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illustration signifying layoffs

Grant Thornton Layoff Numbers Are In (UPDATE)

Ed. note: We’ve received some additional information about layoffs, see update at the bottom. The other day Grant Thornton sent out a firmwide email packed with words like “difficult but necessary decisions,” “values and culture,” and “continued investment in growth” to inform everyone that heads were soon to roll. While pointing out that “unlike peers,” […]

INSTINCT FOR GROWTH

Layoff Watch ’23: If You Work at Grant Thornton, You Might Not By the End of the Week

Earlier this afternoon we received a tip: Grant Thornton to perform layoffs across the firm. Numbers unknown. Areas impacted unknown. Well then, that’s not very helpful is it. A quick search uncovered this Reddit thread from a few hours ago which along with many comments about how these hoes ain’t loyal contains what appears to […]

Rise Up! BDO USA Is Gonna Double Its Offshore Workforce, Mostly in India

[Ed. note: scroll down for assy commentary and screenshots of BDO leadership’s visit to India just days after they laid off a bunch of people in advisory, I need to get this part out of the way first] Financial Times has written about BDO USA’s plan to double its offshore workforce and couched the move […]

Layoff Watch ’23: BDO USA Cuts 85 People in Advisory, Wishes Them the Very Best on the Way Out the Door

Fresh off the rumor mill: BDO USA has cut 85 people from advisory, announced via internal email from brand new advisory head Eskander Yavar to all of his service line this afternoon. We were provided part of the email which reads: Today was a difficult day for our practice — we reduced our workforce by […]

black and white person walking away alone

Armanino’s Former Crypto Team Has Left and Formed Their Own Shop, Allegedly

Having happily offered services to crypto clients since 2014, Armanino very nearly marked ten years in the crypto space until the catastrophic collapse of crypto exchange FTX in November 2022 forced them to part ways with crypto clients seeking assurance, FTX being one of them. As a reminder, here’s what happened in December: Armanino is […]

Grant Thornton Scores Coveted ‘Hot Garbage’ Audit (UPDATE)

Ed. note: Adani Group has said that a Grant Thornton audit is simply a “market rumor.” Video update at the bottom. Earlier this month, short seller Hindenburg Research dropped a report called Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History (report here) full of bullet points outlining […]

Carmine Di Sibio at WSJ summit

BDO Will Audit EY Consulting, or Whatever That Business is Gonna Be Called

The Wall Street Journal has written a pretty detailed account of comments EY Global Chairman and CEO Carmine Di Sibio made to WSJ’s CFO Network Summit earlier this week, scroll down to skip past a bunch of words and watch the clip. Of note, the split vote is now expected to happen in April. “I […]

Overcoming the Five Stages of Lease Accounting Grief

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules1, accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!” The grief is understandable, although we’re not sure how “good” it is. The […]

RSM US Finally Might Be Taking Audit Quality a Little More Seriously, According to 2021 PCAOB Inspection Report

Based on the 2021 PCAOB inspection reports we’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent […]

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RSM Does Not Aspire to Be KPMG

RSM International CEO Jean Stephens spoke to Financial Times recently and let everyone know that her firm is totally open to a little wheeling and dealing that would bump them up from their current spot as the sixth largest firm (#5 on the IPA 500). Coincidentally, RSM just released their revenue numbers and they are […]

Grant Thornton’s 2021 PCAOB Inspection Report Wasn’t Too Bad

Of the six 2021 PCAOB inspection reports released before the holidays, we’ve so far taken a look at five: PwC, Deloitte, EY, KPMG, and BDO USA. The last of the bunch belongs to Grant Thornton. We didn’t save the best for last, but it’s not that bad either. From 2016 until its 2020 inspection report, […]

businessman getting laid off

Guidehouse Laid Off a Bunch of Old Grant Thornton Partners After the Public Advisory Practice Merger (UPDATE)

Ed. note: a previous version of this article included “Rumor” in the headline. As it is considered confirmed, we’ve removed it. Update at the bottom. Back in August when it was announced that Guidehouse would be buying Grant Thornton’s public sector advisory practice, we wondered out loud if layoffs might be expected as they so […]

Promotion Watch ’23: 109 Folks at RSM US Will Be Getting New Business Cards

Jan. 1 was a big day for 109 overachievers at RSM US as their long journeys in public accounting finally culminated in being promoted to partner or principal. The class of 2023 has the most members by far in recent years, topping the 88 new partners and principals in the class of 2022, followed by […]

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The Smartest Service Businesses in the Country Are Accounting Firms, Says Some Lawyer

