When accounting goes unaccounted for
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…
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…
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…
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?…
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…
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 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…
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…
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…
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…
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…
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…
'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…
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…
That Time Researchers Discovered Accounting Firms Would Rather Die Than Publish Salaries
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…
Background: Tim Flynn talking shop with King Abdullah of Jordan.
Same rules: Submit possible captions in the comments. We’ll choose our favorites — with preference given to those with an accounting/KPMG bent — and then let you vote for the best one.
Memo to TF: If you’ve got a transcript of the convo, feel free to post your favorite highlight as your submission(s).
Editor’s Note: Want more JDA? You can see all of her posts for GC here, her blog here and stalk her on Twitter.
If you’re trying to squeeze in one last section of the CPA exam before December hits, you’ve got four days – a handful more if you’re not running off to see family for Thanksgiving. Are you working through the holiday?
Instead of running off to the store to spend money that you don’t have in the name of “economic recovery”, how about “Buy Nothing Day“?
“We’re asking tens of millions of people around the world to bring the capitalist consumption machine to a grinding — if only momentary — halt,” reads the manifesto. “Advertised” as an international event intended to stop the rape and pillage of the planet in the name of consumption (or something like that), it doesn’t stop with avoiding the Friday after Thanksgiving sales.
We want you to not only stop buying for 24 hours, but to shut off your lights, televisions and other nonessential appliances. We want you to park your car, turn off your phones and log off of your computer for the day.
This particular capitalist wouldn’t do well without her BlackBerry and her credit card for a full day, it’s one or the other, with the credit card much easier to keep in my pocket than the device. But whatever.
Other clever ways to spend the day? How about Whirl-mart; an impromptu conga line of shopping carts in the middle of any large warehouse or retail store (Target would work in a pinch) much to the chagrin of store security?
You can even take it all the way and declare a Buy Nothing Christmas if that’s your thing. Why stop with Black Friday? It’s not like you can afford crap your friends and family don’t want anyway, so just don’t do it. Sock away some money and put it into something useful like gold ETFs or at least new gadgets.
It goes without saying that retail has a long hard slog upward this winter. In fact, some stores are opening on Thanksgiving just to get a jump on the holiday season, hoping they can squeeze out every little bit they can to make it through the end of the year. Yeah, good luck with that.
Just a brief follow-up on the three ring circus known as Overstock.com. After Wednesday’s bizarro conference call, Ringmaster Patrick Byrne and his company filed an 8-K on Friday letting the SEC know that the NASDAQ wasn’t impressed with the unreviewed 10-Q that the company filed last week.
The NASDAQ notice informed OSTK that since the company thought it would be cute to file an unreviewed 10-Q, they will delist the OSTK from the exchange if they are not back in compliance with listing rules by January 18th.
It was an especially nice touch that OSTK filed the 8-K “two minutes after market close today, a day after the letter was received.”
Getting back into compliance will involve finding an auditing firm stupid enough desperate enough willing to be the next humble servant to sign off on the 10-Q.
The issue at hand is worth putting to a vote. For whatever reason you like, choose the firm that should be the next auditor of OSTK. We’re not privy to all the possible independence issues that may exist, so anyone that brings them up to point how one firm would be disqualified can piss off.
• Jamie Dimon seen as good fit for Treasury – Seems possible since JD and BO go way back to when Dimon was at Bank One. Plus, according to some, JD would ‘love to serve his country’ but according to others, he plans on staying at JPM for ‘six or seven years.’ This is a toss up at best. [NYP]
• These Men Could Kill SarbOx – And they’re doing it pro bono. [BW]
• Aluminum Bubble Concerns Mount as Surplus May Add 29% – ‘There’s a disconnect between the price and reality.’ That sounds familiar. [Bloomberg]
• Zynga May Be Valued at $1 Billion Feeding Off Facebook Craze – Zynga is movin’ up in Farmville bitches but there are no plans for a public offering, according to the CEO. That would be a distraction from developing new $3 chicken coops and the like. [Bloomberg]
• G.M. Is Taking Taxpayers for a Ride – In case you weren’t convinced. [DealBook]
• Rangel Says House Democrats Will Renew Tax Breaks – Renewal of Chuck’s leases on rent controlled apartments are another story. [Bloomberg]
• ‘Botax’ In Senate Health Bill Upsets Plastic Surgeons – An additional 5% tax on those calf implants. [NPR]
• Losing Altitude – CFO pay fell in ’08. Cue the trombone. [CFO]
• Bagel Company Owner Indicted for Stealing Withholding Taxes – This would never happen at David’s. [Web CPA]
Swashbuckling cocker spaniel Tom Petters has managed to keep his focus the last few days, testifying in his trial for his alleged $3.5 billion Ponzi scheme.
