit us up on Twitter @going_concern. See ya.

M&A

58-year-old Birmingham accounting company acquired by Atlanta firm [AL.com]
A prominent Birmingham accounting and consulting firm has been acquired by an Atlanta-based company. Horton, Lee, Burnett, Peacock, Cleveland & Grainger, also known as Horton, Lee & Burnett, has been acquired by Smith + Howard.

Citrin Cooperman buying Chicago accounting firm ORBA [Crain’s]
Citrin Cooperman Advisors LLC is buying Chicago’s Ostrow Reisin Berk & Abrams, or ORBA, an accounting and advisory firm focused on privately owned businesses, nonprofit organizations, and high-net-worth individuals.

Modera Wealth Buys Accounting Firm to Boost In-House Tax Services [ThinkAdvisor]
Modera Wealth Management announced Wednesday the acquisition of Ferrentino and Associates, a New Jersey-based accounting firm specializing in tax planning, preparation and consulting services for high-net-worth clients and business owners.

Municipal Messes

Understaffed accounting office blamed for city audit findings [The Dispatch (Missouri)]
The city’s tardy audit report for Fiscal Year 2022 showed many of the same problems in city accounting practices as previous years. Wanda Holley, with the Watkins, Ward and Stafford accounting firm, presented the report Tuesday to the city council, noting four material weaknesses, three significant deficiencies in the city’s accounting practices, as well as a material non-compliance in its budgeting for the fiscal year that began Oct. 1, 2021.

Audit of CBRM’s 2024-25 financial statements faces delays [Cape Breton Post (Ontario, Canada)]
A report on the Cape Breton Regional Municipality’s audited financial statements for the 2024-25 fiscal year will be delayed. The recent departure of Jennifer Campbell, the municipality’s former chief financial officer, along with possible delays in obtaining documentation and no preparation done by the CBRM’s finance department on the consolidated financial statements, means that Sydney-based accounting firm MNP likely won’t be able to have this report completed by Sept. 30.

Talent

Accounting’s people crisis: 94% of firms say talent shortage is blocking growth [HRnews.co.uk]
FYI, Advancetrack is an offshoring company. But you probably knew that.
A total of 48% of respondents said the talent shortage is moderately or significantly worse than three years ago. Vipul Sheth, MD of Advancetrack, said: “This year’s Accounting Talent Index confirms what many in the profession have feared – that the accounting talent crisis is not only continuing, but intensifying. “Growth is no longer being held back by ambition or opportunity, but by a lack of skilled people. “It’s why we’re seeing record numbers of firms turning to outsourcing, offshoring, and tech investment – not just as a cost-saving measure, but as the only realistic route to sustainable growth in the current climate. The model has shifted, and so must the mindset.”

PwC reaps ROI as employees lean into expanded caregiving benefits [HRD]
PwC has seen a double-digit year-over-year increase on the expanded caregiving benefits it has invested in, with employees using more than 8,000 back-up care days in FY25 and drawing more than $5 million in reimbursements.

If your firm is hiring and looking for people who live here, check out Accountingfly’s top remote accounting candidates of the week. These are pre-screened, hand-picked professionals ready to get to work ASAP.

Top Remote Tax and Accounting Candidates of the Week | September 4, 2025

Private Equity

Private Equity Deals Leave State Accounting Boards on Sidelines [Bloomberg Tax]
State regulators are sounding the alarm as private equity-backed accounting firms test the limits of longstanding rules and laws designed to protect the objectivity of licensed CPAs. “It’s a very profit-driven, short-term ownership structure,” said Haley Lyons, chair of the Oregon Board of Accountancy. “How do we ensure long-term relationships for members of the public? How do we ensure quality standards are upheld over time?”

Ex-KPMG COO eyes £1bn valuation for his own accountancy firm [Accountancy Age]
Sumer, the UK accounting consolidator founded less than three years ago by former KPMG UK chief operating officer Warren Mead, is exploring a potential sale with a target valuation of around £1bn, underscoring the growing investor appetite in the professional services sector. Sumer, backed by private equity group Penta Capital, has completed 34 acquisitions since 2023, buying stakes in small accountancy practices across the UK.

Related Posts

Accounting News Roundup: Post-Election Deals on Tax Cuts in the Works; Is IFRS in Our Best Interest?; IRS Commish Predicts Relaxed Testing, Education for Nonsigning CPAs | 10.28.10

Foes Plan Post-Vote Deals [WSJ]
Democrats are engaged in a sharp internal debate over how—or whether—the president and congressional leaders should work with the GOP, which is favored to take control of the House of Representatives and maybe the Senate. White House officials, who declined to comment, haven’t given allies clear signals about their approach, partly because their calculation depends on Tuesday’s outcome.

