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Monday Morning Accounting News Brief: PwC Didn’t Screw Up the Oscars; Deloitte India Doubles in Size; ‘Sham Audits’ | 3.13.23

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Hello and Happy Monday! Here’s some stuff going on in our little corner of the world.

A former Deloitte partner is suing Metropolitan Life Insurance Co. for disability benefits, saying he’s unable to return to his “highly-demanding” position because of multiple mental health conditions:

The lawsuit, filed Thursday in the US District Court for the Middle District of Florida, accuses MetLife of improperly denying the partner’s claim for benefits using the opinions of doctors who never personally examined him and who made “value-laden judgments” based on his social media presence. MetLife made no substantial effort to talk to the partner’s treating physicians, all of whom agree he’s disabled, according to the lawsuit.

Financial Times wrote that, according to insiders, the EY split is now a “shitshow“:

The next few weeks will be critical in deciding whether Everest will survive. EY’s US boss Julie Boland blindsided the global leadership when she announced in a webcast to US partners on Wednesday that the plan would be put on “pause” to resolve an international row over how much of the tax practice would stay with EY’s core audit business.

Boland was not talking off the cuff, people at the firm said. Her words were pre-prepared and one person who watched the webcast said she appeared to be using a teleprompter.

But the extent of the fallout seems not to have been anticipated. Partners and staff across the firm’s operations expressed shock, confusion and anger. “Chaos” was one of the words used most frequently. Others called it a “shitshow”.

So the Oscars came and went. It’s been six years since the PwC partners entrusted with Oscars envelopes screwed up, they’re never gonna live that one down:

According to the academy website, just two PricewaterhouseCoopers partners know the results beforehand. PwC is the accounting firm that tabulates the votes. Each partner is stationed in the Dolby Theatre’s wings during the ceremony with a full set of winners’ envelopes. They’re charged with handing the sealed envelope to the winner.

Infamously, in 2017, a PwC accountant handed Warren Beaty and Faye Dunaway the wrong envelope, resulting in the “La La Land”/“Moonlight” best picture fiasco.

The World Baseball Classic will feature some of the greatest players MLB has seen in quite some time, and also a KPMG auditor playing third base for the Czech team.

Deloitte has doubled its workforce in India in three years:

Nearly 50,000 professionals have been hired by Deloitte in India over the last three years, doubling the headcount as it invests in people and productive capacity in the country, the company said in an official statement on Friday.

“The organization plans to continue to invest in people and productive capacities in India, with a focus on innovative approaches to support education, digital skills development, and training opportunities,” the audit firm said.

A blonde accountant who the internet mistakenly identified as the crazy racist lady in this video tells her story to Guinnett Daily Post. Her little firm was hit with hundreds of negative Google reviews and she is still worried that someone might break in even though the police have expressly told the internet to stop harassing middle-aged white accountant ladies:

Candice Bogar changed her name because she didn’t want to be called a Karen, but that hasn’t stopped the internet from doing so.

Bogar, who legally changed her name in 2021, did not want to be associated with the archetypical name for someone perceived as a white woman of privilege. Yet, that pejorative — and a bigot — are all she has been called on the internet since being mistaken for a woman who spewed xenophobic vitriol at a Hatboro pizza shop owner last month.

“This was hate I’ve never been exposed to before,” said Bogar, 55, the president of the Jenkintown accounting firm Bogar & Associates Inc.

“It was the worst day of my life,” said Bogar. She still worries for her personal safety and ability to take on clients during tax season, even though the defamatory comments have been deleted and reviews are disabled for Bogar & Associates’ Google and Facebook pages.

PwC’s Skilled Service Hub in Adelaide is hiring:

As a darkening cloud hovers over the consulting industry with news that McKinsey & Company and KPMG are set to slash their local and global workforces due to a downturn in demand, PwC has happily celebrated another recruitment milestone at its Skilled Service Hub in Adelaide, which was first announced in mid-2018 with the promise of creating 300 new jobs over the next eighteen months.

That timeline has now passed, but with it the professional services firm has easily surpassed its original recruitment target – and by a considerable margin.

FORVIS invests in the future:

For its $500,000 gift to the University of Mississippi, one of the nation’s top public accounting firms, Forvis LLP, will be honored with the naming of the undergraduate and master’s programs suite in the new Patterson School of Accountancy.

“The long-term success of our firm – and, for that matter, our profession – requires a strong pipeline of talented candidates who will help us achieve our mission,” said Tom Watson, the firm’s CEO. “The graduates we hire from Ole Miss are top-notch, and we are proud they call Forvis home.

“We are honored to support the Patterson School of Accountancy and look forward to its continued excellence in training the profession’s next generation of leaders.”

A few other things:

That’s all I’ve got for today, should be plenty to whet your news palate. Have a lovely week for me eh?