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(UPDATE 2) Outlook 2011: How Will the 9th Circuit Rule in Campbell v. PricewaterhouseCoopers?

Caleb Newquist
January 4, 2011

~ Update includes oral argument date included in third paragraph

~ Update 2 includes correction of the spelling of “Stepan Mekhitarian” under the list of amicus briefs for the plaintiffs.

One of the stories that we’ve covered with interest since the launch of Going Concern has been the wage and hour lawsuits in California. For those needing a refresher, these are suits that were brought by non-licensed associates against various accounting firms (list of cases at bottom of this post) included who believe they were misclassified under California law as exempt professionals and are due overtime and other benefits due to non-exempt empltle differently, “I worked a ton of hours during busy season and all I got was sleep deprivation, a fat ass and I still don’t have a CPA so, pretty please, I’d like a little more money.”

Every once in awhile we get asked about the status of these cases and since it’s been a ~~few months~~ almost a year since our last post, we thought we’d update you briefly. You may remember that the main case, Campbell v. PricewaterhouseCoopers, is currently with the 9th Circuit Court of Appeals on interlocutory appeal over the issue of whether “learned professionals” can be defined as an exempt employees.

We recently spoke with a source familiar with the defense’s strategy in this case and learned that the two sides are to give oral arguments before the court ~~sometime early this year~~ on February 15th, after which, the Court will likely render its decision in the latter part of 2011 (everyone’s hoping, anyway). Regardless of the decision in the 9th Circuit, the case will go back to the trial court, so get comfortable.

While the developments in the case have been slow, it is interesting to note that both sides are both confident in their chances of victory in the 9th Circuit and make no mistake, it’s an important ruling. If the 9th Circuit were to rule in the favor of the plaintiffs, it could very well be a quick resolution, as the plaintiffs’ attorney, Bill Kershaw told us in July 2009, “the likelihood of the case resolving itself prior to trial would substantially increase,” although, our source disagreed with this sentiment, so we’re counting on a battle.

Something else worth noting (that we may have glossed over in prior posts) is that there are suits brought in both state and federal court. The main difference being that at the state level, once a suit is classified as a class-action, individuals are classified as plaintiffs until they opt out while the cases at the federal level are “collective action” where once a particular group of people are identified as plaintiffs, they are given the chance to opt in to participate in the lawsuit. In other words, employees of a firm who are thought to be non-exempt under California law, are automatically members of the class-action in state court while in federal court, potential plaintiffs have to choose to participate voluntarily. This makes the federal cases broader in scope geographically but trials at the state level will have a larger number of members in the class-action, which could mean a larger settlement.

Finally, some additional new information that we have to pass along are the organizations that filed amicus briefs on behalf of both parties. Here are the groups that filed amicus briefs on behalf of both parties; the notables being the U.S. Chamber of Commerce and AICPA for PwC:

Organizations Filing Amicus Briefs in Support of PwC

1. Employers Group, Chamber of Commerce of the United States of America, and California Chamber of Commerce (one brief)

2. American Institute of Certified Public Accountants

3. California Employment Law Council

Organizations Filing Amicus Briefs in Support of Plaintiffs

1. California Employment Lawyers Association

2. Former Commissioner of the California Industrial Welfare Commission (Barry Broad) and Former Chief Counsels of the California Division of Labor Standards Enforcement (Miles Locker and H. Thomas Cadell) (one brief)

3. Brandy Blaske, David Lee, Julia Longnecker, ~~Stephan~~ Stepan Mekhitarian, and Svetlana V. Murphy (all are Plaintiffs in Mekhitarian, et al. v. Deloitte & Touche, a proposed class action involving D&T’s Tax line of service)

So while it will be some time before we’ll see a ruling in Campbell this year, not to mention a resolution at the trial level, you can bet lots of unlicensed PwC employees will be working plenty of hours this busy season.

