Careers

View All

Big 4

View All
KPMG building but upside down because Australia

Scandal-Embattled KPMG Australia Hits Up the Global Body to Borrow a Few Bucks

This information comes from Australian Financial Review so it's legit: KPMG Australia is seeking up to $100 million in emergency loans from the firm’s global network as well as a…

Read More
Deloitte sign

Deloitte Saw Another Year of Single-Digit Growth, a Respectable $74.5 Billion in Revenue

It's revenue season! Traditionally Deloitte is first to report and report they have: $74.5 billion in global revenue (unaudited). Last year, the firm was the first Big 4 to cross…

Read More
EY building with Philippines flag

EY GDS Philippines Turns 11, Celebrates By Planning to Hire An Additional 2,000 People

EY's global delivery machine in The Philippines is marking 11 years this month and as a treat, they're apparently adding 2,000 more people to its roster of more than 6,000…

Read More
PwC exterior sign

Revenue Is Down For the First Time in 17 Years But at Least Partners Got a Raise at PwC UK

Looks like offshoring and layoffs couldn't save the King's PwC from a revenue slump this year. The firm has just reported revenue of £6.2 billion (approximately $8.28 billion USD), a…

Read More
EY building exterior

EY Got the Big Pentagon Audit Job

This according to what the Department of War put up yesterday: Ernst & Young LLP, New York, New York, is being awarded a labor-hour contract with a maximum value of…

Read More

News

View All
various foods and 50 dollar bill on yellow background

Georgia Accountants Picked a Fight With Hunger and Won

Who wants a bit of good news? Algorithms would have you think the answer is NO ONE but we all know the real answer is EVERYONE. The Georgia Society of…

Read More
KPMG building but upside down because Australia

Scandal-Embattled KPMG Australia Hits Up the Global Body to Borrow a Few Bucks

This information comes from Australian Financial Review so it's legit: KPMG Australia is seeking up to $100 million in emergency loans from the firm’s global network as well as a…

Read More
cat in a windowsill with coffee, fall leaves

Monday Morning Accounting News Brief: KPMG Learns It’s Good to Have Friends in High Places; One Step Closer to Robots Taking Over | 10.5.26

Good morning, capital markets servants. Hope you got some rest and are ready to tackle another exciting week of keeping the global financial system chugging along. In this news briefUh…

Read More
tabby and white cat with pumpkins

Friday Footnotes: Deloitte Predicts AI Will Prop Up a Blah Economy; Wait, Hostages Were Racking Up Tax Penalties All This Time? | 10.2.26

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…

Read More
RSM overlay on stock screen

RSM Is Allegedly Thinking About an IPO

And according to the source or sources blabbing this to Financial Times, it's because their rivals are all getting bought up by private equity. By rivals we of course mean…

Read More

Technology

View All
woman being annoyed by clients

Bill Gates Predicts AI Will Be Taking Clients’ Most Tedious Questions 24/7 Within a Few Years

Did you catch Bill Gates' recent chat with Ezra Klein? I didn't, thankfully my washed colleague regularly reads NYT and sent it to me via Slack. Many people are stuck…

Read More
Business guys with AI robots

The AICPA Wants Tax Pros to Take a Hit From Its New AI Risk CART

Rather than dropping a strongly worded letter on the topic of the IRS's position on AI in tax practice and dropping the topic there to focus on other pressing matters,…

Read More
AI apps on a phone screen

Deloitte Survey: A Lot of People Are Using Clandestine AI at Work

As corporations everywhere shove AI down our throats and businesses wrestle with the conflict between rushing to integrate AI to not be left behind and having to pay for it…

Read More
robot holding money

Bill Gates Proposes a Tokens and Robots Tax

Bill Gates has written a loooong essay on AI covering all sorts of things from potential benefits to immediate concerns. Feel free to read the whole thing if you'd like,…

Read More
colorful comment blocks

Firms (and Some Guy Obsessed With China) Have Weighed in on the PCAOB Turning an Eye to AI

The comment period for PCAOB Release No. 2026-005 Request for Public Comment on PCAOB Standard Setting has closed and when all was said and done, it racked up an unremarkable…

