We’ve received tips that layoffs have recently occurred in both the Chicago and Dallas offices of E&Y. The reports out of Chicago were that layoffs occurred on Friday and over the weekend.
Our source told us that the Friday layoffs were seniors in the Retail and Consumer Products industry group and weekend layoffs were across as well as other industry groups. Altogether approximately 20 professionals.
We have fewer details on the Dallas layoffs except that they were a couple of managers from the asset management group in the audit practice. The small number leads us to speculate that these were performance related, similar to the cuts we reported in August.
There have been several rumors circulating about layoffs occurring this week at E&Y and other firms as well so if you have more details on the Chicago or Dallas layoffs or know of cuts in your office, send us the details to our tips line.
Even PwC Is Hyping Up GTA VI Now
With 14 days to go until the release of the most anticipated game of this decade, PwC has pushed out a bit of thought leadership-slash-economic analysis titled "Vice City, everywhere:…
Deloitte Guy’s Love Life Has Become a Federal Matter
Last Friday, 42-year-old Ian Brinksman was picked up by the feds for allegedly passing top secret national defense information to another individual. Though that individual wasn't named by any reports,…
Hackers Have Apparently Stolen a Whole Lot of PwC Homework
Oh no, hackers have swiped oodles of slides! PwC has confirmed that a third-party vendor it uses for employee records has been breached after a "cyber extortion group" said they…
PwC Ekes Past EY With $60.2 Billion in Reported Global Revenue
Wow, Big 4 are really rushing out revenue numbers this year aren't they? First we got Deloitte in late September, EY two weeks later, and now PwC has just dropped…
KPMG Australia Has Made a List of Things It Probably Should Have Done Already
...such as "support whistleblowers" and "punish people who do stuff that will give Australian Financial Review an easy 9 months of negative headlines." So KPMG Australia is still in its…
Monday Morning Accounting News Brief: PwC to Teach Thinking; Support Your Local Whistleblower | 11.9.26
Hey. Got some news for you so you have something that isn't politics to talk about at the water cooler. In this news briefPwC Will Certify ThinkersThat's a Big Number"People…
Friday Footnotes: KPMG Settles With Investors; AICPA Proposes Outside Investor Guidance | 11.6.26
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…
Even PwC Is Hyping Up GTA VI Now
With 14 days to go until the release of the most anticipated game of this decade, PwC has pushed out a bit of thought leadership-slash-economic analysis titled "Vice City, everywhere:…
Turns Out Offshoring Isn’t a Cheap Forever Solution to Talent Problems
Well we knew this would happen eventually. An article published today in Accountants Daily is all about how small firms over in Australia are struggling to hire talent. Now, if…
CBIZ Shareholders Are Cool With the Grant Thornton Merger, the Deal is a Go (UPDATE)
Ed. note: This article was originally published on October 29, 2026. On November 2, 2026, both CBIZ and Grant Thornton announced the transaction had completed. We didn't think this deserved…
Just in Case You Were Unsure, IRS Official Clarifies AI Is Not a Person Under Circular 230
The Journal of Accountancy has published an interesting article about comments made by the director of the IRS Office of Professional Responsibility at the AICPA National Tax Conference yesterday, an…
The Robots Want Your Emails, and the AICPA Has Concerns
Last month a pitch arrived in our editor inbox, the title of which was "Going Concern, meet the startup helping accounting firms turn old Slacks and emails into free money."…
Hackers Have Apparently Stolen a Whole Lot of PwC Homework
Oh no, hackers have swiped oodles of slides! PwC has confirmed that a third-party vendor it uses for employee records has been breached after a "cyber extortion group" said they…
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…
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,…
Just in Case You Were Unsure, IRS Official Clarifies AI Is Not a Person Under Circular 230
The Journal of Accountancy has published an interesting article about comments made by the director of the IRS Office of Professional Responsibility at the AICPA National Tax Conference yesterday, an…
The Robots Want Your Emails, and the AICPA Has Concerns
Last month a pitch arrived in our editor inbox, the title of which was "Going Concern, meet the startup helping accounting firms turn old Slacks and emails into free money."…
Finance Leaders Are Shopping for a CAS Partner, and They Brought a List
Cash flow, automation, fraud protection. Your firm can deliver all three. Finance leaders would like some help with the accounting. Not a little help, either. BILL asked 354 finance decision-makers…
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…
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…
Twitter Feed
White-collar jobs bounced back in October.