Wage & Hour Lawsuits

EY
KPMG

KPMG Takes Subtle Approach Wooing Anyone Interested in a Job at Ernst & Young

Caleb Newquist
January 4, 2011

Recruiting for the talent amongst the Big 4 is competitive. This is known. What isn’t widely known are all the tactics in this competitive game of catch the accountant. In the past, we have seen direct solicitation by an E&Y recruiter which may be an effective method but it may be too abrasive for many within in the business who value propriety over the win-at-all-costs attitude.

Now comes news of a more subtle approach from KPMG, courtesy of an E&Y tipster who was searching for the firm’s career website:

While searching for the link to my firm’s career website I stumbled upon a pretty awesome ad (in a “ohhhh no you didn’t!” sort of way).

Since we’re fairly unfamiliar (read: completely unfamiliar) with Google’s method to the madness, we can only speculate how this little link found its way to the very top of Google search of “ey careers” but it does say “Ad,” so make of it what you will. Anyhoo, just for fun, we did our own quick Google Search of “ey careers” and got this:

So, it’s in the margin for us as opposed at the very top. But it’s still prominently placed on the search page and it’s also pretty hilarious that the hyperlink, “Ernst & Young Opportunities” goes directly to a KPMG URL (yes, it’s clearly disclosed by the Jobs.KPMGCareers.com at the bottom but who pays attention to that?). Perhaps our tendency to make mountains out of molehills is getting the best of us here but at the very least, this is an exciting twist on Sneaky ~~Pete~~ Piet.

CPA Exam

Don’t Wait at the Mailbox for Your CPA Exam Score This Year

Adrienne Gonzalez
January 4, 2011

On top of content and cosmetic changes for the CPA exam in 2011, the AICPA has pledged to deliver scores more quickly and efficiently by replacing the current random two wave system with a simple, single release during the blackout month.

Here’s how it has worked up until now: depending on when you sit for the exam, you can get your scores in either Wave 1 or Wave 2. Wave 1 includes most people who tested early in the window and Wave 2 is (supposed to be) released before or during the blackout month (that’s March, June, September and December) so you can get a new NTS and reschedule a failed part in the next window. Anyone who has waited for a score in the last few windows can tell you this system is flawed and obviously under quite a bit of pressure with increased applicant volume in recent months.

But for the first three windows on 2011, the AICPA is going to try out a new score release system that would mean those who test in January/February will receive their scores in one release in March. Apr/May will be released in June and July/Aug will be released in September. That means California applicants better hope scores come out early in the blackout so they have time to submit a reapplication and wait for a new NTS as the Board of Accountancy there has been overwhelmed with new applicants and current CPA exam candidates, with three fewer days a month to process everyone thanks to Furlough Friday. Unfortunately for them, it looks like scores will be released at the end of each blackout month.

For now, a passing score is still 75 but the AICPA plans to take data from the first window of the year as it considers changing that going forward. Better get in those exam parts while you can!

The AICPA claims that those testing in the fourth quarter can expect an accelerated release but with all these changes and fancy new tricks up the AICPA’s sleeve, I wouldn’t hold my breath.

Accounting News Roundup: Jerry Brown Is Bringing the Pain; Who Resolved to Improve Time Management?; Pet Airways Names CFO | 01.04.11

Caleb Newquist
January 4, 2011

Brown Says Calif. Budget He Proposes Next Week Will Be `Painful’ [Bloomberg]
Jerry Brown said the budget he’ll propose as California’s new governor, 36 years after he first stepped into the job, will be “painful.” Brown, 72, a Democrat who served two terms as governor from 1975 to 1983, faces a self-described “day of reckoning” over a $28 billion budget gap that promises battles with lawmakers, unions and investors threatening to shun the bonds of the most- indebted state. “The budget I present next week will be painful but it will be an honest budget,” Brown said at his inauguration today in Sacramento, the state capital. “It is a tough budget for tough times.”

