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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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EY Is Now Paying a $10k CPA Bonus

Anyone in the mood for a bit of good news? Here goes: EY is doubling their CPA bonus for early career new hires who can manage to pass all four…

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News

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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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The Top 20 Firm That Kicked Off PE Madness in 2021 and Its PE Firm Announce They’ll Keep Kickin’ It

EisnerAmper (#15 on the INSIDE Public Accounting Top 100 with $1.023 billion in revenue) and TowerBrook Capital announced yesterday that they've completed a continuation vehicle transaction which basically means TowerBrook…

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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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tax hiring season

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

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

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

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

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Quick Reads

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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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Grant Thornton Wants Help Breaking Into the Global 6

Thumbnail image for Thumbnail image for Grant-thornton-logo.JPGBoy, a firm gets fired a couple times and you’d think the sky was falling.
GT isn’t literally saying, “Help us, for the love of God, the Big 4 is just too powerful” but it’s close enough for us:

Mid-tier accounting firm Grant Thornton has described the current audit market as unsustainable and is calling for new rules to promote greater competition.
In a letter to the International Organization of Securities Commissions, the firm put together a four point plan aimed at increasing diversity in the concentrated audit industry.


The firm want regulators to require companies to disclose third party agreements that limit auditor choice, discourage companies and financial intermediaries from entering agreements containing restrictive clauses, and publish balanced findings of their inspections of individual audit firms.
The firm claims that in the event of a Big Four collapse, 20% of the 7200 largest businesses in the G20 would be left stranded without an auditor.

Hell, maybe they have a point? If their claims are legit, we are talking over 1,000 companies that just up and don’t have an auditor any more. And the firm can’t instantly quintuple its global revenue.
We asked a frequent commenter on the subject of Big 4 failure, Jim Peterson of Re:Balance, for his thoughts and he told us:

[W]hen the next of the Big Four goes down — which will be in a highly visible and ugly burst of flame and wreckage — the other 3 will quickly enough leave the assurance business themselves. What incentive would they have to stay? They would not have the resources or the political agility to take up the slack, and there would be no upside for them in the face of relentless attacks from the blame-mongers.
So it’s not 20% — it’s 100% — and then the re-building process starts with a blank page.

That sounds kinda serious. Maybe governments do need to get involved. Seems like the going trend these days anyway.
Global audit industry is unsustainable: GT [Accountancy Age]

Pictures of the Day: One Idea to Help Keep the Utilization Up

As you well know, it’s key for all of you to stay as fully utilized as possible this busy season, and sometimes little things make all the difference.
A reader provided us with the following idea:
bathroom23.jpg
The strategically placed marker board will come in handy when all those great ideas pop into the grey matter.
bathroom3.jpg
Or you can just memorize Giants statistics.


bathroom10.jpg
Say what you will about the impracticalities of this set up but at least you won’t have to chase down a key.
We strongly encourage you to submit any chicanery that you might cook up this busy season. We’re here to help you stay sane.

Which One of You Was Sending Out Bogus PwC Checks?

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgRight before the holidays even! The worst part of the scam is that they forged the timeless P. Dubs logo. As in the KPMG Letterheadgate case, this calls for a complete rehaul of the firm’s image. Your suggestions are encouraged. Our preference would obviously involve something around this.
Sounds like the entire firm is at DEFCON 1 so if you happen upon one of these checks, we suggest you notify someone in your office that handles these things after you take a picture of it and send it to us of course.
The firm issued a press release today giving us details about the scam, you can read it after the jump.

The checks began arriving in people’s mail boxes just before the Christmas holidays. They looked so good, they could have been real. But they weren’t.
In a new twist on an old crime, scam artists created bogus checks bearing the logo of PricewaterhouseCoopers. Accompanying the checks was a letter advising the recipients that they had been selected to be “secret shoppers.” The letters guided the potential scam victims to cash the checks at specific banks, then wire the funds to another address for use by a second “secret shopper.”
As soon as the first report about the checks surfaced, PwC’s US Security team began working with the banking community and law enforcement agencies to shut down the scam. “Besides working with law enforcement, we put all of our local offices on alert. We prepared our telephone operators and receptionists to provide guidance for anyone who might call,” said Rose Littlejohn, head of US Security. “We put all of our people on notice, in case they saw or heard anything.”
The checks were dated December 21, 2009. Because the scam took advantage of the US Postal Service, a Postal Inspector has been assigned to the investigation. Anyone who has received one of the solicitations should contact Doug Smith, Postal Inspector at (813) 281-5228. If they have the capability to fax information, they should fax a copy of the bogus check and any instructions they received with it to 813-375-8047. They should then keep the originals as law enforcement will have separate instructions for what to do with them.
“Since the first batch of checks went out in December, we suspect those recipients have either reported the issue or thrown out the materials,” said Littlejohn. “But right now there is nothing to prevent the scammers from making another attempt. We hope people will be skeptical about any kind of offer like this they receive in the mail. Meanwhile, we’ll keep trying to track down and bring to justice the perpetrators of this scam.”

