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KPMG Redefines Excellence in the Age of AI By Using AI to Pump Out Dubious Citations in This Now-Removed Report

GPTZero, the folks who brought you this glorious takedown of an EY Canada report stuffed with completely made up sources, are back at it again and this time they've caught…

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FRC To Determine Whether Missing a £30 Million Overstatement Was, In Fact, Bad Auditing

The Financial Reporting Council announced today that they're officially investigating PwC UK's 2024 audit of WH Smith which means fines and hand-slaps are likely forthcoming once that gets wrapped up.…

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Compensation Watch ’26: Deloitte Salary Numbers Are Out and Some People Are Salty

Compensation threads were once a yearly tradition here at Going Concern many, many, many years ago but at some point Reddit took over the task so we've swung over there…

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The Department of War Broke Up with KPMG, KPMG Gives Up Federal Audits Altogether (UPDATED)

This post was originally published on April 29, 2026 and updated on June 3, 2026. Update below the original article text. The other day -- and by the other day…

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KPMGers Are Maliciously Complying With The Firm’s AI Usage Requirements By Generating Fluff

On May 4, Business Insider published an article about KPMG's new AI dashboard. They've been publishing several articles in recent weeks about KPMG's AI initiatives actually, like the tax simulation…

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Monday Morning Accounting News Brief: Oh Rats! The IRS Is Infested; PwC Partners Will Divorce If It Spares Their Cash | 6.15.26

Good morning, capital markets servants. Everyone have a good weekend? Good. Got some news for you. In this news briefThe IRS Phone Bank Pays HOW Much!?Getting Divorced Over an Audit…

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Rumor Has It RSM Asked Some Partners to Dip Out

By "rumor" we mean actual rumors flying and making their way to your friendly neighborhood accounting tabloid. Seeing as we've now received this tip from multiple tipsters it feels like…

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Friday Footnotes: Great, KPMG Got the Whole Big 4 in Trouble; Pentagon Brings in Agentic AI to Address Their Audit Problems | 6.12.26

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you're here, subscribe to our newsletter to…

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Crowe Told Its People Private Equity Might Be Coming So They Didn’t Have to Find Out Through a WSJ Article (UPDATE)

Ed. note: This article was originally published on October 9, 2025. It was updated on June 12, 2026 after WSJ published an exclusive article announcing a private equity deal. Update…

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The One Firm Willing to Audit Madison County’s Books Just Said “On Second Thought, Hell Nah”

All across the country, municipalities are scrambling to catch up on late audits that have been backing up for years and dealing with the disastrous financial records that come with…

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Technology

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error on a phone screen

KPMG Redefines Excellence in the Age of AI By Using AI to Pump Out Dubious Citations in This Now-Removed Report

GPTZero, the folks who brought you this glorious takedown of an EY Canada report stuffed with completely made up sources, are back at it again and this time they've caught…

Read More
woman and cat with laptop

KPMGers Are Maliciously Complying With The Firm’s AI Usage Requirements By Generating Fluff

On May 4, Business Insider published an article about KPMG's new AI dashboard. They've been publishing several articles in recent weeks about KPMG's AI initiatives actually, like the tax simulation…

Read More
Starbucks inside

Starbucks Kills Off Its Automated Counting AI Tool After Just 9 Months Because It Sucked at Counting Beans

While people outside of the accounting profession continue to smugly insist that accountants will be out of work in 12 months 18 months two years five years any day now…

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EY Gets Busted and Yeets Report Littered With AI Hallucinations

Yesterday we received a news release from a communications firm working for a group called GPTZero. Now you should know that we receive probably a hundred or more news releases…

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KPMG Plans to Hand Routine Testing Off to AI

Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…

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Practice Management

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Top Remote Tax and Accounting Candidates of the Week | October 16, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | October 2, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 25, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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tax hiring season

Top Remote Tax and Accounting Candidates of the Week | September 18, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 4, 2025

Struggling to Find Remote Accounting Talent? We’ve Got You Covered. If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're not…

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Here Are Tax and Audit Salaries at Top 25, Top 300, and Regional Firms

Recruiting firm Brewer Morris has released its 2025 US CPA salary guide and should you want to read the whole thing you can request it from them here. Perhaps you,…

