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Once Again, a Mid-Tier Firm Beat Out Big 4 on This ‘Best Companies’ List

Fortune has released its Best Companies to Work For list for 2026 and we just realized we didn't cover it at all last year. Shrug, it's all just marketing anyway.…

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Layoff Watch ’26: The King’s KPMG Kindly Asks 600 Auditors to GTFO

We covered this story in yesterday's Monday Morning Accounting News Brief but it's significant enough news to earn its own spot in a separate article as it's a large market…

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A KPMG Senior Director Got Beat Up By a Guy Who Stars in Reacher

Oh my God it feels like it's 2010 all over again with that headline. Thanks to the algorithm for putting this item in my feed since no one saw fit…

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KPMG Picked an Aussie to Rule Over the Global Empire [UPDATED]

Ed. note: This article was originally published on March 5, 2026. It was updated on March 18 after KPMG made a public announcement confirming Gary Wingrove as Global Chairman and…

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Deloitte Runs a Photo Competition??

Wait, what is this? Deloitte Italy and Fondazione Deloitte [Deloitte Foundation] are handing out tens of thousands of euros in a photo competition centered around the subject of "proximites." Why?…

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Monday Morning Accounting News Brief: You Can’t Spell Audit Without AI; An Elaborate Scheme to Defraud the Air Force | 4.6.26

Hey. To our readers in tax let me just say you're doing great! Almost there! For everyone else, hopefully you're hanging in there as well. To everyone: be sure to…

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Friday Footnotes: EY Tells Tax to Get Back in the Office; Associates Are Vibe Coding Now | 4.3.26

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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KPMG building exterior with scissors overlay

Layoff Watch ’26: The King’s KPMG Kindly Asks 600 Auditors to GTFO

We covered this story in yesterday's Monday Morning Accounting News Brief but it's significant enough news to earn its own spot in a separate article as it's a large market…

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Monday Morning Accounting News Brief: KPMG Asks Hundreds of People to Go; One Big Beautiful Bill Equals Billable Hours | 3.30.26

Good morning and happy Monday, capital markets servants. I ventured out into the muck to dig up some news for you to start the week. In this news briefYour Services…

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Friday Footnotes: EY Socks Away a Bunch of Money For Future Fines; Can You Leave at 5 and Still Make Partner? | 3.27.26

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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Technology

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ICYMI: According to This AI CEO You Won’t Have to Go to Work in a Year

Commence to fantasizing about what you'll do with all that glorious free time when you lose your job to AI in 12-18 months because that's the confident prediction made by…

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Another Early AI Accounting Startup Just Bit the Dust

TIL that early AI accounting platform Botkeeper has died. I found out via this CFO Brew article which pointed to a post on Botkeeper's own site. Turns out r/accounting was…

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KPMG Brings Cheating Into the AI Age By Using AI to Cheat on AI Exams

The image is upside down because Australia. This story sounds like a joke but we assure you it is not. KPMG Australia has expanded KPMG's storied cheating repertoire by being…

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KPMG Brings AI Talking Points to a Fee Negotiation, Inadvertently Opens a Pandora’s Box Filled With Stingy Clients

As reported by Financial Times on February 6, included in Friday's edition of Footnotes, and widely chuckled at by public accountants both current and former across the world since, KPMG…

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Hackers Set Out to Ruin Tax Season Early For One Old-Ass Firm

'Tis the season. For alleged data breaches, that is. Cybernews is reporting that a Russian ransomware group called Lynx claims to have gotten its hands on a whole mess of…

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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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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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‘Quiet’ Accountant to Shock Co-workers By Beating the Living Crap Out of Someone

Here at GC, we try to present you with career options now again.

Most notably, we throw the Job of the Day at you but every once in awhile we go off the deep end to present something outside the world of accounting altogether in order that to give false hope to people’s dreams of getting out of number crunching business altogether.


Emmanuel Mulili, a “quiet numbers cruncher who’s quick with a calculator” moonlights as a MMA fighter and his co-workers are surprised that such a ‘reserved’ guy would want to beat the living tar out of another human being.

The “African Assassin” can be seen this Saturday at the Rumble in the Zoo III, after which, his co-workers in attendance will not dare to look at him cross-eyed ever again. Especially since it’s reiterated time and again that Mulili is ‘laid back’ and ‘humble,’ which just convinces us that he has a natural inclination to rip your arms off if you happen to disagree with him on a double-entry accounting issue.

