September 24, 2022

Monday Morning Accounting News Brief: PwC Auditor Hurt; Deloitte Tops a List; EY Writes the Treasury | 8.22.22

PwC is being sued by a 28-year-old auditor who claims he suffered a serious head injury after attending a work event that involved an “excessive” drinking game of pub golf. The Securities and Exchange Commission is gearing up to fine many of Wall Street’s biggest banks a total of one billion dollars; the banks’ employees are being accused of using Whatsapp and other messaging services in violation of SEC rules. A former senior accountant for a Chicago construction company has been indicted on federal fraud charges for allegedly embezzling millions in company funds. Reno’s KOLO ran a segment about the accountant shortage: “The reasons are simple say analysts. Accountants starting out are putting in hours they aren’t adequately compensated for. There’s consistent continuing education. While technology can assist the accountant, only time and experience can teach them what the numbers actually mean. And the job can be stressful.” Deloitte remains the largest healthcare consulting firm in United States. EY fired off a letter Thursday to the U.S. Treasury Department asking for “immediate” guidance on how so-called split-off divestitures will be treated for the purposes of calculating whether a firm is an “applicable corporation” that is subject to the new tax, according to a copy of the letter sent to CFO Dive.

PwC talked to Insider about hybrid work and why it’s a good thing. It’s been almost a year since PwC announced that its people would be allowed to live and work wherever they want, barring mandatory client meetings in the office and partners who insist their teams come in to the office. Insider:

PricewaterhouseCoopers is embracing the hybrid-work model because doing so enables employees to be “more agile,” and the company believes it will help develop leaders at the consulting and accounting giant.

“If you’re participating virtually, or in person, that requires leadership and the opportunity for all our managers to really work on key qualities” of communication, equity, and developing “an awareness of cultural sensitivity,” Wes Bricker, the vice chair and coleader of US trust solutions, PwC’s accounting and tax division, told Insider.

Here’s a perk trend we’ve been hearing more and more about: doggy daycare. OK, not strictly doggy daycare. Firms are offering stipends that can be used for everything from laundry services to dog walking, no questions asked. We like it!

A GC commenter wants to see a physical fitness test added to the CPA exam.

According to r/linkedinlunatics, the summer intern posts are getting to be insufferable. If you see any good ones, you know what to do.

A few things we’re working on:

  • Compensation season is rolling along, we’re reporting the numbers (here’s 2022 EY compensation ICYMI)
  • Firms might try to get you back in the office after Labor Day
  • Public accountants continue to quit, why are they leaving?
  • PwC is lowering its hiring standards
  • Could CBD help you? Let’s talk legalities, drug tests, and relief

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Lastly, here’s Monterey Bay Aquarium’s Live Sea Otter Cam to add a little chill to your day. Have a great week, everyone!

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