Professional and business services, which includes law, consulting and scientific research, added 70,000 jobs last month, per the October jobs report. That’s well above the sector’s average of 15,000 a month over the past year.
Via @Reuters: Investors settle with KPMG over Silicon Valley Bank collapse
Factory farm accountants sounds terrible tbh
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,…
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…
Accounting Firm Abruptly Nopes Out of Tax Season Early (UPDATE)
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This Deloitte Office Has Eliminated Trash Cans at Desks to Make Staff Get Up Off Their Asses
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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…
Finance Leaders Are Shopping for a CAS Partner, and They Brought a List
Cash flow, automation, fraud protection. Your firm can deliver all three. Finance leaders would like some help with the accounting. Not a little help, either. BILL asked 354 finance decision-makers…
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…
Top Remote Accounting Freelancers: February 3, 2024
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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,…
A FASB Override Button?
Editor’s Note: Want more JDA? You can see all of her posts for GC here, her blog here and stalk her on Twitter.
Over the weekend, I covered an obscure financial reform proposal that may mean taking away final responsibility of accounting standard-setting from FASB a f “emergency” switch for use solely in situations of undue financial stress. This type of “escape hatch” might be familiar; the practical application of the Fed’s 13(3) rule left the door wide open for Bear Stearns and AIG.
In regards to Meet the FASB Override Button, I received a note from reader Ron with the simple rhetorical question:
Do you think a system this corrupt can survive in its present form?
He even gave me an out, qualifying the email with “No need to reply.”
Well thanks, Ron, but how in the hell am I supposed to ignore a loaded question like that?
In the article, HuffPo calls it “Civil War in Corporate America”:
Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards.
The mechanism is contained in an amendment set to be introduced in mid-November by Rep. Ed Perlmutter (D-Colo.) that would move final authority over the Financial Accounting Standards Board (FASB) from the Securities and Exchange Commission to a new body, a so-called “oversight” board, that would include the officials charged with managing systemic risks to the financial markets.
The Center for Audit Quality came back with a nasty letter to Barney Frank — among others — insisting that accounting setters must remain independent (implying that they have been all along). I assume that the CAQ has forgotten about FAS 157-e by now.
So do I believe in financial reform at this point? No, and I can’t say I ever did. Did I ever believe we could duct tape our way through recovery with a little accounting magic and some confident words from Tim Geithner? Yeah right.
And that therefore betrays my opinion on saving our financial system in its current form. FASB merely exists under the guise of independence, and while European accounting standard setters have a far worse reputation when it comes to allowing themselves to be politically swayed, something must change moving forward.
I doubt that an emergency FASB override button is a step in the right direction to that end.
But if they’re trying to sneak in accounting standard escape hatches, that means something must be working correctly with the currently regulatory framework – they wouldn’t be looking for ways to bypass it if it was totally useless.
Past GC coverage of Congress meddling in accounting rules:
Congress Needs More Testimony on Accounting Stuff They Won’t Understand
Barney Frank Doesn’t Legislate Accounting, He Only ‘Exerts Pressure’
Newt Gingrich Doesn’t Like the FASB
Someone Had to Explain to Joe Francis that He Didn’t Have to Go Back to Jail
Joe Francis was sentenced to time served late on Friday for his guilty plea on two counts of filing false tax returns and one count of bribing Nevada jail workers in exchange for food. He had spent a total of 301 days in prison.
Apparently this was such a surprising turn of events that when he was outside the courtroom Francis seemed unsure about what happened saying, “I think we won that one.” Authorities resisted taking advantage of Francis’ bewilderment and he was not escorted back to jail.
In addition to the time served, Francis received one year probation and was ordered to pay $250,000 in restitution. This allows Francis to get back to ‘the business at hand‘ which must involve assaulting Playboy Playmates and then claiming it was self-defense. Good to have you back, Joe.
