There’s a lot of chatter about layoffs at Grant Thornton this week but we’re scant on details. So far, we’ve heard there were cuts in New York, Dallas and possibly the Southeast region.
And just for the hell of it, we called up GT to see if they could tell us anything. Unfortunately we just got voicemail but we’ll update you if they get back to us (they might, don’t be so pessimistic).
If you have more details, get in touch and ask around to your peoples that work in the House of Nusbaum to find out what’s going down.
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BBC: Grant Thornton is Scheming for the Rich People
Okay, so large accounting firms don’t have the best reputations. They also have the tendency to be thick as thieves when they come under scrutiny. And the green eyeshade look has never been one that screams trustworthy.
But now, in what might be a bit of presumptuous awesomeness, the BBC is coming right out and calling Grant Thornton’s Growth Securities Ownership Plan (GSOP) a scheme. Maybe we’re jumping to conclusions but the subtitle doesn’t strike us as being subtle: “A big accountancy firm has denied that it has been peddling a tax avoidance scheme to help rich people avoid paying the new 50% income tax rate from 2010.“
Let’s break some of the key words and phrases down:
Peddling: Use of this word basically implies that narcotics are involved
Tax Avoidance Scheme: Implies a conspiracy of smart people to screw the tax authority on behalf of…
Rich People: Not the best time in history to be lumped into this particular demographic
WTG, G to the T. Not only are you trying to screw the taxing authority in Britain by virtue of the equivalent of slinging financial smack, you’ve got the audacity to do it on the behalf of rich people.
Accountants deny ‘new tax dodge’ [BBC]
Let’s Get Jolly In This Friday Open Items
At last, the day we've waited all week for is here, PRAISE BASTET! Before we […]
Obvious Sign of Fraud: You’re Having Sex with the Client
In case you young auditors thought you needed to have highly acute senses to detect fraud at your clients, you’re dead wrong.
Best thing you can do is immediately become skeptical if you find yourself trying to figure out the best posish for the client’s office supply room:
More, after the jump
“These auditors from the Big Four accounting firms are usually single kids just a few years out of school. What do kids in their 20s think about all the time? Sex,” said [Sam] Antar, who was at the center of a multi-million dollar fraud 20 years ago.
So Antar would pair “cute hot female” employees with male auditors as part of his distraction strategy. “In effect, I was a fraudster, matchmaker and pimp,” said Antar, who avoided jail time by working with the U.S. government, and now advises government agencies and businesses on avoiding accounting fraud.
As we’ve covered, the opportunities for accountants to get some action can be few and far between so this strategy makes perfect sense.
This will put many of you in a very difficult situation. We really wish the best for all you of in the getting laid department especially when it involves someone that would ordinarily be way out of your league.
But you may have to decide: Do you uncover the next diabolical Ponzi scheme or do you totally cave to the irresistible charms of the guy that looks way too much like Chace Crawford?
Who would it take for you to overlook a few million in misappropriated funds? Discuss in the comments.
Financial fraud — accounting for criminals [CNN]