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Friendly Reminder Not to Work Yourself to Death For This Profession

Saw this on the bird app yesterday and thought its message would be worth passing along what with 20 days remaining until April 15 and nerves as strained as ever…

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Accounting Firm Abruptly Nopes Out of Tax Season Early (UPDATE)

Ed. note: An earlier version of this article's headline stated the sheriff is investigating. The Alexander County Sheriff's Office informed us they are not investigating, only fielding calls from the…

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This Deloitte Office Has Eliminated Trash Cans at Desks to Make Staff Get Up Off Their Asses

Boston Business Journal wrote an article about Deloitte's new office in Boston and for some reason they chose to lead with this: You won’t find trash cans at the desks…

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The IRS Decided to Troll Tax Pros For 10/15

We realize the decision to run maintenance on IRS systems likely isn't made by anyone who understands deadlines but surely someone who does could inform the IT department of these…

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Top Remote Accounting Freelancers: February 3, 2024

Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled…

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10 Essential Project Management Principles for Accounting Firms

Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work,…

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6 Ways Email is Secretly Destroying Your Accounting Firm

Email: The word itself sounds innocent, doesn't it? Kind of like "snail mail," but faster, sleeker, and without the slimy trail. But don't be fooled—email is secretly a sinister beast,…

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Don’t Grow Your Accounting Firm Out of Business! Break Up With These Unscalable Practices Now

Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, though, because growth can be a double-edged sword. If your firm expands too quickly or…

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You Can Thank Abraham Lincoln For Not Having to File Your Taxes Today

As everyone knows, today is usually tax day but thanks to Emancipation Day – a recognized public holiday in the District of Columbia, home of the IRS, since 2005 – we get an extra weekend to put off plugging our earnings into our 1040s.

The official holiday is April 16th but since Emancipation Day falls on a Saturday this year, the District gets Friday off. Buses run as usual but those heading to Tax Day events around DC (Federal Reserve Board protest, anyone?) can rest easy knowing the DC Parking Gestapo will not be out circling the streets for blood, er, expired meters.


Fact: slavery was legal in the U.S. from 1619 until 1865. By 1860, there were about four million slaves in the United States. On April 16, 1862, Abraham Lincoln signed the Compensated Emancipation Act, which freed more than 3,000 slaves in the District of Columbia. Slavery did not officially end in the United States until the end of the Civil War in 1865 when the 13th Amendment was ratified by 30 of the then 36 states. Bet you didn’t know that Mississippi only ratified the 13th amendment in 1995!

This holiday is especially near and dear to my locale, which boasts itself as the wealthiest majority African American county in the entire country. Though don’t believe everything you read in Ebony, PG is far from the luxurious country club the magazine painted it as in this 2006 article.

April 15th falls on a Sunday next year so you’ll also get an extra couple days in 2012 but Honest Abe doesn’t get credit for that, maybe Copernicus or whoever came up with the 365 + 1 every four years calendar year.

Happy Emancipation Day!

Accounting News Roundup: Ernst & Young Faces Resurrected Lawsuit; Taxpayer Advocate Wants Overhaul of Code; PwC Supports GLBT Youth | 04.15.11

Ernst & Young must face class action over Broadcom’s option backdating [LAT]
A lower-court judge had dismissed the case against Ernst & Young after concluding the plaintiffs hadn’t shown that the auditors knew that the value of Broadcom’s stock was probably inflated by the company’s manipulation of its financial statements. Thursday’s ruling by the U.S. 9th Circuit Court of Appeals in San Francisco reversed that dismissal and scolded Ernst & Young for not acting to stop the $2.2-billion backdating scheme.

Obama $1 Trillion Tax Proposal Slams Into Republican Wall [Bloomberg]
President Barack Obama’s call for raising taxes by focusing on spending in the tax code was immediately rejected by top Republicans, signaling that any effort to increase the government’s take from the economy would be difficult to move through Congress.

