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The Big 4 Model Might Be Cooked

For nearly 17 years now, this website you're reading has been meticulously documenting the accounting profession, Big 4 in particular and often through the lens of younger staff coming through…

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Layoff Watch ’26: EY Trims Some Newbies in Audit

Seeing multiple posts about audit Staff 1s getting let go from EY this week, it's unclear how many are affected and if other service lines should brace for impact as…

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Deloitte Made the Creepy Digital Librarian From The Time Machine But For Golf

Have you seen the 2002 movie The Time Machine? If you haven't then the reference in the headline isn't going to make a lick of sense. Lucky for you YouTube…

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KPMG Redefines Excellence in the Age of AI By Using AI to Pump Out Dubious Citations in This Now-Removed Report

GPTZero, the folks who brought you this glorious takedown of an EY Canada report stuffed with completely made up sources, are back at it again and this time they've caught…

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FRC To Determine Whether Missing a £30 Million Overstatement Was, In Fact, Bad Auditing

The Financial Reporting Council announced today that they're officially investigating PwC UK's 2024 audit of WH Smith which means fines and hand-slaps are likely forthcoming once that gets wrapped up.…

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Top 20 Firm Eide Bailly Gets on the Private Equity Train

The private equity train may have slowed a bit in accounting but it's still choo-chooing along with another big deal coming on the heels of Crowe's $3 billion deal with…

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Monday Morning Accounting News Brief: PwC Gave Us a Reason to Mention GTA 6; The Bad KPMG Anecdotes Are Adding Up | 6.22.26

Hey, here we are again at Monday. Guess we should get to it. In this news briefA Less Thrilling Transfer Pricing StoryThe Ghost of Tax Preparer Fraud PastWho Doesn't Want…

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Friday Footnotes: Deloitte UK Asks Nearly 200 Auditors to Please F Off; AI Chatbots Favored Over Actual Accountants | 6.19.26

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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EY building exterior with scissors overlay

Layoff Watch ’26: EY Trims Some Newbies in Audit

Seeing multiple posts about audit Staff 1s getting let go from EY this week, it's unclear how many are affected and if other service lines should brace for impact as…

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IRS office with a rat

The IRS Moves Atlanta Employees to an Office That Makes the Rat-Infested Office Look Pretty Good

If you've been keeping up with the news cycle (or if you caught last Monday's Monday Morning News Brief), you've heard about the situation down in Atlanta involving IRS workers…

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Technology

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golf ball at hole, golf green

Deloitte Made the Creepy Digital Librarian From The Time Machine But For Golf

Have you seen the 2002 movie The Time Machine? If you haven't then the reference in the headline isn't going to make a lick of sense. Lucky for you YouTube…

Read More
error on a phone screen

KPMG Redefines Excellence in the Age of AI By Using AI to Pump Out Dubious Citations in This Now-Removed Report

GPTZero, the folks who brought you this glorious takedown of an EY Canada report stuffed with completely made up sources, are back at it again and this time they've caught…

Read More
woman and cat with laptop

KPMGers Are Maliciously Complying With The Firm’s AI Usage Requirements By Generating Fluff

On May 4, Business Insider published an article about KPMG's new AI dashboard. They've been publishing several articles in recent weeks about KPMG's AI initiatives actually, like the tax simulation…

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Starbucks Kills Off Its Automated Counting AI Tool After Just 9 Months Because It Sucked at Counting Beans

While people outside of the accounting profession continue to smugly insist that accountants will be out of work in 12 months 18 months two years five years any day now…

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EY Gets Busted and Yeets Report Littered With AI Hallucinations

Yesterday we received a news release from a communications firm working for a group called GPTZero. Now you should know that we receive probably a hundred or more news releases…

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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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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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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

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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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Top Remote Accounting Freelancers: February 3, 2024

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6 Ways Email is Secretly Destroying Your Accounting Firm

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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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Preliminary Analytics | 09.24.09

BuffettCarriesLunch.standard.jpgOmaha’s Oracle of Style Sings the Praises of a Chinese Suit – And probably will take the opportunity to spread the folksy seed around. [WSJ]
Employee of Perot Affiliate Charged With Insider Trades on Takeover Talks – “[Reza] Saleh began buying call options, which give the holder the right to buy stock at a specific future time and price, between Sept. 4 and Sept. 18, according to the SEC complaint filed in U.S. District Court in Dallas. Around that time, several Perot executives and board members, including Mr. Perot, became aware of the takeover negotiations, the SEC alleged.” [WSJ]
Acorn Sues Over Video as I.R.S. Severs Ties – And the Fox News grave dancing begins…[NYT]
CFOs plan to invest in technologyWhen the economy recovers, sayeth Bob Half. [Washington Business Journal via DBJ]
Microsoft says no plans to buy Electronic Arts Yet. [Reuters]
The beginning of the end of meaningful regulatory reform – Banks 1 gazillion, Congress 0 [Felix Salmon/Reuters]

