September 28, 2022

Accounting News Roundup: Grant Thornton’s Latest Acquisition; IRS Probes Will Drag On; Taking a Professional Sabbatical | 09.03.13

McKinsey & Co. Isn’t All Roses in a New Book [DealBook]
It often goes unmentioned, but McKinsey has indeed offered some of the worst advice in the annals of business. Enron? Check. Time Warner’s merger with AOL? Check. General Motors’s poor strategy against the Japanese automakers? Check. It told AT&T in 1980 that it expected the market for cellphones in the United States in 2000 would amount to only 900,000 subscribers. It turned out to be 109 million. The list goes on.

Grant Thornton Acquires MarketSphere's Oracle Solutions Business Unit [GT]
Sounds dynamite.

Looming fiscal fights threaten IRS probes [The Hill]
Republicans on Capitol Hill are acknowledging that the fall’s looming fiscal fights could peel attention away from their investigation into the IRS’s singling out of conservative groups. […] “The committee has a wide span of issues on its plate, but we can walk and chew gum at the same time,” Sarah Swinehart, a spokeswoman for House Ways and Means Chairman Dave Camp (R-Mich.), told The Hill. “These investigations take a long time, and we’re under no illusion that this will be over quickly.”

You're Probably Wrong About Millennials [HBR]
One of those misconceptions is that millennials are "entitled," a word that has become synonymous with Gen Y in the management ranks. "I believe that they expect many things to come easy before the work has been put in," says Dean Lawyer, Regional Director of Business Sales for T-Mobile. Contrary to what managers say, Gen Y's are work horses and have a persistent hunger to discover new experiences, take advantage of opportunities and push the boundaries.

How to Plan a Sabbatical-Style Career Break [Lifehacker]
Just what you need after a long holiday weekend.

Rialto Unified accountant stuffed money in her bra [San Bernadino Sun]
Judith Oakes, 48, resigned from her job as accountant for the school district’s Nutrition Services Department the day after her Aug. 8 arrest on suspicion of grand theft, embezzlement and burglary. Police allege that Oakes had been stealing money from the district since June, possibly longer. […] Derek Harris, the school district’s risk manager, called police on Aug. 7 after Oakes’ supervisor, Cindi Stone, told him she saw Oakes on video surveillance on at least two occasions concealing large amounts of cash in her bra, according to the affidavit, filed Wednesday in San Bernardino Superior Court. Thousands of dollars in student lunch money passed through Oakes’ hands daily as it was collected from district schools and sent to her to inventory and deposit into the district’s bank account. Daily bank deposit slips dating back to June, obtained in the initial stages of the police investigation, noted a discrepancy of $2,000, according to the affidavit.

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