In a Bloomberg Law article that looks suspiciously like a thinly-veiled advertisement for Philadelphia law firm Cozen O’Connor, Cozen CEO Michael Heller outlines his firm’s business strategy — “We don’t want to be the firm that pays the highest salaries when times are great, terminates the associates when times are bad and then just keeps […]

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BDO USA Botched More Than Half of Its Audits Inspected By the PCAOB In 2021

Fat Joe’s favorite audit firm once again had a spectacularly horrible PCAOB inspection report. In the 2021 inspection of BDO USA, LLP, the PCAOB assessed the firm’s compliance with laws, rules, and professional standards applicable to the audits of public companies. We selected for review 30 audits of issuers with fiscal years generally ending in […]

Grant Thornton and Five Other Firms Got Coal in Their Stockings From the PCAOB

The PCAOB added six audit firms—three international, including a KPMG affiliate, and three in the U.S., including Grant Thornton—to its 2022 naughty list on Dec. 22 for not making required disclosures on Form 3. If a PCAOB-registered accounting firm is a defendant or respondent in an administrative or disciplinary proceeding that was initiated by another […]

Grant Thornton’s Global Revenue Is On the Up and Up

Grant Thornton is the latest global accounting firm to announce “we made a shitload of money in 2022” when it released last week its revenue results for the most recent financial year: Grant Thornton International Ltd today [Dec. 14] announced its revenues grew to a record USD7.2 billion for the financial year ended 30 September […]

BDO’s Global Revenue Went Up About a Billion Dollars in 2022

The results are in at BDO, and the fifth largest accounting firm in the world brought in $12.8 billion in revenue during its 2022 financial year, which ended on Sept. 30—an 8.5% increase over last year’s revenue of $11.8 billion. The new guy in charge of BDO globally, Pat Kramer, said, “In the change-dominated world […]

BDO USA Will Continue to Be Wayne’s World For the Foreseeable Future

Wayne Berson will be taking pies to the face from BDO USAers for several more years, as he was re-elected last month to his fourth term as Bravo Delta Oscar’s CEO in the U.S. BDO USA, LLP, one of the nation’s premier accounting and advisory firms, announced the re-election of Wayne Berson as CEO for […]

illustration symbolizing burnout

Grant Thornton is Trialing a “Nine-Day Fortnight” Schedule to Ease Burnout in Australia

In a profession already notorious for burnout, staffing crises continue to wreak havoc on the personal lives of accountants everywhere much to the detriment of firms that refuse to turn down work yet lack the warm bodies to get it done. Grant Thornton has a crazy idea to alleviate at least a little of that. […]

a render of a business suit army

BDO UK Spreads the Load

FT had an interesting story yesterday about a situation across the pond: average BDO UK partner pay fell 15 percent to £647,000 (USD$794k) because a hiring spree took a bite out of profits. Last year, BDO UK partners walked away with more than even EY and KPMG partners. They aren’t worried about it though, the […]

Ex-BDO Atlanta Employee Who Shot and Killed Her Former Boss Was Indicted on Murder Charges

A Fulton County grand jury on Nov. 11 indicted Raissa Kengne, a former IT audit manager at BDO USA in Atlanta, in the August shooting deaths of her ex-supervisor at the accounting firm and the property manager of the condominium building where she lived. Kengne, 34, was charged with two counts of murder, two counts […]

BDO Went to America’s Hat (Again) for Its Next Global CEO

BDO went to the well again (the well being Canada) to find its newest global CEO, Pat Kramer. And the guy Kramer is replacing is the same guy he replaced as BDO Canada CEO seven years ago. BDO has today [Nov. 1] announced that Pat Kramer, former CEO of BDO in Canada and a member […]

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Some High Level Folks Have Abruptly Left BDO and No One Seems to Know Why (UPDATE)

People who know know there’s something happening at BDO USA. We are working on getting to the bottom of a few things that we can’t quite share with you until we have more information but in the meantime, we need to talk about how leadership is apparently getting axed — or leaving? — and no […]

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Hear Me Out, Accounting Firms Should Add PvP and Achievements to the Metaverse

It’s 2022 and accounting firms are proudly buying up “real estate” in the metaverse, putting out self-congratulatory press releases about it like it’s supposed to make us think they’re ahead of the curve on technology. Really my first thought has always been “didn’t the Maryland Association of CPAs do this 14 years ago?” (They did) […]

Promotion Watch ’22: BDO USA Gives 69 People Fancy New Titles

People who know, know BDO USA recently promoted 49 people to partner and 20 people to principal for fiscal year 2023. The class of FY 2023 is the same size as the class of FY 2022—and one of the largest in the firm’s history. Among the 69 new partners and principals: 22: The number of […]