Strategists in both parties see two options for President Barack Obama. He could seek deals on issues including trade, taxes and spending, following the model of President Bill Clinton, who after losing Coromised with the GOP to overhaul welfare.

Morningstar Selects KPMG as Independent Registered Public Accounting Firm [PR Newswire]
Auditor Swap: E&Y for KPMG.

Preventing Election-Season Clashes in the Workplace [Bloomberg BusinessWeek]
With less than a week to go, some of you may have already broken the “don’t send racist/sexist email” rule but at least you’ll be ready for 2012.

Jailed Stanford accuses ex-lawyer of incompetence [AP]
Stan is on his 5th round of attorneys after accusing Bob Bennett of “incompetence, unethical behavior, deceit and only caring ‘about dipping his fingers in the money pot.’ “

Billionaire Julian Robertson Notches Tax Win For New York City Non-Residents [Janet Novack/Forbes]
And saves $27 million. Hoo-rah!

IFRS Adoption by the US: Definitely Not in the “Public Interest” [Accounting Onion]
Besides the many accounting related objections to IFRS, there are two broadly “legal” objections. These involve the role and authority of the SEC as determined by Congress. The concern is that IFRS adoption would involve a “loss of sovereignty” for the SEC and a departure from its mission of acting “in the public interest.”


IRS Commissioner Predicts Relief From Testing and Continuing Education for CPA-Supervised Nonsigning Preparers [JofA]
In his keynote speech at the AICPA’s National Tax Conference in Washington, Shulman acknowledged the Institute’s concerns about the IRS’ new regulatory regime for all paid tax return preparers.

“I am very sympathetic to the argument that the rules should be flexible for people who have met a higher professional standard,” Shulman said. “Therefore it is highly likely that as we implement the new rules and procedures there will be some relief for testing and continuing education requirements” for such nonsigning preparers supervised by a CPA, enrolled agent or attorney.

Smith & Wesson Holding Corporation CFO Resigns to Pursue Business Opportunity [PR Newswire]
William F. Spengler is over guns and is moving on to the…phytochemical and natural products industry.

IRS Auditors Begin Accepting QuickBooks and Peachtree Records [WebCPA]
Business owners and tax professionals have been advocating that the IRS begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for audits, the IRS noted. The IRS Small Business/Self-Employed Examination Division is responding to those wishes expressed in tax practitioner focus group interviews conducted at the 2008 Nationwide Tax Forums and from other stakeholders

Accounting News Roundup: Deloitte’s Indepedence Dance; BDO Revenues Driven By Growth in China; Wesley Snipes on Larry King | 12.09.10

Obama Woos Wary Party on Tax Deal [WSJ]
President Barack Obama’s tax-cut compromise with Republicans was greeted with anger from fellow Democrats in Congress Tuesday, but many seemed resigned to accepting it as the best deal they could get and a step toward reviving the weakened economy.

Democrats criticized the broad tax package for cutting taxes on high earners and setting tax rates too low on large inheritances, as well as for its effect on the country’s budget deficit. But Democrats also said they didn’t yet see a revolt spreading so far that it would derail the agreement in the Senate. Prospects for passage are more uncertain in the House, where many liberal members are balking at planned changes to the estate tax.

Did Deloitte Compromise Independence in McClellan Insider Trading Scandal? [Forbes]
Francine untangles the web.

Greenberg: Does Green Mountain News Pass Sniff Test? [CNBC]
CNBC’s Herb Greenberg is curious about Vermont-based Green Mountain Coffee Roasters’ earnings call that is slated for Thursday after the markets close.

BDO’s global fee income jumps 5% [Accountancy Age]
Global accounting network BDO has reported a growth in fee income of 4.92% across its member firms after a strong performance in the Asia Pacific region. For the year ended 30 September 2010, BDO’s fee income was €3.89bn (£3.27bn). Asia Pacific was the fastest growing region, which saw its revenues rise 32%. This success was attributed to the expansion of its operations in China, which saw growth of 65% to €149m over the last year.


Obama-GOP Tax Deal: Winners and Losers [TaxVox]
Biggest loser: fiscal responsibility!

Wesley Snipes Talks Taxes on Larry King [TaxProf Blog]