Happy Thanksgiving! To our non-American readers, we’re on a lazy schedule this week so our content standards are even lower than usual. To our American readers, traffic patterns over the years consistently show that many of you come to the site on Thanksgiving and Christmas (fun fact: Christmas week is also when the newsletter gets some of the highest open rates of the year, yikes) which we’ve extrapolated means that you’re so miserable with your families you’d rather read accounting news than get passive-aggressively criticized by drunk Uncle Kevin one more time. Gotchu, fam. Here’s some stuff for you to check out while you’re holed up in your aunt’s fancy powder room with the shell soaps hitting that cart (I see you).
We included the following story in this week’s Monday Morning News Brief, including it again in case you missed it. When all this holiday stuff is over we really need to talk about mental health in the profession, it’s been almost four years since Journal of Accountancy put a feature about a CPA with depression on the magazine cover.
Here’s something tremendously boring but relevant: a Deloitte report on Six leader/worker disconnects affecting workplace well-being. The short of it is leaders think the workforce is doing great, the workforce does not.
Wall Street Journal did a long-ass piece on the two recent Big 4 leadership shakeups. A preview:
EY picked Janet Truncale, 53, head of its Americas financial-services business as its new global chair and chief executive last week. Truncale, who rose from being an EY intern to her appointment as the first woman to run a Big Four firm, is a certified public accountant by training with core skills in auditing, accounting and consulting, which will be key to moving the firm beyond the abandoned split of its advisory and audit arms into separate businesses.
Mohamed Kande at PwC charted a different path—as an electrical engineer-turned-consultant—to become PwC’s global advisory head and the first consultant to be global chair, an appointment he received on Oct. 30. A naturalized American who grew up on Africa’s Ivory Coast, Kande, 56, would be the first Black leader to helm a Big Four firm pending member-firm approval.
Both Kande and Truncale are set to start their new jobs on the same day, July 1, an unusual footnote that marks two major leadership changes among the Big Four. PwC and EY’s fiscal years are aligned, unlike the other firms. The appointments represent progress in leadership diversity, following decades of the Big Four primarily having been overseen by white males.“EY and PwC Diverge in Choice of Global Head,” Wall Street Journal November 21, 2023
Speaking of white males, we’ve heard from a couple people that Tim Ryan was gently forced out of PwC over something to do with diversity? Reach out if you have something to say about the matter. The other side of the story is that he would have made a terrible global leader because of his hardcore view of work and life which is why he gracefully bowed out instead of stepping into Bob Moritz’s shiny shoes. I was going to say “sexy” but objectification isn’t cool. Anyway, here he is talking about diversity to CNN in 2020, unfortunately CNN won’t let me embed the video.
I was going to blockquote parts of this CPA Journal piece on the pipeline but we’re all sick of that topic so forget it, read it if you want.
This has absolutely nothing to do with accounting but this recent Let’s Game It Out video killed me, I just wanted to share.
Hope that’s enough to keep you busy for a bit. If you’re still bored, there are almost 16,000 posts on this website for you to read and some of them are even good (I suggest checking out the 2011-2014ish era). A few of my favorites that I can somehow remember after all these years:
Regarding the post above if you don’t know your profession lore, Rothstein Kass was a decent sized firm and favorite of hedge funds at the center of a juicy merger rumor in 2014. Accounting Today even jumped into the fray, no doubt trying to get a piece of the buzz we were whipping up with gossip at the time. Rothstein Kass leadership swore up and down they weren’t for sale and CEO Steve Kass even denounced the rumors suggesting that they were manufactured by his enemies trying to put a stain on his firm (he famously said in an internal letter to staff the rumors were “started or perpetuated by competitors who don’t want to compete with us on a level playing field and recruiters who use the rumors to create opportunity.”). Anyway, KPMG acquired them as the prophesy foretold.
And probably one of my favorite posts of all time:
Hope that’s enough stupid news to keep you stuffed on this fine Thanksgiving. Gimme a holla if you have an interesting story or link, like many of you I’m fundamentally unable to disconnect from work and will be checking emails and texts (tipline: 202-505-8885). Though I do it at the table while giving Kevin the evil eye because fuck that guy. Happy Thanksgiving!