Grant Thornton Achieves Dynamic Revenue Growth of 17% in 2022

The petals on the Purple Rose of Chicago were in full, fragrant bloom in 2022 as Grant Thornton posted revenue for its fiscal year ending July 31 of $2.3 billion, a nearly 17% increase over the $1.97 billion the firm brought in last year. 2022 was clearly one of the best years GT has had […]

some guy in a suit yelling at the sky for no reason

Young Accountant Narrowly Misses the Tragedy of Working For Grant Thornton

Someone on r/accounting posted this over the weekend and I thought it worth sharing because it reminds everyone of two very important facts when it comes to recruiting: 1) never bank on a verbal offer and 2) don’t work for Grant Thornton. Oops wait, I meant 2) if firms recruiting on campus engage in any […]

rapper Fat Joe

Fat Joe is Suing BDO

TMZ reported over the weekend that Fat Joe is suing his longtime accountant Andre N. Chammas and Chammas’ firm BDO for alleged misappropriation of funds. Oh and he claims that BDO is running some kind of Ponzi scheme. According TMZ’s review of the legal documents, Fat Joe noticed “some accounting regularities” after Chammas’ assistant Vanessa […]

sad face spray painted on a wall

A Bunch of Auditors at RSM F*cked Up

Today in Auditors Not Doing Their Jobs, the SEC has charged RSM, three senior-level employees who work there, and a couple partners with improper professional conduct for failing to properly audit Revolution Lighting Technologies Inc.’s financial statements over a four-year period when Revolution was violating accounting principles by inflating revenue with bill and hold sales. […]

blocks stacked up to signify a ranking

Listicle of the Day: The Accounting Firms on Fortune’s 25 Best Large Workplaces in Consulting and Professional Services

Yikes that headline was a mouthful, sorry about that. Anyway, Fortune has released its 25 Best Large Workplaces in Consulting and Professional Services list and you might be surprised to learn that only one Big 4 firm cleared the top ten. Actually you might not be surprised by that at all once you learn the […]

There is a GoFundMe for the Wife of Murdered BDO Atlanta Managing Director Wesley Freeman

Wesley Freeman with his wife, Alicia. The Atlanta Journal-Constitution reported today that a GoFundMe campaign has been started for the family of Wesley Freeman, the BDO Atlanta managing director who was shot and killed by his former BDO colleague Raissa Kengne on Aug. 22. Here is a Facebook post from Beth Lee Garner, national practice leader […]

Promotion Watch ’22: Grant Thornton Admits 38 New Partners and Principals

Plenty of new promotion purple roses were handed out at Grant Thornton on Aug. 1, as the firm celebrated its largest class of new partners, principals, and managing directors in GT’s history. The 96 new PPMDs in the class of 2022 surpasses the 87 in last year’s class, which had been Grant Thornton’s largest ever. […]

Ex-BDO IT Audit Manager Raissa Kengne Charged in Deadly Atlanta Shooting (UPDATE)

[Update at bottom of post with charges filed against Raissa Kengne; internal email from BDO about the shooting.] A woman who was arrested earlier today after allegedly shooting three people, killing two of them, in Midtown Atlanta is reportedly a former audit manager at BDO USA. As of 11:40 p.m. ET, police have yet to […]

RSM US Took Its Revenue to a New Level in 2022

That level being $3 billion—a first in the firm’s 96-year, multinamed history. In its 2022 annual report, which was released earlier this week, RSM US noted that its revenue for the year ending April 30 was $3.3 billion ($3,310,265,000 according to INSIDE Public Accounting), a 15% increase over its 2021 revenue of nearly $2.9 billion. […]

Compensation Watch ’22: Did Huge Revenue Boost = Better Raises For BDO USA Employees? (UPDATE)

[UPDATE: New average raise percentage for L6->L7 in 2022.] A couple weeks ago we reported on BDO USA’s stellar fiscal 2022, as the firm raked in just under $2.5 billion in revenue—a nearly 25% increase over 2021’s revenue of $2 billion. At the end of last week’s post, we wondered whether BDO’s large revenue gain […]

Compensation Watch ’22: Did the Purple Rose Reek of Bad Raises at Grant Thornton?

The most DYNAMIC firm in all of public accounting recently had comp discussions, according to r/accounting. It was the final round of raises during the reign of CEO Brad Preber, who was put out to pasture on Aug. 1 when new Grant Thornton CEO Seth Siegel took over. We’ve heard some rumblings that some GTers […]

Compensation Watch ’22: Were Raises at RSM US Sketchy or No?

The 2022 comp thread for RSM US is out on r/accounting, and it’s pretty meaty—just like the Omaha Steaks the firm’s been giving to employees. Also meaty was RSM’s revenue for its 2022 fiscal year, which according to Accounting Today’s 2022 Top 100 Firms ranking, was $3.13 billion, up nearly 11% from 2021’s result of […]

Is It Time to Renovate Your Practice?

