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February 2, 2023

Accounting News Roundup: Competition for Big 4 Might Be Nice; Big Postcards; RSM, EY Go Shopping | 01.31.18

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Calls for more scrutiny of top accounting firms after Carillion collapse [The Guardian]
Stephen Haddrill, the head of the Financial Reporting Council (FRC) in the U.K., told some MPs that “there should be more competition in the major accounting and audit area” and also that he’d be asking the country’s competition regulator to take another look at the situation. Haddrill was responding to a question of whether the Big 4 should be broken up.

Michael Maloney, Enforcement’s Chief Accountant, to Leave SEC [SEC]
Since February 2014, Mr. Maloney has led the Enforcement Division’s Office of the Chief Accountant, bringing a number of actions seen in these pages, including Weatherford International’s fun with numbers, Grant Thornton’s trouble with some fake occupants, a blown audit by BDO, independence troubles at EY, among others.

Elsewhere in enforcement news: The SEC stopped an alleged $600 million ICO scam, led by the Fort Worth office. Unfortunately, they dispensed with the dad jokes in the press release.

The TCJA’s Really, Really Big Postcard [TPC]
Howard Gleckman writes that 1040 EZ is the closest we have to a postcard return, and you only qualify if you make less than $100k and don’t have dependents. The 2018 1040 won’t come close to fitting on a postcard, despite the TCJA’s best efforts.

RSM US to acquire SecureState [AT]
SecureState, a Cleveland-based security and privacy consulting firm, adds to RSM’s consulting practice. RSM CEO Joe Adams says he’s “particularly pleased to expand” into this area.

Elsewhere in accounting firms buy everything: EY buys Portland-based Citizen, Inc., a creative agency.

Previously, on Going Concern…

I interviewed BYU Professor Mark Zimbelman about auditors and their responsibility to detect fraud.

In other news:

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