Naturally, Mulili would like to be the next accountant-cum-MMA champion, “I want to get a couple of fights under my belt,” he told the Kalamazoo Gazette, “When the time is right, I’ll turn pro. If it doesn’t work out, I can always get back into accounting. But right now, just keep swinging and pounding.”

Swinging and pounding your face after you hardcode a spreadsheet that he spent hours on.

‘Reserved’ accountant Emmanuel Mulili turns ferocious in MMA octagon [mlive]

Some People Would Like to Know Why PwC Is Mum on The Alleged Morgan Keegan Fraud

Last week, the SEC continued its “Bustin’ Up Fraud” tour by charging Memphis-based Morgan Keegan & Company, Morgan Asset Management, and two employees, James C. Kelsoe, Jr. and Joseph Thompson Weller with “fraudulently overstating the value of securities backed by subprime mortgages.”

The long/short of it is that SEC’s Enforcement Divish alleges that Kelsoe “arbitrarily instructed the firm’s Fund Accounting department to make ‘price adjustments’ that increased the fair values of certain portfolio securities.” Weller didn’t do a damn thing to remedy this, Morgan published fraudulent net asset values (NAVs) based on these valuations and investors ended up losing something like $2 billion. Typical stuff in this day and age.


While Khuzhami and Co. gave the usual spiel about “lies” and whatnot, Jonathan Weil over at Bloomberg is wondering why PricewaterhouseCoopers is being totally left out of this ordeal (our emphasis):

Now that the Securities and Exchange Commission has accused Morgan Keegan & Co. of fraudulently overvaluing subprime-mortgage bonds in several of its mutual funds, there’s still one major player in this saga that hasn’t uttered a peep.

That would be PricewaterhouseCoopers LLP, the Big Four auditor that blessed the funds’ year-end financial statements for fiscal 2007. Funny thing is, officially at least, PwC is still clinging to its position that there wasn’t anything wrong with the funds’ numbers. That’s a lot harder to believe now than it might have been before last week.

Not to take issue with Jonathan Weil (who we think is great, btw) but we aren’t surprised at all that PwC is standing by their audited numbers. “Deny ’til you die” is Big 4 101, even if that denial is through complete and utter silence. They’re better at holding out on guilt than Pete Rose.

JW ends up addressing his own inquiry saying, “Perhaps PwC is awaiting the final outcome of the SEC’s case, which might take years to litigate. While the SEC didn’t name PwC as a defendant, the firm is being sued in court by fund investors. So PwC has a clear incentive to avoid acknowledging that any of its audit conclusions may have been wrong.” Jackpot! And if there’s one advantage that PwC and the rest of the Big 4 have on the road to failure, it’s time.

Ultimately, this detecting fraud. The public want auditors to find it. Auditors claim that’s not their job. The “expectations gap” as the leadership likes to say. And while Big 4 leaders cling to this “gap” like a security blanket, Weil brings up the question that more people have been asking lately, “if auditors can’t detect fraud, what good are they?”

Bond-Fund Fraud Suits Leave Auditor Speechless [Bloomberg/Jonathan Weil]
SEC Charges Morgan Keegan and Two Employees With Fraud Related to Subprime Mortgages [SEC Press Release]
SEC Complaint

Here’s What to Expect on the FAR Section of the CPA Exam

Friendly reminder (especially now that tax season is over), if you have a CPA exam question for us, shoot us a note, tweet us, or find us on Facebook and pester us until we answer. Up to you but we know you have questions so stop being shy.

Anyway. We have question from Twitter this week from @jacmelirose:

“What are the most heavily tested subjects for FAR? Help? Taking FAR in a month day for day.”

Alright, let’s start with the obvious: asking “what are the most heavily tested subjects” usually means you haven’t studied up until this point and are looking for a shortcut. Understandable but keep in mind this goes against the CPA exam guru’s advice. Just sayin’.


A good place to start is with the Content Specification Outlines for the section you are studying. For FAR, you can expect to see the following:

Financial statements (17% – 23%) – that means profit and loss, balance sheet, cashflows and footnotes/disclosures.

Typical items in financial statements (27% – 33%) – you’re talking marketable securities (pretty heavily tested or so we hear), receivables, bonds, leases, inventory, PP&E (depreciation, mostly), liabilities and revenue recognition. As much as you hate bonds, expect to see plenty on the subject so get cracking.

Transactional items (27% – 33%) – business combinations (yup, consolidations), contingent liabilities, discontinued operations, earnings per share and extraordinary items.