IRS Watchdog Seeks Overhaul Of Corporate, Individual Tax Code [Dow Jones]
National Taxpayer Advocate Nina Olson Wednesday told lawmakers the U.S. tax code is “a mess,” and in dire need of simplification, but any overhaul should rework rules for corporate and individual taxes at the same time. “I believe that fundamental tax reform must be made a priority,” Olson said in her written testimony to the House Small Business Committee. “However, in order to be effective and far-reaching, such fundamental tax reform should include both corporate tax reform and individual tax reform.”

BofA Q1 profit lower than expected; names new CFO [Reuters]
Bank of America Corp (BAC.N) posted an unexpectedly sharp decline in first-quarter profit, plagued by losses in the mortgage business, and the bank named a new chief financial officer.

PwC Says “It Gets Better” in Support of GLBT youth [PwC]
As far as work-life balance…well, that’s another question entirely.

Chinese Man Arrested in LA For Creating a Fake Army [JDA]
Wait, that’s a crime?

Zale says SEC not to recommend action against co [Reuters]
Zale Corp said the U.S. Securities and Exchange Commission does not intend to recommend action against the company following a probe into the accounting errors that prompted the jewelry retailer to restate results. Zale had restated results for 2008 and some quarters in 2009 due to accounting errors related to prepaid advertising and loss carryforwards. Loss carryforwards are used to cut tax liability by offsetting losses in a certain year against future profits. These carryforwards can be used in one of the seven years following a loss.

IRS Chief Lays Out Vision For Agency’s Future [NPR]
The Commish wants to fosters a more pleasant tax compliance experience.

President Obama Puts 1099 Reporting Requirement Down for the Dirt Nap

Today, I was pleased to take another step to relieve unnecessary burdens on small businesses by signing H.R. 4 into law. Small business owners are the engine of our economy and because Democrats and Republicans worked together, we can ensure they spend their time and resources creating jobs and growing their business, not filling out more paperwork. I look forward to continuing to work with Congress to improve the tax credit policy in this legislation and I am eager to work with anyone with ideas about how we can make health care better or more affordable. [WH]

CFOs: We’ll Start Hiring Just as Soon as We Hit Our Unreachable Revenue Goals

Sound good to everyone?

Chief financial officers at large North American companies polled by Deloitte LLP said it would take a 20% surge in revenue before they felt comfortable adding to their payrolls.

The quarterly survey released Thursday found that nearly half of respondents would seriously consider adding employees if revenues rose 20%, but few would be moved by a 5% increase. A 10% bump in revenue would only be a major hiring consideration for 11% of CFOs.

Worse yet, perhaps, actual growth isn’t expected to reach such heights: respondents estimate top line growth at North American companies will be just 8.2% this year. (This is, however, a rosier picture than the fourth quarter when respondents forecast 6.5% for the coming year.)

And don’t bother trying to bait them with tax reform, revisions to the healthcare reform bill or payroll tax incentives because they’re all non-starters.

CFOs: Revenue Surge Needed to Boost Hiring [WSJ]

IASB Chairman: We Don’t Issue Low-Quality Accounting Standards

Rule makers concluded this week that “we all could benefit from a few more months to develop these standards, some of which really go to the core issues of many companies,” said Leslie Seidman, chairman of FASB, in a podcast issued Thursday. Sir David Tweedie, chairman of the IASB, said rule makers still intend to finish their convergence work by year’s end. The delay, he said in the podcast, will “enable us to check whether our conclusions will last the test of time. … We would never release a standard before it is ready and ultimately it must be a high-quality standard or you just can’t issue it.” [WSJ]

Osbournes Pay Off Tax Lien, May Be on the Hunt for a New Accountant

It sounds like the Osbournes need to find themselves a new Mort Mort Feingold.

“I […] contacted my accountant who said they knew nothing about any lien. The lien has been paid. I do intend to find out how this lien happened without the knowledge of myself or my accountants. I hope none of this reflects negatively on mine and Ozzy’s moral character.” […] “Just because you’re paying someone doesn’t mean they’re doing the job correctly,” she wrote on Friday. Three days later she added, “You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault … lesson learned.”

Ozzy Osbourne pays off U.S. tax debts [Reuters]

Did a PwC Auditor Work Herself to Death?

