October 21, 2020

News

Friday Footnotes: Another Andersen?; What Employees Want; Bald(ing) Accountants | 12.11.15

May the footnotes be with you, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook and Pinterest. Submit questions, career conundrums and #AuditorProud moments to Open Items. Jim Peterson's book is out and he […]

Let’s Review: Auditor Pride, Sponsorships, Getting Rid of Managers

Okay, it's time to kill the rest of this Friday by trying to remember what happened this week. We're thinking of having audience members appear as special guests in these weekly review sessions, so if you'd like to participate, get in touch. I'm joined by Greg and Leona again this week. We're gonna swap #AuditorProud […]

Mandatory Viewing and Predictions for Understanding the Accounting Profession’s Future

Last week I decided to dust of an old favorite of mine: The Singularity is Near by Ray Kurzweil (Mandatory reading for the paranoid self-proclaimed futurist). I use the term dust metaphorically, because of course I read it on my smartphone on a flight home from Melbourne. This leads me to the point — Kurzweil […]

Friday Footnotes: Guanxi; Millennials and Their Taxes; Dewey Have To? | 12.04.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, career conundrums and obscure audit partner disclosure requests to Open Items. Auditor independence and guanxi [Paul Gillis] PCAOB […]

Let’s Review: Zuckerberg’s LLC, Bad Audits, Health Initiatives and More

It's Friday which means we've lost all motivation to work but need to avoid shopping on Amazon. If we missed a story or you want us to discuss something specific, drop us a line, mention it in the comments or yell real loud. Both Greg and Leona are joining me this week, but time's a […]

Here Are Some Health Initiatives Accounting Firms Should Consider for the Upcoming Busy Season

While ya'll have been diligently protecting our capital markets, I've been binge-watching a million seasons of “The Biggest Loser” on Hulu. Why didn't anyone tell me about this show? I would have started watching it years ago! Meanwhile, I've also been scrolling through “office workers are all going to die of stress-induced heart attacks” articles. […]

Friday Footnotes: CPAs Starting Businesses; Taxing Consumption; Tips for Whistleblowers | 11.20.15

May the footnotes always be in your favor, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, career conundrums and Janice confessions to Open Items. How CPAs can start their own […]

Let’s Review: Ignoring Auditors, Women Partners, Janice in Accounting and More

Welcome to the one-week-countdown-to-Black-Friday edition of the GC gab session. Let's see if we can recall anything that happened this past week. If you think we missed anything or you want to bring something to our attention, bring it up in the comments or email us.

Here’s Another Lousy Stat on the Number of Women Partners in Accounting Firms

In case you needed another crummy datapoint to help illustrate the gender disparity at the partner level in the accounting profession, this finding from the AICPA's Women’s Initiatives Executive Committee CPA Firm Gender Survey should do the trick: Many firms have non-equity partner tracks that don’t include ownership in the practice. The WIEC survey found […]

Some Audit Committee Members Just Ignoring Auditors Now

As you've probably heard by now, the definition of materiality is up for debate. Back in September, the FASB said they'd like to go with the Supreme Court's definition and investor advocates think that's a terrible idea. Businesses claim that disclosure overload is making everything less informative and and some scholarship agrees. The latest in […]

Friday Footnotes: EY Loses; Acquistions; An Audit Partner Hero | 11.13.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, career conundrums and 3-page tax code drafts to Open Items. Ernst & Young Loses Trial Over Audits Linked […]

Rehashing the Week on Going Concern: Diversity, Travel, Oprah and More

Okay, it's Friday afternoon afternoon, so let's kill the rest of this day by yakking about what happened this week. If you we missed something or you want us to discuss something specific, drop us a hint in the comments or email us.   This week it's just Leona and I gabbing. Jeff's deep in […]

Accountants Earn More Than Philosophers (Barely)

Since it seems to be a popular topic today, you might be wondering if you, one of the many accountants across this great land, make more than a philosopher. And according to the Bureau of Labor Statistics, you do! But it's closer than you might like. The annual mean wage for accountants and auditors is […]

CPAs Admit That They’re Not Good Business People

Here's something interesting (hilarious, even) from the Indiana CPA Society's Center of Excellence: CPAs lack a bunch of important skills and they're completely aware of it. The Society conducted a survey of over 600 CPAs across 30 states and found that the profession that constantly goes on about being "trusted advisors" to businesses and entrepreneurs, […]

Oprah Offers Vaguely Inspiring Words to Intuit’s Devout Followers

Last week, Oprah gave the keynote address at this year’s QuickBooks Connect Conference probably because Intuit understands that people need to heal spiritually after using QuickBooks Online. Don’t get me wrong. I love Oprah. I’m a total sucker for quasi-spiritual bullshit. And apparently Intuit is, too. But Oprah speaking to a group of accounting software […]

Diversity? Ugh.