Government accounting (8% – 12%) – Everyone’s favorite! It’s not heavily tested but you will need to know a little about fund accounting, budgets, and government financial statements.

Not-for-profit accounting (8% – 12%) – Again, not heavily tested but it does show up (several MCQ and maybe a sim) so you will want to be sure to understand how NFP accounting works by understanding the 4 statements: financing, activities, cash flows and functional expenses.

Because we all know it’s against the rules to discuss what actually appears on the exam, we won’t tell you to expect BONDS, LEASES, and PENSIONS (and LOTS of them). We also will not tell you to be on the lookout for inventory in simulations because, again, that would assume we’re telling you we know what’s actually on the exam and of course we don’t.

FAR takes about 132 hours to prepare for – if you’ve got a month to do it, you need to be extra diligent about creating a study plan. Block out no less than 3 hours per day for MCQ/sim practice or lecture videos. Generally your brain tunes out if you’re studying any more than that per day but if you do the math, you realize you need more like 4 hours per day to meet the 132 hour requirement. In other words: a month is not really enough time to study for FAR. Here’s hoping you’ve been studying all along and are just looking for some last minute advice. Good luck!

Accounting News Roundup: Deloitte ‘Encyclopedia’ to Join IASB; South Carolina’s $60 Million Accounting Snafu; CFO Job Market No Longer ‘Totally Dead’ | 04.16.10

Deloitte’s Paul Pacter Appointed to IASB [Web CPA]
Paul “Financial Reporting Encyclopedia” Pacter will resign his part-time position at Deloitte to take a seat on the IASB. Since 2000, he has been on Deloitte’s IFRS leadership team and has worked as the Director for small and medium sized entities for the IASB.

Sir David Tweedie said in a statement that “Paul is a walking encyclopedia on global financial reporting. He served as the determined leader of the development of the IFRS for SMEs, is an expert in both IFRS and U.S. GAAP, and in his spare time has run one of the most popular financial reporting Web sites on the Internet. He will bring a global perspective and immense energy to the board.”


Nearly $60 million accounting error means state budget cut [Charleston Business Journal]
Relative to other states that shall remain nameless, South Carolina’s problems aren’t really a BFD but somehow $60 million being “erroneously…counted as part of the state’s general fund,” as opposed to being earmarked for specific appropriations is still not good.

As a result of this little booboo, $60 million in budget cuts must be found with less than three months until the end of the state’s fiscal year. Such a short time frame could presumably lead to some desperate slash and burn methods. And here we thought the subversive organization legislation would have been a huge revenue stream for the Palmetto State.

Is There a Pulse in the CFO Market? [CFO]
Apparently the CFO job market is no longer ‘totally dead’ as it was from December 2008 to October 2009 and since some are feeling ‘overworked and under appreciated’ (just like you!) there promises to be a bit of a CFO exodus.

Tax Return of the Day | 04.15.10

On a day like today, words alone will simply not suffice. Things like “Thank God it’s over,” “I am getting cop-slugging drunk,” or “If I get asked to prepare one more extension I’m going to have a panic attack” are expected. Instead we’ll present you with the following clip of a certain taxpayer’s haul in 2009:

[Source]

Tea Party Tax Day Photos

As you’re well aware, some Tea Partiers are out and about today (not everyone stayed at home) and the Mile High City was no exception.

Being in close proximity to the Capitol, I decided to run over and check out the festivities. While it was definitely a raucous (yet peaceful) bunch they didn’t seem to mind that I wasn’t listening and was obviously more interested in sociological aspects of the gathering.

With the crowd oblivious to my mission, I was able to snap a few pics (yes, total amateur hour) of some of the more, shall we say, interesting signs.


[caption id="attachment_8580" align="alignright" width="260" caption="Child exploitation!"][/caption]

[caption id="attachment_8575" align="aligncenter" width="560" caption="Creative Algebra"][/caption] [caption id="attachment_8566" align="aligncenter" width="560" caption="Obvious stencil job on the hammer and sickle"][/caption] [caption id="attachment_8582" align="aligncenter" width="560" caption="Does anyone else find unnecessary quotation marks annoying?"][/caption]

Start the Tax Day Party Without Me

Tonight will be the 26th tax day party of my accounting career. Pardon me if I don’t stick around very long.

The only really memorable tax day party was my first one. The tax group of the “Big 8” firm where my career started went to across the street to old Busch Stadium in St Louis, where the firm rented a box for the Cardinals baseball game. I happily drank their beer, only to be canned exactly a week later. That sort of took the fun out of the whole thing (though if I did something at the party to get fired from good old PW, it was the best career move I ever made).