Job of the Day: California State University Needs Auditors

Thumbnail image for Need_a_job.jpgCalifornia is still trying to sort itself out but the last thing Arnie would do is issue IOUs to state employees (that’s a big assumption on our part).
The Office of the University Auditor at California State University is looking to fill both an internal auditor and senior auditor position at its location in Long Beach, CA. The CSU offers a premium benefits package including 24 days of vacation and 14 paid holidays per year.
Check out more details after the jump


Company: California State University, Office of the University Auditor
Title: Internal Auditor; Senior Auditor
Location: Long Beach, CA
Minimum experience: 2 years; 3 years
Description: The California State University, Office of the University Auditor, is seeking an Internal or Senior Auditor to conduct operational and compliance audits at the system office and each of the 23 campuses.
Responsibilities: Conducting reviews of assigned organizational and functional activities; evaluating the adequacy and effectiveness of the management controls over those activities; and determining whether organizational units in the university are performing their planning, accounting, custodial, or control activities in compliance with management instructions, applicable statements of policy and procedures, and in a manner consistent with both university objectives and high standards of administrative practice. The senior auditor occasionally assists in audit program development and periodically supervises the work of others, including instructing new staff.
Requirements: Bachelor’s degree from an accredited four-year college or university is required for either position; The internal auditor position requires two years’ experience in internal/external auditing; and CPA, CIA or CISA certification is desired; The senior auditor position requires three years’ experience in internal/external auditing; CPA, CIA or CISA certification highly desired; and progress towards certification required. The position requires approximately 33% out-of-area travel (within California, no weekends).
See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Is Becoming Your Own Boss the Next Move?

aspirations.jpgStarting your own firm might seem like a tall order but with all the uncertainty out there many people are giving more thought to putting them their name in the window.
And plenty of people are leaving on their own after several years working for a large public accounting firm and/or working in-house once they realize that they don’t want to wait to be the boss.

Web CPA addressed this a while back and it seems there are lots of reasons that younger CPAs consider the move:

“What I have learned is that audit risk keeps increasing while fees don’t and that tax practices keep facing more competition from home tax-prep software,” said Vuchnich, 31, a sole practitioner in Charlotte, N.C. “When I made the leap it was because I didn’t want to spend years working for a firm to buy into a service industry that is high-risk, low-reward, or where my services would be regularly compared to a $40 software package.”


Jody Padar, 37, left her position of four years at a midsized firm after feeling management saw her as just a stay-at-home mom with a part-time tax job. “The sacrifices I was making to be a competent, exceptional professional were never appreciated. So I left.”

The other possibility is that maybe you have your own ideas on how a firm should be run. There is no shortage of opinions on processes and how a firm should be run so some see that as an the opportunity:

“Young professionals will leave if they feel that they can innovate better than their firm and ‘do’ CPA work in a better way. This may be as a free agent, or it may be as a solo practitioner.”

The other option is that you come from a long line of CPAs and it’s your turn to take over the family business. While the mere idea of working with family members may be enough to give some of you an aneurysm, for others it’s an easy way to get into an established firm.

So is being the boss in your future? Judging by the response to our partner track poll, it’s a goal for many of you but going out on your own to get there is a whole other ball game. Discuss your thoughts and for those that have made the leap, share your experiences and shell out some advice for those looking to make the move.

Becoming your own boss [Web CPA]

Layoff Watch ’10: Ernst & Young January Edition

Confused doesn’t even begin to describe what were feeling. We are hearing tons of rumors about layoffs in the Ernstiverse this week.

We’ve heard rumors from Denver to the East-Central (fka North-Central) and New York FSO. This includes both client serving professionals and support staff. We have already confirmed that two admins were let go earlier this week in New York.

The timing is especially strange since, you know, it’s January and in some offices the mandatory hours have already rolled out. Even if it were only support staff being let go, the timing is still unheard of. Why wait until January to let people go when having cuts in November? Maybe it’s just us but if we had survived that November cut, we would have thought that our job would be safe until at least the spring.
And since the roundtables seem to be SOP you wouldn’t think they would be anything to worry about but they definitely have people talking and wondering what will go down.

