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Who Cares
We were going to write about this new survey but someone in the comments was complaining about all the accountant shortage articles without any improvements being made to salaries and we kinda agree with them that it’s obnoxious. So here, take this tweet instead.
We propose that from now on, all accountant shortage surveys require respondents to share pay figures for roles they're struggling to fill. Also how much they pay offshore staff. pic.twitter.com/9tqNRXcPua
— Going Concern (@going_concern) August 8, 2024
Salaries
The 2024 Accounting Today Salary Survey [Accounting Today]
They don’t have their usual obnoxious paywall on for this one so you can actually read more than half a paragraph.
Compensation is always a hot topic in accounting, but it’s gotten even hotter these days thanks to the difficulty the profession has in attracting and retaining talent. One of the key contributors to the difficulty, according to recent studies — including an influential report from the National Pipeline Advisory Group — is the fact that entry-level salaries in the field are relatively uncompetitive when compared to those commonly available to business majors, and to those in other professions such as technology or finance. With that in mind, Accounting Today recently conducted its inaugural salary survey to create a snapshot of compensation levels across the country.
Audit
Sac State temporarily removes CapRadio audit as firm makes ‘corrections and clarifications’ [The Sacramento Bee]
Sacramento State on Thursday evening removed from its website an audit into Capital Public Radio’s finances, stating that one of several former board members described as having a “possible conflict of interest” was not a board member at the time of the transaction that was flagged. The university said it would post a corrected version of the audit “as soon as possible.” The university hired accounting firm CliftonLarsonAllen to conduct the independent forensic examination into CapRadio, which is an auxiliary of Sacramento State. That report was released publicly Monday, posted by Sacramento State to the school’s website. The 36-page report was then removed from the webpage.
Exclusive: China asks large state financial institutions to drop auditor PwC, say sources [Reuters]
Chinese regulators have in recent months asked several large state-owned clients of PricewaterhouseCoopers (PwC) to drop the auditor as it braces for penalties over its work for troubled property developer Evergrande, said two sources. The sources said the guidance was one of the main reasons for the client exodus from PwC, putting further pressure on the company that has responded by cutting staff numbers and halving the pay of some senior partners.
Firm Watch
Cherry Bekaert acquires accounting software specialist Kerr Consulting [Consulting.us]
Cherry Bekaert, a national accounting and consulting firm, has acquired Kerr Consulting, a Houston-based provider of accounting software managed services.
Accountancy firm rebrands to “bravely showcase our true identity” [Prolific North]
Sweet, can’t wait to see this powerful redesign! Bet it’s super disruptive and unique and truly speaks to the spirit of this firm.
Wut. Now this would have been brave:
Talent
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Big 4
Netherlands Rejected Meat Tax Based on ‘Biased’ Report, Finds New Investigation [Green Queen]
A government-commissioned report calling a meat tax in the Netherlands “unfeasible” was biased, one-sided, and carried out poorly, according to a new investigation. The Ministry of Agriculture, Nature and Food Quality formulated the assignment to research firm Ernst & Young (EY) in such a way that the outcome was almost certain in advance. It stemmed from a 2020 petition in support of a meat tax, which was signed by more than 50,000 Dutch citizens. They argued that a per kilo levy of €2 for chicken, €4.50 for pork and €5.70 for beef would help curb meat consumption, leading to a reduction in greenhouse gas emissions.
One consulting firm has more Olympians than the others [Financial Review]
EY has more Olympians competing for Australia at Paris 2024 than the other three Big 4 firms.
KPMG U.S. Celebrates Third Annual Nationwide Day of Service, ‘Community Impact Day’ [KPMG]
“Community Impact Day brings our people together and gives us the opportunity as a professional services firm to make the difference by devoting our skills, resources and time to help transform our communities,” said Paul Knopp, Chair and CEO, KPMG LLP. “Our commitment to investing in our communities is ongoing and our extraordinary people are at the heart of this important work.” One way KPMG is continuing to evolve this day of service is by offering skills-based volunteer opportunities centered around the firm’s AI Impact Initiative. This CID, KPMG employees will be offering skills-based AI services to non-profit leaders to help them understand new capabilities and applications made possible by AI. The KPMG U.S. Foundation, in collaboration with KPMG HUB markets, will also contribute $2.7 million in community vitality grants in 21 U.S. markets to support organizations taking a holistic approach to addressing interconnected issues unique to each community.
Big four consultants’ ‘land and expand’ strategy hammered by scandals [Financial Review]
The value of work tacked on to federal government contracts with KPMG, EY, PwC and Deloitte crashed last financial year, after taxpayers were whacked with extensions worth more than $1 billion in the three years prior. The big four consulting firms secured about $900 million in work starting in 2022-23. Over the following year, the value of those contracts was extended by about $90 million, for a 10 per cent uplift.
KPMG aims to bolster tech consulting position in Rhino.AI deal [CFO Dive]
Big Four accounting and consulting firm KPMG is looking to accelerate its growth as a provider of technology consulting services with a stake in artificial intelligence startup Rhino.AI. “We very much see this as a growth engine for us,” Marcus Murph, head of CIO Advisory at KPMG, said in an interview. “There are still a tremendous number of large enterprises that have significant technology debt.”
PwC appoints Jennifer Mantini as Philadelphia office leader [Consulting.us]
Mantini is the first consulting partner to serve as head of the Philadelphia market, with all prior leaders having been drawn from the assurance business. She succeeds Deanna Byrne, who has led the office since 2017 and is moving on to serve as US assurance leader.
IOC and Deloitte announce expansion of Worldwide Olympic Partnership [International Olympic Committee]
The International Olympic Committee (IOC) and Deloitte today announced an expansion of their Worldwide Olympic Partnership. For the Olympic Winter Games Milano-Cortina 2026 through to the Olympic Games Brisbane 2032, Deloitte will take on the role of Games Technology Integration Partner for the Olympic Games, the Paralympic Games and the Youth Olympic Games.