Loud Noise Likely Caused Birds’ Deaths in Arkansas [WSJ]
Can we get an auditor up in this mofo? The Times had the number of red-winged blackbirds at “more than 4,000” but now the Journal reports, “Between 1,000 and 5,000 birds died during the incident, which happened in Beebe, a town northeast of Little Rock.” Is there not a single human capable of getting a hard number of dead avians in all of the Natural State. We realize it involves counting but come on.

Time Management for Young Professionals [AW]
Admit it, this was your resolution, wasn’t it?

Coast Guard CFO takes blame for $138M in misspending [FCW]
Awfully big of you boss, “The Coast Guard’s chief financial officer is taking sole responsibility for the apparent misuse of $138 million despite federal auditors’ assertion that other Coast Guard officers and executives also ought to be considered responsible, according to a report.”

Skype 5 beta is horrible [AccMan]
An unmitigated review.

IRS pursues ‘Little Fockers’ star Teri Polo [Tax Watchdog/Detroit News]
Paying the $450k owed should be a snap now.

IRS forced to put some tax filings on hold [On the Money/The Hill]
Attention homeowners: “The Internal Revenue Service announced in December that it needed to reprogram some of its processing systems after a few provisions were extended during the recent lame-duck session — meaning that some taxpayers will have to wait until mid- to late February to file their returns. Taxpayers who itemize their deductions on a Schedule A form are among those who will have to bide their time before filing. (Itemized deductions include, among other things, charitable deductions and mortgage interests.)”

Pet Airways Appoints Andrew Warner as President and Chief Financial Officer [PR Newswire]
Yes, the company does what you think it does.

News

Some Poor Sap(s) Had a Bizarrely Morbid Inventory Count Late on Friday

Caleb Newquist
January 4, 2011

As you are no doubt aware, landing an emergency inventory count on New Year’s Eve is about as an unlucky event that can befall an auditor. Typically, you don’t miss any of the booze or scrambling for a midnight kiss but seriously, who wants to work on New Year’s Eve?

As bad as the 12/31 count may be, when you get a call to count birds that fell out of the sky for no apparent reason at 10 pm on December 31st, you can safely assume that your new year will be far, far luckier.

About 10 p.m. Friday, thousands of red-winged blackbirds began falling out of the sky over this town about 35 miles northeast of Little Rock. They landed on roofs, roads, front lawns and backyards, turning the ground nearly black and scaring anyone who happened to be outside.

“One of them almost hit my best friend in the head,” said Christy Stephens, who was standing outside among the smoking crowd at a New Year’s Eve party. “We went inside after that.”

The cause is still being determined, said Keith Stephens, a spokesman for the Arkansas Game and Fish Commission. Of the more than 4,000 birds that fell on Beebe, 65 samples have been sent to labs, one in Arkansas, the other in Wisconsin. Some results may be available as soon as Monday, Mr. Stephens said.

It’s doubtful that auditors in these counts but the skills involved are no less than of the classic opiner. This just happens to be a far creepier count than you would normally be assigned.

Poll: This Balanced Budget Idea Starts with Higher Taxes for the Wealthy

Caleb Newquist
January 4, 2011

Republicans take control in the House of Representatives this week and boy, are they ever ready. With the ink safely dry on the extension of the Bush tax cuts, the GOP is moving on to spending cuts, supporting the troops, restoring honor, launching investigations and whatever hell else was in that pledge. Wait, that last one wasn’t in there?

Anyhoo, the idea of lower taxes and spending cuts to get the federal budget in ship shape has been the GOP song and dance long before Ronnie had his own float at the Tournament of Roses Parade but a recent poll has discovered that lots of people don’t agree with that sentiment:

Raising taxes on the rich beats out cuts to defense spending, Medicare and Social Security as U.S. adults’ top preference on how to close the deficit, according to a 60 Minutes/Vanity Fair poll.

Sixty-one percent of Americans said that increasing taxes to the wealthy should be the first step toward balancing the budget.

