When accounting goes unaccounted for
We've got another RIF at KPMG, a consulting cull that went down yesterday (that's Wednesday the 29th for those of you reading this a week from now). Let's start with…
The other day -- and by the other day we mean like more than a week ago -- we received a text on the tipline that read "KPMG US to…
We're sure you've seen this FT headline floating around today: KPMG to axe 10% of US audit partners. And if you, like most denizens of the internet these days, read…
So much for PwC letting all their people work remotely forever. Remember when that got headlines five years ago? See: PwC Just Announced That You Never Have To Go Back…
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…
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…
We've got another RIF at KPMG, a consulting cull that went down yesterday (that's Wednesday the 29th for those of you reading this a week from now). Let's start with…
The other day -- and by the other day we mean like more than a week ago -- we received a text on the tipline that read "KPMG US to…
Hey. Looking like this is gonna be a short news brief, it was a quiet weekend. In accounting, anyway. In this news briefEveryone Loves an Informative 990The Official IRS Shit…
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…
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…
While staff in tax at EY US will soon be spending more time with their flesh-based colleagues due to a return-to-office mandate that requires them in the office for an…
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…
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…
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…
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…
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…
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…
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…
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…
'Resign or be fired' ultimatum costs accounting firm $7,000
New from me: Congress’s accidental decision to turn off tax deadlines during the pandemic could yield refunds for tens of millions of taxpayers.
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,…
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…
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…
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…
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…
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…
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,…
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,…
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…
“If he contacted me and threatened me, I was going to drive down to New York and take him out. At that point it would have come down to him or me; it was as simple as that. The government would have forced me into it by failing to do its job, and failing to protect me. In that situation I felt I had no other options. I was going to kill him.”
~ Harry Markopolos, in his new book, on Bernie Madoff.
Today in Stephen Chipman blog analysis we’re thinking that the rager that he attended in Atlanta got him jonesing for another trip down south because he made another short excursion down to GA but this time it was for some strategory:
Attending a hard-working Senior Leadership Team (SLT) meeting in this wonderful city, I took a break to check e-mail. I thought perhaps I’d had too much BOLD coffee, when I skimmed this alert to our Atlanta personnel:
Please be advised that the downtown [Atlanta] connector is currently backed up due to a zebra escaping from the Barnum & Bailey Circus. Zebra has since been captured; however, traffic is expected to remain backed up
Right then, Zebra has been captured.
Two things: 1) is Chip a caffeine junkie? and 2) that last sentence strikes us as deadpan. Do we detect some style here?
Putting wild animals and addiction aside, SC goes on to tell us about a little rendezvous he had in London for some Grant Thornton International back-slapping that he got to do with his predecessor and current GTI CEO, Ed Nusbaum. Nothing really to report other than Steve-o claims that word round the camp fire is that Ed has started sneaking out the back door again but secretly doesn’t give a damn because he’s got the big chair now and he can do whatever he wants. He’s talking like he’ll start walking out the front door, in front of everyone, because he leaves when he wants.
That’s how we read into it anyway.
It seems that while Steve has taking this blogging thing by the horns there hasn’t been much commentary on more fun topics (maybe it’s just us). For example, we’d really like to know if he joined the “Sexy Accountant” group on Facebook or what his biggest audit room pet peeves are.
We’re just saying, don’t be afraid to put it all out there.
A few weeks back I talked about the flashy websites the Big 4 have invested in for recruitment purposes. For those of you DT’ers still wondering where your raises went, the answer is now clear.
Facebook, Twitter, YouTube, and a brand new (interactive!) recruitment website. DT is completely revamping their online presence.
Seemingly launched the same week as PricewaterhouseCoopers’ personal branding campaign, DT’s overhaul is much more comprehensive. The Twitter page already boasts 1,500 followers; its unique twist is that employees take turns tweeting about their daily work. Interesting approach, only if you remember to log in to the Twitter page and read the biography of the weekly tweeter.
Deloitte’s YouTube approach is similar to that of KPMG’s established page; clean and consistent website hosting professional videos. One of the videos, entitled “What if your work mattered to the world,” delves, umm, deeply into the importance of cow manure on the job. Taking the term “shitty job” quite literally, I suppose.
Finally, everything is nicely tied together with a flashy site showcasing – shockingly – its youngest and brightest employees. Stories, videos, and links to various DT pages make working for the dot seem downright enjoyable and fun.
The question remains, though – who is this targeting?
From my brief experience on the sites, there’s still no direct way to contact the recruiter responsible for a particular school (PwC boasts the only clear option). There’s no way to ask questions, request feedback, contact the recruiter who’s business card just went through the wash.
This maneuver of hiding behind a flashy website is a running theme for corporate recruiting websites. Why? Why not? The employers hold the cards. The recruiters mailboxes are already overflowing. And if you’re a top student on campus, trust me, the recruiters will find you. So why the website?
See the Joneses out there in front? Yup, better go catch them.