Whenever Caleb assigns me a diversity article, my first thought is always “Diversity? Ugh.” I'm not alone in this. Movie director Ava DuVernay recently said that the word diversity “feels like medicine. 'Diversity' is like, 'Ugh, I have to do diversity.' I recognize and celebrate what it is, but that word, to me, is a disconnect.' […]

Friday Footnotes: PCAOB Rebukes BDO; SEC Juking the Stats; Dropping LSD at Work | 11.06.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, elaborate spreadsheets and Marco Rubio's tax plan slams to Open Items. PCAOB Admonishes BDO USA for Quality Control […]

Welcome to Going Concern’s Weekly Gab Session

Today is the first in a new series of weekly posts that will feature your Going Concern cast kicking around stories from the past week in the accounting world. Friday afternoons are pretty slow, so we figured a little gab session would give everyone a chance to sound off on stories that we covered, missed […]

What’s the PCAOB’s Next Move on China?

Earlier this week, we learned that the PCAOB was dealt a blow last month when their negotiations with China fell through. Paul Gillis weighed in earlier today with a grim prognosis: There are no good options left for the PCAOB. Successful short seller attacks indicate that fraud and auditing failures continue to be a problem […]

More Accounting Firms Should Let Employees Build Their Own Niche Practices

In the ANR this morning I mentioned one of the accounting profession's big worries: hiring and retaining talented people. A related worry that these same accounting firms have are with succession planning; firms that can't hire and retain good people aren't going to have much a succession plan. A recent whitepaper from Crowe Horwath stated […]

Proposal Would Let Retired CPAs Take Their Three Letters Off Into the Sunset

My CPA license is inactive. Has been for years. Maybe I could use some discounted life insurance, but otherwise, I'm fine. CPAs who retire from the daily grind and don't keep up on their CPE are also inactive, however, some states (Arizona, Mississippi, Washington, among others) allow for a "CPA Retired" status with varying requirements. […]

Socially Inept Accountant Held Responsible

Here in good ol' US of A, if someone says mean things about you on the internet, you don't call a lawyer to get the offending comment taken down, you threaten them and their entire family with violence! It's the American way. Down Under, things are a bit different. An accountant in Perth sued a […]

AICPA, CIMA Want to Give the CGMA Its Own Accounting Association (UPDATE)

Update clarifies purpose of proposed association and includes letter from AICPA Chair Tim Christen to members. Here's a thing that the AICPA and CIMA are doing: The American Institute of CPAs is proposing the creation of a new accounting association in partnership with the Chartered Institute of Management Accountants. In a letter sent to institute […]

Friday Footnotes: Valeant and VIE; Paul Ryan and Tax Reform; Is Diversity Meaningless? | 10.30.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, Excel art and accountant jokes to Open Items. Valeant and the VIE [China Accounting Blog] Valeant Shows the […]

Friday Footnotes: Fights Over Disclosure and No Charges in IRS Scandal | 10.23.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions, accounting art and tax riddles to Open Items. Investor advocates protest proposals limiting disclosure [MW] Princeton Club's-Ex-Accountant Who […]

Friday Footnotes: Embezzlement; Salary Guides; M&A Audit Problems | 10.16.15

Always read the footnotes, capital market servants. Drop us links and tips over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest. Submit questions and tax haikus to Open Items. How to Become a Senior Associate at PricewaterhouseCoopers [Bloomberg] SEC’s hedge fund […]

Gone Fishin’

I'm off this week, but managed to wrangle some content from our contributors to fill the void in my absence. There's stuff from Greg Kyte, Chris Hooper, Leona May and our friends at Accountingfly. Do me a solid and keep them occupied or write something up for Open Items. I'll be back next week.