By contrast, 20 percent of respondents preferred cuts to defense spending as the first option, while 4 percent said that cutting Medicare would be the best way to start cutting the deficit. Three percent said they preferred cutting Social Security.

Now you might expect a major backlash from the more affluent citizens, you know, grumbling at polo matches, yacht races and beside the swimming pools filled with gold doubloons but surprisingly, quite a few of them are okay with it:

Increased taxes on the wealthy tops those four options even among higher earners who might be most affected by a tax hike, the poll suggested. Fifty-eight percent of respondents making between $50,000 and $100,000 per year rated tax hikes as the best first step to balancing the budget, while 46 percent of those making more than $100,000 said it was their top choice, as well.

But as we have learned, the GOP isn’t really down with this. Besides, tax rates won’t be an issue again the until the second and third weeks of December 2012, so they’d prefer we concentrate on things that aren’t already safely chiseled into the political dogma.

CFOs

Google CFO: We Can’t Quit You, China

Caleb Newquist
January 3, 2011

Patrick Pichette admits that, despite some less than ideal position on censorship, the GOOG still has a mad crush on those 1.2 billion searchers and their right to know who won the Nobel Peace Prize:

Pichette told The (London) Times that it was not the end. “China has 1.2 billion people. For Google to say, ‘We’re going to live on our mission, but not serve 1.2 billion people’ — it just doesn’t work. China wants Google.”

He spoke of the “great firewall of China,” where censors filter the information that China’s internet users can view.

He said: “[If] you were in China last week, two weeks ago, and you typed in Nobel Peace Prize — there were no results. Think of Google’s brand now. You’re Chinese, you know that’s not true, that the Nobel Peace Prize has not disappeared from the face of the earth. There lies the issue of brand. There lies the issue of our mission.”

Accounting News Roundup: Facebook’s New Friend; Financial Reporting 2011 Outlook; Reflecting on Mistakes of 2010 | 01.03.11

Caleb Newquist
January 3, 2011

~ Happy New Year Capital Market Servants. Like many of you, we’re easing into 2011 like Warren Buffett eases into a hot bath. Accordingly, we’ll be on an abbreviated publishing schedule today, returning to a full slate tomorrow. If you’ve come back to some pleasant news (e.g. boss orders you to take the day day off) or something less welcome (busy season hours start now!) we’ll be around, so feel free to email us.

Goldman Invests in Facebook at $50 Billion Valuation [DealBook]
This could be considered a ‘Like,’ “The new money will give Facebook more firepower to smployees, develop new products and possibly pursue acquisitions — all without being a publicly traded company. The investment may also allow earlier shareholders, including Facebook employees, to cash out at least some of their stakes.”

Congress Targets Spending [WSJ]
But first, they are going waste everyone’s time, “The incoming House majority will start by offering two measures this week that carry more symbolism than substance. One will be a motion to repeal the health bill that President Barack Obama signed last year, and the second will be a measure to trim the cost of running the House itself. The health-care repeal isn’t expected to go anywhere in the Senate, where Democrats retain the majority, and the package of cuts to the House budget will only save about $25 million from a federal budget that exceeds $3 trillion.”

What’s Going to Happen to Financial Reporting in 2011? [Accounting Onion]
Tom Selling says you shouldn’t get your hopes up, “I predict that 2011 will be a year full of sound and fury, but signifying nothing to advance the cause of high quality financial reporting. You can take it to the bank – by which I mean any one of the banks fighting accounting reform tooth and nail.”

Did Orange Bowl Abuse its Tax Exemption With Caribbean Cruise? [TaxProf Blog]
Man, these Playoff PAC people really hate the bowl system.

Welcome to tax season. Let’s get busy! [CPA Success]
Unlike us, they’re bright-eyed and bushy-tailed over in Maryland for this year’s tax season.

Five New Year’s Resolutions That Will Help You Avoid the Mistakes of 2010 [FINS]
Before tearing off into the 2011 horizon, maybe do a little reflecting on 2010 first.

