January 15, 2021

Big 4

Promotion Watch ’20: EY Canada Adds 20 New Partners and Principals

Because we recognized the newest partner classes at PwC Canada (under somewhat shady circumstances) in July and Deloitte Canada yesterday, we thought we’d do the same for the brand-new rainmakers at EY Canada. EY’s new partner/principal class is the smallest of the three firms, coming in at 20. Here are a couple other stats of […]

Promotion Watch ’20: Deloitte Canada Admits 125 New Partners

We hope you guys aren’t tethered to your desks today and are enjoying your Labor Day. Today is also Labor Labour Day in Canada, and we hope our friends to the north are also enjoying a relaxing day away from the grind. We’re pretty certain the newest partners at Deloitte Canada aren’t cracking open their […]

The PwC Pillow Has More of a Life Than You Do

Tim Ryan must be taking his favorite pillow camping this Labor Day weekend: View this post on Instagram A post shared by @pwcpillow You forgot a hashtag, Pillow. #PwCProud Related article: Move Over @MickelsonHat, a PwC Pillow Is Taking the Social Media World By Storm

Promotion Watch ’20: EY Adds 133 New Partners and Principals In the U.S.

Thanks to one of our friends at EY, we got our hands on a spreadsheet that lists the names and locations of the 600 newest partners and principals at the House of Di Sibio. Of those 600, 133 are based in the good ol’ US of A. Here’s a look at the class of 2020 […]

Deloitte Sued by Ex-Manager for Discrimination Over ‘Smoke and Mirrors’ Family Leave Policy

Lawsuits against the Big 4 firms are a dime a dozen, but discrimination lawsuits make the most headlines. Like the two older CPAs who sued PwC for age discrimination (and WON!) and gender discrimination lawsuits against KPMG and EY, which either didn’t go or hasn’t gone according to plan for the plaintiffs. Now it’s Deloitte’s […]

Number of the Day: £44 Million

That is how much the Big 4 firms have been paid to advise the U.K. government on its response to the coronavirus pandemic, according to the Financial Times. In comparison, the three biggest consulting firms—McKinsey, Bain, and Boston Consulting Group—were awarded contracts worth £9.5 million. According to FT: A total of 106 contracts worth £109m […]

Pandemic Pay Cuts Didn’t Sit Well with One Deloitte Employee In Australia

Yesterday Adrienne wrote an excellent post about winners and losers in accounting during the coronavirus pandemic. I’ve got one to add to the losers side: Deloitte Australia employees. Why? Not only have most Australian Green Dotters taken a 20% cut in pay since May (which CEO Richard Deutsch said was “the least worst option” to […]

The Rona Postpones Big 4 CEOs’ Swiss Alps Vacation In 2021

Aw, no trip to Davos for BoMo, T-Ry, Carmen, Kelly, Punit, Joe U., and Paulie this January. Here are the first three graphs of the media release we received this morning from Adrian Monck, managing director of public engagement for the World Economic Forum: I would like to share with you the news that the […]

Thanks to the Rona, PwC’s Global Revenue Only Went Up a Measly 1.4% in FY 2020

Big 4 revenue gloating season kicked off today with PwC being first out of the gate. In a normal year, EY is typically first bragging about its third-place global revenue, then Deloitte, P. Dubs, and KPMG. But 2020 has been anything but normal, and that is reflected in PwC’s results for the most recent financial […]

Deloitte’s Winning Bid Amount for $135 Million Medicaid Contract Is Being Kept Secret by Florida for Some Reason

How much did Deloitte Consulting lowball Accenture, IBM, and a couple other bidders to win Florida’s $135 million contract to modernize the state’s Medicaid system? No one is saying, even though state law says bids become public information upon the state announcing the winning bidder, the Tampa Bay Times reported on Aug 24. So according […]

The Olds vs. PwC: Federal Judge Seems Fine with Age Discrimination Lawsuit Settlement

A judge in the U.S. District Court for the Northern District of California on Aug. 19 pretty much wrapped and put a bow on an $11.6 million settlement reached in March between PwC and two accountants who sued P. Dubs four years ago after they claimed they weren’t hired for associate positions with the firm […]

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

Dan Dennett announced to his LinkedIn connections about a month ago that he recently joined the black and yellow team. And here is his WFH battlestation:The newish EY associate partner is the focus of today’s edition of “Big 4-on-Big 4 Poaching From Around the World.” Dennett joins the Queen’s EY from PwC U.K. where he […]

Deloitte Consulting Winning Florida’s $135 Million Medicaid Contract Has Left Accenture and IBM Feeling a Bit Pissy