His cross-examination by Assistant U.S. Attorney Joe Dixon included several interesting exchanges including Petters admitting that he was the ‘heart and soul’ of PCI despite his claim of being duped for fifteen years by his office manager/confidante/lover, Deanna Coleman and Robert White, his former CFO. Dixon also accused of Petters of getting drunk on the super-happy-fun times he was having as a captain of industry:
Dixon moved to a line of questioning meant to show Petters used investors’ money to support his other businesses and lifestyle.
Dixon asked about Petters’ ownership of a Bentley, his use of corporate aircraft and homes on Lake Minnetonka and in Florida.
“You wanted the life of a corporate tycoon,” Dixon said.
“No, others wanted me to have that life,” Petters said, his voice rising. “I did not want the life of a corporate tycoon. Absolutely, I didn’t want that.”
Petters said his friend Dean Vlahos, a founder of the Champps and Redstone American Grill restaurant chains, bought him a Bentley as a gift.
“I didn’t want a Bentley,” he said. “I’m not a Bentley guy.”
See? Tom Petters was thrust into this swashbuckling lifestyle by others. The man can’t finish a book if his life depended on it, he can’t possibly be this titan of capitalism. He would’ve been perfectly happy driving a late 70s Oldsmobile Cutlass around on fumes with the headliner completely torn out. In fact, he would’ve preferred that.
Prosecutor jabs, Petters takes to ropes [Minneapolis Star-Tribune]
More GC Coverage of Tom Petters:
Even as the Doors Were Being Busted Down, Tom Petters Was Sure Everything Would Be Fine
Tom Petters Was Pretty Sure He Was Going to End Up in a Dumpster Somewhere
Ernst & Young and McGladrey & Pullen Both Have a Petters Problem
We kid, we kid. Obviously you’re aware that you can shell out $13 a month and get an iPhone. Whether that’s worth it or not, we’ll let you decide but if you don’t want the iPhone, you’re taking your chances with another option, as one source describes, “crappy Windows Mobile devices that are getting shoved down our throats.”
Not only that but if you’re looking to get reimbursed for your PDA, don’t expect to get to choose whatever you want. Or to spend that much:
Deloitte also now limits the re-imbursement of PDAs to $199.99 + taxes. They used to cover the entire cost of devices that they chose to support (which mostly sucked to begin with). You’d figure that since they only pay $199.99 that we’d be able to pick the device now… but no; still limited to their “approved list” of crappy devices.
We’re not really up-to-date on the whole who-gets-what-phone-at-what-level question these days so if you’ve got some insight for your firm, discuss in the comments.
Chicago-based Baker Tilly Virchow Krause announced today that they are merging with Beers & Cutler, a firm based Vienna, VA.
This latest acquisition by BTVK — its twelfth this decade — is part of the firm’s “national expansion” and will add to its presence on the East Coast with the Vienna office acting as the hub in addition to its New York City location.
The Washington Business Journal reports that BTVK’s expansion goals include doubling its revenue to $400 million by 2012, which CEO Tim Christen calls ‘conservative.’
From the press release:
“When we look for merger partners, we focus on the quality of the people and the reputation of the firm. There are many synergies between Baker Tilly and Beers + Cutler, and we see Washington, DC as a critical market as we continue to develop the Baker Tilly brand in the U.S.,” said Tim Christen, CEO of Baker Tilly. “As independent members of Baker Tilly International, we have been colleagues for many years, and together, we believe in the power of the network and the value it brings to our clients around the world.”
Beers & Cutler had been expanding their practice rapidly over the past four years, increasing its number of employees from, 202 in 2005 to 319 in 2008. In 2009, B&C cut 55 employees — 17% of their total headcount — however, managing partner Ed Offterdinger insists they were not related to the merger:
“[These layoffs] were not at all a factor in the decision to merge,” said Ed Offterdinger, Beers & Cutlers’ managing partner. “We’re doing this from a position of strength.”
