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Accounting News Roundup

Accounting News Roundup is curated accounting news gathered in one place so you can be in the loop on the important things happening in and around the accounting profession. It’s the news that wasn’t fit to print without unnecessary commentary.

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Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

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 get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]

domestic cat in bed next to an alarm clock

Tuesday Morning Accounting News Brief: CPA Numbers Are Abysmal; PwC Blocked Government Inquiry | 5.30.23

This would have been your Monday news brief but we’re assuming at least a couple people got the day off yesterday. Welcome back to the grind. FT dropped this over the weekend: Candidate numbers for US accountancy exams drop to lowest in 17 years New figures from the American Institute of Certified Public Accountants showed […]

Collie carrying American flag in its mouth

Friday Footnotes: The ERC Problem; EY Double Dips; Stress Less in Public Accounting | 5.26.23

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 get the week’s top stories in your inbox every Tuesday and Friday. Have a safe Memorial Day. Long Read How a Pandemic-Era Program Became a […]

Monday Morning Accounting News Brief: PwC Takes More Ls; Mazars Group Data Breach; Deloitte Expands in India | 5.22.23

Good morning and happy Monday! How’s everyone doing? Let’s start off with a positive post on r/accounting. I had to check the weather report for Hell when I saw it. Current and future accountants, you have a lot to be optimistic about. by u/manthisis in Accounting Moving on, PwC Australia continues to rack up the […]

cat on a desk

Friday Footnotes: RTO Isn’t Going So Great; KPMG Wins Something; What Auditors? | 5.19.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. ICYMI I Love Accounting. So I Had to Leave. [GC] Benjamin […]

cat with breakfast in bed

Monday Morning Accounting News Brief: Identical Twins Head to Deloitte; TWO PwC Leaks; VA Tackles 150 | 5.15.23

Good morning and happy Monday! Here’s some stuff happening. Virginia Society of CPAs is tackling the question “is 150 too many?” For nearly the past two decades, prospective CPAs in Virginia have had to undertake 150 hours of education before becoming licensed. But a declining CPA pipeline has accountants asking: Is the 150 now a […]

cute piggy bank

Friday Footnotes: CPA Exam Scares Accounting Majors Away; EY Loses Fees in China | 5.12.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. Talent Why Graduates Aren’t Hot on Accounting Careers: Low Starting Pay, […]

sleepy dog on a bed

Monday Morning Accounting News Brief: PwC CEO Resigns Over Tax Scandal; RTO Propaganda; Unproductive Productivity | 5.8.23

Hi! Happy Monday. Here’s some news to get the week started. We’ll be writing this up later but you might as well read about it now, PwC Australia CEO Tom Seymour has stepped down from his post. Financial Times: The head of PwC in Australia has resigned as chief executive three days after admitting that […]

sad looking dog on a grey chair

Friday Footnotes: RSM Layoffs; The Leader Who Cried On His First Day; Advisory Pays Better (Duh) | 5.5.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. Talent Survey: Accounting Graduates Favor Advisory Work, Earn More Than Peers […]

dog reading a book in bed

Monday Morning Accounting News Brief: Law Firms Celebrate EY’s Failure; PwC ‘Nature Specialists’; UK Tax Scandal | 5.1.23

The EY split is really dead. Were there any doubts? A WSJ exclusive: Leaders of EY’s dominant U.S. and U.K. operations are focused on repairing the damage from the 18-month effort to split the firm’s auditing and consulting operations, known as Project Everest. “My message to everyone about Everest is, it’s behind us,” Kevin Flynn, […]

happy dog in sunglasses

Friday Footnotes: PwC Is Tops in M&A Advisory; What You Can Do With a MAcc; EY Consolidates in LatAm | 4.28.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. News The leak that puts a multibillion-dollar industry at risk [Sydney […]

dog in bed with a book and glasses

Monday Morning Accounting News Brief: Deloitte Refutes a Demand Shift; Firm Data Breach; KPMG’s New AI Partner | 4.24.23

Good morning and welcome to another Monday. Here are a few stories to whet your appetite for what promises to be a thrilling week in accounting ahead (obligatory /s). Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions: As regulators review audit independence requirements to figure out whether the rules should […]

puppies in a basket

Friday Footnotes: Consulting Gets Bumpy for New Hires; Cities Sans Accountants; PCAOB Priorities | 4.21.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. Big 4 EY Confronts Slowing Growth After Breakup Deal Fails [Wall […]

a line of dogs walking along the beach

Monday Morning Accounting News Brief: Intern Retention; Accenture Delays Start Dates; Post-Everest EY Exodus? | 4.17.23