Friday Footnotes: Punny Businesses; Enticing Frauds; Clinton Tax Plan or Trump Tax Plan? | 10.02.15

Always read the footnotes, capital market servants. Drop us tips and links over the weekend by hitting the button at the top of the page or emailing us directly. Be sure to follow us on Twitter, Facebook, Pinterest and ask questions in Open Items. Google is now Alphabet or whatever. [WSJ] A Pig Story, Belize […]

In Order to Save the Accounting Profession, It Has to Be Destroyed First

If you like hearing a broken record about the accounting profession’s problems, look no further than this Accounting Today piece. It lists dozens of quotes from people wringing their hands over the profession’s three-headed monster of insurmountable obstacles: irrelevance (via technology), people and change. You’ll read it and either think, “The accounting profession is pathetic,” […]

Well, That Got Lively

Presidential candidates love nothing more than a good photo op. Although it's rare that one would find its way into the pages of GC, that did happen last week and, OH DEAR. It centered around the Internal Revenue Code, something near and dear to many of you, not as a target of your affection, necessarily, […]

Accountant Hiding on the Appalachian Trail Has the Mugshot to Prove It

                              If you were an accountant accused of making off with about $9 million of your employer’s money, I can think of few places better to hide than the wilderness. Allegedly, that’s what James Hammes did after he was confronted by […]

Friday Footnotes: New Deals for KPMG, EY; Debating Carried Interest; Blowing Off Stupid Meetings | 09.18.15

Always read the footnotes, capital market servants. Drop us tips and links over the weekend by hitting the button at the top of the page or emailing us directly. Follow us on Facebook, Twitter, Pinterest and use Open Items for PCAOB Chairman write-in candidates. KPMG agrees deal with debt crowdfunding platform InvestDen [Accountancy Age] Jean-Claude […]

Deloitte Rules Chicago

And it's not even close! Over at Crain's, Claire Bushey reports on the pecking order of the largest accounting firms in the Windy City: In 2014, New York-based accounting giant Deloitte stood head-and-shoulders above other Big Four firms in Chicago, raking in fees totaling more than $76.5 million from companies here. In the local market, […]

Friday Footnotes: Leadership Training Fail; Feedback Phrases to Avoid; Phantom Income | 09.11.15

That's it for us, capital market servants. Email us tips and links over the weekend at editor@goingconcern.com or by hitting the button near the top of the page. Don't forget to follow us on Facebook, Twitter and Pinterest, too. Why the Leadership Industry Has Failed [SGBS] The 9-to-5 Workday as Liberation [T]he boundaries between work […]

AICPA Survey: College Students Overconfident, Exaggerate, Delusional, Etc. Etc. About Their Personal Finance Skills

I think most people look back on their college selves and think, "I was dumb to think I was so smart," or "At least I'm not that irresponsible anymore," or "Man, I was really bad at sex."  With that in mind, it's sort of fun to learn that the AICPA conducted a survey that tells […]

Great Client Service Means Ignoring the Topless Model Posing Nearby

If you're a fan of accounting nostalgia, I recommend the semi-regular anecdotes from WithumSmith+Brown partner emeritus Ed Mendlowitz. In case you're not familiar, he's the guy who gave Greg those accountant trading cards and wrote a thinly veiled dig at anyone who hasn't kept books by hand. In his most recent musing, Ed shares a […]

Friday Footnotes: KPMG Legal; Elevator Pleasantries; China’s Killer Drivers | 09.04.15

That's it for us, capital market defenders. Enjoy the long weekend (with apologies to some of the tax folks). A reminder that Open Items is never closed, so submit your questions, rants and accounting ballads if the urge strikes. Also follow us on Facebook, Twitter and Pinterest. KPMG legal beats £10m revenue target in first […]

Audit Firm Overbills Client, Client Fires Audit Firm

Audit firms and their clients squabble over fees. It is known. But why does this happen? Simply, you can chalk it up to a difference of opinion — the audit firm believes it is providing a valuable service. The client disagrees. Most audit firms are sensitive to this so they try to offer a reasonable […]

AICPA Lays the Smackdown on Dear Abby

Here’s what went down. On July 13, Helpless Big Brother wrote: I have just learned that my sister's husband of 35 years (I'll call him George) hasn't filed their personal income taxes going back a number of years. … Apparently, he hasn't filed because of his inability to organize.1 Their professional tax preparer has met […]

CohnReznick’s Golf Event Won’t Solve Gender Inequality

Last month, top 10 CPA firm CohnReznick hosted a golfing event for women executives. The idea was “to get [women] more accustomed to a common way to do business among generations of male executives.” Because so much business in professional services takes place on the golf course, our goal is to get more women exposed […]