Remember those home renovation reality shows that were all over the place in the 2010s? The formula was always the same: find the jankiest, most run-down home on the market, gut it, and somehow end up with a beautiful property that more than made up for the renovation costs upon sale. The “before” homes are […]

a golf ball branded with accounting firm BDO's logo

BDO USA Had a Pretty Good 2022 Revenue-Wise

One year after cracking $2 billion in revenue for the first time, BDO USA added another 25% to that total during its fiscal year 2022 which ended on April 30. BDO reported revenue of $2,490,400,000 in 2022, up from $2,000,300,000 in 2021. It’s the 10th year of revenue growth under CEO and leader of the […]

Letter to the Editor: Small Firms Are Suffering in This Market, Does Anyone Care?

We received the following from a small firm owner who is suffering under the weight of talent shortages, massive workloads, and hoards of would-be clients shopping around because their accountant (rightly) raised their fees. What’s a small firm to do? I have a small firm in [redacted]. I have been reading constantly about how the […]

KPMG Poaches Someone From Grant Thornton and Issues a Press Release, Part IV

It‘s been awhile since we paid attention to people leaving Grant Thornton for KPMG and vice versa, but this news that was made public yesterday is a biggie: well-known Grant Thornton Chief Economist Diane Swonk turned in her purple rose after more than four years with the firm and has joined the House of Klynveld […]

Thumbs down BDO LLP

BDO USA Is Finally Trying to Do Something to Improve Its Horrible Audit Quality

While PCAOB inspection reports are only one indicator of how good or bad a public accounting firm’s audit quality is, it’s still pretty embarrassing when a firm gets a bad report card. Consecutive years of horrible inspection reports (2013 and 2014) is what drove KPMG executives to hatch a scheme to steal confidential audit inspection […]

The Fortune 100 Best Companies to Work For: RSM US #40 (2022)

When it comes to the Fortune BCTWF, gone are the days of the Big 4 firms being ranked among, say, the top 50 companies and then you have a midtier public accounting firm or two ranked somewhere between Nos. 51 and 100. Nowadays you’ll see a non-Big 4 firm or two ranked higher than one […]

BDO Says It Is No Longer Doing Business In Russia and Belarus

The latest top accounting firm to turn its back on Russia and Belarus is No. 5 on your global scorecard, BDO, which said in a statement on Tuesday that “no BDO firm will work with any sanctioned Russian and Belarussian entities including the Russian and Belarussian government, Russian and Belarussian state-owned enterprises and sanctioned individuals […]

Hide the Pain Harold giving a thumbs up

If This Is How Grant Thornton Recruiters Talk No Wonder They Can’t Find People to Work For Them

Today’s Grant Thornton roasting comes not from the PCAOB (like usual) but from r/accounting, also known as the magic genie from whence a wealth of content is born. We didn’t have time to create a fake resume, apply to one of the many, many open positions at GT, and hope we get the same recruiter […]

Grant Thornton Drops Its Russian Affiliate Over Conflict In Ukraine

In a two-paragraph statement posted on its website yesterday, Grant Thornton International said that the firm’s affiliate in Russia, FBK Grant Thornton, is no longer a member of the exclusive GT club: In light of the conflict in Ukraine, FBK, the Grant Thornton member firm in Russia, is leaving the network with immediate effect. Like […]

One RSM US Office Might Want to Rethink Its Retention Strategy For Managers and Supervisors

From the tip box last week: Big Salary increases for senior auditors moving to RSM – Seattle. Nearly $100k plus bonus for 2-3 years of experience. Current supervisors and managers making $80k – $96k. No plans to bump the loyal employees….. On one hand, good for those seniors taking advantage of the obvious desperation for […]

Auditing Struggle Bus Makes a Stop Once Again At RSM US, Latest PCAOB Inspection Report Reveals

When the PCAOB released its first batch of COVID-era inspection reports at the beginning of last November, everyone’s favorite audit cops started off with a bang. That group of 2020 inspection reports included six of the top seven largest public accounting firms in the US: Deloitte, PwC, EY, KPMG, BDO USA, and Grant Thornton. Missing? […]

Promotion Watch ’22: RSM US Adds 88 New Partners and Principals

The holiday smells of pine and evergreen have been replaced with the smells of new partners and principals at RSM US offices across the country, as its latest class of rainmakers was released into the wild on Jan. 1. The class of 2022 has slightly more members than the class of 2021. This is also […]