Judge OKs plea deal from ‘Girls Gone Wild’ founder [AP]
Girls Gone Wild Founder Gets Plea Deal [Tax Girl]
‘Girls Gone Wild’ Founder Joe Francis Gets Time Served in Tax Case [TaxProf Blog]
Earlier GC Coverage: SHOCKER: Joe Francis May Have Attracted Slimy Business People
Joe Francis Plans to Argue That Anything Related to Topless Girls is Deductible
Preliminary Analytics | 11.09.09
• I’m doing ‘God’s work’. Meet Mr Goldman Sachs – Hey! Us too! [Times Online]
• Bear Stearns Casualty Earns $1.6 Million at Poker World Series – Steven Begleiter was a 24 year vet at Bear Stearns who sat on the bank’s management and compensation committees. [Bloomberg]
• Health Bill Faces Senate Heat – “If the public option plan is in there, as a matter of conscience, I will not allow this bill to come to a final vote,” Sen. Joe Lieberman (I., Conn.) said on Fox News Sunday. With the passage of the House bill, Congress moved closer than ever to providing Americans with near-universal health insurance” [WSJ]
• Kraft Makes $16.3 Billion Hostile Bid for Cadbury – Kraft is done playing. They want confections and they want them now. [NYT]
• Bad credit card debts ‘will soar’ – “Bad credit card debts may reach as much as 9% of all outstanding balances by the end of next year,” according to PwC. [BBC]
• Don’t forget to submit your caption on the Feed the Pig at the NYC Marathon caption contest!
Review Comments | 11.06.09
• SEC sees evolution in insider trading – “A top U.S. securities regulator said some funds may now view insider trading as a central tenet of their business models, rather than as a one-time opportunity for big rewards as sometimes happened in the 1980s.” [Reuters]
• The Bust that Worked – Thanks CIT! [CFO]
• Degradation of the Mind – Urban Dictionary has butchered accounting terms. [Accounting Nation]
• Accountants on Twitter? You Better Believe It! – We’re here. [CPA Examination Preparation Blog]
• More Celebrity Tax Woes – Including completely the most underrated actor of our time, Eric Roberts. Best of the Best 2? C’mon, people. [TaxProf Blog]
Crowe Horwath Is Amped for International Fraud Awareness Week
What? Your firm hasn’t reminded you that November 8 – 14 is International Fraud Awareness Week? Shameful. Lucky for you, Crowe Horwath is all over this.
Crowe is offering tips to its clients “on how companies can help turn their own personnel into their best fraud preventers and fraud detectors” because they are sick and tired of being the ones finding all of it.
Here’s a taste of their ideas:
• Know who you hire &ndash Avoid guys in tracksuits and with short attention spans.
• Create an ownership environment &ndash That stapler? It’s yours.
• Keep employees informed &ndash Emails about the latest dead-end marriage in the office do not count.
• Establish sound internal controls &ndash Unless you don’t have to.
• Implement checks and balances &ndash Again, optional.
While we admire Crowe’s attempt to get proactive, we’re concerned that, inevitably, the “Army of Fraudbusters” will start using their newly acquired fraud detection skills for outing their office enemies for petty crimes such as leaving food in the fridge, ass-photo copying and the like.
Create An Army of Fraudbusters Within Your Organization [Press Release]
Grant Thornton Names a New COO*
Grant Thornton named Lou Grabowsky as its new Chief Operating Officer today. Grabs starts his new gig the same day as Stephen Chipman and Ed Nusbaum start in theirs so we’re guessing that will be quite the rager to kick off the decade.
LG takes over the day-to-day responsibilities at GT which no doubt includes overseeing the press release elves:
“Lou’s credentials are impeccable, and he will serve the firm with his characteristic commitment to excellence as Chief Operating Officer for Grant Thornton LLP,” says Stephen Chipman, Grant Thornton LLP CEO-elect. “His personal and professional strengths complement my own, and we have already been working on transition issues and other matters of high priority for the U.S. firm.”
Whoa, Steve-o, feeling ignored? We won’t forget that you’ve got strengths buddy. You didn’t get the big chair for nothing.
Back to the real reason for this little post, Grabs is a graduate of The Pennsylvania State University and an Arthur Andersen survivor. He was even the partner in charge of assurance services for the Dallas office from ’91-’97 so he may have known David Duncan. SCANDAL!
Just joshin’ you Lou. Enjoy the new gig.
Lou Grabowsky named Chief Operating Officer of Grant Thornton LLP [Press Release]
*Managed to only mention ‘Global Six Accounting Firm’ once
Caption Contest Friday: The AICPA Will Convince You to Save Money By Freaking You Out
We don’t know who the hell the AICPA has working in the marketing department but they need to get in touch. We have some questions.
Below is Benjamin Bankes at the New York City Marathon. If you’re not familiar with Ben, he is the spokesswine for the AICPA’s “Feed the Pig” campaign.
We’ve presented three photos for your caption suggestions. See the rest after the jump.