Orbitz names new CFO [Crain’s]
Former Crocs (yes, those Crocs) CFO Russ Hammer officially took the big seat on January 1.

Audit
KPMG

Thankless Audit Client: Tui Travel Edition

Caleb Newquist
December 31, 2010

Tui Travel is “an international leisure travel group” (which is fancy-speak for a travel agent) out of the UK. KPMG has been audited the books for awhile but this year they found a booboo that resulted in a £117 million write off. At the time the company copped to the error, although you don’t get the impression they were grateful.

From today’s report in the Guardian:

Just two months ago, Tui chief executive Peter Long said: “KPMG identified some system weaknesses and ledgers that had not been reconciled … Yes, they identified some of these control weaknesses which had then manifested themselves into the issues subsequently identified through a detailed investigation.”

Nothing unusual really, these things happen, clients usually grin and bear it but not our “international leisure travel group.”

KPMG said its relationship with “certain [Tui Travel] directors became increasingly strained” following “extensive discussions with the directors”. Among the areas where KPMG had raised concerns, the letter added, were the implications arising from the restated accounts and “their disclosure and accounting treatment in the financial statements”. Relations had reached such a low ebb, KPMG concluded, that “we are not confident that in the future we could carry out an audit of the company to the appropriate standard, but others may be able to do so.”

So it kinda sounds like their annoyance with the whole thing slowly boiled over into flat-out bitterness, leading to some increasingly unpleasant conversations. Sure, the directors in question would start out acting cool about it, “You know [chuckling], you really didn’t do us any favors there.” But eventually it became, “Boy, you’ve really outdone yourself, this time.” And finally, “For crissakes! You couldn’t leave it alone, couldja? [extremely patient KPMG partner explaining on the other end] What?!? [increasingly steamed, drumming fingers] We don’t care if it’s your job; we don’t like being embarrassed. [Pause, eyeroll] Stewards of generally accepted accounting principles?!? What does that even mean? [brief pause] Whatever, you can plan on us being uncooperative going forward.”

Or something like that.

Tui drops KPMG after it found £117m hole in accounts [Guardian]

Making CPA Exam Resolutions for 2011

Adrienne Gonzalez
December 31, 2010

I can’t believe the year is over and have already gotten my 2010 CPA exam rant out of the way so the following is specifically for those of you excited to get started on the brand-spanking new (not so new) CBT-e CPA exam that launches anew on January 1 or, more specifically, January 3rd, 2011. Or maybe January 4th. Anyway…

Last year, you probably swore up and down you’d be done with all four parts AND the ethics exam (for those of you who actually have to take one) by now but life happens and your plans fell through so instead of making unrealistic resolutions only to be disappointed, let’s tackle this the conservative way.

Don’t bite off more than you can chew One part per window is reasonable unless you are going to end up fired or divorced if you don’t get your CPA in the next two months. If you want to be ambitious and take two in a window that’s fine but the easiest way to get through it is by taking it slowly and carefully. Give each section the time it needs to get embedded in your brain just long enough for you to spit it all out, pass, and move on to the next section. There are always exceptions to the rule (and I’m sure they are going to take this opportunity to remind us how exceptional they are in the comments) but odds are you aren’t the exception so don’t try to overachieve, you don’t get bonus points for most failed attempts or most parts attempted in one testing window.

Plan! I can’t say it enough: if you don’t have a plan, you’re going to bomb miserably unless you’re one of those fantastic freaks who somehow pulls it off despite all your best procrastinating. If you’ve ever made a New Year’s resolution to lose weight, think of your CPA exam plan in the same way you might approach weight loss. If you don’t plan out a specific diet and exercise plan, you’ll be shoveling cookies down your pie hole within a week.