This blurb was buried in today’s Politico Florida Playbook column: A $135 million Medicaid contract Gov. Ron DeSantis’ administration awarded to Deloitte earlier this month is officially being protested by two competitors who say the process was flawed, state records show. IBM and Accenture, who also bid on the lucrative contract, filed documents with the Agency for […]

Deloitte Poaches Someone From EY and Issues a Press Release, Part II

For today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” we’re heading to Paris where Monitor Deloitte (Green Dotters who specialize in strategery) landed a new partner from its black and yellow rivals. Fabien Delon, 49, graduated from Sciences Po Paris and holds a DEA in Finance from the same school. He has 25 years […]

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

Aug. 10 was a big day for the PR team at Grant Thornton in the Cayman Islands because they actually had some news to write about. They hadn’t sent out a news release since June 12. But after GT nabbed a director from PwC in the Caymans, the firm actually gave its PR team something […]

Number of the Day: $9.14 Billion

That is the combined FY 2020 revenues for the Big 4 firms in Australia, an increase of 6.2% over FY 2019. According to reports from the Australian Financial Review, here’s how each firm fared this past fiscal year: 1. PwC ($2.6 billion) PwC’s revenues didn’t budge much at all in FY 2020, as its results […]

Big 4 Lawsuits: Ex-PwC Partner vs. PwC, Deloitte Partner vs. Deloitte Australia, Watchstone vs. PwC U.K.

On the docket: wrongful termination, age discrimination, and conspiracy! Former PwC partner sues company, claims he’s owed $15 million [Minneapolis/St. Paul Business Journal] This lawsuit filed by a former Minneapolis-based PwC partner who claims he was wrongly terminated and is owed millions of dollars should keep the firm’s lawyers busy for a while. John Cahill […]

EY Being Blamed by Butthurt Hockey Fans for New York Rangers Getting #1 NHL Draft Pick

Last night the NHL held its 2020 draft lottery, when the eight teams that lost in their respective Stanley Cup Playoffs play-in series—Edmonton Oilers, Florida Panthers, Minnesota Wild, Nashville Predators, New York Rangers, Pittsburgh Penguins, Toronto Maple Leafs, and Winnipeg Jets—each had a 12.5% chance to get the No. 1 pick, presumably 18-year-old Canadian major […]

Layoff Watch ’20: Hearing EY Mexico Is Cutting People and Pay (UPDATE)

[Updated on Aug. 10 with additional information.] We heard from another EY employee in Mexico who told us over the weekend that the situation at the firm is “worse than you may imagine.” This person said that the leadership at EY Mexico has allegedly given employees an ultimatum: accept a 15% pay cut by this […]

Wirecard Drama of the Day: At Least This Wasn’t EY’s Fault

According to a report cited by Bloomberg, a former Wirecard manager who was found dead in the Philippines last week died of blood poisoning in a Manila hospital. Bloomberg wrote: Authorities in the Philippines have yet to confirm that the man, Christopher Bauer, is the former Asian executive of the payments firm who is part […]

Awarding Deloitte a New State Contract Just Goes to Show That Florida’s Leadership Is Dumb

Remember those Bud Light Real American Heroes/Real Men of Genius TV and radio ads that were popular 20 years ago? You know, the ones that featured Survivor lead singer Dave Bickler and saluted such folks as “Mr. Giant Foam Finger Maker,” “Mr. Footlong Hot Dog Inventor,” and “Mr. Male Football Cheerleader”? My favorite one was […]

This Deloitte Veteran Made a One-Pager of His Career Highlights on His Way Out the Door

Over the years, we’ve shared countless firm farewells with you. From viral rants about Beyonce and fake auditors to sappy, totally unnecessary prose about how much they’ll miss the firm, farewell emails are as varied as the soon-to-be-former grunts who write them. Sometimes, they’re just awful, like the tax associate who wrote this actual garbage […]

Which Big 4 Firm Was the Biggest Loser In the Second Auditor Shuffle of 2020?

One thing that hasn’t slowed down too much during the Rona pandemic is the game of auditor musical chairs, as there were 51 new SEC audit client engagements and 62 departures in the second quarter among the 12 major global or national accounting firms compared to 57 new engagements and 68 departures in Q1, according […]

KPMG Rocks signs held by a woman in a KPMG shirt

KPMG Is #1 In Having the Poorest Audit Quality Among the Big 4 In the U.K.

