Morning, y’all. I’m in Nashville this week for the ACFE Global Fraud Conference so please tell your firm leadership not to do anything exceptionally scandalous while my attention is divided ok? Thanks. If you’re also here come find me, I’ve got stickers.
Spotted PwC’s new Formula 1-inspired logo at the Atlanta airport on my way here:
Smh can't escape from reminders of work even at the airport.
— Going Concern (@going_concern) June 22, 2025
How much do you reckon this fancy electronic ad cost them? pic.twitter.com/xIrSHSfBej
Still waiting for an answer on how much this airport display cost them, brief research I did while waiting for my plane says A LOT.
OK, news!
As you may have heard, the PCAOB’s nervous sweating dried up a bit last week. Said Journal of Accountancy on Friday:
The Senate parliamentarian’s office ruled that a provision in the One Big Beautiful Bill Act to defund the PCAOB and transfer its activities to the SEC isn’t permissible.
What’s funny is this paragraph they added to the article:
AICPA leadership monitored the debate about the PCAOB’s future, showing general support for the role of the auditor in assuring public trust regardless of how supporting regulatory agencies are structured. In a statement dated April 28, AICPA President and CEO Mark Koziel, CPA, CGMA, said the organization supports “healthy oversight of accounting firms that audit listed companies” and is “committed to supporting the drivers of audit quality needed to keep the investing public safe and provide confidence in our capital markets.”
I don’t think we covered that statement when it came out in April so let’s get Mark Koziel’s quote down, do you mind? This is the entirety of it:
“The AICPA believes that healthy oversight of accounting firms that audit listed companies strengthens capital markets and protects the public interest. That oversight system involves multiple layers, including timely and transparent audit standard setting and rigorous inspections intended to drive effectiveness and expand knowledge and best practice. It also includes licensing, firm and engagement quality control requirements, and disciplinary activities at the state and federal levels.
“The AICPA continuously engages in activities to support ethical behavior and high-quality performance among CPAs serving the public interest and performing audits. The Auditing Standards Board sets audit standards for U.S. private companies, employee benefit plans, not-for-profit organizations and state and local governments, and attestation standards. Our initiatives include supporting the Center for Audit Quality’s work to promote high-quality audits of listed companies.
“The AICPA is committed to supporting the drivers of audit quality needed to keep the investing public safe and provide confidence in our capital markets. We stand ready to assist policymakers as they consider potential changes to the regulatory infrastructure overseeing public company auditing.”
Sounds to me like they aren’t fighting for the PCAOB at all. Tough. Is it wrong I kinda love this statement? Ultimately all that matters is protecting capital markets so we’re in agreement there.
POLITICO talks about that Big Beautiful Bill, specifically some tax stuff that came out over the weekend:
Tax legislation recently unveiled by Senate Republicans only costs $441 billion when tallied using a novel accounting method requested by the GOP.
The new estimate by the Joint Committee on Taxation, which was released late Saturday night, shows how Senate Republicans were able to slash the costs of sweeping tax legislation set to be included in the GOP’s sweeping megabill by using a “current policy baseline” — a never-before-used technique that wipes out the cost of extending existing tax cuts that are set to expire at year’s end.
The contrast with the traditional method of fiscal scoring, accounting for tax policy as currently enacted into law, is profound: Similar tax legislation that passed the House in May was estimated by JCT to cost $3.8 trillion under the old method.
In defending the revised baseline, Republicans have argued that extending current tax law shouldn’t be counted as adding to the deficit because the GOP is merely preventing huge tax increases on individuals and businesses around the country. But critics have derided the measure, asserting that it threatens to blow up long-standing budget rules and disguises the cost of the GOP’s marquee legislation.
My news apps were getting totally spammed by Accenture news over the weekend so you’re getting some too. Starting with this one from The Oregonian: Intel will outsource marketing to Accenture and AI, laying off many of its own workers
Intel notified its marketing employees this week that it plans to outsource many of their jobs to the consulting firm Accenture as new CEO Lip-Bu Tan works to slash costs and improve the chipmaker’s operations.
The company said it believes Accenture, using artificial intelligence, will do a better job connecting with customers. It says it will tell most marketing employees by July 11 whether it plans to lay them off.
We told you consulting firms are going to be all over this AI stuff. It’s big money for them to take it off the plates of companies, while they themselves are figuring it out internally.
The next one is from FT and applies to everyone, not just Accenture: Accenture says CEOs are postponing hiring consultants due to uncertainty. Wait, it actually applies mostly to Accenture because they needed something to explain the decline in new bookings:
A “significantly elevated” level of economic and geopolitical uncertainty is causing business leaders to hold off on hiring consultants for some new projects, according to the IT consulting and outsourcing group Accenture.
The company reported a slowdown in new business for the second quarter in a row, sending its shares 6.9 per cent lower by Friday’s closing bell in New York.