Snapchat Still Runs QuickBooks

Leaked financial statements are fun. This morning Sam Biddle at Gawker published Snapchat's internal balance sheet and 11-month income statement from last year. It's nothing to get too worked up about; the company lost a lot of money last year, which is to be expected, and they have a lot of cash on hand. Again, […]

Promontory Financial Shows PwC, Deloitte How Brinkmanship Is Done

Promontory Financial, after threatening to sue New York's Department of Financial Services, agreed to settle with the regulator over its actions in representing Standard Chartered Bank today. The firm will pay a $15 million fine and forgo consulting gigs with New York banks for six months. Contrast that with the deals PwC and Deloitte got: […]

CPA Thought He Was Out, Gets Pulled Back In

If you were a CPA who testified in the trial of two NYPD officers dubbed the "Mafia Cops," no one would doubt you if you said, "I could never ever, I will never ever, be a CPA again." After he was busted for stealing more than $5 million from his clients, New York accountant Stephen […]

Friday Footnotes: Ulterior Motives in Excess Parental Leave; Corporate Apologies; A New Book on the Big 4 | 08.14.15

Hasta luego, capital market servants. Drop us links, tips, and comp discussion anxiety (talking to you, EY) over the weekend by hitting the button at the top of the page or emailing us directly. You can get our attention on Facebook, Twitter and Pinterest as well. If you'd rather pen something yourself, you may do […]

Accounting Firms Have One Use for Marketing

A recent survey found that 75% accounting firms consider revenue growth to be, "the primary purpose of their marketing efforts." In other words, partners quote Jerry Maguire while everyone in the marketing deparment rolls their eyes and makes the jerkoff motion. [AT]

CPE, Booze, Jokes: That’s All You Need to Know

If you're in Seattle next Friday and need a couple hours of CPE, you could do worse than attending Greg Kyte's Holy Mother of Fraud. Not much worse, but hey, the free booze should make up for it. It's all happening at Comedy Underground on August 21st; doors open at 2:30 pm. Register here and […]

Parkinson’s Law of Accounting

Parkinson’s law states, “Work expands so as to fill the time available for its completion.” You guys would know this from work, if you have a 100-hour budget on a job, it will take your team exactly 100 hours to complete (probably 110). Knowing full well of this anomaly, you’ll probably get a budget of […]

Accounting Firms Desperate for Talent Aren’t Gonna Like This

I'm going through the AICPA 2015 Trends in the Supply of Accounting Graduates and Demand for Public Accounting Recruits (aka, uh, TITSOAGADFPAR?) report and it's a doozy. The good news, I guess, is that enrollments have never been higher with over 250,000 students across five different kinds of programs: Master's degrees still lead the charge […]

Friday Footnotes: Accounting for Derivatives; Grant Thornton’s People People; Dealing with Downtime | 08.07.15

Have a great weekend, capital market servants. Send us tips, comp info and epic farewell emails by hitting the button at the top of the page or emailing us directly. Follow us on Facebook, Twitter, Pinterest and post your questions, conundrums and rants in Open Items. FASB Proposes Changes in Accounting for Derivatives [AT] Intent, […]

Accountant Suffers Bumpy Landing at Sentencing

During his sentencing for a slew of crimes related to his role in a tax-evasion scheme, accountant William Frio, "lost his footing and hit his head on the defense table." The judge dropped a 5-year prison trip on Frio and ordered him to pay $1.7 million in restitution for his misstep. [Philly.com]

In the Future, Accountants Count Everything

In today’s brain dump, I wanted to bring you some good news: Accounting is not going out of business, it’s just changing. The accounting profession has evolved from single entry, to double entry, to management accounting, to where we are today. In the not too distant future, accountants will count everything! Not just money. You've […]

Accountant Posts Big Game Hunting Photos, Internet Flips Out

As you may have heard, a dentist named Walter Palmer allegedly poached a lion named Cecil. The internet reacted negatively. Now we have a big game hunter, an accountant named Sabrina Corgatelli, who posted images of herself with some of her kills from a hunting trip in South Africa. Again, the internet seems displeased:   […]

Accountapocalypse: Let’s Talk About Offshoring

I’ve touched on offshoring in a couple of my previous articles, and it seems to have gotten some attention. While offshoring is prevalent in top firms it's not standard practice in the rest of the profession, it has certainly been gaining momentum. I fully expect this trend to continue, and here’s why: Barriers to offshoring […]

Oh Look, Another License Plate That Reminds You of Work While Sitting in Godawful Traffic