Last but not least, we conclude our review of the Big 4 firms’ 2019-20 audit quality inspection reports from the U.K.’s Financial Reporting Council with the Shemp Howard of the group—KPMG. KPMG made headlines (not in a good way, natch) in June 2018 when the FRC said the firm’s five-year decline in audit quality was […]

Layoff Watch ’20: PwC to Sever Ties with 5% of Its Workforce In Australia (UPDATE) PwC Limits Job Cuts to About 3%

[Updated on Aug. 3 with additional information.] PwC Australia CEO Tom Seymour said layoffs last month weren’t as large as anticipated—the firm let go of 250 PwCers instead of the 400 employees who had initially been targeted for involuntary departure by redeploying dozens of staff, according to the Australian Financial Review on Aug. 3: Mr […]

Wirecard Drama of the Day: Germany’s Audit Cops Are Trying to Dig Up Some Dirt on EY

So sayeth Reuters: The German body in charge of regulating auditors is examining the work of EY, the auditor that approved the books of collapsed payment services firm Wirecard, the German Economy Ministry said on Monday. The ministry said Auditors’ Regulator (Apas) had upgraded a preliminary investigation that had been running since October 2019, when […]

Comp Watch ’20: Here’s What We Know About Raises This Year at KPMG (UPDATE)

[Updated on July 31 with additional information.] And we don’t know much at this point. We’ve seen and been told different things about what was said during a webcast on Thursday morning regarding raises at KPMG. But the one thing we do know is that KPMG is following in line with what the other Big […]

How Much Do You Think a KPMG T-Shirt Costs at Goodwill These Days?

A Goodwill in Lewisville, TX, is selling the KPMG T-shirt below for a whopping … $3.05. Seems a little pricey to me for KPMGwear, even for a thrift store. But if it was a buck and XL or XXL, I’d consider plopping down four quarters for it. I’d rather pay $3 dollars for a fancy-looking […]

EY U.K. Got Slightly Worse at Auditing This Year, According to Latest FRC Inspection Report

Next up in the parade of 2019-20 Financial Reporting Council audit quality inspection reports is the black and yellow float of EY U.K. In the most recent inspection cycle, EY had a smaller audit sample size than Deloitte, PwC, and KPMG, and that was probably a good thing. The FRC noted in its EY report: […]

This Person Is Really Guzzling the PwC Kool-Aid

Saw this posted on Fishbowl a little bit ago, and I’m really hoping this is just a sarcastic PwCer having a little fun while working and not someone who believes all the tripe that comes out of management’s mouths:If you think this person isn’t being sarcastic and is trying to be a good soldier at […]

PwC U.K.’s Auditing Report Card Gets a Grade of U for Unsatisfactory

Yesterday we began our review of the seven audit quality inspection reports issued recently by the U.K.’s audit cops, the Financial Reporting Council, with Deloitte, which was found to have only four of 17 audits (23.5%) that weren’t up to snuff. Today’s victim is PwC. Let’s see how this stalwart of auditing did during the […]

Big 4 Lawsuits: SCANA Investors vs. Deloitte, Miller Energy Investors vs. KPMG, Gridsum Investors vs. PwC

Plus, Illinois resident drops lawsuit against Deloitte Consulting, and PwC wants the city of Los Angeles to pay a price. Deloitte Wants Investor’s Nuclear Energy Project Suit Tossed [Law360] Deloitte doesn’t think it should have to face a lawsuit accusing the firm of issuing audit reports that misled investors on the progress SCANA Corp. was […]

Deloitte Sucked the Least In Latest Batch of U.K. Audit Quality Inspection Reports

A couple weeks ago the Financial Reporting Council in the U.K. released the results of its latest inspections of the Big 4 firms plus Grant Thornton, BDO, and Mazars, and it was the same ol’ story: audit quality is still really bad. How bad? Like one-third of the 88 audits reviewed during the 2019-20 inspection […]

Mazars Poaches Someone From KPMG and Issues a Press Release, Parts II and III

Those swashbucklers at Mazars are at it again, this time raiding KPMG U.K. for new partners in tax and transaction services in Manchester, England. According to media releases seen by Consultancy.uk, Steven Abbott recently joined Mazars after spending his entire 23-year career at the HofK in Manchester, where he progressed up the ranks from corporate […]

Pay Cut Watch ’20: KPMG New Zealand Ends Employees’ ‘Salary Sacrifice’ Early

Kiwi Klynveldians recently got some good news: Accounting firm KPMG has ended its Covid-19 salary sacrifice two months early, citing a better workflow than expected. In April, BusinessDesk revealed KPMG had asked staff to take a 15 per cent pay cut, calling it a “salary sacrifice”, because it didn’t qualify for the government wage subsidy. […]

Ex-PwC Senior Manager Got Busted for Trying to Pull a Fast One on PCAOB Inspectors

If you try to do something to outsmart PCAOB inspectors, more often than not you’ll end up looking like the big dummy. Case in point, former PwC senior manager Ryan Collins, who was barred by the U.S. audit cops on July 21 for altering workpapers. Collins, who worked at P. Dubs from September 2010 until […]

Layoff Watch ’20: KPMG U.K. Is Cutting About 100 People Loose In Consulting

Sky News reported some unfortunate news today, as the Queen’s KPMG has reportedly told about 200 employees, including nearly a hundred in consulting, that their services are no longer needed: Sky News has learnt that the big four accountancy firm has decided to axe just under 200 jobs across its UK workforce, the latest sign […]

Which Firm Had the Most IPO Audit Clients In Q2 2020?