We’re still at a point in the social media world where no one really knows what works best. Facebook has been all the rage for teenagers and young adults, but now that older generations are joining in swarms (i.e. creepy overprotective parents) , there has been a shift of concern among younger users. Twitter is a cluster of a mystery, but the it’s a cluster that everyone (including me) is going along with.
The Big 4 marketing gurus are no different. They know that the recruiters will do the legwork to find the best candidates. They know students will talk to their professors for advice, and listen to their older friends who interned elsewhere.
Perhaps in the end the websites, tweets and cow videos are for the helicopter parents. Seriously. Recruit the parent, recruit the student.
The Quaker CPAs have rolled out their latest pitch for “I need a CPA!” and once again, we’re impressed. Fully aware of the Snuggie phenomenon that is still sweeping the nation, the creative team at PAICPA saw an opportunity (even if for just a brief moment):
Like a blanket. With sleeves.
Now that hairy myths, the 1980s drug war, and reality TV/infomercials have been covered, is the next logical step is for the team to incorporate Lady Gaga and/or “The Situation”? Perhaps not but at the very least, it’s worth exploring.
Earlier: Pennsylvania CPAs Insist Accountants Are Funny in New Videos. Which Are Funny
Officially, it appears that it’s just half of the Canadian Tux. You can show up in the jacket if you want but we’d advise you lose it while at the office.
Oh right, showing up at your client from head to toe in denim is not advisable so that eliminates a fair share of you. As for the rest of you, kindly schlep that extra outfit with you just in case. You never know when you’ll need the biz-pro or biz-casual uniform handy. On a somewhat related note, it’s not entirely clear is if the Texas Tuxedo is allowed.
Allowing denim on Fridays during busy season is probably not unprecedented but it may be enough to get some of you through the next 30-ish days. Enjoy.
After graciously making room for our advertisers yesterday, the Job of the Day returns with a Director of Finance position in New York City through MJ Boyd Consulting.
The position requires someone with a minimum of ten years experience and responsibilities include GAAP and Sarbanes-Oxley compliance, along with overseeing the financial reporting process.
Get more details on this position after the jump.
Recruiter: MJ Boyd Consulting
Title: Director of Finance
Location: New York, NY
Description: Ensuring financial statements are in accordance with GAAP, reporting company performance, and identifying opportunities, risks, and cost cutting initiatives.
Responsibilities: Prepare annual budget, monthly forecast, and other financial reports as needed; define and analyze key areas of the business, including product profitability and student retention; provide financial advice and guidance to senior management; contribute to strategic planning and development as member of management team; ensure compliance with GAAP; ensure compliance with Sarbanes-Oxley; support monthly financial close; balance sheet and P/L analysis, reconciliation; enhance financial analysis and reporting; interact with Corporate Accounting; develop cost reduction and cost management initiatives.
Qualifications: Bachelor’s degree in Accounting or Finance required; CPA qualified, Masters preferred; Strong understanding of GAAP and its application to business issues; 10+ years progressive accounting/finance experience, including strong operating unit experience; exceptional analytical and financial analysis skills; strong computer aptitude and proficiency, including expert Excel skills; reporting functions will require ability to quickly obtain Oracle General Ledger mastery, as well as proficiency querying a number of Oracle and proprietary databases using SQL.
See the entire description over at the GC Career Center and visit the main page for all your job search needs.
This story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.
CFOs face scrutiny from a wide range of sources: financial analysts, regulators, lawyers and accountants. A new body can now be added to this list, a body which is likely to cause some consternation. The U.N. last week formally castigated 86 global companies for failing to live up to the reporting requirements they agreed to when the companies became signatories of the UN Global Compact.
The scolding was undertaken by a coalition of global investors that are signatories to the U.N.’s Principles for Responsible Investment (PRI), an organization created in 2006 that uses investors to try and force companies to adhere to a global set of corporate and social obligations. That coalition of investors manages assets of over $20 trillion, so they carry some weight.
The companies involved in the exercise include some well known names such as Visteon and Lionbridge Technologies from the U.S., Spice PLC from the U.K. and Orascom Construction Industries from Egypt. Specifically the report says the companies involved had not submitted a mandatory report on how they put the U.N. PRI initiative into action.
The report also praises companies that underwent a similar rebuke in 2009 but then submitted their reports. These companies included Bayer from Germany, Nikon from Japan and Inditex from Spain.
What the U.N. expects — and what many CFOs will find hard to achieve — is that companies need to play a large role in solving global issues such as climate change and poverty. As Gavin Power, Director of the U.N. Global Compact says: “The most critical challenges of our time…require a collective response involving investors, the corporate sector and all societal actors.” From that reading it seems that companies now have to bring about world peace and end hunger on top of delivering quarterly earnings. Many CFOs will think that is perhaps a responsibility too far.
One day after it was reported that fraud detecting superman Harry Markopolos called the Commissioners “idiots” and Mary Schapiro “coldly polite” (that’s a compliment, isn’t it?) the SEC is charging another Madoff associate.
Today the Commission brought charges of “conspiracy, securities fraud, falsifying books and records of a broker-dealer, false filings with the U.S. Securities and Exchange Commission and filing false federal tax returns,” against Daniel Bonventre, according to several reports.