Not Surprisingly, Grant Thornton Made Billions Across the Globe In 2021

Grant Thornton didn’t want to be left out of the billionaires club for 2021. GT joined Deloitte, PwC, EY, KPMG, BDO, and RSM by pulling in at least 10-digit global revenues this past fiscal year. Specifically, Grant Thornton racked up $6.6 billion in 2021, up from $5.8 billion in 2020. The press release Grant Thornton […]

RSM Is Pretty Pleased With Its Global Haul In 2021

The months of August through early December are usually reserved for the annual Big 4 dick-measuring contest of whose global revenues are the biggest and whose grew the most, while the top mid-tier firms (BDO, RSM, Grant Thornton) wait until that contest is completed before announcing their numbers in mid- to late December or early […]

Here Is a Graphic That Shows All You Need to Know About BDO’s 2021 Global Revenue

Pretty much all accounting firm press releases are filled with back-patting gobbledygook, but recaps of a firm’s most recent financial year take the word salad to the extreme. For example, BDO’s recent press release on its FY 2021 global revenue. Execs at BDO, the fifth-largest accounting firm in the world by revenue, probably gave the […]

Compensation Watch ’21: RSM US Employees Are Starting to Leak Their Mid-Year Raises (UPDATE)

[Update to original post from Nov. 23 with additional mid-year raise percentages.] We recently got a tip that RSM US had told employees that “they are re-evaluating market conditions and people/groups might get raises in December.” Our tipster added: “Another carrot to dangle in front of people to get them to not leave.” Apparently the phrase […]

Compensation Watch ’21: Grant Thornton Is Dragging Its Feet On Announcing Mid-Year Raises (NEW UPDATE)

[UPDATE on Dec. 23] Now that it’s been two weeks since we started to hear that Grant Thornton employees were getting mid-year salary adjustments, let’s take a look at the GT comp adjustment thread on Reddit to see what some GTers got: Associate 2 5% (audit) 5.7% (audit) Senior 1 9.5% (audit) Senior 2 7% […]

Compensation Watch ’21: BDO USA Is Dangling a Mid-Year Raises Carrot (NEW UPDATE)

[Update on Dec. 13.] At the beginning of December, we got a tip from a BDOer who told us, “Communications started today. Mid-year raises are being awarded to all supposedly but individuals are getting different percentages.” This was after we were told that BDO was giving its employees an extra $500 stipend for both December […]

Grant Thornton Is Trying to Keep Heinies In Seats By Giving Raises Enhancing Benefits

Aw, better luck next time, GTers. Maybe some good news on Dec. 17? Anyway, here’s what Grant Thornton sent out on Dec. 1: Grant Thornton has further embraced the changing nature of benefits by taking its traditional benefits package — which includes items such as retirement plans and medical insurance — and layering on a […]

BDO Is Moving Into Ronald McDonald’s Old Stomping Grounds

If someone were to say, “BDO is fucking clown shoes,” he or she wouldn’t be wrong. And it’s not because of the firm’s horrendous auditing of late. It’s because a BDO USA digital advisory business will soon be based in “The House That Ronald Built.” On Nov. 10 Crain’s Chicago Business reported: The billionaire hair-care […]

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BDO USA’s Auditing Is Still Ass, According to 2020 PCAOB Inspection Report

When the PCAOB gave a preview of its first batch of COVID-era inspection reports for annually inspected public accounting firms in October, the audit cops said: For the majority of the annually inspected audit firms, we identified fewer findings in 2020 compared to our 2019 inspections. Notice how the PCAOB used the word “majority” and […]

RSM US Names Successor to CEO Joe Adams

[Updated with official announcement from RSM US below.] A tipster just informed us that RSM US announced this morning that Brian Becker, the firm’s national consulting leader, will succeed Joe Adams as RSM managing partner and CEO effective Aug. 31, 2022. As national consulting leader, a role he has held since April 2017, Becker leads […]

PCAOB Inspection Report Day Is No Longer An Embarrassment For Grant Thornton

Once the laughingstock of the firms annually inspected by the PCAOB (and of us at Going Concern HQ), Grant Thornton has recently shown it has really gotten the hang of this thing called auditing. It really is a surprising turnaround for a firm that had epically bad PCAOB inspection reports for 2011 (43% deficiency rate), […]

FRC Fines Grant Thornton UK For Something We’re All Used to Grant Thornton UK Doing

A little over a month after being fined more than £2.3 million by the Financial Reporting Council for that whole Patisserie Valerie mess, Grant Thornton got called to the principal’s office once again for audit failures—this time for its 2015, 2016, and 2017 audits of outsourcing company Interserve, which went into administration in 2019. GT […]

