We told you earlier about wheeled shoes company Heelys dumping Deloitte. It was reported that Heelys left because fees were too high but we speculated that the Big D probably wasn’t down with Heelys request to have the entire audit team don the juvenile wheeled shoes.
Heelys has now announced they will be retaining the younger, sexier, less Big 4-ier, firm Grant Thornton as its independent accounting firm.
We find this very similar to the all-too-common situation where the old wife/husband is left behind for the newer, younger, partner who’s young, racy, and willing to experiment a little.
As you might expect, for accounting firms, letting the engagement teams wear shoes with wheels on them definitely qualifies as racy and risque and other firms only wish they had the balls to do something like that.
Heelys hires new accounting firm [WFAA.com]
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Who is the Mastermind Behind Accountants’ Lack of Prestige?
- GoingConcern
- August 28, 2009
Editor’s Note: Robert Stewart is a former Big 4 auditor and ex-Marine who has since served in several executive management roles in both Internal Audit and Corporate Finance. He is also the founder and chief contributor to online accounting and audit community, The Accounting Nation. Outside of work, he is a husband, father, brother, writer, and woefully inadequate aspiring triathlete. To learn more about The Accounting Nation, go to http://www.accountingnation.com.
Harris Interactive recently published their annual list of the most prestigious occupations, as perceived by the obviously mal-informed public being led astray by the obviously biased and poorly designed Harris Interactive survey. Here’s the headline…
The rest, after the jump
Firefighters, Scientists and Doctors Seen as Most Prestigious Occupations
Real estate brokers, Accountants and Stockbrokers are at the bottom of the list

Don’t pull any punches Harris…God forbid. Just put it right out there. In my opinion, this is a very narrow survey that does a great injustice to the world of accounting as it seeks to strengthen its image and recruit the leaders of tomorrow. I think much of the problem arises from shades of gray attached to the moniker “accountant”. If I say that I am a police officer…you probably have a pretty good idea about the scope of my responsibilities.
But if I tell you that I’m an accountant…you might think you know what I do…but do you really? I could be a Controller at a Fortune 500 company, a Partner at E&Y, or an accounts payable clerk at Bob’s House of Meats (a fictitious entity…but I envision an 8-store family business with a giant Bob’s Big Boy-esque statue out front that sells the finest cuts of meat from across the land…just me? I digress). Clearly all three would have remarkably different responsibilities …but all three are technically “accountants”. See the issue there? It’s in the pitch. It plays into the public perception and stereotype rather than painting the true picture.
Doesn’t the accounting industry have any lobbyists out there that can work some mojo to influence the slant of these types of reports??? As if the accounting profession doesn’t have enough publicity problems what with the continuous onslaught of media-inflated accounting nightmares …now we have to deal with these types of shenanigans..and annually no less…like some bad recurring nightmare about alligators trying to eat you or some other manifestation of your self-perceived inadequacy.
Perhaps it’s a bigger conspiracy propagated by the business community at large in order to dissuade the bestest candidates from pursuing a career in accounting thereby lowering the profession’s overall collective IQ and subsequently clearing the way for them (the business community at large…pay attention) to have their way with financial statements and the investing/banking communities for all eternity? Why are you looking at me like that…it could happen…it could totally happen.
Analysts, Journalists, and Short Sellers Are Out to Get Overstock.com
- Caleb Newquist
- September 22, 2009
Probably not. But the Company has been subpoenaed by the SEC again regarding its restatement of its financial statements for 2006 and 2008.
Patrick Byrne, the Overstock head honcho isn’t crazy about all the attention:
Bad numbers, after the jump
“All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock,”
The SEC’s problems are certainly a matter of record. However, we wouldn’t call Overstock financial reporting history stellar. Restatements occurred in 2006 for “freight costs” which, we’re pretty sure is covered in the first month of Intermediate Accounting. In addition, Audit Integrity has given the company a a ‘very agressive’ rating for Accounting and Governance for 9 of the last 11 quarters.
Regardless of this lack of basic accounting knowledge or borderline reckless financial reporting treatment, Byrne has no qualms about giving the whole sitch the Maxine Waters conspiracy treatment, “Byrne has accused some financial analysts and journalists of working with short-sellers to drive down his company’s stock price.”
This claim is made in addition to the company blaming its upgrade of its Oracle accounting system. Apparently this upgrade caused revenue to be overstated by over $12 mil and understated its loss by over $10 mil back in 2005.
So if wasn’t for Oracle, analysts, the media, and some hedge funds, we’re assuming Overstock would be turning a profit by now.
Overstock.com Hit with Another SEC Subpoena [Web CPA]
Footnotes: Hashtag Fraud Hashtag Scam; Gene Simmons Is No Tax Expert; Congressional Wikipedia Trolling | 07.25.14
- Adrienne Gonzalez
- July 25, 2014
Ed. note: I dunno about you guys but I couldn't be happier this week is […]