Pan Jie was a 25 year-old auditor in PwC’s Shanghai office, starting her career with the firm last October. She died of acute cerebral meningitis on April 10th, having “ignored the illness until a fever surged,” after catching the flu on March 31st. Reports have stated that Jie told a friend that “she had been working up to 18 hours a day and about 120 hours a week,” prior to her death.


A doctor quoted by one of the reports explained the cause:

Dr Wang Guisong, an expert in the neurosurgery department at Renji Hospital, said overwork can make people more vulnerable to infections. “Based on her symptoms and her low white blood cell count, it’s reasonable to conclude that overwork led to a weakened immune system, which makes her more vulnerable to infections,” Wang said. “When an infection worsens over time, people can develop acute cerebral meningitis.”

According to the story, PwC has denied that Ms Jie died from work-related fatigue but it’s hard to argue that her fatigue was caused by anything else. The firm is providing psychologists for employees, has sent a “team” to comfort Jie’s family and has even offered to assist with the cost of her funeral and this kind of outreach is admirable but the overarching culture within Big 4 firms is really what is of concern here.

Fatigue from overworking is not uncommon in the Big 4 life but when someone dies as a result of the fatigue, that’s will obviously get some attention (even if it’s just for a little bit). At some point it became acceptable for sleep – and health in general – to become of secondary importance when it comes to having a successful career. If you don’t believe me, look around you; everyone is exhausted and that’s part of the life inside a Big 4 firm. The pressures of performance in the name of client service are so great that people regularly come to work when they should be in bed or, in some cases, an emergency room. Of course there’s the macho contingent inside these firms that say “sleep is for the weak” and that’s the kind of attitude that perpetuates the culture of “getting the job done.” How is this acceptable? Not only can lack of sleep kill you, it doesn’t really do much for job performance. We’ve all seen people make big mistakes when they’re lacking sleep and yet no one considers the root cause. If you think skipping a few hours of sleep a night is worth to a few thousand dollars a year (at best) then you’ve got some seriously fucked up priorities.

I admit that people aren’t dropping left and right inside these firms due to lack of sleep but let’s quit pretending like working hours upon hours, putting your health at risk and coming into work looking like – pardon the expression – death warmed up is some kind of badge of honor.

Oregon Accountant Indicted for Fatal Hit-and-Run

In aren’t-you-glad-this-isn’t-you news, an Oregon accounting director has been indicted on one count of criminally negligent homicide and one count of failure to perform the duties of a driver when a person is killed.


On January 26, Les Schwab Tire Center Director of Accounting Bret Lee Biedscheid, 38, allegedly hit Anthony Martin, 48, around 11 pm while Martin was crossing the street on his bicycle. The grand jury made their determination based on witness testimony and videotape evidence.

Two days after the incident, Biedscheid’s lawyer contacted police and surrendered the 2008 GMC pickup matching the description of the truck involved in the crash.

Bend, Oregon police later served search warrants on Biedscheid’s house and seized computers, cell phones, GPS devices and other items. “I feel like if it had been myself or anyone else, we would have already been arrested just on the evidence that they already had,” said the victim’s sister.

Biedscheid has not been arrested and is scheduled to be arranged Thursday morning.

Slow down out there when you’re heading home from ANO, kids.

Grand Jury Indicts Bend Man In Fatal Hit-And-Run [OPB News]

Grant Thornton Welcomes LECG Employees to the Brotherhood

After yesterday’s news that LECG that was more or less pulling the plug, Grant Thornton finally put out a press release that they were acquiring a “significant portion” of the company’s business.

GT is taking on 270 employees in Atlanta, Chicago, New York, Philadelphia and Portland across all its service groups. Naturally, Stephen Chipman is thrilled to share this dynamic news, “We are pleased to welcome these outstanding individuals to Grant Thornton LLP,” SC said, “I am confident that they will fit in perfectly with our people — intellectually curious, talented individuals who want to make a difference with their clients, in their workplace and in their communities.”

Which was a perfect segue into this:

“As I have stated before, our goal is to be the leading audit, tax and advisory firm serving dynamic organizations in our chosen markets,” continued Chipman. “Dynamic companies are companies that are ambitious and growing, expanding internationally. They are dealing with critical events or transactions and are in need of our value-added, integrated service solutions. We will continue to explore additional strategic mergers and acquisitions as our balance sheet is healthy [Ed. note: care to share?] and we are in a position to attract similar talent.”