The downturn is easing, and the firm is seeing increased demand for its services, and “the merger will help accelerate that,” he said.
The Washington Business Journal does report that the merger will lead to an additional ten layoffs, but that the firm will be adding staff “in the near future.”
Our understanding is that Mr. Christen and Mr. Offterdinger are meeting with Beers & Cutler staff today and were not available for interviews or additional comment. If you work at either of these firms and have any additional details (especially if you were in the B&C “meeting”) on this story, get in touch with us.
Beers & Cutler to merge into Baker Tilly Virchow Krause [Washington Business Journal]
BTVK_Press Release.pdf
U.S. Investors in Paramalat — the disturbingly long-life milk producer — have settled their lawsuit with Deloitte and Grant Thornton for $8.5 million and $6.5 million respectively.
Personally, if you make the decision to be associated with a company that consciously screws with the natural dairy production of a bovine, we’d say you’re on your own. However, this is America, where if you lose an asston of money on an investment (despite the morally ambiguous nature of said investment, not to mention the shiesty management), you sue.
The case was brought by several funds on behalf of thousands of investors who said they lost money from Parmalat’s multi-billion-dollar fraud.
“It is very rare that worldwide coordinating audit networks enter into settlements like what we have,” said James Sabella, a lawyer at Grant & Eisenhofer PA in New York representing the investors, in an interview.
Lead plaintiffs include Hermes Focus Asset Management Europe Ltd, Cattolica Partecipazioni SpA, Capital & Finance Asset Management, Societe Moderne des Terrassements Parisiens and Solotrat, court documents show.
We don’t know about the statement that settlements are “very rare”. The Big 4 has paid out nearly $6 billion in settlements since 1999 and settlements this year have included Deloitte/American Homes and E&Y/Akai.
Regardless, the good news for the investors is at least they got something. The bad news is that it was far less than the amount they claimed to have lost:
The U.S. equity investors believed they suffered $138.2 million of damages, but Sabella said their claims might have been reduced by earlier settlements. He also said taking their case to a jury could have been “full of difficulties.”
A Deloitte spokesperson declined to comment pending the approval of the settlement by Judge Lewis Kaplan. Grant Thornton did not immediately return our email requesting comment.
This latest development in the story that never ends Parmalat case is the first that we’ve reported that doesn’t involve the persistence of the company trying and failing and trying again to chase down banks and auditors for money related to the company’s bankruptcy in 2003. From the looks of it, we’ll be following these developments long into the next decade.
It’s already less than a week until Thanksgiving and you haven’t started your job search have you? Allow us to give you a push so you can get a fresh start to the new decade. State Street needs tax analysts in Quincy and Newton, MA. Get details after the jump.
Company: State Street
Location: Newton/Quincy, MA
Position: Global Services Tax Analyst Manager, Senior Associate
Experience Required: 5 – 7 years
Key Responsibilities: Manage and support a staff responsible for timely tax withholding and reporting and associated client servicing activities; Document and maintain group procedures; Ensure operations, processes and employees adhere to all regulatory and business continuity requirements and corporate standards; Constantly review operations workflows for process improvements, unit cost reductions and service level improvements; Audit processing functions; Assist in new tax product developments and projects; Provide client service supporting fund groups, external clients and global site partners;
Other Requirements/Preferences: Master of Science in Taxation or other advanced degree is preferred; Bachelor’s degree or equivalent is required. A minimum of 5 years of operations related, global custody, accounting, income, or tax processing related experience is required; Knowledge of non-resident alien tax withholding issues, tax reporting, and tax treaties is required.
See the entire description over the GC Career Center and visit the main page for all the latest job postings.
We’ve received multiple reports of layoffs that occurred last week in the audit practice of the Los Angeles office.
The numbers have been described as “a few” and the news has been “hush hush” making us wonder if these cuts were some unfinished business from either the August and September rounds.
There also have been rumors about additional layoffs in Dallas tax but we don’t have any more details than that.
If you’ve got any details for these layoffs or details for other cities, get in touch and discuss in the comments.
Hot on the heels of our last post, a message from one elated reader:
I’m in Illinois and I just got my Audit score when I logged in this morning. (it was my final section and it was a pass so I’m done!!!!!!!!!!!!!!)
Now get on that ethics exam! The results rolled out yesterday afternoon, so discuss your results in the comments. Pass, fail, whatever.