Promotion Watch ’21: BDO USA Admits 69 Lucky Boys and Girls to Partnership

The number of new partners in the fiscal year 2022 class at BDO USA would make Bill and Ted snicker. For some reason, we didn’t post anything last year about the FY 2021 new partners at BDO. I blame the pandemic, which is what I blame most things on these days. But this latest class […]

Despite a 2.6% Increase In 2021, Grant Thornton Couldn’t Catch BDO USA In the Midtier Firm Revenue Pissing Contest

This just in from the purple gang: Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., today announced record revenues of $1.97 billion for the fiscal year ended July 31, 2021. “In a changing and uncertain environment, we continue to remain agile and perform with excellence across our entire firm, including our […]

Grant Thornton Let Off the Hook Big Time By UK’s Audit Cops

Back in August 2018, Grant Thornton UK was given a £4 million fine by the Financial Reporting Council (reduced to £3 million after a settlement discount) for a then-partner’s conflict of interest in serving on the audit committees of two audit clients, in addition to “widespread and serious inadequacies in the control environment in Grant […]

The CEO Seat At Grant Thornton Will Soon Be Kept Warm By Seth Siegel

It seemed like yesterday that Brad Preber took over as interim CEO at Grant Thornton and right away had to deal with GTers freaking out after a whole bunch of people got pink slips, and now here we are talking about Preber’s upcoming retirement and who’s going to replace him as CEO. We found out […]

BDO USA Did Not Feel the COVID Pinch In 2021

As of right now, BDO USA has locked down the sixth spot in the largest U.S. public accounting firms by revenue, after officially announcing this morning that its fiscal year 2021 revenue eclipsed $2 billion, an all-time high. Bravo Delta Oscar came in at $2,000,300,000 for the 12-month period ending April 30, representing a year-over-year […]

Compensation Watch ’21: Did BDO USA Ante Up This Year?

Over the last week or so we analyzed how raises this year compared to previous years at RSM US and Grant Thornton. Now it’s time to take a look at raises this year at the last of the mini-Big 3 firms, BDO USA, which leapfrogged GT to become the sixth-largest public accounting firm in the […]

Number of the Day: $2.9 Billion

More specifically, $2,878,519,000. That’s how much revenue was pulled in by RSM US in fiscal year 2021, which ended April 30. While it’s not the eye-opening double-digit revenue increase that the House of Adams had in FY 2020, it’s still solid growth of 6.4% over last year during the height of the pandemic outbreak in […]

Compensation Watch ’21: Did Grant Thornton Give Employees Briefcases Full Of Money This Year?

Grant Thornton was another firm last year that decided it would be financially irresponsible to give its hardworking employees raises during the height of the pandemic, even though GT’s revenue in fiscal year 2020 hit a record of $1.92 billion. But that was then, this is now. We still don’t know Grant Thornton’s revenue results […]

Promotion Watch ’21: Grant Thornton Admits 46 New Partners and Principals

Well, well, well … look what we have here — a big promotion day at Grant Thornton. The Purple Rose of Chicago this morning announced a larger-than-usual class of 87 new partners, principals, and managing directors. The breakdown: 41 new managing directors 35 new partners 11 new principals While Grant Thornton notes in the press […]

Compensation Watch ’21: Did RSM US Make It Rain On Employees This Year?

At this time a year ago, RSM employees had just found out if the firm was handing out raises and bonuses while the Rona was still raging in the U.S. Management decided to give raises—capped at 5%—to only those employees who received a promotion (i.e., A2->S1, S1->Supervisor, Supervisor->Manager, etc.). As summer turned to fall, and […]

Grant Thornton Is Not a Bottom of the Barrel Firm, Says Grant Thornton

“The principle of shared audits is very attractive to challengers as long as the share of the audit is meaningful and brings incremental experience to teams. If the challenger firm is just going to get what’s left at the bottom of the barrel, that’s not interesting and doesn’t help.” — Fiona Baldwin, head of audit […]

The Fortune 100 Best Companies to Work For: RSM US #62 (2021)

When all was said and done, RSM US and its employees had a pretty decent 2020. The firm’s revenue increased nearly 11% over the previous year, RSM didn’t cut pay during the pandemic and doled out both raises and bonuses to employees, and RSM overtook KPMG as the firm most likely to give its capital […]

Promotion Watch ’21: Grant Thornton Canada Adds 53 New Partners and Principals

Grant Thornton in America’s hat recently admitted 35 new partners and 18 new principals into the purple kingdom. Alberta Chris Cameron, Partner, Edmonton Ken Hankinson, Partner, Edmonton Stephen Latimer, Partner, Wetaskiwin Jenny Pon, Partner, Edmonton Freida Richer, Partner, Edmonton British Columbia Shawn Birkenhead, Principal, Kamloops Sandra Blair, Principal, Kamloops Michelle Coates, Principal, Nelson Kevin Cooper, […]