Read More

Practice Management

View All
Man struggling with paper expense receipts

Expense Management: Because Apparently Clients Will Pay You to Make Expense Reports Suck Less

Spend and expense management is one of the most in-demand CAS services—and one of the most underutilized. There’s still plenty of room to get into the game. Clients are drowning…

Read More
three piggy banks in front of chalk board

For Firms, Growth is Down But Profitability Is Up

That's the headline from INSIDE Public Accounting based on the results of their 2026 Practice Management Report: The report draws on survey responses from 605 North American accounting firms, spanning…

Read More
1040 tax return with money

AICPA Pushes Back on IRS Suggesting CPAs Should Charge Less If They’re Using AI

Back in June the IRS Office of Professional Responsibility (OPR) issued its first solid AI guidance in the form of a bulletin titled Introductory Guidelines for Responsible AI Use in…

Read More

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…

Read More
remote accountants to hire

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…

Read More

Get the Accounting News Roundup

* indicates required
We need this to send you the newsletter.

Quick Reads

View All
person counting money at her desk, piles of papers and calculator

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,…

Read More
Guy with a migraine surrounded by work

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…

Read More
sorry we're closed sign in business window

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…

Read More
an office trash can with paper

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…

Read More
screenshot of an IRS system outage warning

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…

Read More

Sponsored Content

View All
Man struggling with paper expense receipts

Expense Management: Because Apparently Clients Will Pay You to Make Expense Reports Suck Less

Spend and expense management is one of the most in-demand CAS services—and one of the most underutilized. There’s still plenty of room to get into the game. Clients are drowning…

Read More

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…

Read More
men juggling on a plain, black and grey

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,…

Read More
Upset stressed woman holding cellphone disgusted shocked with message she received isolated grey background. Funny looking human face expression emotion feeling reaction life perception body language

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,…

Read More

Get the Accounting News Roundup

* indicates required
We need this to send you the newsletter.

Does Andrew Hall Have a Little Andy Fastow in Him?

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

They already share a first name.

Other than that, they probably don’t have much in common but does anybody else have a problem with the fact that the head of the energy trading unit that Citigroup sold to Occidental last year is setting up a hedge fund?

It would be an entirely different situation if Andrew Hall were leaving Occidental to do this, but he isn’t. Instead, he will wear both hats simultaneously.

That sure sounds like a clear conflict of interest to us. After all, fee structure of a hedge fund clearly incentivizes Hall to favor its investors over Occidental’s, though the oil company has a 20 percent equity stake in the fund.


The FT doesn’t explore this issue for some reason, referring merely to the fact that the two companies will be run “separately” and that the trades will be done “in parallel,” whatever that means.

And the article’s point about this deal having an air of history about it seems woefully misplaced.

Forget the fact that Hall’s hedge fund, Astenbeck, is named after a village near the historic German castle he owns. The more telling historical reference has to do with the conflict of interest. Indeed, the last time we saw a conflict this clear-cut was when Andrew Fastow ran some of Enron’s key off-balance-sheet partnerships while serving simultaneously as its CFO.

It was the disclosure of that particular factoid in a footnote that helped prompt short seller James Chanos to question Enron’s financial results back in early 2001.

And maybe this is just a coincidence, but Enron was an energy trading company as well. Remember Get Shorty?

As a side note, my colleague Matt Quinn wonders if Hall’s hedge fund will attract a lot of Citigroup’s former fund investors, and even draw Citigroup itself as an investor. That would certainly make sense if the bank is forced to get out of proprietary trading, as the Obama administration is proposing. Plus the bank would get to benefit from trading without having to reflect the risk on its balance sheet.

But the big question is, would Citi and its investors be treated better than Occidental’s shareholders?

Koss Investors Lining Up for Litigation; Will Grant Thornton Join the Party?

Investors in Koss Corporation are lining up in the pending litigation against the company and a press release from law firm Carney Williams, announced this morning that those interested in as lead plaintiff have until March 12th to make their desires known.

Form the press release, “The Company and certain key executives are alleged to have violated federal securities laws by issuing false financial statements and failing to maintain adequate internal and financial controls.”

Many, like Tracy Coenen, have argued that the internal controls are management’s responsibility and Grant Thornton was not engaged to audit these controls but does that mean that GT will dodge these investor lawsuits?