Good morning and happy Monday! Here’s some news. The PCAOB wants to dismiss a lawsuit brought by an anonymous auditor who challenged the board‘s “secret” disciplinary proceedings: Among other reasons, the board noted that John Doe‘s Jan. 19, 2023, suit was filed in the U.S. District Court for the Northern District of Texas. But the […]

defeated dog

Friday Footnotes: Staffing Disasters; Let’s Rag on EY; A Warning For Tax Practitioners | 4.14.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. Staffing Drama Signal Mountain Won’t Pay Accounting Firm For Extra Work […]

cat stretching in bed

Monday Morning Accounting News Brief: Small Firms Beg For Big 4 Knowledge; FreshBooks Leak; Tech in Lieu of Accountants | 4.10.23

It’s Monday. Yay. Here’s what’s going on. Smaller accounting firms have asked Big 4 to share their expertise [FT]: Smaller rivals have called on the UK’s Big Four accounting firms to share their audit expertise and technology, but partners at the big firms say they fear being accused of breaking competition law if they do […]

dog with an award

Friday Footnotes: How to Add ChatGPT to Excel; RSM Wins Awards; Auditor Independence Pitfalls | 4.7.23

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 get the week’s top stories in your inbox every Tuesday and Friday. See ya. AI Cranium launches out of KPMG’s venture studio to tackle AI […]

cute fluffy dog on a yellow chair

Monday Morning Accounting News Brief: Bullying at KPMG; Germany Bans EY; It’s All the Firms’ Fault! | 4.3.23

Hey and happy Monday. Let’s get the big news out of the way and work our way down. Daily Mail Australia spoke to a former KPMGer who says she reported bullying and then promptly got fired: Speaking under the condition of anonymity, a 35-year-old woman now claims she was subject to bullying by her colleagues […]

funny cat

Friday Footnotes: EY Partners Are Split on the Split; PCAOB Further Annoys Auditors; Recruiting Events Are Back! | 3.31.23

Remember tomorrow is April Fool’s. We aren’t planning anything, every day is a joke for us. For nostalgia’s sake, here’s a look back on the time we wrote only about bitcoin and put a fake bitcoin paywall on the site for a couple hours. People did not enjoy that. Big 4 EY Fails to Reach […]

cat and sunflowers

Monday Morning Accounting News Brief: Big 4 Consulting Salaries; Accounting For Dummies; PwC Boomerangs | 3.27.23

They just had to use this picture, didn’t they? Alright, here are some other headlines for ya. Deloitte, Accenture, McKinsey: Who Are The Top Consulting Firms For B-School Students? The world’s largest accounting and professional services firms in terms of revenue and workforce, these prestigious firms are renowned for offering high salaries with a generous […]

orange cat

Friday Footnotes: Disengaged Team? Do This; Deloitte’s Huge India Expansion; Auditors Yelled At…Again | 3.24.23

Reminder: you have until April 17 to weigh in on a proposal to extend the CPA exam window Practice Is it time for firms to transform their business model? [Journal of Accountancy] Pandemic pressures have worn the workforce thin, and the economy is in the thick of rapid, radical change. It’s time for firm leaders […]

cute little dogs

Monday Morning Accounting News Brief: Bad Audit Haunts EY; Big 4 RTO in India; Why Can’t PwC Hire?? | 3.20.23

Hello and happy Monday. Or just Monday, I’m not here to force emotional responses. Here are a few things going on in our little corner of the world. From Forbes’ America’s Best Management Consulting Firms: For the second year in a row, both Bain & Company and Deloitte were the most-recommended consultancies, with star ratings […]

dog with pink heart glasses

Friday Footnotes: An Outsourcing Shortage Now Too?; Finally, Some Disruption; PwC Haters Celebrate Government Inquiry | 3.17.23

There’s a lot happening this week. Which YAY because hooooo boy can it get boring around here when there isn’t. First things first, check out what the AICPA is working on and when you’ve had a chance to review their idea, reach out with your feedback if you want. Comments are closed on Footnotes because […]

cat in a window with a cup of coffee

Monday Morning Accounting News Brief: PwC Didn’t Screw Up the Oscars; Deloitte India Doubles in Size; ‘Sham Audits’ | 3.13.23

Hello and Happy Monday! Here’s some stuff going on in our little corner of the world. A former Deloitte partner is suing Metropolitan Life Insurance Co. for disability benefits, saying he’s unable to return to his “highly-demanding” position because of multiple mental health conditions: The lawsuit, filed Thursday in the US District Court for the […]

sad black dog

Friday Footnotes: KPMG Client’s Spectacular Failure; PwC Gets Defensive; Kids Doing Taxes | 3.10.23

Some things are happening today. Bank Fail Friday is back! What does Silicon Valley Bank’s collapse mean for the financial system? [The Economist] Two ways. Gradually, then suddenly. That is how Silicon Valley Bank (svb), the 16th-largest lender in America, with about $200bn in assets, went bust. Its financial position deteriorated over several years. But […]

sleeping dog with glasses on

Monday Morning Accounting News Brief: EY Split Gets Ripped Apart; Advisory Slowdown is Here; KPMG Snubs Promotions | 3.6.23