So far, Ernst & Young has not responded to our request for comment.
If you hear anything about your office get in touch in with us and discuss in the comments.

>75: That Time of Year Again: Balancing the Exam and Busy Season

Help!.jpgEditor’s note: This is the latest edition of >75, our weekly post on questions that you have related to the CPA Exam. Send your questions to tips@goingconcern.com and we’ll do our best to answer as many of them as possible. You can see all of the JDA’s posts for GC here and all our posts related to the CPA Exam here.
Do you have a CPA exam question for >75? Send it in. I’ll be nice I swear. Possibly useful.
So it’s January and some of you are heading into a rough couple of months. With the 18 month clock ticking on the CPA exam, you don’t really have any options but to fight through it. Or argue with people on the Internet. Maybe that’s why you don’t have enough time to study?
Anyway. It’s not easy but remember it is also temporary so as long as you suffer through it a bit (oh please, is it really that bad?), it’s possible. Here are some things I’ve seen work:
Talking to management and partners – I know. You’re going to laugh me out of here (“wtf version of JDA is this?”) but stick with me. Have you asked? I’m not saying this is always a successful method but it can never hurt to ask or let management know you’re taking the CPA exam. Especially if you work in a smaller firm, just talk to someone above you with some pull. I’ve seen it so I know it isn’t impossible.


Cutting out the extraneous crap – You know exactly what I mean. Time management for studying is a lot like budgeting for chronic spenders. I used to burn through paychecks until I actually printed out three months worth of debit and ATM charges and saw how I was $2 and $7 and $14ing my way to $0 in no time. In much the same way, you have to figure out where you are spending your time in a week (or a day if that works better for you). Things that take “a few minutes” (Facebook anyone?) add up so count them.
Not doing too much – One exam is enough if you really are swamped. It’s fine. Just don’t let post April 15th suddenly turn into late August because you were “so wiped out” from busy season. Take a realistic break but don’t get too detached from your goal.
What works for you to get through busy season and the exam? And don’t say trolling accounting websites trying to pick Internet fights.
Good luck? As always, it has nothing to do with circumstance, it’s just discipline.

Preliminary Analytics | 01.15.10

Thumbnail image for patsy_byrne.jpgTaxman misses 44 million calls – The British version anyway. That makes the IRS look like rock stars by comparison. [Accountancy Age]
Annals of Public Relations – Fortunately for us, Patrick Byrne doesn’t keep PR by his side at all times. [Gary Weiss]
If California Owes You, It Would Like to Pay You – “Across the state, 89,000 residents and businesses — including 2,315 here in San Francisco alone — are sitting on some $50 million in uncashed i.o.u.’s from the state, a souvenir of California’s most recent, but by no means its last, budget crisis.” [NYT]
Verizon Lowers Wireless Pricing Plans – “Verizon Wireless introduced lower wireless-pricing plans Friday, a move that’s likely to force rival AT&T Inc. to follow and could pressure margins on the carriers’ high-end business.” [WSJ]
GM Daewoo finance chief Mark James named Opel CFO – Missed opportunity, people. [Reuters]
Prince Tells Pandit ‘It’s Time to Deliver’ – No pressure. [DealBook]

Review Comments | 01.14.10

Mary Schapiro.jpgRegulators Call for Tougher Policies at Hearing – Sheila Bair and Mary Schapiro got their turn today to make pledges, promises, etc. [WSJ]
Are You Gonna Make My Day? The Auditors And SEC Enforcement – Didn’t you hear? They’re on this. [Re: The Auditors]
Geithner to testify on AIG – Don’t make plans on January 27th. [Reuters]
Bernanke Fights to Keep Bank Powers in Senate Letter – Beard to Chris Dodd: Just retire already so I don’t have to listen to your crap anymore. [Bloomberg]

But Does She Get a Key to the Bathroom?

porta.jpgOne of the best things about making partner is that, if you’re lucky, you’ll end up on a board of directors someday. You get a nice chunk of change for sitting in some meetings pretending like you’re responsible for a company. Pretty simple.
Just like Sue James, a former E&Y partner. She was introduced as one of the new directors at Yahoo! The 8-K filed by Yahoo lays out her comp:

Ms. James will participate in the current director compensation arrangements applicable to non-employee directors. Under the terms of those arrangements, Ms. James will receive an annual retainer of $80,000 for her service on the Board, an additional annual retainer of $35,000 for serving as Chair of the Audit Committee of the Board, and will participate in Yahoo!’s other compensation programs for its non-employee directors. In addition, Ms. James is expected to receive in February, subject to Board approval, a grant of restricted stock units under the Company’s 1996 Directors’ Stock Plan with the number of such units to be determined by the Board at the time of the grant

Not too shabby. The filing doesn’t outline her rights to the facilities but for that kind of money she could, at the very least, arrange to have a rent-a-john parked outside Yahoo! HQ.