We spoke with Randy Pulliam, a partner at Carney Williams on the case if he expected Grant Thornton to be named in the litigation, “the lead plaintff will ultimately decide as to who will be named in the litigation, including the accountants.”

There’s nearly a month until the deadline so it’s far too early to tell who will decide whether Grant Thornton needs to be included but we’ll go on record saying that we’d be shocked(!) if GT manages to get forgotten in this whole matter. Regardless of your feelings on the firm’s responsibility (i.e. GT should have discovered the fraud or not) the fact that Sue Sachdeva is accused of embezzling $31 million over a period of five years while Grant Thornton was auditing Koss will not be lost on the investors or their attorneys.

“This is a five year class period so many investors are eligible to participate,” Mr. Pulliam told us. Plenty of investors out there would like to see someone make things right. Grant Thornton seems like a decent candidate especially since their pockets are far deeper than Koss’. So if you asked us to put a wild-ass guess on the odds of Grant Thornton being named in the lawsuit, we’d put it somewhere in the nabe of 10-1. Not Mine that Bird territory but not Secretariat either.

We left a message at Koss and dropped an email to Grant Thornton seeking comment and neither have gotten back to us at this time. We’ll continue to update you on the developments, shopping addictions and otherwise.

Shoeboxed: Saving Accountants One Nightmare Client at a Time

Last week we briefly mentioned Shoeboxed.com and how they can make all your shoebox receipt toting clients disappear. Not only that but it may save some of your more aggressive employees the trouble of explaining why they punched out the deadbeat who showed up with their receipts on April 15th.

We were fortunate enough to spend a some time with Stacy Chudwin, the Company’s Director of Communications, to learn more about the Durham, North Carolina Company.

Stacy told us that the Company got its start by servicing small businesses who wanted to avoid the hassle of tracking expenses by keeping a mind-numbing amount of receipts around, “Businesses can simply compile all their receipts, send them to us and we scan, enter the data and categorize them.”


Now the Company offers an “Accounting Professional Plan” which allows CPAs to do the exact same thing for those clients who aren’t so organized with their bookkeeping, “CPAs can either have their clients send us the receipts directly or they can send the us shoebox that gets dropped off on their desk and we’ll take care of the rest,” Stacy said.

Once all the data entry is finished you can access the information via your business’ account and for CPAs, you can create sub-accounts for each individual client. These reports can then be exported to a number of applications including QuickBooks, Quicken, Excel, and others.

The Company has also developed a free iPhone app that will extract all the information from a photo of the receipt. So for you Holiday Inn jockeys out there, you don’t have to stuff all your receipts in your suitcase and try to decipher everything you spent two weeks later.

“So far all of the feedback from our clients and users of the mobile apps have been great, however everyone wants more features both in their accounts and for the app,” Stacy told us.

Stacy also maintains the Shoeboxed Blog that is updated a few times a month that has areas for “Small Businesses”, “Taxes”, “Budgeting” and “Shoeboxed.com Resources”. She also informed us that they have a very active Twitter account, “We like to use Twitter to make announcements, to highlight recent press, and to retweet some positive feedback from followers, but we will also respond one-on-one if a user has an issue and reaches out to us via Twitter.”

If you’re not hip to the whole Twitter thing the Company has online customer support and a toll free number for all your questions.

The Company has several different plans for both businesses and accountants and both come with 30 day trials. So if you’ve more nightmare clients thatn you can count, what are you waiting for? Thanks to Shoeboxed, now you can add more clients instead of wanting to physically attack them.

Accounting News Roundup: Is the IASB Giving Up on the FASB?; Wake Forest Grads Crush the CPA Exam; NFL Looking at Rams Buyer’s BDO Tax Shelter Connection | 02.16.10

• IASB softens stance on convergence [FT]
We’re not jumping to any conclusions but yesterday the IASB made the statement that it “would no longer pursue convergence with its US peer as ‘an objective in itself'”. Now we’re not entirely sure what “an objective in itself” means but it kinda, sorta sounds like “to hell with you FASB, we’ve got our own plans.”

