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December 3, 2022

Accounting News Roundup: Another SEC Apprentice Competitor and Big 4 Isn’t for Everyone | 01.04.17

Trump's SEC Apprentice

The SEC Apprentice competition is still going on and a new name has emerged: Jay Clayton of Sullivan & Cromwell. Reuters reports that he's currently the top choice and that his notable work includes a lot of financial crisis era deals, including Barclays's purchase of Lehman Brothers. His is the fourth name to come out, with former US Attorney Debra Wong Yang, former SEC Commissioner Paul Atkins and former SEC General Counsel Ralph Ferrara being the others.

Reminder: Big 4 aren't all they're cracked up to be

Maybe I'm wrong, but over the years (is it decades, yet?), I think Going Concern has pretty well established the premise that working for a Big 4 firm isn't for everyone. Here's an article. Here's another. And another by Tony Nitti that people seem to really like. And another. And another. I could keep digging for more but I've been doing this awhile and am feeling lazy. Here in 2017, I thought the matter was settled; that professors and schools pushing the Big 4 firms was something everyone was fully aware of. But then, much to my surprise, I ran across a lengthy column in Yeshiva University's paper, The Commentator: "Are The Big Four Accounting Firms and Grant Thornton as Great as they Seem?" You can read it if you like, but I'll spoil the ending for you: No. No they are not.

Why not?

If you've resolved to get a new job with your favorite sports team in 2017, then you should know that the Chicago Cubs are currently hiring for a slew of positions. There's even an accounting job! Sure, it's just an A/R position, but being a bat boy or girl for a game or two is probably one of the perks.

Accountants behaving badly

Most of the time, ABBs consist of accountants stealing from their employer, or old people, or sick people, or old and sick people, or the homeless or any other vulnerable person or company. In this particular edition, we have an accountant who "hired a man as a computer technician to upgrade his computer’s operating system." This tech then stole the information of a dozen or so of the accountant's clients. Although the accountant isn't directly responsible, he's not blameless either so his inclusion seems warranted.

Previously, on Going Concern…

I wrote about EY's Golden Globes gig.

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