Huh. Did you know there were 62 initial public offerings this past quarter? I didn’t. Then again, IPOs aren’t at the top of my “must keep track of” list with everything else going on in the world right now. But now that Audit Analytics has released its latest analysis on Q2 IPO auditor market share, […]

Comp Watch ’20: EYers Who Are Not Getting a Promotion Probably Are Not Happy Right Now

This delicious-looking sundae is the promotion bonus at EY in 2020. An EY all-hands webcast was held earlier this afternoon, and a lot of topics were apparently discussed, including raises … or a lack thereof, according to a source: No raises this year. Only those getting promoted will get the promotion portion of the raises. […]

EY Poaches Someone From KPMG and (Not Yet) Issues a Press Release, Part II

In the About section of his LinkedIn profile, Charlie Simpson simply put down, “Delighted to have joined EY Parthenon to help grow our Advanced Mobility and Manufacturing business across Europe and globally.” It’s Simpson’s move to EY-P, the strategic consultancy located in the boiler room of the EY Global Battleship, that is the focus of today’s […]

Layoff Watch ’20: PwCer Claims Performance Ratings Are Purposely Being Bumped Down to Make Separation Decisions Easier During the Pandemic (UPDATE)

[Updated on July 17 with additional comments.] Two people who currently work at PwC in management roles have chimed in on this topic: one who is siding with the firm and the other who is siding with those folks who have recently lost their jobs. The first is a partner who emphatically says what these […]

Promotion Watch ’20: PwC Canada Welcomed 22 to Partnership Right Before Gutting 5% of Its Workforce

Among the slew of messages we got yesterday regarding the layoffs this week at PwC Canada was this one from a PwCer who was among the hundreds of employees told they were no longer welcome at the House of Marcoux: PwC Canada, just a week ago, was “proud” to announce their new 2020 partners, while […]

Layoff Watch ’20: PwC Canada Confirms It Is Handing Out Pink Slips (UPDATE)

[Updated on July 16 with additional information.] Ugh, here we go again. Another big Canadian firm is cutting employees during the pandemic, and the latest victims are from PwC. We got this tip around lunchtime on July 15: Lay offs have started in a few offices in PwC Canada, including me. I’m only aware of […]

KPMG Employees Won’t Be Returning to the Office Anytime Soon

By the time KPMGers in the U.S. are finally allowed to leave their home offices to get reacquainted with their cubicles, fashion rules stipulate they won’t be able to wear white to work. The new KPMG leadership team sent a message to employees on July 13 that maybe they’ll be able to return to their […]

Layoff Watch ’20: Rumor Has It That PwC Brazil Let Go of 600 Employees

[Updated on July 11 with additional information/comments.] A tipster brought to our attention this morning that several people on his LinkedIn feed who worked at PwC in Brazil no longer work at PwC in Brazil as of July 9. Here are a few of the posts, translated from Portuguese to English: And today my journey […]

Grant Thornton Poaches Someone From EY and Issues a Press Release, Part I

While public accounting firms in the U.S. are registering about zero on the competitive poaching Richter scale these days, the bigger firms in the U.K. continue to shake things up. Take Grant Thornton, for example. Dan Dickinson, GT’s newest partner in its tax practice, is an EY refugee. From a press release seen by the […]

Deloitte Australia Has This Corporate Bullying Thing Down Pat

“It’s using COVID as a lever to change their working conditions. They have no choice — if they say no to the pay cut, they may lose their job, if they say yes, they might lose their job anyway. “Most would have accepted a pay cut because they thought it would save jobs. “In their […]

Promotion Watch ’20: Let’s Give a Thumbs Up to KPMG’s New Tax and Audit Bosses

Lynne Doughtie’s five-year reign as chairman and CEO of KPMG US came to an end on June 30, and her successor, Paul Knopp, wasted no time today appointing some KPMGers to extra special positions within the firm. KPMG today announced the leaders of the U.S. firm’s Audit, Tax and Advisory businesses, as well as the […]

Apparently the Shocking Thing About Ivy Leaguer Fired by Deloitte For Her TikTok Rant Is That an Ivy Leaguer Would Want to Work at Deloitte

Surely by now you’ve all heard of the Harvard grad fired by Deloitte before she even served a single day for the firm after a politically-charged TikTok video of hers went viral. It seems Deloitte doesn’t like it when their incoming consultants threaten to stab people, even if said threat is really just “an analogy” […]