So I found a job with the Des Moines tax group of another big firm. There the tax day party doubled as a bachelor party for one of the other staff accountants, and we all (well, the boy accountants) went to a north side strip club. I didn’t have any spare dollars for the garters, and I slipped away home, where I could drink all night for the cost of a single beer at the girlie club. But I just went to bed.

Which is really about all I feel like doing by the end of the day on April 15. By noon today I had already worked a 65-hour week. I’ve been in close company with my co-workers here from early morning to late night for weeks, and, as much as I love them to death, I’ve had enough quality time with them.

There are other awkward things about the tax parties. Like auditors. You can identify them by their animation and their golf tans – a sharp and annoying distinction from us dazed, pallid tax zombies. Bonus annoyance points if they come to the April 15 party straight from the golf course.

These parties typically occur at a local bar, where you run the high possibility of a colleague embarrassing himself in front of a client. Or worse, a drunk client hitting on one of our staff accountants. Worse still, a staff accountant hitting on a client. Unless it goes really well, of course.

Finally, I’m a boss now. Nobody really wants to do serious drinking in front of a boss. So now I’m like the old guys who used to start the Masters with a ceremonial tee shot. I’ll take a ceremonial shot (Templeton Rye, try it sometime), and then leave the field to the youngsters.

So have a good time tonight. If you see me out, I’ll be at dinner with my wife (I think I’m still married). I’ll be the one snoring.

Productivity Means Accepting The Fact Reinforcements Are NOT Coming

Are you feeling strapped for time? Have more work than hours in the day? Still waiting for that new person in the department???

I hate to be the one to break it you, but reinforcements are NOT coming.


You can find the evidence here, here, here, and here. The economy jumped off a skyscraper, hit the pavement, and now everyone’s trying to figure out whether or not this “recovery” (NBER says the US is still in recession) is real or is it a Dead Cat Bounce. Hiring for your little Cost Center will have to wait it out.

Of course the REAL evidence is probably already in your possession. Crack open the budget file; what’s the headcount look like for your department next year? The truth is right there in front of you in bits and bytes. If you’re doing the job of 2 people, chances are pretty good you’re going to continue to do so. You’ve become a 2-for-1 special!

The good news is that the unemployment picture has probably hit bottom. Those of you who remain employed probably don’t have to worry about losing your jobs anymore. After all, as the investor/pundit Kevin O’Leary likes to say, “a company can only fire 100% of their employees before they have to find a way to generate revenue.” Departments have terminated everyone they can terminate.

The bad news is that your job survived. It’s a classic case of the survivors envying the dead.

But I’d rather light a candle than curse your darkness.

There’s plenty of glib mantras I could be extolled at this point:
– do more with less
– work smarter, not harder
– corporate business process re-engineering consultancy services
– stop reading this slogan and get back to work, slacker!

The dirty little secret behind all of this kind of rah-rah, cheerleader stuff is that YOU are still the one left to actually DO all the work. Getting more productive is the only way to help you help yourself. You don’t need the BPO consultant to pull a Beetlejuice on you (“move in with you guys for a while, become real pals”) to figure that out! You need to look at every activity you do and ask:

1. Why am I doing this?

And if the answer doesn’t smell like a dead cat,

2. How am I doing this?

And finally,

3. What’s the alternative?

And for the love of Pete, watch for the technology trap! The technology trap is the assumption that, just because you are using technology to complete a task, it automatically means it’s the best way to get it done. Technology is like a dog. Do you walk the dog or does the dog walk you?

I’ve worked in accounting departments for years. There’s been times when I felt more like a dishwasher than a business professional and I was booking crazy overtime with zero comp! Over the years, little routines became big, dogmatic, time sinks and my hands were permanently puckered. I can only imagine what that sink would like on a skeleton crew.

The upside is that you have a bit of leverage suddenly. Since you’re the only one left, you’ve become that much more difficult to replace. Hiring sucks and it takes a long time. No one wants to deal with another recruiter, no one! You have a chance to redefine how you get your work done so take advantage. Wouldn’t it be great to use leverage for good for a change?

Jobs of the Day: Barrier Advisors Needs Associates and Analysts

Barrier Advisors, Inc. has positions at both the Associate and Analyst level to join its Restructuring & Investment Banking Group in Dallas, Texas. These positions will provide financial and accounting consulting services in corporate restructuring, M&A and other areas.