Report: Accountants Responsible for Two-thirds of Embezzlements

Sue_Sachdeva.pngOkay auditors. No more excuses. You should already be giving everyone the stink-eye the second you walk in the door but now we’ve got a REPORT about embezzlement in the US of A that gives you all kinds of hints on who you should suspect — provable or not — of being the next Sue Sachdeva.
The Marquet Report on Embezzlement is an annual report put out by Marquet International, Ltd., a “an independent investigative, litigation support and security consulting firm” according to the company’s website.


Here are some of the key findings in the report:

• Women are more likely to embezzle than men.
• Men embezzle significantly more than women.
• Perpetrators typically begin their embezzlement schemes in their early 40s.
• By a significant margin, embezzlers are most likely to be individuals who hold
financial positions within organizations.
• The two broad industry categories that have the highest risk for a major
embezzlement are Financial Services and Government Agencies/Municipalities.
• The Financial Services industry suffers the greatest losses from major
embezzlements.
• On average, major embezzlement schemes last about 4½ years.
• California and Florida are consistently the states that experience the greatest
losses from major embezzlements.
• The vast majority of major embezzlements are caused by sole perpetrators
• Gambling is a clear motivating factor in driving some major embezzlements.
• Fewer than 10 percent of embezzlers have a criminal record – less than expected, but enough to suggest that pre-employment screening has merit.

Some takeaways: 1) Immediately suspect anyone that gambles. Even if it’s bingo games in the church basement; 2) If you’re in California or Florida you’ve got your work cut out for you; 3) By “a significant margin” they mean accounting/finance personnel were responsible in 67% of the cases. Executives were second, in 13% of the cases.
Annnnd since we know you’re wondering: the largest embezzlement case in 2009 was none other than our Suz. Based on the criteria above, it appears that she should have been under suspicion from day one but you can’t fault Grant Thornton too much. This is only the second report that Marquet has issued so chances are she still would have made off with $20 million. Oh well, you’ll get ’em next time!
The top ten from 2009:
Picture 2.png
Report On Major Embezzlements 2009.pdf

What Happens When the “Numbers” People Can’t Count?

Thumbnail image for Thumbnail image for Thumbnail image for accountant.jpgThere was some quiet chatter here at GC about Ernst & Young’s closure of its Greensboro, NC office this past December, right around the Merry Happy holidays. Thanks Ernie.
This is nothing new. Smaller offices have been getting shut down for years. Years. Years.
You’ll probably find this to be a shocker but your feelings are not the main problem facing the firms due to the combination of recent closings and endless rounds of cuts. The problem is – it’s the theme of any busy season – firms finding themselves short staffed.
Many readers have commented that engagements are understaffed heading into the cold winter months. Albeit this is typically the unofficial “norm,” but slashed fees are only compounding the problem this year. The troubles of ’09 will be used as firm scapegoats for 2010. Move along, kids. Nothing more to see here.
Serious trouble is brewing for at least one Big 4 firm, however. A source confirmed that their Big 4 Beast is outsourcing work in the Carolinas to smaller regional firms because they are so understaffed:

The combination of layoffs a year ago and people leaving now that the market is turning around is causing the firm to hire outside help just to get through busy season.


Ummm. How did this happen? Is this firm (or any other firm for that matter) initiating rotations from staff “heavy” areas like Chicago and New York to cover the lapses in smaller areas like Buffalo or Greensboro? If so spread the winter cheer, because that sounds downright awful.
The public accountant’s mind is a simple one with regards to job searching:
Picture 1.png

The middle area is commonly referred to as “run through a venti latte on the client and debate.”

The market is moving ever so steadily from red to green. This time is now, and no one, not even leadership, is denying that. Firm leaders have been talking, talking and talking some more about the upswing of 2010. If they are handing out the Kool-aid, doesn’t SOMEONE take a moment to think, “Hey guys, should we really have cut so much staff six months ago?”
Someone, somewhere underestimated staff needs or overestimated staff loyalty. Or both. So now, cutting into the already razor thin fees will be the misguided expense of hiring outside help just to get by. The situation is only going to get worse in the coming months; money is starting to move, financial firms are beginning to reinvest, and jobs are going to be created and filled by your colleagues.
How can a firm’s leadership whose fundamental – and societal stereotyped – sole function is numbers be so off the mark? This is elementary, is it not?