This revelation was part of “constitution review” in order for the IASB “to justify its public accountability” to its critics. In this review the IASB seemed to be changing its tone on just what convergence is:

In a review of its constitution published on Monday the IASB’s oversight board addressed this concern over the convergence project and said it would “emphasise that convergence is a strategy aimed at promoting and facilitating the adoption of IFRS, but it is not an objective by itself”.

So just spreading the good word about IFRS without any stated objective? Does that sound about right? It sounds a little like financial reporting evangelism.


• Wake graduates get highest passing rates on CPA exam [Winston Salem-Journal]
This is in no way presented to make you feel bad about yourself. Here are the 2008 (the most recent data available) passing rates at WF: 93% on FAR; 87.5% on Audit; 83.22% on regulation; 93.7% on BEC. The overall passing rate was 89.7%. The University has had the highest scores five years running.

If you need to go cry in the bathroom, you may do so now.

• Rams buyer’s $85 million battle with IRS [Chicago Tribune]
Shahid Khan announced last week that he was buying 60% of the St. Louis Rams. Great news right? Ordinarily, yes but now the NFL is looking into his association with a BDO tax partner that was convicted of helping clients avoid taxes through shelters.

The IRS said in court papers that the Khans hired the Chicago-based BDO Seidman accounting firm and met with tax partner Robert Greisman. The Khans engaged in at least five questionable tax shelters, with names like Son-of-Boss and Dad, and paid BDO $8.5 million in fees, about 10 percent of the alleged tax savings, according to court documents.

Yet when the revenue agency questioned Khan about his returns, he was unable to identify what services BDO provided, an IRS agent said in court documents. In April 2007, the IRS made formal requests for information to Greisman and one of his partners in Michigan in connection with its investigation of the Khans.

Greisman pleaded guilty last July to conspiracy charges related to the creation of the shelters and BDO is currently being sued by Khan for negligence and malpractice. The NFL may have saved them themselves the trouble by letting Rush Limbaugh own part of the team…

Stephen Chipman Is Slightly Annoyed by the Non-Grant Thornton People Reading His Blog

We didn’t get the third installment of Stephen Chipman’s blog until late last week and apparently while the Grant Thornton CEO seems to be keeping up his promise to come at you once a week, he’s going to be a bit more reserved going forward.

Last week SC shared a few insights from his readers, however we warned that he wouldn’t be sharing the most intimate details (e.g. ragers in Atlanta):

“Because large portions of my blog are finding their way to external Web sites, I will answer some sensitive or strategic questions via internal e-mail and send my responses directly to the person who posed them.“


Well, shucks. We’re not sure what “external websites” SC is referring to but as far as our humble posts are concerned, we merely provide snapshots that certainly don’t qualify as “large portions”. If you guys are aware of someone reposting the posts in full, get in touch with us and we’ll let them know at GTHQ.

We’re also curious as to what will qualify as “sensitive or strategic questions”. Is SC getting prodded with nosy questions about Sue Sachdeva? If so, he could at least give us a diagnosis on her supposed shopaholic tendencies. That doesn’t seem too sensitive. It’s most certainly not strategic.

We’d also like to hear his thoughts on Grant Thornton being vindicated in the Overstock.com circus. Patrick Bryne said some pretty nasty things about Steve’s beloved firm. This is the perfect opportunity for Steve-o to throw it in Patsy’s face via an all-out blog-off. Does he take it? So far, no. Sensitive? Absolutely not. This is justice. Strategic? Not really. Chip must get enough satisfaction knowing that the firm clear of the whole thing and doesn’t see the need for gloating. We’ve got two words for that: MISSED. OPPORTUNITY.

Because of this new cautious approach, we don’t have any parties or white whales to share this week but SC did mention that he got a little face time with SEC Chief Accountant James Kroeker. And don’t think that just anyone was invited to this little sit-down, “I was honored to be included in this very small group, which also included the CEOs of two large competitors.”

Well! We’re assuming Chip is referring to two B-I-G-F-O-U-R competitors and only since only two of them were there, this is pretty H-U-G-E opportunity for Steve. SC won’t turn down a little glad-handing with the Chief Accountant, no sir. Unfortch, he didn’t really get into what was said at the meeting but we’re sure it was a stimulating convo: Olympic fever. St. Val’s gifts for the wives. Maybe some talk about the nonexistent SEC roadmap on IFRS? Here’s to hoping that he’ll open up more this week.

