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January 27, 2023

Monday Morning Accounting News Brief: Grant Thornton’s ‘Serious Failings’; PwC Won’t Split; IRS Zoom Calls? | 7.18.22

In an interview with the Financial Times, PwC’s Bob Moritz said that keeping audit and advisory arms together was essential to attract staff and that the benefits of the model outweighed the difficulty of managing the risk of conflicts of interest between the two divisions. Are accounting firms walking back remote work? Fire at a small accounting office in Austin, TX over the weekend. Mexican consumer lender Crédito Real SAB de CV is facing a liquidation of its business less than a week after the shadow-banking company acknowledged flawed accounting practices related to the value of its loan book; Deloitte audited them. Grant Thornton fined £1.3m by the FRC for ‘serious failings’ in Sports Direct audits. From the GAO: GAO is making two recommendations to IRS, including that (1) IRS should pilot test and evaluate the costs, benefits, and challenges of using videoconferencing technology for its education and compliance visits with paid preparers; and (2) if the benefits outweigh the costs, further implement the use of videoconferencing. IRS agreed with these recommendations. Accountant imprisoned 3½ years for taking $1 million from New Orleans firefighters fund.

A few things we’re working on this week:

  • Shocking survey results on accountant burnout
  • Deep dive of the proposed 2024 CPA exam Blueprints and some commentary on the changes
  • Is there drama going down at Grant Thornton rn?
  • Why cheating is such a problem at large audit firms, minus the finger pointing
  • Younger gen doesn’t want to RTO because they’re sick of being tech support for oldies
  • Avoiding the WFH hunchback
  • Firms are merging to solve their talent problems
  • F YOU, PAY THEM — a mid-tier MP insists salaries get a bump

Oh and it’s our birthday this week. Going Concern turns 13!! Lucky you, we got our angsty teenager phase out of the way in 2009.

a cat celebrating its 13th birthday
graphic design is my passion can you tell?

And for your listening pleasure here’s two hours of relaxing video game music. Hope everyone has a great week, please give us a shout if you happen to come across any newsworthy headlines you think we should cover or r/accounting posts that need to be made fun of.

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