Number of the Day: 88%

This is the percentage of the 4,500 or so employees of the Queen’s Grant Thornton who want to continue to spend the majority of their time working from home post-pandemic, an in-house employee survey revealed. According to the Financial Times, GT U.K. CEO David Dunckley said the pro-WFH crowd was the same regardless of age, […]

Grant Thornton Auditors Are Just Showing Off Now

It’s fair to say Grant Thornton auditors are no longer on the struggle bus. From 2010 to 2015, the Purple Rose of Chicago had an average audit failure rate of 44% in its PCAOB inspection reports during that time frame, including a whopping 65% worth of screw-ups in the firm’s 2012 report, which gave GT […]

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Those Who Know, Know BDO … Is Consistently Terrible At Auditing

Here’s a number of the day for ya: 50.7%. That is the average failure rate of BDO USA audits in PCAOB inspection reports from 2010 to its most recent 2019 report, in which PCAOB inspectors found significant errors in 42% of audits reviewed. Public accounting firms that have been historically bad at auditing, like Grant […]

How Did RSM US Fare On Its Latest Auditing Report Card From the PCAOB?

Not too long ago, RSM US had one of the worst PCAOB inspection reports we’ve ever seen. How bad was RSM’s audit quality? R-E-A-L bad. The number in the red is … well … not a good number. That would be the number of audits the PCAOB inspected that had problems so big that the […]

Grant Thornton Poaches Someone From PwC and Issues a Press Release, Part II

With Mark Andrus retiring later this summer, Grant Thornton needed to find someone to succeed him as leader of the firm’s R&D Tax Credit Services practice. GT did, and he has Big 4 chops: Keith Nickels has joined Grant Thornton LLP as a Tax partner and national leader of the firm’s Research and Development (R&D) […]

Promotion Watch ’21: BDO Admits 20 New Partners In the U.K.

These 17 men and three women got golden tickets from BDO U.K. Managing Partner Paul Eagland on Jan. 1: Spencer Ashworth, Audit Vinesh Bharadwa, Tax Jamie Carter, Business Outsourcing Lee Coccaro, Tax Ben Courts, Audit Paul Dawson, Business Outsourcing Rob di Santo, Audit Graham Ellis, Audit Martin Haines, Tax Tom Laird, Audit Conor Lambert, Transaction […]

RSM’s Global Revenue Soared 9.2% in FY 2020 Because the Firm Spat In the Face of Adversity or Something Like That

The international firm formerly known as McGladrey was thrilled with the fact that its global revenue increased 9.2% from $5.7 billion in 2019 to $6.3 billion during the year of our COVID Lord 2020. RSM Global CEO Jean Stephens ruminated: “2020 has been a challenging year but our growth reflects the agility and resilience we […]

KPMG Poaches Someone From Grant Thornton and Issues a Press Release, Part III

There probably aren’t too many accountants who can say they’ve worked as head of tax at both Grant Thornton and KPMG in Scotland, but if such a club exists, Vishal Chopra is its newest member. Several news outlets in the U.K. have reported on Chopra’s recent move from GT to the House of Klynveld, including […]

Koltin Consulting Group CEO Is Really Overhyping This BDO USA/MBAF Merger

Getting two public accounting firms that are among the top 100 largest in the U.S. in terms of revenue to tie the knot is harder than it used to be. But it actually happened twice in the latter half of 2020: CliftonLarsonAllen and Blumshapiro made a deal happen in late December and before that in […]

Patisserie Valerie Liquidators Say Grant Thornton Doesn’t Deserve Cake

It was only a matter of time before Grant Thornton U.K. faced some sort of legal action for being the auditors of cake shop Patisserie Valerie while a massive accounting fraud was being committed right under their noses. According to the Financial Times on Jan. 8: The liquidators of Patisserie Valerie are suing Grant Thornton […]

Promotion Watch ’20: RSM US Adds 84 (or Maybe 86) New Partners and Principals

The largest new partner/principal class announced thus far in 2021 is technically the 2020 new partner/principal class at RSM US, even though their promotions started on Jan. 1, 2021. And in its press release, RSM said there are 86 new partners and principals in the class of 2020 when the firm only provided the names […]

0.7% Is How Much Grant Thornton’s Global Revenue Grew In 2020

Any kind of financial growth during a global pandemic, the likes of which we’ve never seen, should be touted as a win. So it’s no surprise that Grant Thornton’s global PR team really hyped up the fact that GT’s revenue (barely) went in the plus column (unlike KPMG’s) for the 2020 financial year that ended […]