Review Comments | 09.23.09

Audit by Ernst & Young says RSK MiG worth only 3.5 cents – Someone remind us why the Cold War such a big deal? [Russia Times via Alert 5]
Celebrity Tax News: Floyd Mayweather, Jim Thorpe – Floyd paid over $5 mil, Thorpe’s looking at two years. Nice work fellas. Hire an accountant you dolts. [TaxProf Blog]
Under The Right Conditions, Imagine How Masterfully This Guy Could Massacre A Food Eating Challenge – Hizzoner can put the wieners away but is a calories counter. No word on any refunding. [DB]
Palin Addresses Asian Investors – What “investors” are listening to her? Let’s pretend that this didn’t really happen. Great. [WSJ]
How to Answer an SEC Comment Letter – Submit your suggestions in the comments. Cap it at three words you chatty Cathys. No more, no less. [CFO]

KPMG Is Probably Happy This Guy Left Prior to Getting Really Creative

charlie-and-the-chocolate-factory-20050715092008864.jpgA former KPMG partner has pleaded guilty today to conspiracy charges related to tax shelter scheme.
According to the WSJ, “[Robert] Pfaff is currently serving a 97-month prison sentence after he and two others were convicted on tax evasion charges last year in a case once billed as the largest tax-shelter fraud case in U.S. history. In that case, prosecutors had alleged that Pfaff and another former KPMG employee left KPMG in 1997 and formed an investment adviser known as Presidio Advisory Services, which was little more than a ‘tax shelter mill’.”
Doesn’t ‘tax shelter mill’ sound like a wonderful place of capitalistic creativity and entrepreneurship where things just magically happen and you don’t why or how? Sort of like a financial Charlie and the Chocolate Factory? The kind of place where you wish you worked?
Ex-KPMG Tax Partner Pleads Guilty In Tax-Shelter Case [WSJ]

Your Hire Date is Delayed, Now What?

Waiting.jpgInspired by recent events which I shall not get into here because of CPA Wrangler/client privilege, I figured now might be the time to do a quick “how to survive if you thought you were starting with the Big 87654 but suddenly won’t be until 3 quarters from now” refresher. Here you thought you got a sweet gig and now it’s all about making it until your delayed start date.
First and foremost, you’ve got your parents. They might have even put you through school. Your Dad may have called me at the CPA Factory asking if he could put your CPA Review course on his credit card (awww what a nice guy). Maybe they aren’t totally disappointed in you yet and haven’t lost their savings to Alan Greenspan’s bubble fixation. Whatever the situation, you should know by now that this is the first place to tap for extra cash, not your couch.
More, after the jump


Secondly, maybe the Universe is trying to tell you something. Is this really what you want to do with your life? Public accounting? Really? No one’s saying you’ve got to have a spiritual awakening or anything but maybe this is the time to evaluate the direction your life is trying to take. If nothing else, take it as a sign that you could use a Sabbatical.
Let’s not forget that you should be employable somewhere else. So instead of sitting around on the Xbox 360 eating ramen until you show up all pretty and polished for your first day at the Big 87654, go shop your shiny ass to other firms who might have the cash to cover your paycheck. If you’re looking for an easy way to meet the experience requirement and get your CPA and are lucky enough to have a trust fund, you’re totally fine sitting around pwning 12 year olds at Halo. But if you actually want to be an accountant for the rest of your life, go out there and sell yourself to a smaller firm who might appreciate your skills, not leave you waiting like a bad Craigslist blind date.
The last thing to keep in mind here is that sometimes it really is not you but me. Firms are scrambling to keep the quality staff they have and replenish the stock that are moving out of public accounting; take advantage of this. As we pointed out here on Going Concern already, don’t trip on the recruiters, they might be out of a job in a few months. It’s a bloodbath out there so slap on your gloves and try not to get any on your nice blue tie.
And if things get really bad, you can always froth lattes at the local coffee shop for the next few months. Give me a discount on my quad black eyes and I’ll tell you what *I feel* might be on the FAR exam next window *cough*
Hang in there, kids!

