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Monday Morning Accounting News Brief: KPMG Drama; MBA Beats CPA?; ISO: Managers and Senior Managers | 9.26.22

a woman enjoying a coffee while she reads accounting news with her dog

Why is the Ontario Securities Commission examining Canadian audit firm ethics? Spurred by some critical comments, EY UK chair and managing partner Hywel Ball shares his opinion on the EY split: “Audit quality is going to be better.” KPMG and Deloitte alumni are doing some startup automation stuff. KPMG UAE is still working out some drama and sent a letter to top clients to let them know not to worry: [the letter] said KPMG had been “the subject of a number of damaging articles” in the media concerning “our governance, our leadership and the state of our partnership;” partners of KPMG Lower Gulf said they “wish to reassure our people, our clients, and our communities that we remain united.” Employee Benefits News: PwC is investing $2.4 billion in a reimagined employee experience called My+, centering flexibility and agency for its workforce. And another PwC headline from elsewhere on the tubes: PwC to pay $267 million to settle ERISA lawsuit. If you’re applying for a CFO role, having an MBA degree on your resume beats a CPA credential. Something about crypto accounting rules idk. r/accounting discusses Sunday Scaries.

Last week we shared a field report left in our comment section about the talent bloodbath in public accounting happening at the moment. TL;DR managers and senior managers are bolting and there’s no one left to promote to manager. Some choice comments in response:

It’s 100% true and also applies to the mid tier that aren’t shipping work offshore. I worked at one of the larger Midwest offices for a certain forward thinking firm and their tax department literally hasn’t promoted any homegrown staff or interns to manager since 2015. Most are gone by year 3 and everyone is gone by year 4.

It’s very rough. I left earlier in the year after 8 years. Before leaving they were discussing having interns “in charge” summer projects. They’ve been trying since probably mid to late last year to find experienced senior talent and I think they hired one for the region? Like other firms, they were bleeding senior through senior manage talent rapidly.

The talent shortage is getting pretty dark. Related Reddit post.

In happier talent news, our friends at FloQast are hiring. Go check it out.

Last week I gave you a 12-question quiz to find out if you’re happy at work. Not many responses thus far but the highest score was a 3. I weep for you.

CPA exam candidates: if you expect to test after 2023 then you should take BEC before 2024. This message will be repeated.

A little #mondaymotivation for you ripped straight from LinkedIn:

This hypnotizing video is supposedly “for cats” but my cat prefers House of the Dragon and the bird from the very end of the Orange is the New Black intro so I’m sharing it with you instead. Have a great week, everyone!