Either "EBITDA" was taken or the driver didn't appreciate the irony of excluding depreciation on a car's license plate. [Imgur via r/accounting]

Friday Footnotes: Marvel and the IRS; Work Less, Accomplish More; The Guy Who Flies for Free | 07.24.15

Have a great weekend, capital market servants. Hit the button at the top of the page to send us tips or email us directly. Don't forget to follow us on Facebook, Twitter and Pinterest. Use Open Items to ask questions, blog on presidential candidate tax policy positions or workshop chapter one of your financial thriller. […]

Friday Footnotes: BDO’s Latest Buy; Zappos’ Culture; Later, Homejoy | 07.17.15

Have a great weekend, revenue rangers and deduction dynamos. Drop us links and tips by hitting the button at the top of the page or emailing us directly. You can hit us up on Facebook, Twitter and Pinterest, too. And remember that Open Items is like 7/11.       BDO USA acquires Cross Fernandez […]

Bonus Watch: Anonymous Whistleblowers

Things are looking pretty good for someone who will not be named in the matter of something that will not be mentioned: The Securities and Exchange Commission today announced a whistleblower award of more than $3 million to a company insider whose information helped the SEC crack a complex fraud.  The multi-million dollar payout is […]

Rihanna Video Has Blown the Lid Off Accountants’ Lavish Lifestyle, Says Guy

All this time, an unsuspecting public has thought accountants to be frumpy, fastidious paper-pushers ever-willing to split the check down to the penny for their foolhardy friends. But thanks to that accountant-slaying siren Rihanna, says Financial Times pop critic Ludovic Hunter-Tilney, the secret licentious lives of accountants have been exposed: Is the video feminist or […]

It’s the End of the Accounting World as We Know It

It's always fun when a new writer dips a toe in the turbulent Going Concern waters. Last week we welcomed Chris Hooper to the fray. He's from Adelaide, South Australia, a partner at his firm and an accounting futurist. And like any good futurist, he's predicting the end of the world, the accounting world, in […]

Friday Footnotes: Paternity Leave; The 1st AICPA President; Breaking Mediocrity | 07.10.15

Have a great weekend, double-entry do-gooders. Send us tips, stories and info you think we should know by hitting the button at the top of the page or emailing us directly. And don't forget to follow us on Facebook, Twitter, Pinterest and post your salary sob stories on Open Items. The Feminist Case For Paternity […]

July 4th Weekend Footnotes: Grant Thornton’s Moldova Problem; Bad Accounting Firm Websites; Rihanna’s New Video | 07.02.15

That's it for us, Guardians of the Capital Markets Galaxy. Have a happy and safe 4th of July weekend; it would really suck to lose one of your counting fingers. You can drop us links and tips by hitting the button at the top of the page or emailing us directly. Follow us on Facebook, […]

Accounting Professor Who Specialized in Ethics Cheated on Lots of His Papers

Well, this sure looks bad. Last week the American Accounting Association, publisher of the Accounting Review, retracted 25 articles co-authored by James Hunton, a former Bentley University professor. This follows three retractions announced by the Journal of Accounting Research earlier this month. Ouch. According to Retraction Watch, Dr. Hunton has had 31.5 articles retracted, good […]

Accounting for the Future

I wrote about the accounting profession's future last week. It looks…interesting, let's say. I can't say "bright" because that implies that shades would prove useful for seeing what's really there. Predictions are difficult. Sure, you can say accountants will never stop eating hours or Donald Trump won't become president, but when it comes to envisioning […]

PwC Walks a Fine Line Between Its People and Clients on Same-Sex Marriage

Maybe you heard, but the Supreme Court ruled on Friday that same-sex couples would be allowed to marry in all 50 states. It was an enormous victory for civil rights and serves as a reminder that America can still get something right. In their quest to be the diversitiest and inclusiviest, the Big 4 have […]

Friday Footnotes: Gay Marriage Wins; How Uber Conquers; Rand Paul vs. IRS | 06.26.15

Have a great weekend, double-entry mavens. Drop us stories and tips by hitting the button at the top of the page or emailing us directly. Follow us on Facebook, Twitter, Pinterest and write your accounting opus in Open Items. Supreme Court Rules in Favor of Same-Sex Marriage [AT] Sexism & Public Accounting [r/accounting, Earlier] Deloitte […]

The Accounting Profession’s Murky Future

The accounting profession is in a weird place. Maybe that’s too polite; the profession is in a demonstrably fucked up place. This is obvious to some people, not so obvious to others. I say this as an observer, of course, and not someone who lives in the profession like many of you. But, really, it […]

