In our continuing effort to lift everyone’s spirits this week, we’ll present a few a videos today for your viewing pleasure. We’re attempting to find something for every firm but if you know of something that you feel that is imperative to share with everyone, shoot us the link, tips@goingconcern.com. Feel free to get all Roger Ebert on these videos in the comments. Oh, and as we’ve mentioned before, just charge the time to an administrative code.
We’ll start with Deloitte:
Video, after the jump
Breaking News
- Friday Footnotes: KPMG Staff Not Happy With How Layoffs Were Handled; SEC Says PCAOB Should Toss Independence Rules | 5.8.26
- In a Final Rule, Dept of Education Is Unswayed By the AICPA’s Strongly Worded Letters About the Meaning of Words
- Plante Moran Goes South of the Border to Acquire a Firm in Mexico
Layoff Watch ’26: KPMG Cuts 4% From Consulting
We've got another RIF at KPMG, a consulting cull that went down yesterday (that's Wednesday the 29th for those of you reading this a week from now). Let's start with…
The Department of War Broke Up with KPMG, KPMG Gives Up Federal Audits Altogether
The other day -- and by the other day we mean like more than a week ago -- we received a text on the tipline that read "KPMG US to…
KPMG Shoves 10% of Its Audit Partners Out the Door
We're sure you've seen this FT headline floating around today: KPMG to axe 10% of US audit partners. And if you, like most denizens of the internet these days, read…
PwC Tells Remote Tax Staff to Get Their Butts Into the Office
So much for PwC letting all their people work remotely forever. Remember when that got headlines five years ago? See: PwC Just Announced That You Never Have To Go Back…
KPMG Plans to Hand Routine Testing Off to AI
Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…
Friday Footnotes: KPMG Staff Not Happy With How Layoffs Were Handled; SEC Says PCAOB Should Toss Independence Rules | 5.8.26
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…
In a Final Rule, Dept of Education Is Unswayed By the AICPA’s Strongly Worded Letters About the Meaning of Words
In the final ruling of a game of semantics that really chapped the AICPA's ass, accounting has not earned a place on the Department of Education list of "professional" degrees.…
Plante Moran Goes South of the Border to Acquire a Firm in Mexico
Shoutout to the person who sent us a link to this, might have slipped past the ol' radar otherwise: Plante Moran bought itself a 500-person Mexican firm called JA Del…
Layoff Watch ’26: RSM Trims Down in Audit
Seeing a couple Reddit posts about a wave of "Business Update" meetings being forced on people's calendars at RSM yesterday. As we all know, "business update" is code for "you're…
SEC Says “What If We Just… Didn’t” on Quarterly Reporting
So that thing that started with a Trump shower thought last fall and that WSJ said would be happening imminently is, in fact, now happening. Catch yourself up on earlier…
KPMG Plans to Hand Routine Testing Off to AI
Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…
AI Will Be EY Auditors’ New BFF, According to EY
While staff in tax at EY US will soon be spending more time with their flesh-based colleagues due to a return-to-office mandate that requires them in the office for an…
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…
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…
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…
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…
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…
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…
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…
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…
Twitter Feed
About to buy the firm I work for. We’re a legacy firm and my grandfather is the owner. I need to know the Do’s, Don’ts, and any advice you firm owners have for me. #TaxTwitter @bsuecannon @BrianDavisTax @adammarkowitzEA @tax_zack @uptonaccounting
Probably the funniest graph ever published by the FT: our 3 possible futures are either 1) infinite wealth and abundance, 2) human extinction or 3) 0.2% faster GDP growth 🤣
Via @CityAM: KPMG faces staff uproar as job cuts expose communication breakdown
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)
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…
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…
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…
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…
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,…
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,…
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…
E&Y Isn’t On Board with Anything Delightfully Tacky and Unrefined
Would someone kindly tell Ernst & Young to get with the program? This country is falling apart at the seams and there are certain time honored traditions that we’ve all agreed on as TBTF.
So when we find out that the Hooters Casino in Vegas may go bankrupt and that E&Y warned of this back in March, we thought that it was a mistake. Of all the businesses out there, wouldn’t Ernie have the sense to help these poor saps cook the books so they can stay in business?