Mazars USA Poaches Someone From PwC and Issues a Press Release, Part I

Our favorite public accounting bandits Mazars USA is at it again, this time raiding PwC for someone to lead its first office in Texas—a new 4,000-square-foot cube farm in Dallas. Brad Leffler will lead the office and has 23 years of experience serving companies in a wide range of industries including retail and consumer products, […]

By the Numbers: $2.06 Billion

That’s how much General Electric paid its longtime external auditor KPMG in fees from 2000 to 2019, according to an analysis of GE’s proxy filings for each of the past 20 years. GE dumped KPMG on June 22, ending an 111-year relationship. Deloitte will be GE’s new external auditor beginning in 2021. Here’s a breakdown of […]

EY Still Atop Public Company Audit Client Leaderboard

EY having the most public company audit clients in 2020 isn’t really the biggest news coming out of Audit Analytics’ latest analysis of public company auditors because the Black and Yellow has led each of the past half-dozen years. The bigger news is there’s a different Big 4 firm occupying second place. While EY has […]

EY’s Care Kit for Employees Does Not Include Pancake or Waffle Mix

But the care kit EYers received for their eventual return to the office does include reusable cloth masks, hand sanitizer, and a forehead thermometer (not pictured below). The source who sent us the photo, whose spouse works for EY, called the care kit “a legit, nice, late gesture from Uncle Ernie” and added that the […]

ey orlando

EY Partners Told How to EYsplain Wirecard Mess to Clients

The Financial Times reported on Monday: EY has told its partners how to prepare for difficult conversations with clients about its audits of Wirecard, the German payments company that has filed for insolvency after admitting that €1.9bn of cash probably never existed. In an internal note to senior partners on Friday, EY advised them to tell […]

Layoff Watch ’20: EY Is Cutting Ties with Nearly 100 Employees In Israel

Today is New Year’s Eve Eve in the Ernstiverse, and with the 2021 fiscal year starting on Wednesday—and with COVID-19 not going away anytime soon—we’ve been told that quite a few EYers in the U.S. will be shown the door soon. Rumors have been swirling for a while now—from 300 of the 3,600 (8.3%) U.S. […]

EY Poaches Someone From KPMG and Issues a Press Release, Part I

We’re going back to the U.K. for today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” where private equity specialist Jo Taylor is moving up from No. 4 to No. 3 in the Big 4 rankings. From a press release seen by the website TheBusinessDesk.com: EY’s transaction tax team in Manchester continues to […]

Ex-EY Partner Karen Ward Dealt Setback In NY Federal Court

Law360 has the latest on Karen Ward, the former head of real estate investment banking at EY, who asked a Manhattan federal court last July to invalidate the arbitration agreement she signed several years ago that has prevented her from suing EY over claims she was a victim of sexual harassment, gender discrimination, and retaliation, […]

Layoff Watch ’20: About 40 People In KPMG’s Marketing Department Got Some Bad News to Start the Week

In addition to the 350 or so people who we were told lost their jobs in the KPMG Digital Nexus group on Monday, we learned from a source that at least 40 people in KPMG’s marketing department were also laid off that day. A KPMG spokesperson confirmed Monday’s marketing layoffs this morning but couldn’t comment […]

Layoff Watch ’20: Some KPMG IT Folks Were Told Their Services Are No Longer Needed

[Updated on June 23 with additional information.] Another person who will be leaving KPMG involuntarily told us on Tuesday evening that Monday’s layoffs affected more than 350 people in the Digital Nexus group. Fourteen people had over 25 years, I personally have been here for 19. The 350 number came from my manager and several […]

Layoff Watch ’20: Deloitte’s Purging Continues, This Time In Australia

Deloitte, which couldn’t help patting itself on the back last week for forecasting a record-breaking $48 billion in global revenue for FY 2020, has just sent hundreds of more employees to the chopping block. First, the firm sent between 300 and 400 Canadian employees packing in May, then more than 5,000 U.S. employees have received […]

Auditor Swap: General Electric and KPMG Officially Call It Quits

A love affair that spanned more than 110 years is coming to an end. General Electric announced today that it and KPMG are going their separate ways after this year. And GE’s new external auditing paramour is Deloitte. Here’s the statement GE released on Monday morning: GE (NYSE:GE) announced today that, following a thorough and […]

Promotion Watch ’20: PwC Admits 232 New Partners and Principals

Today is Promotion Day at PwC, a day to celebrate all those PwCers who earned their new stripes and stepped up in rank, including the firm’s newest class of 128 partners and 104 principals. This year’s class of 232 partners and principals isn’t as robust as the previous two years, but it’s the third largest […]

Loyal Grunt Gets Canned From ‘Unnamed’ Big 4, Proceeds to Write This Literal F*ck You to the Firm

