Please ensure Javascript is enabled for purposes of website accessibility
February 2, 2023

Accounting News Roundup: The Big 4 Break Up Debate and H&R Block’s Shred Party | 03.22.18

deloitte cyber attack

Should the Big Four accountancy firms be split up? [FT]
Natasha Landell-Mills argues for, and Jim Peterson against, the forced spinning off of the Big 4 audit practices. Both make compelling points. Here’s Landell-Mills: “Lasting reform depends on auditors working for shareholders, not management. […] Lack of scrutiny creates space for conflicts of interest.”

And here’s Peterson: “The growth of the Big Four, operating in more than 100 countries, reflects their multinational clients’ needs for breadth of geographic presence and specialised industry expertise. […] Rather than a quick amputation, we need a full-scale re-engineering of the current model with all of its parts.”

Digital transformation in finance will be built on Excel [AT]
The Excel is strong with this one: “When you can use something as a foundation for solving a wide range of problems, it’s no wonder it becomes the de facto standard for an entire profession.”

See also: Insurrection in Excel Nation

Britain to review if accounting watchdog needs more teeth [Reuters]
Failures of HBOS and Carillion have caused enough people to wonder if the Financial Reporting Council needs enhanced powers. A review is being commissioned and details are “in due course.”

H&R Block hosts shredding promotion [AT]
This Saturday, bring all your old financial documents, personal information, and incriminating evidence to an H&R Block location from 9 am to 12 pm and destroy it for free. Also: “Guitarists Michael Angelo Batio and Bibi McGill will also host Block’s ‘Tax Shred Live’ on the company’s Facebook page on March 22 at 11 a.m. CDT.”

Deloitte Hires Head of Intelligence Agency to Help Run Booming Cyber Business [Bloomberg]
Europol Executive Director Rob Wainwright will join Deloitte and the firm plans to hire 500 cybersecurity professionals. With that much expertise, maybe Deloitte will be able to get its own house in order.

Previously, on Going Concern…

I observed that some crypto traders were going the “screw it” route with their taxes.

In Open Items, someone is worried that their Big 4 internship will be revoked.

From the archives: CPAs Spanked by SEC for Porn Site Audit

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.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]