Schedule. As in right now. If you wait until the last minute to schedule your exams (you know who you are, I talk to you all the time and you’re always sort of generally scheduled to take the exam “at the end of the window”), you’re missing an important motivator that can actually encourage you to study. If you schedule early, you’ve got actual dollars invested in an exam part and a big fat carrot to dangle in front of your face when you’re in the mood to blow off studying. Not just that but you have an actual day to circle on the calendar, which will help you when you’re planning how much time to spend studying in the days before.

Hope that helps and Happy New Year to all of you, see you next year!

P.S. – Please get in touch with us after the 4th with any and all (legal) feedback on the new CPA exam format, we’re excited to hear your thoughts on the AICPA’s exam makeover!

Accounting News Roundup: Weird Interview Questions; Xzibit Needs a Pimp My Ride Revival; CPA Ink | 12.30.10

Caleb Newquist
December 30, 2010

Jobless Claims in U.S. Fall to Lowest Level Since July 2008 [Bloomberg]
Initial U.S. jobless claims fell last week to the lowest level since July 2008, a sign that the labor market is improving heading into 2011. First-time filings for unemployment insurance decreased by 34,000 to 388,000 in the week ended Dec. 25, compared with the median forecast of 415,000 in a Bloomberg News survey, Labor Department figures showed today in Washington. There were no special factors behind the drop, an official at the agency said as the data were released.

Xzibit no longer enjoying a pimped lifestyle [Tax Watchdog]
Pimp My Ride getting cancelled was a serious blow.

Better information, better decision-making [WaPo]
A new comptroller general for Congress to ignore.

Glassdoor.com Reveals Top 25 Oddball Interview Questions of 2010 [PR Newswire]
From Deloitte, “How many ridges [are there] around a quarter?”

Don’t Try This, Governor Brantstad (or Governor Culver) [Tax Update Blog]
Looney excuse of the day for not paying taxes.

Tattoos, body piercings, and accounting firms [AW]
Will sleeves soon be allowed year-round at the Big 4?

Eight questions for planning to grow in 2011 [CPA Success]
Tom Hood. Doing his thing.

Looking into the Crystal Ball for Tax Policy in 2011 [Tax Foundation]
Because President Obama and the Congress extended the Bush era tax cuts, taxpayers will wake up on January 1st without the hangover of higher taxes. There will be no increase in tax rates, the marriage penalty relief will remain, the child credit will be the same, and the lower rates on dividends and capital gains will all be the same.

Going for the auditors [The Economist]
The Economist finally gets into the act, “One possible outcome is a settlement in which E&Y agrees to co-operate with the prosecutors in cases they may bring against Lehman’s former executives. If so, the fines and sanctions suffered by the auditing firm and its partners may be stiff but not ruinous. After all, no one wants to cause the fall of another big accounting firm.”

News

The Going Concern Year in Review (2010)

Caleb Newquist
December 29, 2010

2010. What a year, amiright? It got off to a bit of a rough start after our facelift but as the year went on, things stayed interesting…most of the time. Anyway, since most of you aren’t getting Jack Squat done this week, let’s take a look back at the year that was.

1. Compensation – Shocking revelation here, we realize but – YES! – it’s true, red about most in 2010. After two years of disappointment, the Big 4 and the aspiring “Bigs” (Grant Thornton, BDO, McGladrey) all returned to merit increases and bonuses this year. PwC shot out of the gate with Ernst & Young keeping pace while KPMG remained steady but slightly behind. Deloitte, lagging behind, made a late charge with the announcement of a mid-year adjustment, which may or may not have set off a rash spreading amongst the other firms to provide bonuses throughout their fiscal year-ends. Was it a successful 2010 on the compensation front? Some say “yes,” some say “no,” but there’s little doubt about what keeps your attention.

2. PwC Email Hottiegate – Unless you were in a coma during the second week of November, you were aware of the email that listed the top 10, errr 13, new female associates that came out of PwC in Ireland. The gents who passed around the list weren’t so concerned with using work email to give the ladies the Letterman treatment and the Irish brass didn’t take too kindly to the “tradition.” This story dominated our pages for a few days and the last we knew, a total of five employees had been suspended, the women weren’t planning on lawsuits and Adrienne gave her point of view (as a member of the fairer sex).