The other day, an obviously jaded individual wrote a moving post on r/accounting about his or her experience in the meat grinder that is public accounting. I knew as soon as I read it that the post itself was not long for this world, so of course I grabbed screenshots. I’m glad I did, as […]

Big 4 Lawsuits: Illinois Resident vs. Deloitte, Gridsum Investors vs. PwC, Ryan LLC vs. EY

Illinois Unemployment Data Breach Leads to ID Theft, Class-Action Lawsuit Claims [Illinois Policy] Deloitte—already being sued by two groups of Ohioans who claim their personal information was exposed on state websites the firm built to administer coronavirus unemployment benefits to independent contractors—is now being sued by an Illinois woman who said she was a victim […]

Number of the Day: 0.366%

According to a report by The Telegraph, this is the percentage of black equity partners at the Big 4 firms in the U.K. Just 11 of the almost 3,000 equity partners at the Big Four accounting firms are black, forcing bosses to promise a push for diversity in their senior ranks as the Black Lives Matter movement turbocharges calls for racial […]

Deloitte Is Already Bragging About How Great Its Global Revenues Are For FY 2020

PwC, EY, and KPMG are still looking at Deloitte’s tail lights. For the fifth straight year, Deloitte will win the Big 4 dick-measuring contest in terms of annual global revenue, according to an Australian Financial Review report. Deloitte expects a strong finish to the 2020 financial year despite the effects of the COVID-19 pandemic and […]

Happy 50th Birthday to Walking KPMG Billboard, Phil Mickelson!

Everyone’s favorite blue-KPMG-hat-wearing, non-U.S.-Open-winning, left-handed duffer is turning the big 5-0 today. And the honorary Klynveldian was appreciative of the birthday wishes from the Mothership. Thank you @KPMG for the many years of support. I’m 50, time has flown by and I’ve loved every second of it! https://t.co/WMV8XYSRmO — Phil Mickelson (@PhilMickelson) June 16, 2020 […]

EY Poaches Someone From PwC and Issues a Press Release, Part I

Today’s edition of “Big 4-on-Big 4 Poaching From Around the World” takes us to Romania, where EY has put everyone in that country on notice now that it just hired a tax specialist away from PwC and made her a partner. Georgiana Iancu now has a seat at the adult table: [Translated to English] Georgiana Iancu […]

Bonus Watch ’20: PwC Is Kinda, Sorta Going Forth with Bonuses, Raises (UPDATE)

[Updated on June 12 with additional information.] So we were told today by a couple of people that PwC had a webcast for new hires on Thursday, led by Chairman Tim Ryan, U.S. Recruitment Leader Rod Adams, and a couple of other people. Once the spiel about what PwC is doing to address the COVID-19 […]

Layoff Watch ’20: Deloitte Has Begun Handing Out Thousands Of Pink Slips (UPDATE)

[Updated on June 12 with some additional information.] We’ve got some new info to share today, at least from the Deloitte & Touche side of things. A tipster told us the following things were said by D&T CEO Lara Abrash this morning during a call with her audit and assurance peeps: She confirmed what we […]

KPMG Rocks signs held by a woman in a KPMG shirt

At Least KPMG Won’t Have the Worst 2018 PCAOB Inspection Report

We’ve finally reached the end of the six-pack of 2018 inspection reports released by the PCAOB on June 1. And we saved our favorite four-letter Big 4 firm for last. Among the Big 4, KPMG’s inspection reports have been the most abysmal. Since 2010, Deloitte, PwC, and EY have not had an audit deficiency rate […]

Does Punit Renjen Not Realize Deloitte U.S. Is Laying Off Thousands of People During a Pandemic?

While I’m sure he had good intentions, the timing of this tweet by Deloitte Global CEO Punit Renjen is a little questionable given that Deloitte U.S. is currently getting rid of roughly 5,000 or so employees and furloughing many more during the COVID-19 crisis. How’s that helping these people thrive during the worst pandemic in […]

KPMG Poaches Two More People From PwC and Issues a Press Release, Part VI

It’s pretty crazy that there have been so many new KPMG hires from around the globe lately who have come from PwC, because it wasn’t that long ago when KPMG was pretty much a playground for future PwCers. Big 4-on-Big 4 poaching is fun! Especially when it involves these two firms. So let’s head over to […]

Big 4 Lawsuits: Wirecard Investors vs. EY, Australian Tax Office vs. PwC, Carillion vs. KPMG

Here’s a round-up of lawsuits filed against Big 4 firms in Germany, Australia, and the United Kingdom. Ernst & Young Sued Over Wirecard as Accounting Woes Add Up [Bloomberg] Wirecard’s longtime auditor EY is being sued just days after the payment processing company’s headquarters were raided as part of a market-manipulation probe. The German lawsuit […]

