When accounting goes unaccounted for
We’re told from multiple sources that BDO has begun layoffs in audit today, don’t have numbers for you at this time but are actively trying to hunt down more details. It’s likely there will be another batch of layoffs in tax post 10/15 but not confirmed. No word on advisory.
That’s about all the information we have right now. If you have more, text or email (anonymous, always).
Earlier and definitely related:
While we patiently wait for KPMG’s 2019 global revenue results to be released sometime within […]
As you may recall in case you’re ever asked “What is the largest PCAOB fine […]
Wolf pack leader and former BDO honcho Denis Field was convicted on a variety of charges related to tax shelters that he and others provided to wealthy clients, according to several reports. This seems to mark the end to this particular case, as Denis’s colleagues all pleaded guilty back in 2009. Others convicted alongside Field included former Jenkens & Gilchrist partners Paul Daugerdas and Donna Guerin and David Parse, formerly of Deutsche Bank Alex.Brown.
New York Law Journal reports that during opening remarks, the prosecution quoted Mr Field as telling his fellow wolf packers that they would be “”swimming in a river of green” if they aggressively sold the tax shelter plans. His defense claimed that he was merely the “head showman and marketer” which sounds like a pretty lousy excuse but his lawyers stated that they will still file post-trial motions to have the verdict set aside. [WSJ, NYLJ]
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This firm is the unchallenged leader of audit failure reporting for the PCAOB. Maybe it is coming to haunt them now? Interesting graduates continue to join this firm in audit as they’re just unaware.
They do an unbelievably good job of selling the ESOP while on campus.
BDO is trash
That ESOP interest rate strikes again!
Some layoffs have already come and there are some high performers on the list. Those are being let go due to differences in thoughts on success in remediating products and National making their choices on who they believe should be axed. The cultural change ant BDO over the past 10 years is sad. It’s not the company I started with and definitely isn’t the company I work for anymore.