Please ensure Javascript is enabled for purposes of website accessibility
October 4, 2023

Accounting News Roundup: Audit-only Firms; Budget Deficits; CohnReznick Quits Longfin | 04.10.18

How Did the Big Four Auditors Get $17 Billion in Revenue Growth? Not From Auditing [WSJ]
Consulting and advisory work earned the Big 4 $56 billion last year, up from $39 billion five years earlier. Their auditing practices, on the other hand, have grown about $1 billion over the same period. As for the idea of “audit-only” firms, the opinions range from “I would love to see that,” to “[It] would undermine significant progress made to strengthen audit quality.”

Federal Budget Deficit Projected to Soar to Over $1 Trillion in 2020 [NYT]
About those tax cuts paying for themselves:

The tax overhaul, which includes permanent tax cuts for corporations and temporary ones for individuals, will increase the size of the economy by an average of 0.7 percent from 2018 to 2028, according to the budget office.

But that added economic growth does not come close to paying for the tax overhaul, which the [Congressional Budget Office] said would add more than $1.8 trillion to deficits over that period, from lost tax revenue and higher interest payments.

Controversial crypto company Longfin says accounting firm has resigned amid SEC investigation [CNBC]
CohnReznick has had all the fun they can handle.

KPMG bans plastic cups in push to reduce pollution [FT]
Some staff in the firm’s Manchester office saw Blue Planet II and “question[ed] the firm’s approach to the environment and, in particular, its use of plastic.” The firm has provided its employees with water bottles.

Previously, on Going Concern…

In Open Items, someone wonders what Grant Thornton pays Rickie Fowler.

From the archives: The Poor Fashion Taste of Accountants, Explained. See also: Long Hours Are the Root of All Your Busy Season Problems.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

1 Comment

  1. Start earn­ing residual income each week… This is an awesome part time work opportunity for anyone… The best part ,work from comfort of your home and make from hundred up to two thousand dollars at the end of every week … Apply now and have your first check by the end of the week>>>>

Comments are closed.

Related articles

white alarm clock next to white coffee cup

Monday Morning Accounting News Brief: Blaming PwC’s Bro Culture; How Do We Do Office Professional Now? | 10.2.23

Hey, welcome to October. You have my permission to start putting up those Halloween decorations now. Let’s get right to it! The news, I mean. Here’s something for anyone who needs it (you know who you are): Back in the office? Here’s how to be professional in the workplace Bloomberg explains the PwC Australia tax […]

Funny white cat-an athlete in a yellow sports headband, lying with yellow footballs, dumbbells and a yellow alarm clock standing nearby.

Monday Morning Accounting News Brief: PwC Is Turning Work Down?; TIL the President of Nigeria Worked at Deloitte | 9.11.23

Yay it’s Monday again! Praise Pacioli, there’s actually some stuff going on this morning. Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now: Stephanie Heredia’s promotion came a year too late and more than […]