The Associate positions require 3 to 4 years experience with CPA, CFA, CIRA or Series 7 a plus. Analysts require 1 to 2 years experience and certifications are also a plus.


Company: Barrier Advisors, Inc.

Title: Associate or Analyst

Location: Dallas

Description: Provide financial and accounting related consulting and advisory services primarily in the areas of Corporate Restructuring and Mergers and Acquisitions. This practice provides services primarily in the following areas: Creditor and Debtor Advisory, Mergers and Acquisitions, Performance Improvement, Wind-Down and Liquidation.

Responsibilities: Apply business, accounting, finance and analytical skills to various client situations and practice disciplines (e.g., financial modeling, ratio and comparable company analysis, review/analysis of financial statements and projections, assessing business plans, claims, conducting due diligence on balance sheet and profit and loss statement items, etc.); Prepare complex cash flow projections and worksheets to model business processes and/or actual or hypothetical transactions; Work to ensure a quality product, as well as delivery of all work within established timeframes; Prepare draft written analyses and other reports for third parties, as necessary, on the project scope, findings and/or results of activities; Prepare PowerPoint presentations and quantitative exhibits for third parties, as necessary, on the project scope, findings and/or results of activities; Research and organize information to facilitate effective data access and analysis.

Qualifications: Proficiency with PC environment and related software, including Microsoft Office applications (a very strong emphasis on Excel and PowerPoint); Familiarity with web-based financial research resources for corporate information, SEC filings, competitive data, etc; Thorough knowledge of corporate finance and accounting principles and terminology; General knowledge of corporate bankruptcy process and procedure;

Associate Education/Experience: Bachelor’s Degree in accounting, finance or business administration is required, MBA preferred. If not a business degree, then subsequent business training can suffice; 3-4 years of Investment Banking, Consulting, Private Equity or Public Accounting is desired; Certifications such as CPA, CFA, CIRA, Series 7, etc. are not mandatory, but will be considered.

Analyst Education/Experience: Bachelor’s Degree in accounting, finance or business administration is required. If not a business degree, then subsequent business training can suffice; 1-2 years of Investment Banking, Consulting, Private Equity or Public Accounting is strongly desired; Certifications such as CPA, CFA, CIRA, Series 7, etc. are not mandatory, but will be considered.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Did Lehman’s Arrangement with Hudson Violate Accounting Principles?

This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.

I’m far from the only person having a hard time understanding the significance of the deals arranged by a company that this page one New York Times story referred to as Lehman Brothers’ “alter ego.”

From the looks of it, the company in questastle, was set up simply to serve in the traditional role of outside investor in another company’s off-balance-sheet financing vehicle, which is known as a special purpose or variable interest entity to accountants and a conduit or structured investment vehicle in the world of banks.

The arrangement is common enough and there’s nothing wrong with it, strictly speaking, so long as the outside investor is independent of the sponsor of the entity and the arrangements are properly disclosed.


Remember Citigroup’s SIVs? They spawned the first ill-fated bank bailout effort, by former Treasury Secretary Henry Paulson. And they were similar to the entity that Hudson created for Lehman, called Fenway.

The problem with these gizmos, of course, is that sponsors often claim not to be responsible for the assets and yet end up on the hook for them anyway, which is what happened to Citi. But that in itself doesn’t make them fraudulent, at least not according to GAAP.

In Lehman’s case, the problem seems to be that Hudson was controlled by Lehman, if not at the time it was created, then certainly under later rules, according to Charles Mulford, an accounting professor at the Georgia Institute of Technology and an advisor to CFOZone.

At first glance, it seems like the opposite might be the case, since Lehman reportedly dominated Hudson’s board when it was created in 2001. And Lehman’s influence over Hudson diminished significantly in 2004, when its board seats were reduced from five to one, presumably along with Lehman’s equity in the firm.

Just conceivably, that might have been done to conform with the changes in the accounting rules. But Mulford says that might not have been enough to comply, because the new rules require the so-called primary beneficiary of the vehicle to consolidate its assets regardless of how much equity the outside investor has in it. Even after 2004, Lehman remained the single largest investor in Hudson, according to the Times.

“Given changes to accounting for SPEs, one could argue that Lehman had effective control of the Hudson Castle SPEs, even if it didn’t have voting control, necessitating consolidation,” Mulford said in an email to CFOZone.