More, after the jump
Where in the name of God will divorced men and former college football players go to eat mediocre misshapen “wings” that come from, we’re pretty sure, a bird that was created by someone that we envision to be a cross of Doc Brown and Dr. Moreau? Served by women in skimpy, tight-fitting uniforms? IN VEGAS?
See the problem here? E&Y, would you care to explain yourselves?
Hooters Casino may go bust [The Deal]
Preliminary Analytics | 08.20.09
• SEC Plays Keep-Up in High-Tech Race – “But by many accounts, the agency is outmatched by the traders and market venues with technology that is remaking the trading world.” [WSJ]
• Switzerland Selling UBS Stake After U.S. Tax Accord – UBS, you’re fired. [Bloomberg]
• Bernanke, a Hero to His Own, Can’t Shake Critics – But what’s a hero? [NYT]
• AIG Customers Sue Insurer for Not Covering Madoff Fraud Losses – Why not? Lump it on. [Bloomberg]
• Bring on the breakfast burritos: Taco Bell rolls out new morning menu – After the all nighter at the office, you’ve got new options and new digestive challenges. [NYDN]
For the Record
Radio Station NYC finally sent out the email today notifying everyone that the fiesta in Times Square got the kibosh. FTW.
Review Comments | 08.19.09
• Dispute with E&Y forces Vantis delay – Accountants arguing against auditors. The incestuousness is making us sick. [FT.com]
• UBS to Give 4,450 Names in Settlement – “[The IRS] said the criteria used to select the 4,450 accounts to be turned over is being kept confidential.” [WSJ]
• Scholes, Merton Says Banks Should Value Assets Better [Bloomberg]
• BBVA Likely Winner for Guaranty – “According to people familiar with the auction, the most likely scenario is that regulators would seize Guaranty’s banking unit, Guaranty Bank, and then sell all or most of it to the winning bidder. That is similar to the government’s handling of Colonial Bank, the Colonial BancGroup Inc. unit that failed last Friday and was sold to BB&T Corp.” [WSJ]
• Business to fight SEC director nominations – The most shocking new of the day. [FT.com]
• Citigroup’s Asset Guarantees to Be Audited by TARP – Yesterday’s victims. Here you go. [Bloomberg]
We Have Just the Thing to Cheer You Up
A few of you have poopy diapers out there (you’re not alone). Maybe you got let go yesterday. Maybe your blood sugar is low. Maybe you’ve haven’t gotten laid in long time. Whatever the case may be, we feel for you. The best thing that we can recommend is for you is to participate in something that falls into the category of stupid fun.
So we’re kindly reminding everyone out there to participate in our naming of the new-not-really-mega firm that will exist post the speculated merger we mentioned on Monday.
This is your chance to focus all your energy on coming up with a sexually suggestive name for this new firm. You can either participate or continue to wallow in your own excrement. Your choice.
Dear FASB, I’m Breaking Up With You
Editor’s note: Adrienne Gonzalez is founder and managing editor of Jr Deputy Accountant as well as regular contributor to leading financial/investment sites like Seeking Alpha and GoldmanSachs666. By day, she teaches unlicensed accountants to pass the CPA exam, though what she does in her copious amounts of freetime in the evening is really none of your business. Follow her adventures in Fedbashing and CPA-wrangling on Twitter @adrigonzo but please don’t show up unannounced at her San Francisco office as she’s got a mean streak. Her favorite FASB is 166.
I can’t take it anymore. I’m serious, this is BS. It has been nothing but up and down, agony and ecstasy for as far back as I can remember on fair value and I want off this ride.
More agony, after the jump
The Financial Accounting Standards Board’s updated fair-value rules will require companies to fully understand fair-value and mark-to-market concepts and extensively document their analysis of illiquid assets, as this article notes. The FASB gave companies some new latitude in applying fair-value principles but stood firmly behind the importance of fair value in preparing meaningful financial statements.
Stop, please. This is getting to be abusive.
Remember when you whispered in our ear, “Certainly, to those who say that accounting should better reflect true economic substance, fair value, rather than historical cost, would generally seem to be the better measure” in 2003, Bob Herz? We totally fell for it. Who wouldn’t? Swept off of our feet and still hurting from Enron, we needed a rebound and fair value totally worked.