EY’s Auditing Is Not As Sad As It Used to Be, Per 2018 PCAOB Inspection Report

It’s kinda sad, really, that we don’t bat an eye when the top audit firms in the world, the ones that are supposed to be the gold standard of the profession, still significantly screw up one-fourth of their audits of public companies that are inspected by the PCAOB. Why? Because the number of audits with […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part V

Everyone’s favorite golf company just hired away a turnaround specialist from one of its biggest rivals in the U.K. Let’s take a trip to London for our latest edition of “Big 4-on-Big 4 Poaching From Around the World,” where we learn a little more about PwCer-turned-KPMGer Massimiliano Messina: Professional services firm KPMG has announced the […]

Rumor Mill: PwC Canada Strongly Encouraging Tax Staff to Work Less So They Don’t Have to Fire You

PwC of the Canadian variety is apparently asking forcing its tax staff to volunteer agree to reduce their work hours with a corresponding reduction in pay to avoid layoffs. Hmmm, how did that work out for Deloitte Canada? Here’s a tip we got over the weekend: PwC Canada Tax announced this week: All staff can […]

PwC’s Latest PCAOB Inspection Report Is Fairly Unspectacular, Part II

Let’s keep plowing through this pile of 2018 PCAOB inspection reports and take a look at how PwC auditors did during the 2017 inspection season. PwC auditors haven’t had a lot of great press lately: we had the Mattel accounting cover-up; Brandon Sprankle spectacularly violating independence rules, resulting in PwC being fined $7.9 million by […]

Deloitte’s 2018 PCAOB Inspection Report Shows They’ve Gotten a Lot Better At This Thing Called Auditing

So the PCAOB did a thing today. Everyone’s favorite audit regulator released the 2018 inspection reports for the Big 4, Grant Thornton, and BDO USA this morning in a “new user-friendly format.” And they’re actually pretty sleek-looking and informative. A couple years ago, Caleb called PCAOB inspection reports “beach reads” because executive summaries had been […]

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

Last week we told you guys about Deloitte Ireland helping a longtime PwC tax director achieve his dream of becoming a Big 4 partner. In today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” we head to Switzerland, where a PwCer-turned-Deloitter is coming back home to Papa Whiskey Charlie. Richard Geldart rejoined PwC […]

KPMG Pay Cuts Are Probably Not Going to Be Well-Received Outside of Australia

Not that long ago, I stuck a link to this story in a Friday Footnotes but just in case you missed it, let’s catch you up on the situation in my boy Roadhog’s esteemed home country. Back in late April, KPMG Australia used peer pressure relied on the strength of its team mentality to ease […]

Having a Lakehouse Makes KPMG the Most Diverse of the Big 4, According to Weird Ranking

For the third year in a row, KPMG was the only Big 4 representative on DiversityInc’s ranking of the top 50 companies for diversity, coming in at No. 12 in 2020. Congrats to KPMG. But one of the reasons why the Radio Station is the most diversitiest of the Big 4 firms left me scratching […]

PwC and KPMG Have the FRC Breathing Down Their Necks

The U.K.’s audit cops are curious as to why Eddie Stobart Logistics’ 2018 profits were overstated by £2 million, which resulted in shares of the company being suspended last August, a delay in publishing its 2019 interim results, and Eddie Stobart nearly going out of business. So the Financial Reporting Council is now breathing down […]

TIL: Bob Moritz Was Reappointed PwC Global Chairman … In February

Seriously, I had no idea until tonight when I saw the news release, dated Feb. 24, 2020, posted on PwC’s global website. This never hit our inbox and I can’t find anything else written about this online. Nothing. Poor Bob. They couldn’t even squeeze out a brief mention on PwC US’s website? You know, the […]

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

Today’s edition of “Big 4-on-Big 4 Poaching From Around the World” takes us to lovely Dublin IRL, where a longtime tax director at PwC Ireland has gone to the Green Side. Deloitte is pleased to announce that Ronan Ferry has been appointed a partner in its tax practice. Ronan will lead the Tax Management Consulting (TMC) team […]

Deloitte Sued By Unemployed Ohioans Who Are Unhappy Their SSNs and Addresses Were Visible For All to See

Welp, that didn’t take long: Deloitte Consulting LLP was hit with two suits by people who claim their personal information was exposed on state websites the firm built to administer supplemental coronavirus unemployment benefits. A group of Ohio residents sued Deloitte late Thursday in Manhattan federal court, after officials in that state, Illinois and Colorado disclosed […]

Person From Switzerland Has the PwC Playbook Down Pat

[Translated from German to English] “When the times are good, [PwC] hires young talent en masse, let them work through day and night, and when it comes down to it, put the team out on the street.” — an unnamed PwC Switzerland employee, when asked what they think about the firm’s cost-cutting measures due to […]