Of course, the significance of the arrangement remains unclear, as the Times article failed to explain how much of Lehman’s debt was shifted into the Fenway SPE. It looks as if at least $3 billion was shifted into Fenway in this fashion, but that’s a lot less than the $50 billion Lehman shifted off of its balance sheet through so-called Repo 105 transactions in 2008.

Incidentally, while Lehman’s auditor Ernst & Young recently claimed that amounts Lehman shifted in this fashion weren’t sufficient to cause the firm’s failure, since its total assets exceeded $600 billion, I just saw in the bankruptcy examiner’s report that the firm refused to say the amounts weren’t immaterial when it signed off on Lehman’s financial statements. And the examiner’s report insisted that they were indeed material.

(UPDATE) The Greatest Tax Day Tradition: (Rumored) Free Stuff!

It’s here people. April 15th. It’s great for a lot reasons: A) you (or your grateful significant other) get to say good bye to that nasty-ass beard B) you can get some rest and C) all around, your life ceases sucking (or sucking less). And along with marching against all things taxation (regardless of representation) it has become tradition for giveaways.

Buzz around the Internet for a nanosecond and you’d think the entire universe was being given away.


We already told you about the Blizzardmobile setting up shop in DC but for those of you not in the Nation’s Capital, here’s a quick rundown of some other freebies that me be closer to you:

Starbucks – Bring in a reusable cup and get free coffee.

Dunkin’ Donuts – Although we can’t find anything on their website, DD is known to give you a free donut with a purchase of the best (chain) coffee on Earth.

Subway – Again, rumor has it that Casa de Jared is handing out free cookies today. Nothing on the site, however.

PF Changs – If you didn’t get enough Chinese cuisine during busy season, head over to PFC’s to get 15% off your tab.

McDonalds – Once again, supposedly you can purchase a Big Mac and get a second for $0.01. If you aren’t able to handle two (we don’t recommend one but whatevs), just give it to a homeless person.

Boston Market – Buy one plate and get one free with this coupon.

If you’ve got news of more freebies, or just (rumored giveaways) let us know or discuss.

UPDATE: Looks at least one Subway is balking. From a Salzberg Soldier:

The Subway in Raleigh right outside of Deloitte has advertised buy-one get-one subs on tax day for the last week or so…but when we went in and ordered, they told us they had decided not to do it. They also mentioned that they took down the posters they had in the windows because “they didn’t make sense”. No bargains at Subway today.

Sage Seeks to Bring SaaS to Nonprofits

As you probably already know, the only place to work these days is in the cloud. Even the AICPA has gotten in on the fun, evangelizing cloud computing for small to midsize companies and accounting firms.

Sage Nonprofit Solutions seeks to provide easier fundraising and tracking of donors to nonprofits of all sizes who may otherwise be priced out of technology through Sage Fundraising Online, a pay-as-you-go solution without the large software pricetag.


The breakthrough allows nonprofits to respect their bottom lines without sacrificing the benefits of technology; easier “client” tracking, fundraising through social media, and monitoring the conversation, to name a few. The application will also allow for specific marketing campaigns, integration with existing cloud options like Salesforce.com and even promises ease of use and cooperation with an organization’s existing software.

“We’re offering Sage Fundraising Online in a way that allows even smaller, more resource-strapped organizations to take advantage of the service, because we’re keeping the cost to entry low with a ‘pay as you go’ model,” said Sage senior vice president and general manager for nonprofit solutions Krista Endsley. “Likewise, development professionals and nonprofit executives expect software vendors to supply tools and services that are flexible, dynamic, and provide great value. Sage Fundraising Online helps to meet these needs for nonprofits and their constituents.”

Relationship management, “client” retention and reporting requirements are slightly different in the non-profit sector but not at all different fundamentally. Clients still need to be retained, relationships cared for and reports pristine – in the case of non-profits, it’s the donors that need answers, not shareholders. It goes without saying that an efficient non-profit can provide comprehensive answers without burning excessive manpower hours and precious funding to do so; Sage’s latest application promises to give non-profits that very efficiency minus the large upfront cost associated with most cloud computing options.

Announced at AFP’s 47th International Conference on Fundraising, the product does not appear to be live on Sage’s website as yet. We know at least one technology professional who might be foaming at the mouth just thinking about its release but we don’t name names and for now, we are somewhat but not excessively excited to see what Sage Fundraising Online can do for NFPs in the future.

New ePhilanthropy Service From Sage North America Can Help Nonprofits Increase Giving, Participation, and Overall Support [Marketware]