Do the Right Thing (Accountant Edition)

I'm not ready for the next Presidential election. I probably said the same thing 4 years ago.  I managed to survive that election and unless all five of Mike Huckabee's supporters trample me to death, I'll survive this one. The other possibility is that Donald Trump's accountants took affront to my appeal to their altruism, they […]

Friday Footnotes: Let the Mind Wander; Deloitte Blames Pop Culture; Incivility at Work | 06.19.15

Have a great weekend, stewards of GAAP and titans of tax code. Hug your Dads this weekend (especially if he doesn't like being hugged). Drop us tips by using the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest and show off your spreadsheet artwork in Open […]

Donald Trump’s Accountants Should Quit

Yesterday, shaved orangutan Donald Trump announced that he's running for president. No, not of the local billionaires-only KKK chapter; of the United States. Yes, the country that most of you currently reside in. President of the United States. It's not a joke. Well, on second thought, it actually is.  During his gold-dusted self-orgy of narcissism, Trump […]

Friday Footnotes: Take a Vacation, Get a Promotion?; FedEx and Toshiba Have Fun with Numbers; Well-Liked CEOs | 06.12.15

Enjoy the weekend, capital market servants. Share news or tips with us by hitting the button at the top of the page or emailing us directly. Follow us on Twitter, Facebook, Pinterest and pen your financial reporting thriller short story in Open Items.   Are the People Who Take Vacations the Ones Who Get Promoted? […]

Audit Committees Might Get More Homework

Chief Accountant James Schnurr let it slip that the Commission is preparing a concept release that will, "[seek] formal feedback from investors about whether they are getting enough information from audit committees." Former Deloitte CEO Jim Quigley, may be one of the few audit committee members who are saying, "BRING IT ON." [CFOJ]

Friday Footnotes: PwC Alamo; CSC Settles; KPMG’s Ignition Center No. 2 | 06.05.15

Have a good weekend, you phony workaholics. Send us tips and stories using that button at the top of the page or email us directly. Post questions and/or take a crack at blogging in Open Items. Like us on Facebook. Follow us on Twitter and Pinterest. Drink more water. Smile at strangers. Get some sleep. Pricewaterhousecoopers sets […]

Friday Footnotes: Big 4 Ups and Downs in Albany; Southern Hospitality With a Twist of Fraud; Tax Extenders Live On (and On and On) | 05.29.15

Have a good weekend, number crunching crusaders. Drop us tips over the weekend by hitting that button at the top of the page or emailing us directly. Don't forget to follow us on Twitter, Facebook, Pinterest and to post questions and tax-inspired haikus in Open Items.   Telecommuting plays bigger role at PwC The employees of […]

Defense Attorney for Ex-Dewey CFO Asks Jurors to Bust Out Their Sarcasm Detectors

Ex-Dewey & LeBoeuf CFO Joel Sanders is on trial along with ex-Chairman Steven Davis and former executive director Stephen DiCarmineis for cooking the books at their law firm that went bankrupt in 2012. Opening statements in the case were made yesterday but today, Mr. Sanders's attorney Andrew Frisch had his turn and he can explain […]

Friday Footnotes: Cramming in 8-Ks; A Paystub with Big Numbers; An Enormous CPA Tattoo | 05.22.15

Have a great Memorial Day Weekend, capital market servants. We'll see you back here on Tuesday. You can always send us tips over the weekend using the button at the top of page or by emailing us. You can get our attention on Twitter and Facebook too and remember that Open Items is always, uh, […]

More Quick and Dirty Tips for Your Insider Trading Scheme

Over this long holiday weekend, if you decide to hatch a plan to trade on non-public information here are a few tips to keep the Feds off your tail for a couple of extra weeks1 until your inevitable capture.    Your “golf-coded emails” aren’t clever Sean and Robert Stewart are a father-son insider trading duo charged this […]

34-Count Indictment Won’t Stop Accountant from Serving His Clients: Lawyer

Jack Weichman, CPA has been indicted on 34 criminal charges ranging from bank fraud to money laundering to filing false tax returns, among others. His attorney, for one, is flabbergasted by this situation:  In a statement issued Thursday morning, Weichman's attorney, Theodore Poulos, said "we are deeply disappointed and, quite frankly, appalled that the government […]