In other words, GT is still on the prowl for more people to join their party. Any interested parties need to come with dynamism in boatloads.

Accounting News Roundup: Debating the Audit Business Model; Tax Cheats in Prime Time; What Do I Have to Do to Put You in This Tax Reform Today? | 04.14.11

In Financial Crisis, No Prosecutions of Top Figures [NYT]
It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted?

Obama Challenges Republicans With Deadline for Deficit Deal [Bloomberg]
President Barack Obama set a June deadline for a bipartisan deal to cut the federal deficit and offered a path to get there that was designed to contrast with a Republican proposal he called unfair to the elderly and overly generous to the wealthy. Obama’s plan, outlined in a speech yesterday at George Washington University, would cut $4 trillion in cumulative deficits within 12 years through a combination of spending reductions and tax increases that draws heavily on recommendations from the chairmen of his bipartisan fiscal commission.

McKenna to Debate GT’s Bailey [The Summa]
The annual conference of the Ohio Region of the American Accounting Association is hosting a debate between Francine McKenna (journalist/commentator on the audit industry) and Andy Bailey (Grant Thornton). It is scheduled for Friday, May 13, 2011, in Dublin (Columbus), Ohio.

The American Tax Cheat [CNBC]
Tonight at 9 pm!

Audit Committee Priorities Remain Risk, Compliance, and Technology [IIA/Norman Marks]
“Eating a good breakfast” is nowhere to be found.


President Obama, GOP still differ on tax reform details [The Hill]
If you can believe it.

Obama, Ryan, and the Parameters of the Budget Debate [TaxVox]
Howard Gleckman explains just how much talking needs to happen, “Imagine for a moment you walk into a dealership to buy the vehicle of your dreams. The salesman asks what you want to pay. You say $50. He counters with $50,000. The good news is you have begun a negotiation. The bad news is, you’ve got a lot of talking to do before you can drive that honey off the lot.”

Paul Ryan Practically Threw a Fit During President Obama’s Speech

Mr. Ryan sat in a front-row seat in the George Washington University auditorium Wednesday while Mr. Obama unveiled his plan to constrain growing levels of federal debt. Mr. Ryan grew visibly annoyed during the speech, shaking his head in disgust. He feverishly took notes, and when Mr. Obama finished he stood up and bolted from the auditorium. The only person apparently running faster towards the exit tugged on Mr. Ryan’s sleeve near the doorway and reached out to shake his hand. “Hi, Mr. Chairman, Gene Sperling,” Mr. Obama’s director of the National Economic Council said to Mr. Ryan in what appeared to be a conciliatory gesture. “Oh, I thought you were a reporter,” Mr. Ryan said, explaining why he didn’t immediately turn around when his name was called. [WSJ]

LECG Throws in the Towel; Won’t Continue to Meet Nasdaq Listing Standards

DoD will officially be April 21, 2011 according to the company’s press release. Obviously whomever’s left will be celebrating the high holiday the night before.

LECG Corporation (NASDAQ: XPRT) announced today that it is terminating its listing on the Nasdaq Global Market as of the close of business on April 21, 2011. The company has previously received notice from Nasdaq that it has failed to maintain a minimum bid price of $1 per share. In light of its current financial condition, the company does not anticipate the minimum bid price for its common stock returning to a level of excess of $1 per share. In addition, in light of its current financial condition and certain publicly-disclosed recent asset sales, the company does not anticipate being able to continue to meet other Nasdaq listing standards in the future. Further, in light of recent resignations, a majority of the members of the Company’s board of directors do not qualify as independent. Following the termination of its listing on Nasdaq, the company intends to terminate its public reporting obligations under the Exchange Act as soon as possible.

[via Francine McKenna via ZH]

Earlier coverage of LECG Implosion:
LECG Fire Sale Continues; San Fran Forensic Accounting Group Joins FTI Consulting
WeiserMazars Moves into Chicago as Part of Acquisition of LECG Units
LECG Selling Off Practice Groups to FTI, Grant Thornton, WeiserMazars