While the company beat earnings expectations, a 6 per cent decline in new bookings to $19.7bn for the three months to May 31 raised concerns over the longer-term growth outlook. Its consulting and managed services businesses both posted lower bookings compared with a year ago.
FT covers how their federal business is doing if you want to check that out. You likely don’t need to read an article to know it involves a toilet and an aggressively swirling motion.
OK, last one. Reuters: Accenture bookings drop eclipses upbeat revenue, unveils AI-focused revamp
AJ Bell analyst Dan Coatsworth said Accenture had already rattled investors in March with warnings on U.S. government spending, and the latest bookings decline adds to concerns that securing new business was also getting harder.
“Earnings grew, but the market is more focused on what’s ahead, not what’s just happened.”
To navigate the uncertainty, Accenture plans to focus on AI consulting with the creation of a new business unit called reinvention services, which would combine its AI offerings and be led by Manish Sharma, the head of its Americas business.
Weirdly, Accenture isn’t doing too bad all things considered. They’re expecting annual growth of 6-7%, higher than their earlier estimate that dipped as low as 5. Third quarter revenue was $17.7 billion, just a tick above analyst estimates. Perhaps our opinion is colored by looking at this through the lens of Big 4’s 2024 performance, they would have killed for 7% growth.
Across the pond a BBC morning show host is getting heat for bullying and PwC has been brought in to…do something, idk.
The editor of BBC Breakfast is taking an extended period of leave after allegations about his behaviour, according to BBC News.
Richard Frediani has been in charge of the morning show since 2019 and accepted a Bafta last month when BBC Breakfast: The Post Office Special scooped the news coverage award.
Media outlets reported that an internal investigation is being carried out following allegations of bullying.
BBC News reported that an HR adviser from consultancy firm PwC is also supporting the corporation as it looks into the culture of the morning TV show.
It’s not just him.
Naga Munchetty has been accused of bullying a junior colleague.
The BBC Breakfast presenter, 50, was also allegedly reprimanded for making a sex jibe on Radio 5 Live.
The series of claims about Munchetty were reported in The Sun following the announcement that Richard Frediani, the editor of BBC Breakfast and News at One, had taken a period of “extended leave” following allegations of bullying made against him by the Deadline website.
That Deadline article: ‘BBC Breakfast’ Boss Richard Frediani Faces Further Bullying Claims: “A Tyrant On The Shop Floor”
In Accountants Behaving Badly news we have this guy:
A Sydney accountant has been accused of facilitating money laundering and fraud on behalf of the Alameddine crime network, while one of his clients, an alleged leader of the network, has been charged with mortgage fraud.
Police allege [43-year-old George Jack Michael] facilitated money laundering and fraud on behalf of members of the Alameddine network, after the search warrant uncovered both physical and electronic financial records of alleged transactions. The search followed a more than three-year-long investigation into the accountant, first launched in December 2021.
The Alameddine network is so significant it has a Wikipedia page.
And then we have this lady in Arizona who’s off to the big house:
An accounting clerk who embezzled over $100,000 from an Arizona charity organization and a local business was sentenced to five years in prison on Thursday, authorities said.
In April, a jury found 38-year-old Prescott resident Sheena Holmes guilty of theft over $25,000 and theft over $100,000, according to the Yavapai County Attorney’s Office.
“Ms. Holmes stole from a local business that trusted her and also from a charity that helps the homeless and poor,” Yavapai County Attorney Dennis McGrane said in a press release [PDF]. “I want to be clear that criminals who choose to do this in Yavapai County will be vigorously prosecuted.”
Baker Tilly is acquiring an Alaska-based ERP company:
Baker Tilly has revealed plans to acquire Sockeye, a Sage Intacct partner that specialises in delivering technology-enabled finance, accounting, and project management solutions.
Baker Tilly’s press release has more about their latest acquisition:
Sockeye brings award-winning implementation experience and specialization across construction, real estate, not-for-profit organizations, oil and gas, and Alaska Native Corporations. This combination gives clients access to one of the most robust Sage Intacct teams in the market, offering faster implementations, more tailored solutions and deeper industry insight — especially for businesses navigating complex project cycles and financial reporting needs.
KPMG found that Canada is the most AI illiterate country (go Canucks!):
Canadians have among the lowest levels of training, literacy and trust in artificial intelligence systems in the world, new research from KPMG International and the University of Melbourne shows.
Trust, attitudes and use of artificial intelligence: A global study 2025 is the most comprehensive global study into the public’s trust, use and attitudes towards AI. The study surveyed over 48,000 people in 30 advanced economies and 17 emerging economies, including 1,025 people in Canada.
That’s all I have for this news brief. As always, you can reach me via email or text if you have a tip, have seen a relevant story we should be talking about, or just want to complain about whatever. Behave yourselves and have a good week!