AICPA Wants CGMA Love From the C-Suite

I guess now that they're done handing out CGMAs to any CPA with a pulse, the AICPA really has to convince people that this is a real thing: AICPA is trying to achieve greater recognition of the value of CGMA among CFOs and CEOs now that grandfathering stage is over #AICPAGC15 — Accounting Today (@AccountingToday) […]

Friday Footnotes: Toshiba Expands Probe; More on Hertz; New Deputy Chief Accountant | 05.15.15

Have a good weekend, capital market servants. Send us tips using the button at the top of the page or email us directly. Follow us on Twitter, Facebook, Pinterest and remember that Open Items is like 7-11.  Toshiba sets up new panel to expand accounting probe [Reuters] Hertz Accounting Fix Keeps CFO in Financial No-Man’s […]

Friday Footnotes: Recovering From Work Outbursts; Auditors and Shoes; Words to Eliminate | 05.08.15

Don't forget Mother's Day this weekend, capital market servants. Also, remember to follow us on Facebook, Twitter and that Open Items is never closed. This is what CEOs give (and get) on Mother's Day [Fortune] Recovering from an Emotional Outburst at Work [HBR] ‘Game of Thrones’ Leadership Lessons for the Office [Speakeasy/WSJ] Tesla's Battery Grabbed $800 Million […]

Are You One of the 6.5 Million Americans Over Age 112 with an Active Social Security Number?

According to my halfassed research, the oldest person in the world is Jeraleen Talley. She’s 115 years old, and her hobbies include sleeping, eating hog’s head cheese, and not dying.    And, as the defender of the title “World’s Oldest Person,” she’s the reigning champ in the world’s longest-running death sport. Keeping her title is […]

Friday Footnotes: More AMA with Halliburton Whistleblower; Disrupting Lease Accounting; Nice Dadbod | 05.01.15

Have a great weekend, capital market servants. I'll be on vacation for most of next week but you'll still get content from the likes of Greg, Leona and others. Send tips and stuff we should know to our inbox, follow us on Twitter, Facebook and remember that Open Items is like 7-11. Reddit Recap: A Q & A […]

Materiality Appears Reasonable

Ahh, horse racing. The sport of kings, plutocrats and millions gamblers who can't catch a break. The Kentucky Derby is tomorrow so if you plan to dress to the nines, swill bad bourbon and vomit on your shoes, keep an eye on the accountant favorite, Materiality, who's currently going for 12-1.  On a test basis, he […]

Crowe Horwath Found a Nice Little New England Firm It Just Couldn’t Live Without

Crowe Horwath has gobbled up Saslow Lufkin & Buggy, a firm that specializes in healthcare and property & casualty insurance. According to firm's press release, bringing the 90-person firm into the fold will triple the number of Crowe's revenue from insurance clients. Also worth noting, SLB is based in Simsbury, Connecticut and has an office in Burlington, […]

Law Firms Need Not Worry About the Likes of EY Law, Says EY Law Guy

This is amazing. The head of EY Law Global Leader Cornelius Grossman is saying — with a straight face, presumably — that firms like his won't pose a threat to law firms. Saying that accounting firms providing legal services doesn't threaten law firms is like saying Uber doesn't threaten taxis, but okay!  "The threat of […]

SEC Didn’t Appreciate McGladrey Partner’s Lack of Attention to Detail

Here's a story of hedge fund of fund guys doing hedge fund of fund guy things — onshore fund, offshore fund, master fund, an investment advisor, along with a couple other affiliated companies — and not being very good at some of the finer points: An SEC investigation found that Alpha Titans LLC, its principal […]

Friday Footnotes: Halliburton Whistleblower AMA; Madoff Suit Against PwC Back From Dead; Tax Freedom Day | 04.24.15

See you Monday, capital market servants. Drop us news or tips over the weekend via email, plus follow GC on Twitter and Facebook and don't forget that Open Items is the 7-11 of the accounting world.   I am a Halliburton Whistleblower. I fought them for 9 years and (eventually) won. Ask Me Anything. [r/IAmA] Why U.S. Investors May Owe […]

Here’s an Inexplicable Selfie of Intuit’s CEO with Deadmau5

This morning I was cruising around the Internet, as I'm wont to do, and I came across this gem from last summer: Spending a day in the life of a customer including a #selfie with Deadmau5 #oneintuit @divinecassie pic.twitter.com/mOaNHa5i1T — Brad Smith (@IntuitBrad) August 26, 2014 Any time I see Deadmau5, I'm puzzled. Masks are […]

Friday Footnotes: PwC Settles Over MF Global; EY on Big Data in Auditing; Late-Night Emails | 04.17.15

PwC to pay $65 million to settle suit over MF Global [WSJ] Post-Busy Season Quiz: What Would You Do Differently? [AWEB] House votes to repeal estate tax [The Hill] Noble Group Shareholders Challenge Management on Accounting [WSJ] New FASB standards keep focus on simplification [JofA] House quietly passes tax exemption for megadonors [Politico] EY Sees […]

What Did You Learn This Busy Season?