At Blackwater, Strippers and Hookers are Legitimate Expenses

Allegedly of course!

It’s bad enough when even the Iraqis are saying GTFO but that’s exactly what’s happened to about 250 ex-Blackwater employees still lingering around Iraq. “I don’t think the Iraqi government is willing to have any Blackwater member, even if they are working in other companies,” government spokesman Ali al-Dabbagh told CNN in January.”

But it isn’t just the Iraqis with a Blackwater bone to pick – former Blackwater employees allege the security firm hired strippers, prostitutes, and “incompetent personnel” to defraud authorities while working security details in Iraq and Afghanistan, as well as in post-Katrina Louisiana.


WTF is going on here? If you’re going to rip off the federal government, I guess it’s good to get your money’s worth, especially if you know their internal controls are for shit.

CNN:

Melan Davis, who was involved in record-keeping, said Blackwater billed the government for prostitution services in Afghanistan from a Filipino female, whose name was on Blackwater’s payroll roster under a category called “Morale Welfare Recreation.”

She said Blackwater billed the woman’s plane tickets and monthly salary to the United States.

The lawsuit also said a vendor being paid for “cleaning services” in Louisiana was providing strippers.

Blackwater spokespeople (the company is now known as Xe, though we won’t pontificate as to why another rebranding might be appropriate at this time) claim Davis must be trippin’. Strippers? Hookers? Fake receipts? No way!

“The allegations are without merit and the company will vigorously defend against this lawsuit. It is noteworthy that the government has declined to intervene in this action,” Xe told CNN.

This is not the first time Blackwater has been accused of defrauding the government; California’s Henry Waxman (D) accused the contractor of running a tax scheme to avoid paying what his staffers estimated as $15.5 million in Social Security and Medicare taxes, $15.8 million federal income tax withholding and $500,000 in unemployment taxes between May 2006 and March 2007.

So? What’s worse? Not paying taxes or expensing “Morale Welfare Recreation” on Uncle Sam’s dime?

Accounting News Roundup: Earnings Management and ‘Quadrophobia’; Deloitte vs. PwC on Loan Losses; Joe Francis’ Tax Lien Dropped | 02.15.10

Happy President’s Day! As we mentioned on Friday, we’ll keep you company throughout the day but it will be a little lighter schedule than normal. Most of you are suffering from a Valentine’s Day/Chinese New Year/Olympic Fever hangover anyway.

• For Some Firms, a Case of ‘Quadrophobia’ [WSJ]
Shout if you’ve heard this before: a study profiled by the Journal states that “many companies tweak quarterly earnings to meet investor expectations, and the “companies that adjust most often are more likely to restate earnings or be charged with accounting violations.”

So here’s another study on restatements and the companies that you . BFD right? Earnings management is rampant. What makes this particular study unique is the authors looked at the frequency of companies rounding their numbers up to meet expectations and discovered that the number 4 appears less frequently in general and especially in the earnings of companies that restate their financial statements. Naturally, they call it “quadrophobia”:

When they ran the earnings-per-share numbers down to a 10th of a cent, they found that the number “4” appeared less often in the 10ths place than any other digit, and significantly less often than would be expected by chance…

In theory, each digit should appear in the 10ths place 10% of the time. After reviewing nearly 489,000 quarterly results for 22,000 companies from 1980 to 2006, however, the authors found that “4” appeared in the 10ths place only 8.5% of the time. Both “2” and “3” also are underrepresented in the 10ths place; all other digits show up more frequently than expected by chance…

In their most intriguing finding, the authors found that companies that later restate earnings or are charged with accounting violations report significantly fewer 4s. The pattern “appears to be a leading indicator of a company that’s going to have an accounting issue,” Mr. Grundfest said.

So it’s safe to say that you can add Quadrophobic to Patrick Byrne’s list of potential ailments.

• Deloitte chief reignites accounting debate [FT]
Deloitte CEO Jim Quigley told the Financial Times that banks should “account for losses in two radically different ways to meet the opposing demands of politicians and accountants.” We’re not crazy about trying to please everyone but Quigs might have a good point here.