Bonventre was the master of making the internal accounting look legit, as opposed to lying to peoples’ faces directly. He was responsible for accounting entries that “[hid] the scope of the investment advisory operations and understating Madoff liabilities by billions of dollars.”
The Commission also brought civil charges against Bonventre, “alleging he helped disguise Madoff’s fraud and financial losses at Madoff’s firm by misusing and improperly recording investor money to create the false appearance of legitimate income.”
While the rest of the media focuses on the who, the what and the how long will that person be spending in FPMITA prison, “Dirty Diapers” Markopolos probably just wanted remind everyone that A) the SEC missed this by ignoring him several times and B) he still doesn’t think too highly of them. Oh, and he has a book coming out.
DOJ, SEC Announce Charges Against Madoff Exec Bonventre [Dow Jones via WSJ]
Madoff Aide Bonventre Becomes Sixth Charged in Fraud [Bloomberg BusinessWeek]
Madoff Whistleblower Slams Obama’s SEC: ‘They’re A Bunch Of Idiots There’ [HuffPo]
How’s your Thursday morning going, Sons and Daughters of Deloitte? Busy? Swamped, you say? Thought […]
• U.S. delay on global accounting leaves world waiting [Reuters]
The head of financial reporting at the ICAEW is not impressed with the SEC’s plan to string everyone along on IFRS. Although we’re sure Dr. Nigel Sleigh-Johnson is bright guy, we’re not sure what the good doctor was expecting from, you know, the SEC.
Dr. Johnson complains that ‘the world [has] been awaiting clear signals from the Securities and Exchange Commission as to how and when it is going to start the process of completing the convergence to International Financial Reporting Standards,’ which is probably true. Think about it. If 110 countries have jumped on the IFRS ship, they sure as hell would want the US of A on that ship too because that way, if this turns out to be the worst idea in the history of double-entry accounting, then at least the U.S. went along with it too.
• Big Four audits are off the pace [Accountancy Age]
As a group, the Big 4 didn’t fare to well in the inaugural “Accountancy Age Finance 360 survey of client opinions” which asked participants to give their “views on the service they received from their last audit provider”.
Out of twelve firms, PricewaterhouseCoopers ranked the highest at #5, KPMG #9, Deloitte #10, and Ernst & Young brought up the rear at #12. The Age reports that “[E&Y] Staff were described as ‘pretty dire’, short on technical knowledge, confidence and even decent written English. Negative comments outnumbered the positive two to one.” Comments on KPMG and Deloitte were a little better:
While KPMG won plaudits for technical skills, it was let down by perception of its added value, with one FD claiming “very little feedback on potential improvements” their money.
Deloitte also struggled to prove it added value, while clients felt the firm’s audits were “mechanical” and an exercise in “box-ticking”.
One FD felt Deloitte was “more concerned with gathering enough evidence to stand up in court with a defence if there were ever a negligence case”.
All the firms not happy with their ranking essentially said that they were “committed to the highest standards of work” or something like that. You know the drill.
The tops firms in the survey were all included two Global 6 candidates: Mazars at #1 and Grant Thornton at #3 with Horwath Clark Whitehill taking the silver.
• IRS Commissioner Requests Additional $21m So IRS Will Not Answer Taxpayer Phone Calls 25% of the Time [TaxProf Blog]
Doug Shulman asked the House Appropriations Subcommittee on Financial Services and General Government for $21 million to improve the customer service. Apparently this would result in a 4% jump in calls answered. That sounds like magical government math if we have ever heard it.
“This is a logical process. But it is slow.”
~ Thomas Jones, Director of the Center for the Study of International Accounting Standards at Pace University and former vice chairman of the IASB, on the SEC’s announcement that it’s sorta on board with the move to IFRS.
It takes a certain kind of person to defraud a non-profit organization. In a word: scumbag. Now consider the idea of a pastor of a church defrauding a non-profit organization. A non-profit organization that is tasked with providing cash and food for those in dire need. This person would be David Croyle, the former pastor of Stahl Mennonite Church in Johnstown, PA.
Croyle embezzled around $18,000 from St. Francis Sharing and Caring Inc. from 2005 to 2008. We figure he Either came to the conclusion that doing the Good Lord’s work was incredibly overrated or that he just plain needed the money. Seriously though, $18k? Did he really want a slightly used Honda Civic or something?
Regardless of the motive, Croyle has been charged with “56 counts each of theft by deception, failure to make required disposition of funds, theft and receiving stolen property,” according to the Daily American.
Part of Croyle’s duties at St. Francis was to determine eligible individuals, so he created C&A Management Services. Magically this company was “eligible” and then he requested checks payable to the company. Eventually someone found this a little fishy and hired Wessel & Co. a local accounting firm who discovered the embezzlement.
Somewhere God is shaking his head and somewhere else entirely, Sue Sachdeva is thinking, “Was this guy even trying?”
Police: pastor swindled nonprofit [Daily American]