All of those busy season problems must've taught you something.

Busy Season Zen: Celebrate April 15th with Some Maniacal Laughter

Yes, your busy season may have ended weeks ago but April 15th is still an important date for many accountants. To reach this day with your sanity intact is no small feat so why not enjoy your survival with some joyful lunacy? Here is 6 minutes of cinematic maniacal laughter that should help you feel […]

PKF Hawaii Standing By Their Man Accused of Stealing From Firm

Patrick Oki, who stepped aside as PKF Hawaii's managing partner on Wednesday, pleaded not guilty yesterday to stealing $500k from his firm. Charges include theft, money laundering forgery and whole bunch of other bad stuff. Despite all that, PKF Hawaii has his back: KHON2 spoke with Reg Baker, who’s now in charge with two other […]

Accountant’s Jail Sentence Conveniently Allows for Sunday Night Television

An accountant in Syracuse was sentenced to 16 weekends in jail and 5 years of probation for stealing $44k from her employer.  Syracuse.com reports that Kathleen M. DeFillippo aka Kathleen M. Rogowski will report to Onondage County Jail on Friday at 6 pm and be released on Sunday at 6 pm to serve out the sentence.  I […]

Spilling Beans on Bean Counters

We don't know what we don't know. Until someone tells us!  Large accounting firms are notoriously secretive about how their businesses are run. Every so often we'll get an inside look at the inner workings and that's always fun because I'm sure they'd prefer we'd rather not know. Last week, we discovered an a couple of […]

Footnotes: PCAOB Sanctions Five Auditors; Work/Life Is a Joke; Soft Sexism at the Office | 04.02.15

That's it for us this week. Enjoy a long weekend if you can and we'll see you back here on Monday. The lights are always on over at Open Items if you need to get something off your chest and if you bump into any chatty accounting firm CFOs, email us. FASB Plans Further Accounting Simplification Projects [AT] […]

We Learned Some Interesting Things From This Interview with a Former Accounting Firm CFO

CFO published a couple of Q&As with Michael Barton, the CFO of global law firm Goodwin Procter this week and they provide an insider perspective on professional services firms that most of us never hear about. Prior to joining Goodwin, Barton was the CFO of Rothstein Kass for about two years; he turned down an offer […]

Accountants Ruin Joke

Here's Greg, just doing his thing: Big changes on the way for nonprofit accounting. Revenue minus expenses will now be called "Not Profit." http://t.co/rSwV34YER4 — Greg Kyte, CPA (@gregkyte) March 30, 2015 And so it begins: @gregkyte What are we going to call 'losses'? — David Willcox (@AccountantDavid) March 30, 2015 @gregkyte @TimJGordon that will […]

Friday Footnotes: Maine Gov’s Stand Against King; IT Nightmares; New Google CFO’s Comp Package | 03.27.15

Ex-accountant of famous Princeton Triangle Club admits $240K theft [NJ.com] LePage: I didn’t say Stephen King doesn’t pay taxes, so no apology [PPH] Gun owned by agent who toppled Capone headed to Vegas museum Stored for decades in attics, closets and a bank safe-deposit box in New Jersey, the gun belonging to former IRS agent […]

#TBT: The Maker’s Mark Billboard That Poked Fun at Andersen’s Demise

This billboard is a work of genius. Yes, Maker's Mark is a mass-produced bourbon, but in a pinch, it does go down easy. The story behind this billboard is a little muddy but apparently, back in 2002 when this billboard appears, the AICPA was NOT amused by it and convinced Maker's Mark to pull it. […]

Most CPAs Don’t Get to Send Letters Like This One

Unlike some people, I'll bet Dean Smith sent his tax stuff to his CPA in a timely and orderly fashion.  Coach Smith willed his trust to send a $200 check to each his former players following his passing. #DeanSmith pic.twitter.com/NyiBhU9taQ — Jiimmm Demmpseeeyyy (@ChestPassDemps) March 26, 2015 [via Deadspin]