This would require banks to report two separate line items on their income statements, one for “incurred losses” and one for “expected losses”. Incurred losses report loan losses as they occur while “expected losses” would require banks to calculate an estimated loss provision over the lives of the loans.

PwC hates this idea saying it would ‘muddy the waters’. Richard Murphy thinks PwC is still living in fantasy land, “PWC is arguing against is anti-cyclical provisioning to ensure capital retention. To put it anothjer [sic] way, PWC wants pro-cyclical accounting that encoruages recklessness.”

Since the waters are already pretty f—ing muddy we’re not sure that it would do much harm. Users of financial statements already have a mind-numbing amount of information to dig through, one additional piece of information — a crucial piece in the case of bank financial statements, we might add — shouldn’t cause too much headache.

Joe Francis Off the Hook for $33 Million Tax Bill [TMZ]
Joe Francis’ IRS troubles seem to have magically disappeared, as TMZ reports that the IRS has dropped its $30+ million lien against the Douche of the Decade.

That eliminates one possible motive for the IRS shotgun shopping spree.

Comment of the Day | 02.12.10

We’ll dispense with quote of the day today in favor of the words from awwyea.

This is type of comment you should be striving for my friends.

We’ll be on a light posting schedule for the holiday on Monday. Have a great weekend and try to see your sweetheart on Sunday rather than sexting them (especially the PwC peeps).

Texas Stripper Tax Will Survive One More Valentine’s Day

If you’re a resident of the Lone Star State and you happen to frequent the peelers, you’re probably familiar with the $5 charge that you pay to enjoy a little bit of entertainment.

Well good news! The Texas Supreme Court has agreed to hear the case and determine if that $5 violates the First Amendment right to free expression and maybe this travesty can be put to bed once and for all.


The Texas Court of Appeals ruled the law was discriminatory against establishments that served alcohol since as Kay Bell explained then, “a play involving nudity did not trigger the tax…that meant that, had the law stood, the touring company of…Hair could have come to Texas.”

If you simply wanted to go to Treasures in Houston and have a beer and appreciate some artistic impression to Bon Jovi, Skid Row, Def Leppard, etc. then the tax applied. The $12 million that the state collected while the law was in effect is still being held in an account while they sort this out. What’s not clear is if that money will be returned to the patrons or simply given to employees of the clubs where the money was going to end up anyway.

Texas stripper ‘pole tax’ to get review [Don’t Mess With Taxes]

PwC’s Oscar Partners Get Teased, Possibly Need Adult Diapers

As we mentioned earlier this week, PwC loves Oscar time. It’s easily the biggest display of Big 4 shameless self-promotion and no one — not even us, (sans Francine?) — can blame them.

The Carpetbagger has a chat with two of the partners, Rick Rosas and Brad Oltmanns that touched on a number of things, like exclusivity, “there’s only been 12 partners to do this” and secrecy, “we go to a very quiet, windowless room in an undisclosed location”. but just because they’re counting ballots don’t get the idea that they aren’t working:

During the telecast, Mr. Rosas and Mr. Oltmanns stand at either side of the stage, with the 24 sealed envelopes containing the winners’ names, ready to be handed off to the celebrity presenters just before they walk to the podium. “It is work,” he said. “We’re standing literally in one spot for three hours or so, no rest room breaks or anything, because we have to be ready when the presenters get on the stage.”

Jesus, no bathroom breaks? Sounds brutal. Does PwC front them for a bag or Depends or something? What if they make a Starbucks right before the show? That could be problematic. Plus, you’ve got puny movie stars that used to be funny giving you a hard time:

“We do get teased from time to time especially by some of the comedians,” Mr. Oltmanns said. “I remember one year Jack Black said he was going to come over and rip the briefcases out of our hands and give us a good beating.” Did he? “No. I think each of us are larger than him, so he did not.”

Seriously. Don’t fuck with these guys. They have to keep their cool when Halle Berry walks by and their bladders are about to burst. Could you handle that?

A Wake-up Call for All Gen X Accountants

A potential client of mine was presenting its case to my firm a while back. The presenting team consisted of senior leadership, management, and staff members; all of which were professional and polished in their demeanor.