(UPDATE 4) KPMG Layoffs Follow-up

There are several cities where we can confirm layoffs but total numbers are hard to come by and KPMG is not returning our calls/emails at this time. Here are cities that we definitely know got hit:
Chicago – At least five in Int’l Tax. At least one in financial services tax.
Denver – Transaction Services
Kansas City – Six to eight in Tax
Houston – Transaction Services
San Fran – Five in Fed Tax
LA and OC – Several comments report ten to twelve in tax for LA, five for OC
DC/Tyson’s Corner/McLean – Between five and eight total in tax and advisory.
Silicon Valley – Thirteen total. Five to Seven Mostly in Tax, possibly some in EVS and one in Transaction Services.
Seattle and Portland – Two in Tax for each
Salt Lake City – Three in Tax
Detroit – Three to five in Tax
Jacksonville, FL – Two in Tax
New York – Three in the transfer pricing specialty group in the tax practice. Three in the real estate practice. According to our source, these were performance performance related.
Boston – Two in Fed Tax and one in M&A
Nashville – Two in Tax
Tampa – Two in Tax, one manager and one SA
We haven’t been able to confirm much out of the New York office, although it sounds as though Transaction Services has had some cuts. If you’ve got new details on any city, let us know.
UPDATE: See updates above. Altogether it appears to be over thirty-five in the west alone. Continue sending us updates.
UPDATE, Thursday, 11:54 am: Information is still crawling in. We heard that the number of nationwide layoffs for Advisory was 50, including 20 in the NY/Boston offices but we’re still waiting on more information. Continue to send tips in and make sure you note which office you’re in. Oh, and apparently the Dallas office needs SA’s in audit.
UPDATE, Friday, 12:30: Still a few tips coming (see updates above) in but it seems the worst (hopefully) is over.
UPDATE, Monday 3:04 pm: Just a couple more updates above for Nashville and Tampa.

Accounting Professors Aren’t Waiting for Bureaucrats to Get Their Act Together

graduation.jpgEven though the convergence of IFRS and U.S. GAAP seems like a DeLorean ride away accounting professors polled believe that it should be included in the curriculum, according to Web CPA:
More, after the jump

The survey, by KPMG and the American Accounting Association, found that half of the professors who responded to the survey said they thought a low sense of urgency exists among U.S. regulators to adopt IFRS by a “date certain,” while only 16 percent believe regulators have a high sense of urgency.

Regardless of academics’ pessimism about the SEC getting their shit together and making this marriage of accounting rules happen, the slow integration into the American curriculum is still occurring:

Despite this challenge, 70 percent said they have taken significant steps to incorporate IFRS into the curriculum. In addition, 83 percent believe IFRS needs to be incorporated into their curricula by 2011…Given the dynamics of the current regulatory environment, 79 percent of faculty believe that U.S. GAAP should continue to be taught over the next three to five years, while progressively incorporating more IFRS concepts via a compare-and-contrast approach as the conversion date approaches.

A majority of the respondents to the survey also expect IFRS to be included in the CPA Exam by 2012/2013 and in intermediate accounting textbooks by 2011/2012.
For those of you still cracking the books, discuss if your profs have brought this up and what kind of priority they’re putting on IFRS. We’re not holding our breath for anything meaningful from TPTB.
Accounting Professors Urge IFRS Education [Web CPA]

E&Y: This Stuff Is So Important That We Can’t Let You Be Distracted By Regular Work During the Week

Late November is typically a time of year when most of you can coast a little bit. Oh sure, some of you certifiable types are still working like your miserable lives depend on it (and probably not charging the time) so we’ll ignore you for this particular post.
We learned yesterday that the New York and Philadelphia offices of E&Y are apparently so strapped for time during the eleventh month that the annual accounting & auditing update has been scheduled for the 21st which is on a…wait for it…Saturday. That’s EVERYONE, staff through partners.
Now maybe there’s a perfectly good explanation for this odd scheduling. Perhaps the rulers of the Ernstiverse aren’t down with the whole day of rest thing. Or they figure since you’re getting two days off the following week, your ass is lucky that you’re not working Sunday too. Whatever the case may be, E&Y seems to be good at making promises so don’t make plans.

Preliminary Analytics | 09.23.09

ey_bandaids.jpgErnst & Young settles Akai case – No deets disclosed. [FT]
Chase and Bank of America Revise Fee Policies – Under duress of course. [NYT]
Moody’s accused of issuing inflated ratings: report – Ratings were bupkis, why wouldn’t their numbers be? [Reuters]
J&J CFO: Biggest Nightmare Is Public Health Option – It’s not a nightmare for everyone. [CFO]
Former eBay Chief Running for Governor of California – Good luck. Seriously, you’ll need it. [DealBook]

Review Comments | 09.22.09

140px-United_States_Securities_and_Exchange_Commission.pngSEC warns swaps may evade White House reform – It’s not like they were totally responsible for the crisis. [Reuters]
Minnesota Ends Tax Reciprocity with Wisconsin – WI can’t pay MN fast enough so IT’S OVER. [Web CPA]
FDIC May Ask Banks to Prepay Fees – You may have noticed there’s a bit of a problem. So SheBair is probably going to do this but thanks for asking. [WSJ]
Freddie Names Kari as CFO – You didn’t want that job anyway. [WSJ]
Wall Street Firms Fined Over Bad IPO Information – $420k. Meh. [AP via NYT]

NASBA Still Moseying Around Getting Your CPA Exam Scores Released

panic.jpgA little follow up from last week’s post on NASBA toying with you. Shockingly, scores are either just coming out or haven’t been released.
Most people we’ve checked with are still waiting and it’s been 2+ months. By now for most of you waiting this long for your scores have probably had to start taking Xanax but we’re sure they’ll be out any day know, so try to relax.
If you’ve gotten your score(s) and passed, feel free to gloat in the comments, or if you’re still waiting, discuss how you’re coping.