Rules are the same: Submit possible captions for all the photos in the comments. We’ll choose our favorites — with preference given to those with an accounting bent — and then let you vote for the best one.
KPMG Has Its Reasons for Banning Google Talk
Klynveldians have been warned about certain software that should not, under any circumstances, be downloaded by any of you:
In the firm’s defense — and since they didn’t mention it — many of these programs are used by you to waste precious billable hours complaining to each other about a myriad of things including why the Phil Mickelson hats only come in black and white and where Tim Flynn and John Veihmeyer buy their suits (we hear Marshall’s but that could be total bupkis).
Furthermore, we’re not going to sit here and say that none of these programs present a legitimate risk. That would be foolhardy and insensitive.
What we do wonder about is what “disciplinary action” involves. Feel free to wildly speculate on this in the comments.
Job of the Week: GTT (Gone to Texas)?
Since we’ve just gone through another week marred by layoffs, it might be time to consider some options.
In the 19th Century, people went to Texas to escape their troubles, so we figure this could be a possible solution for somebody (including those that already live there).
NetworkersMSB has a position in Dallas that could be your ticket back to the high life.
Location: Dallas
Title: Finance Manager
Compensation: $90,000 – $100,000
Responsibilities: Monthly preparation of financial reports for the Group Financial Controller; Managing the company’s financial accounting, monitoring and reporting systems; Liaising with our accountants to ensure all State and federal tax obligations are met; To assist in the preparation of the year end statutory accounting for audit UK purposes; Providing annual budget information for respective market unit; Cash flow forecasting; Developing financial management mechanisms that minimise financial risk; Assisting in the development of sister companies financial departments within the North and South American region.
Requirements: Strong knowledge of accounting and US GAAP; Knowledge and experience of state and federal tax obligations; Experience in payrolling of employees; CPA qualified
See the entire description over at the GC Career Center and check out the rest of the jobs at the Career Center homepage.
Irony in the Daily CPA Letter
From a reader:
Here are two headlines, in this order, on CPA Daily Letter this morning. Fannie Mae decides to rent to people that are currently not able to pay their mortgage? Peaked my interest and made me ask the question, “WHAT?” Then, I scrolled down and read the second headline…and then thought…well, yeah…that would be the necessary outcome…time for a new business model anyone?
While the reader has a good point (i.e. Fannie Mae is still a giant shitshow and should seriously consider going back to the drawing board) we’re more curious as to who over at the CPA Letter has the sense of humor. Then again, it could be one giant coincidence.
>75: Study. Sit. Pass. Get on with Your Life
Editor’s note: Welcome to >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.
Alright. So this guy comments and his question is too long and complicated to keep my attention. Kindly SUMMARIZE your question, send it to us and >75 will get to it when she stops pounding her head on her desk.
Now then, please pay attention.
I need help from some vets. I did my undergrad in finance, but spent the last 7 yrs in the family business, hotels. Always hated it. Being an owner, I know what it’s like to be the ‘man’ and having to manage a manager, i also know what it’s like to be an overworked slave to a business as a property manager myself. I’m effective as a manager, win awards, employee turn over below industry standards, profitable, etc…on the macro level as an asset manager, i have a pretty good business savvy from HR/training, finance, basic accounting, leadership, capital raising, basic auditing. In the hotel business, your inventory has a 24 hour shelf life. I can think quick on my feet under stressful situations, and think stragetically as well. So at 30, i have the business IQ of someone close to 40. I’m a worrier and 24 hour business dealing with public has burned me out as i like people, but i’m not that much of a ‘people’ person..though i can turn it on when needed. i have recently been diagnosed with ADD which explains, while capable, i had trouble in school.
Stop. Just stop. First and foremost: the CPA exam isn’t an IQ test so please remove that from the equation, brainiac. We are talking about discipline and how well you can plan out your time.
I congratulate you on your illustrious career but no one cares about that at the Board of Accountancy. You have to meet the educational and experience requirements in the state you apply to and sorry, life experience doesn’t count in any of those states.
If you have the units and prepare correctly, you can do it. But get all this “wordiness” out of your plan, just learn the information, sit for the exam, get 75s on everything and move on with your life + CPA.
That’s my humble suggestion.
As for not being a “people” person, congratulations, you’re already on your way to being a CPA.
If anyone has a CPA exam question for >75, let us know. I’ll try to be nice but at least informative.
Here’s the obligatory CPA Review disclaimer (I work for Roger, how do you think I figured all of this out? TT BPO 75 or 90, bitches).