The presentation was divvied up between members, with much of the discussion being led by the management and staff. When it came time for the closer – the make or break – a fresh-out-of-college kid stood up and delivered one of the best deal closers I’ve ever experienced.

At the conclusion of the meeting I took a moment to catch up with the young professional who delivered the knock-out. I asked, “Why were you the teammate to deliver the final pitch?”

“Easy,” she responded, “I volunteered to do it, and no one objected.”


Generation X’ers — those of you born in the 60’s and 70’s — are in a tough position, and it’s you that I’d like to address today. Above you are the Baby Boomers; sucking the well and its resources dry for every last drop. Sure, they’re holding on too long but who is kicking them out? Who is applying the professional pressure for them to move on? Look down.

Below you (but quickly rising) is the Future – Generations Millenial and Y (MY, for short) are ready, willing and capable of busting through the corporate door and crossing the finish line ahead of you. They multitask, network, and socialize better than ever thought was possible. Their collegiate education went beyond debits and credits – group projects, public speaking tasks, and teamwork were the norm. And they’re connected!

They are maturing in a digital age that makes them comfortable with who they are. They are “friends” with a 1,000+, sharing photos, comments, and personal tidbits about their daily lives; something Generation X is used to sharing with buddies over beers or at home with the family. Most significantly, Gen’s MY are opportunistic. Their college and job applications were filled with Habitat trips in Guam, hospital philanthropies, and more part-time, non-paid work than you can imagine. Why? Because not only do they care about traveling the extra mile – they see the personal gain that comes with it. This is exactly why the 20-something year old staff member delivered the closing speech to my firm.

The problem is not whether the staff member had the right or the talent to be trusted with the responsibility. The question is – why didn’t one of the three senior managers step up? They obviously didn’t see the opportunity in front of them.

Let this simmer over the weekend, Gen X’ers. Next week I’ll be addressing what you can do to speak up and be seen from valley between the Boomers and Gens MY; otherwise known as where you currently sit.

Five Questions with Jim Peterson of Re:Balance

We’re going to be frank; Jim Peterson is a cerebral guy. When you read his posts over at Re:Balance you never get the impression that he just rolls out of bed after a night in Wrigleyville and pounds out a post. His blogging can turn your head in knots and we think that’s a good thing.

Jim is an attorney that has spent “thirty-five years on complex multi-national matters involving corporate financial information.” He spent 19 years as in-house counsel and partner at a national accounting firm working on policy and risk management strategies.

He also spent five-plus years penning “Balance Sheet” a column for the International Herald Tribune. He now spends his time teaching risk management to MBA candidates at DePaul University in Chicago and ISEG in Paris.


Are you a CPA – Y/N?:
I am not a CPA – frequently mistaken for one, but only by those who miss the evidence that a “words guy” is on the loose in a numbers business.

If someone had to read just one post of yours which one would it be?
From May 17, 2009: “Which Accounting Firm Will Be ‘Next to Fail?’ It’s the Wrong Question” – an attempt to capture in a single post my central theme, which is the threatened survivability of the large-firm assurance franchise, the perilous condition of the Big Four business model, and the absence of real dialog on achievable solutions short of their catastrophic disintegration.

Bloggers on accounting are…
By and large driven by an instinct for the capillary. I happily give respect to those focused on the technical and operational minutia – although they are mainly keeping the deck chairs neatly arrayed on the deck of a sinking ship.

Favorite non-accounting blog…
The Soay Sheep Chronicles – by a retired couple, a big-city lawyer and an academic, who rescued and now operate a sheep farm in Oregon. Writes rings around Verlyn Klinkenborg’s pastorals in the NY Times, and teaches those of us ignorant of the subject about the opportunities for personal life-change and renewal. Full disclosure: the author is my sister.

Best accounting firm we’ve never heard of…
Financial Reporting Advisors, LLC – A Chicago boutique — alumni of the Arthur Andersen professional standards group – with a business model beautifully adapted to the hazards of today’s practice. They do no audit work, and issue no opinions. They advise global-scale companies on the intricacies of accounting standards, literature and requirements – while leaving ultimate decision-making to reside with their clients.

So they deliver wisdom and value, with virtually no litigation exposure. Their practice is one example of the available ways the profession might re-engineer its way out of the presently untenable survivability tensions in which it is entangled.