We’ve heard some rumors that all the firms are giving serious consideration to freezing pay this year and possibly pay cuts in the Northeast and Mid-Atlantic regions. This would follow the Radio Station rumors that we mentioned last week.
Top performers and promotees, determined by God knows how, may be getting bumps but we haven’t heard anything definite. If you’ve got some deets or just more rumors, shoot us an email to tips@goingconcern.com.
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Auditors, The PCAOB Still Doesn’t Think Too Highly of the Job You’re Doing
The PCAOB is considering telling auditors how to do their jobs issuing guidance on communication with audit committees and a new auditing standard on related parties, according to Compliance Week. Not to worry though, they’re going to ask the bigwigs on the Standing Advisory Group for their $0.02:
The PCAOB also plans to bounce some ideas off the advisory group for a new standard to govern how auditor should communicate with audit committees, in part to establish some new guidance regarding communication about management judgments and estimates. According to a briefing paper provided to SAG members, PCAOB is looking for ideas on how to get past boilerplate dialogue to achieve more effective, robust communications between auditors and audit committees.
Auditors? Boilerplate dialogue? Is the PCAOB questioning your ability to ask substantive questions? For shame. Obviously Peekatboobs will be able to develop much better, non-boilerplate questions than you and then you’ll be required to ask those questions of the audit committee. That’ll get the job done.
Likewise, auditors, you’ve simply dropped the ball on related parties since, “financial relationships with related parties have proved important in recent corporate scandals, and the board’s inspection and enforcement actions suggest some auditors aren’t skeptical enough when evaluating such relationships and transactions.”
The infinite wisdom of the PCAOB is clearly on display here. Auditors, it’s going to become necessary that your skepticism is going to reach a physical level or at least the threat of such. Your skepticism in words and on paper is simply not getting the job done.
You’ll have to get Chuck Liddell to beat some people down or simply laying heat out on the conference table during discussions to get your point across, otherwise, clients are going to just keep taking advantage of you.
This will be the plan until the next financial crisis of course when the PCAOB will assess that the questions and methods developed now turn out to be boilerplate and ineffective and it’ll be back to the drawing board again. Don’t get too comfortable.
PCAOB Considers Rules on Communication, Related Parties [Compliance Week]
Footnotes: PwC Gets Into the Law Business; The Bongs’ Great Idea; Post This | 08.14.14
Diversity of services key in changing accounting industry This will definitely end well [WCBJ] Atlanta […]
Gentlemen, Your Life is Now Complete
Apparently some suit had their headphones ripped out of their ears that caused their iPod to go flying one too many times because Thomas Pink is now presenting the commuter tie for your mp3 device.
Maintaining a stoic demeanor regardless of the circumstances thrown at you on your commute is crucial for any straphanger. The new commuter tie will now guarantee that you’ll be able to listen to Shakira uninterrupted while maintaining your Blue Steel that puts the rest of your fellow commuters to back the F off because I have headphones in and must be respected.