RSM US Employees Are Getting Meat Sweats For the Holidays

If we were playing the word association game and you said “Omaha Steaks,” Adrienne and I would instantly respond with “KPMG.” Why? Because over the course of this site’s existence, we’ve written thousands of words on Omaha Steaks being the summertime gift du jour for KPMGers for many years. Now we found out from a […]

Number of the Day: £518,000

That is the average profit per partner before tax at BDO U.K. in the 2020 financial year that ended June 30, down 14% from the £602,000 in profits each partner took home the previous year, according to the Financial Times and The Telegraph. Overall, the Queen’s BDO had revenue of £660 million for 2020, up […]

RSM US’s 2018 PCAOB Inspection Report Is a Lot Less Deplorable Than the Last One

When you talk about the worst PCAOB inspection reports of all time, the 2017 one for RSM US has to be in the conversation. During that inspection cycle, the PCAOB found significant problems in 11 of the 15 RSM audits selected, for a dubious deficiency rate of 73%. The other day, the newly branded PCAOB […]

BDO Had a Pretty Decent FY 2020 Globally

While 2020 has been horrible and stressful for pretty much everyone and everything, BDO actually had its best year on record, revenue-wise. Those who know, know BDO hit the $10 billion mark in global revenue for the very first time, topping out at $10.3 billion for the financial year that ended Sept. 30. That’s about […]

RSM Poaches Someone From Deloitte and Issues a Press Release, Part I

Welp, after 19 years of monotony working at Deloitte, Ryan Haggerty will now be doing the same ol’ tedious stuff at the Philly office of RSM US. We’re just kidding, Ryan. You’re probably having much more fun being on Zoom calls for RSM than for Deloitte: RSM US LLP has further strengthened its health care […]

Grant Thornton’s Streak of Not Being Fined By the PCAOB Has Come to an End

It had been nearly three years since Grant Thornton ran afoul of PCAOB auditing rules and got caught—on Dec. 20, 2017, the Purple Rose of Chicago agreed to pay a $1.5 million penalty to the PCAOB for quality control violations and audit failures as a result of its shoddy auditing work for Bancorp. But GT’s […]

BDO Poaches Someone From Deloitte and Issues a Press Release, Parts III and IV

BDO of the Australian variety recently snagged a couple of partners from the Green Dot. First, former BDO audit partner John Bresolin got his old job back following a two-year stint as a partner at Deloitte in Sydney. BDO Sydney Managing Partner Grant Saxon said Bresolin started his career with BDO as a cadet in […]

BDO Puerto Rico Tax Partner Accused of Trying (and Failing) to Defraud the IRS

More accountants behaving badly at BDO Puerto Rico. First it was good ol’ Fernando Scherrer, the BDO Puerto Rico managing partner who got indicted for taking part in a shady corruption scandal last year that also involved Puerto Rico’s former education secretary and the former head of the Puerto Rico Health Insurance Administration. Now, the […]

Wayne Berson Admits He Is Driving Some People Crazy at BDO USA

In a wide-ranging interview with CJ Prince of Chief Executive magazine, BDO USA CEO Wayne Berson used “BDO” and “powerhouse” in the same sentence, said “no one wants to go to the 5th best firm” (you got dissed, RSM US) but “we don’t see ourselves as inferior to the Big Four,” and explained what CLIMB means […]

BDO USA Employees Are Getting Their Moolah Back

Late on Friday a couple people told us about some good news for BDOers, especially for those not getting raises this year. Not sure about Audit and other Departments but BDO just announced they would be paying back the salary that was reduced in May – July with the Dec. 15 paycheck. And from the […]

LOL, Big 4: BDO Now Has the Most Audit Clients In the U.K.

There is no other accounting firm in the U.K. that wants its name mentioned with the Big 4 more than BDO. That firm is like your 7-year-old brother who wants to play street hockey with you and your high school friends after school because he wants to be around and thinks he can compete with […]

Comp Rumor of the Day: Some BDO USA Auditors Are Getting Raises, Some Are Not

[Updated with additional information.] While I was on staycation last week, this came through the tipline: BDO audit will be giving raises of 2% on average on 11/1. Some employees will receive nothing, some less than 2%, and some more than 2%. We haven’t heard anything yet about possible raises at Bravo Delta Oscar for […]

Grant Thornton’s Revenue Barely Moved the Needle In FY 2020

Because of the coronavirus pandemic, the petals on the Purple Rose of Chicago wilted some this year. Despite reporting a record high $1.92 billion in revenue for the fiscal year that ended on July 31, Grant Thornton’s revenue only increased 1% in FY 2020 over last year’s $1.9 billion. CEO Brad Preber commented: “Our success […]