Deloitte Is Giving Unemployed Gig Workers In Some States Something Extra to Worry About

Imagine being an out-of-work independent contractor living in Ohio during this pandemic, anxious and unsure of when you’re actually going to get some financial assistance from the state because Ohio’s unemployment systems are being blown up with regular unemployment claims. Finally you get word that you can now file for unemployment benefits through the new […]

What Tim Ryan Learned About PwC During the Pandemic Also Applies to Roofers

“I think what we’ve learned is that it’s always better to control your destiny when you can. And I want to be clear, we made a zillion mistakes. I don’t want to come across as we batted a thousand, because we didn’t. But I think what we’ve learned is that it’s always better to control […]

Big 4 Lawsuits: PwC and a Ponzi Scheme, PwC and a Rich Client, PwC and a Winning Appeal

PwC is keeping its lawyers very, very busy. PwC fails to dismiss £25m negligence claim over Guernsey ‘Ponzi scheme [Financial Times] A judge in the Guernsey Royal Court has dismissed an attempt by the Queen’s PwC to throw out a £25 million lawsuit against P. Dubs for alleged negligence in its audits of a Guernsey […]

Three Former KPMG Partners Charged by SEC For Being Dirty, Dirty Cheaters

Just when KPMG thought maybe everyone had forgotten about that whole cheating scandal debacle, the SEC announced Monday it settled charges with three more dirty cheaters who once called the firm home. The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams […]

EY Netherlands to Partners: Umm, Please Give Us Some Capital

EY Netherlands partners are answering the call to help pad the Dutch firm’s coffers because business kinda sucks right now due to the Rona pandemic. Bloomberg reported earlier this week: EY’s Dutch unit is asking its partners in the Netherlands to stump up funding to help it confront the blow to its business from Covid-19 […]

Please Don’t Call Deloitte If Your House Is On Fire

“Hiring Deloitte [to manage PPE procurement] was a funny thing to do. If there is a fire, you don’t call the auditor, you call the fire service.” — said an anonymous clothing manufacturer based in northern England, who said Deloitte has ignored his company’s offers to make medical gowns for healthcare workers on the front […]

Which Big 4 Firm Was the Biggest Loser In the First Auditor Shuffle of 2020?

Nearly 60 companies that are audited by one of the 12 major global or national accounting firms played auditor musical chairs during the first quarter of 2020, and EY ended up being the biggest beneficiary after the last song ended. According to the latest SEC audit client winners and losers analysis by Audit Analytics, which […]

Big 4 Lawsuits: FDIC vs. EY, Investors vs. Mattel and PwC, Carillion vs. KPMG

Federal regulator sues auditor Ernst & Young for negligence over First NBC collapse [New Orleans Advocate] The FDIC is suing Ernst & Young in the $1 billion failure of First NBC Bank in 2017, alleging that EY missed clear red flags related to several soured loans and failed to raise the alarm to the bank’s […]

Cybersecurity Experts PwC Get One of Their Subdomains Hijacked By Porn Spam

It feels like it’s been months since I’ve been able to write about something that has nothing to do with coronavirus. Kind of a nice feeling, actually, I’ve forgotten what that’s like. Anyhoo, when my esteemed colleague Bramwell spotted this story the other day, he made sure to send it my way because apparently it’s […]

It’ll Be a While Before PwC Offices Are Back to Full Capacity, Obviously

CODE-E can’t wait to see everyone’s smiling faces again. From the Boston Globe on May 6: Many [Greater Boston area] employers are also thinking about phased approaches, for their own workforces. Take what’s happening at PwC’s Seaport office, where more than 3,000 people worked before COVID-19 arrived. John Farina, PwC’s Northeast managing partner, is planning […]

EY Announces a Three-Phase Plan For Staff to Return to the Office Once This Corona Thing Settles Down

In a firm-wide all-hands call yesterday, EY revealed its plan to return to some semblance of normal work at the same time state governments are considering lifting lockdown restrictions and allowing some non-essential businesses to reopen. Get excited, people, there is in fact a light at the end of this tunnel, dim as it may […]

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

In our latest installment of “Competitive Poaching From Around the World,” we travel to Scotland for some Big 4-on-Big 4 action. And it involves our favorite poaching rivalry: PwC vs. KPMG. This time KPMG of the Scottish variety did a little shopping at PwC. While not a press release, here’s an excerpt from a post […]

EY U.K. Is Waiting to Get Called to the Principal’s Office

I remember being deathly afraid of getting into trouble in elementary school because if you were called to the principal’s office, chances are you would get a swat or two on the buttocks from his spanking paddle. Well the U.K.’s Financial Reporting Council has taken its paddle out of the drawer, put it on the […]