Now what?
I truly wish you and IASB the best of luck in whatever you two decide to do with your miserable little lives.
WebCPA:
While FASB may be pushing back in the other direction and mulling the use of fair value and mark-to-mark with bank loans in addition to assets like mortgage-backed securities, the IASB seems to be tacking in an alternative direction. That could be leading them on the road to divergence, not convergence.
And I’m defriending you on Facebook, Bob. At least you know your new girlfriend does fair value.
Love,
AG
Deloitte Disappointment is Officially Starting
We’re starting to receive confirmations of last week’s rumors of the less-than-exciting details re: Deloitte-period raises:
More, after the jump
I’m a senior in Chicago moving into my fifth year, and I’m one of those 2s who got bumped to a 3, got a zero raise and a $1000 bonus. I’m apparently a “3 -plus” as they had “3-minuses” also and those folks did not get bonuses.
Also got a tip that compensation discussions are set to begin in the Northeast for the ERS and Tax practices soon so we recommend watching Leaving Las Vegas or The Reader immediately prior to your meetings to cushion the blow.
Dealbreaker RFP
Bess and Greg are getting entrepreneurial over at DB and are probably going to need someone help them count the asston of cash they’re going to rake in as a result.
Those of you thinking about forming your own firm to pick up the ganja engagement probably have the best shot.
KPMG Layoff Debrief
Akin to talking gun control at the RNC, we’re here to dispense more red meat.
Here are the final numbers that we have for select cities:
Gory details, after the jump
• San Fran – 9 17 total, at least 8 SA’s
• Dallas – 16
• Chicago – “close to 15“ Between 30-35 50
• NYC – Someone help us out. We know it’s big but we haven’t gotten any specifics
• Louisville – 3, including a 9th year Senior Manager
• LA – 18, 6 associates, 10 SA’s, and two managers.
Why such good details on LA? Here’s a tip we received:
how do I know this so precisely? Because today our office also sent out an email notification of a staff meeting tomorrow to discuss what happened, and the email shows the names of everyone in the audit practice it was sent to. All lay offs were left out of the email. Way to be sensitive KPMG. Within a day, our whole practice knows the names of everyone who was let go. Also, Orange County office had 10 total lay offs in external audit. For a smaller office, that was quite significant.
See yesterday afternoon’s post for additional cities that we didn’t get final numbers for. If you’ve got the details, either post them in the comments or send us the bodycount to tips@goingconcern.com.
UPDATE, 1:54 pm: Word is that the remaining Klynveldians in San Fran will also have an awkward meeting re: yesterday’s bloodbath. We’d ask you to submit audio/video of the proceedings if possible.
UPDATE, 5:47 pm: Two managers in Oklahoma City down.
UPDATE, August 26, 11:29 am: One lonely SA in Bodymore, Murdaland and two associates in Boise, ID.
CPA Exam Results May Be Available for the Current Testing Window
Received notice from a reader that CPA Exam results are available for the most recent window. So if you took the CPA Exam at the beginning or middle of July, check your state’s board of examiners’ website and share the good news or your tale of woe in the comments.
Also feel free to discuss your affinity (or lack thereof) for Peter Olinto and Tim Gearty in helping you on your quest.
Deloitte Settles American Homes Lawsuit
Deloitte becomes the first accounting firm, to our knowledge, to settle a sub-prime lawsuit by burying the hatchet with American Home Mortgage Corporation.
The total settlement was for $37.5 million of which Deloitte’s share was $4.75 million. We’re guessing that Barry Salzberg wasted more money on Rogaine last year.
We should mention that Deloitte and their fellow defendants decided to settle prior to the judge hearing their motions to dismiss the case. We thought this was a little strange so we decided to consult with some experts.
Their take was that the settlement seemed a little premature but made the points that 1) It’s often cheaper to settle early and B) if your company’s name is associated anything “sub-prime” you’re more or less responsible for the whole damn financial crisis.
Another Significant Subprime-Related Securities Lawsuit Settlement [The D&O Diary]