3. Ernst & Young and Lehman Brothers – We were really expecting a slow week leading up to the Christmas holiday but because the force is strong with Andrew Cuomo, our dreams were filled with Jim Turley trying to burn us with Montecristos. It all started in March when the bankruptcy examiner’s report put E&Y right at the center of the failure of Lehman and last week we finally saw Cuomo fire the first shot.

4. PwC Makeover – Change is usually met with wailing and gnashing of teeth and the updated look rolled out by PwC in mid-September was no different. Despite the rants about color schemes and geometry, Bob Moritz assured everyone that the majority of feedback was positive and that he was happy to answer any questions about the change that didn’t relate to autumnal hues and Legos™. As is typical in these situations, the bellyaching has died down and everyone is now distracted by their new iPads.

5. Large firm vs. Small firm – An anonymous reader submitted an essay on the main differences between life in the Big 4 (and aspiring Bigs) life and that of the lives working in the smaller firms. Most have wondered what life would be like in their bizarro public accounting existence and some have actually lived it. There are pros and cons to each but life at the small firm is decidedly different.

6. An auditor’s life:

7. Layoffs – 2010 saw fewer mass layoffs than the past couple of years but that doesn’t mean there weren’t spots of cuts here and there. Most notably were the nationwide cuts at McGladrey as well as the 500 cuts made by PwC in Florida. Grant Thornton was busy slimming down its exposure in smaller markets but layoffs were not always part of the “transition” as practices were often sold or employees were giving the opportunity to transfer. And last but not least, we learned that Deloitte claimed “our bad” on their cuts from May 2009.

8. Getting in trouble on the Internet – Whether you’re trying to win a trip to Whistler for you and your bros or emailing your buddy about putting the moves on a lady, there was plenty of idiotic behavior going on across the Internets. Adrienne laid out how to not behave but humans are creatures of habit and we’re sure there’ll be more exciting idiotic behavior in the coming year.

9. PwC Houston Happy Hour – The team happy hour. Typically a festive event filled with free booze, laughs and the occasional awkward advance. The latter allegedly took form of a partner towards an associate this past summer in PwC’s Houston office that resulted in a odd pick-up line, a sloppy kiss (our vision) and then a knuckle sand. The latest we heard was there were multiple associates approached, the partner-in-question was still with the firm and that the associate(s) involved were shipped off to other engagements. So all is well in H-town. PwC never returned our calls, emails or singing telegrams on this story.

10. Accounting Career Drama – One of the most popular series on GC is the career advice that we throw out here and there. Everything from trying to quit nicely during busy season to defection amongst Big 4 firms to explaining why your fantasy football roster is constantly on your computer screen. We’re here to help you get through the purgatory that is your time on Earth so if you’ve got a problem and want advice, email us at advice@goingconcern.com.

Honorable mentions:
Too hot for PwC; thinking about law school?; a Big 4 failure in our future?; an accounting degree isn’t a scam like, say, a law degree; articulating the dress code; Ernst & Young manager censured by the PCAOB; how to screw up the CPA exam; Joseph Stack’s (the guy who crashed the plane into the IRS building) manifesto; accounting professor de-pants.

If we missed any of your favorites, feel free to recall your fondest memories on this here site. As we head into the new year, here’s a friendly reminder of how to get in touch with us:

• Email us comp news, gossip, cost saving initiatives and any other newsworthy items to tips@goingconcern.com or advice@goingconcern.com if you have need some bloggy wisdom.

• DM or “@” us on Twitter: Going Concern; Caleb; Adrienne.

• Like Going Concern on Facebook and leave a message on the board. You’ll have to work hard if you want to friend us.

• If you really want stay off the Internets, simply email one of us and we’ll give you a number to call.

We couldn’t do it without all your help, so keep it up in the new year so we can have an even more eventful 2011!

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