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November 30, 2022

Monday Morning Accounting News Brief: The Diversity-est Big 4 Firm; An EY Record; PCAOB Stream | 10.17.22

a cat wearing a sleep mask

EY’s Manchester office hired the most students of all EY’s UK offices; the Manchester office recruited 104 new students, the firm recruited a record 1,473 students into its UK business this year (up 35% compared to 2021). 32 leading industry commentators, CEOs, CFOs and board members from across the world have contributed their views on the future of financial services for KPMG’s Voices on 2030: Financial Services reinvented report. In Australia, PwC has launched an energy transition team, enticing professionals away from several competitors. The IRS has a lot of work ahead related to the Inflation Reduction Act. The PCAOB’s 2022 Forum on Auditing in the Small Business Environment and on Auditing Broker-Dealers will be livestreamed on Wednesday, October 26, 2022. The Iowa State Auditor’s Office is seeing a shortage of accountants along with a shortage of accounting students with 4-year degrees (no duh). Cryptocurrencies should be measured at fair market value as that reflects the underlying economics of those transactions, FASB ruled on Oct. 12, 2022. Uber has warned in its financial statements for two years that a potential reclassification of its drivers from independent contractors to employees would alter a key calculation it makes when it tallies the top line in its income statement. The Malawi Accountant General’s office suddenly has at least 17 job vacancies.

Deloitte is the diversity-est Big 4 firm and PwC has the most women. Some numbers:

At Deloitte, the largest of the four firms, 42 per cent of its now 80,000-strong US workforce identify their race as other than white, up 3 percentage points on a year ago. At EY, 40 per cent identify as other than white, down from 41 per cent, while at PwC it is 39 per cent, up 3 percentage points in a year. At KPMG, the smallest of the big four, 35 per cent identify as other than white.

Reminder: FloQast is hiring.

A couple things we’re working on this week:

  • A visual guide to 2023 accounting salary projections
  • Why EY should be worried about recruiting this year
  • Meet an insane accountant who really, really did not want to lose clients
  • Crunching some numbers on partner promotions
  • Reddit dunked on mid-tier firms and then decided they aren’t so bad after all

is this work-life balance meme

Bothering tax professionals on or near October 15 is always a bad idea.

That’s it. Subscribe to our newsletter for more headlines, or just Google “accountant” and I’m sure you’ll find something. Email me if you see anything interesting. And have a great week!

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