October 1, 2022

Monday Morning Accounting News Brief: PCAOB Arrives in Hong Kong; EY Evaluates Culture; Good Luck Hiring, IRS | 9.19.22

The Wall Street Journal talks about why the IRS is not going to have an easy time recruiting in this market. A review of EY’s practices after a staff member’s suicide will look at “workplace culture, healthy work practices and psychological safety” and be conducted by an external expert. Teams of PCAOB inspectors arrived at the Hong Kong offices of PwC and KPMG this morning (Monday) to begin a historic review of the audit records of US-listed, China-based companies, two sources told the South China Morning Post. Accounting firms suck at social media. The AICPA seeks feedback on accounting and valuation guide. Wolters Kluwer has purchased virtual real estate on Blockchain-based platforms Decentraland and Somnium Space. Ethereum, the second largest cryptocurrency in the world, plunges after SEC Chair Gary Gensler said ‘The Merge’ could make crypto a security. Europe wants to tax the metaverse.

You can find more headlines at last Friday’s Footnotes.

Saw this on r/Big4 over the weekend, confirming that grind culture is still alive and well:

MrBeast is hiring:

Well at least he can afford to pay a reasonable salary (hopefully).

Ugh now I’m gonna get MrBeast ads for a month…

A few things we’re working on this week:

  • Got some salary numbers from EY to share
  • Keeping an eye out for revenue announcements
  • It’s been four days since anyone has talked about the accountant shortage
  • If you’re not in practice should you let your CPA license lapse?
  • We found a firm that caps hours at 40 a week and they’re doing great
  • Let’s rag on the 150-hour rule some more

Mark your calendars for September 15, 2023. It will be the first annual National Leave Your Accountant the Fuck Alone Today Day.

Lastly, here’s some amazing ocean footage to keep those stress levels down. Well, unless you’re a thalassophobe. Have a great week, all!

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