Good morning and happy Monday! Things were a bit quiet last week as much of the profession currently has their heads down grinding through the best time of the year, this week will likely be much of the same. BDO layoffs were the significant story from last week and may signal the start of a […]

orange cat in embarrassed pose

Monday Morning Accounting News Brief: EY Embarrasses Itself (Again); Archaic IRS Tech; Partners Battle It Out | 2.27.23

In Australia, EY is still bungling this one up: EY accidentally leaked the personal details of current and former employees while trying to launch a massive review into the firm’s workplace culture. The Big 4 Accounting firm announced the independent review following the tragic death of EY worker Aishwarya Venkatachalam, 27, who fell to her […]

relaxed dog

Monday Morning Accounting News Brief: EY’s New Harassment Case; Who’s Happy in Consulting; Bare Minimum Monday | 2.20.23

Since it’s Monday and all, let’s start with this: ‘Bare Minimum Monday’ is the latest workplace trend hitting productivity We’ll write this one up later: Accounting firm Ernst & Young launches probe into sexual harassment claim filed by Hong Kong employee after allegation goes viral online [South China Morning Post] Employee says she and her […]

dog wearing heart glasses

Morning Morning Accounting News Brief: NASBA Sticks to the 150 Rule; PwC Reports a New Gap; 60 Years of Misery | 2.13.23

Good morning and welcome to a brand new week. Last week was oddly quiet but that shouldn’t be too much of a surprise, right now is “keep your head down and get your work done” time for a good chunk of the profession. Oh, here’s last week’s Friday Footnotes if you want to catch up […]

dog sleeping in sun

Monday Morning Accounting News Brief: Auditor Demand; EYer Not Coming in on Monday; Reentering the Workforce | 2.6.23

Good morning and Happy Monday! Here’s some news to start the week and give you something to talk about around the virtual watercooler. Auditing is the most “in demand” finance career right now according to a new study from CMC Markets, an online trading platform, which analysed monthly Google searches using Ahrefs for jobs within […]

sleeping dog

Monday Morning Accounting News Brief: ESG Compliance Heats Up; Deloitte Disclosures; AI Says It Isn’t a Threat | 1.30.23

Deloitte & Touche LLP partners and staffers failed to make financial disclosures required to ensure the independence of their audit work, according to new details from the firm’s 2018 PCAOB inspection. [Bloomberg Tax] Britain’s accounting watchdog said on Monday it will monitor whether auditors were making spot checks on their compliance with environmental, social and […]

smushed face cat and alarm clock

Monday Morning Accounting News Brief: PwC Partner Banned; Salary Predictions; Public Accountants Have Had It | 1.23.23

Last week someone complained about the format I’ve been using for this linkwrap since I started doing it many, many Mondays ago so just for them, here’s some bullet-free bullet points in lieu of one giant paragraph. Don’t say I never did anything for you. Brazilian retailer and PwC client Americanas filed for bankruptcy, its […]

tired dog under blankets

Monday Morning Accounting News Brief: KPMG Vet Quits on Christmas; PwC Resigns; ‘A Veil of Legitimacy’ | 1.16.23

An accountant used his position in the accounting department of the Volunteer Energy Cooperative (VEC) in Tennessee to steal nearly a million dollars, he used a refund scheme to transfer money into his personal checking account and make payments to his credit cards and his wife’s credit cards. A discussion about money laundering in Australia: […]

Monday Morning Accounting News Brief: EY Wants to Buy; Losers Dump NFTs For Tax Purposes; CPA Demand in 2031 | 1.9.23

Deloitte announced today that Anna Taylor — former tax and economic policy principal advisor to Senate Majority Leader Chuck Schumer (D-N.Y.) — has joined Deloitte’s Washington National Tax practice as the deputy managing principal of the Tax Policy Group. KPMG chief economist Brendan Rynne said the key emerging obstacle that the firm found in its […]

Bengal cat in bed

Monday Morning Accounting News Brief: Welcome to ’23; Deloitte Gets Chilly; Stop B*tching About Busy Season! | 1.2.23

Welcome to 2023! You made it! So happy to see you. Let’s see if anything happened while I was gone last week. … Wow, nothin’ huh? Alright, this news brief is going to be extra brief I guess. Deloitte has lowered its UK office temperatures by 2 degrees Celsius (35.6 degrees F) to cut costs […]

Small yellow dog laying on a blue sofa in front of christmas tree

Monday Morning Accounting News Brief: Social Class and Career Progression; New GAAP Taxonomy Dropped | 12.19.22

Quick note: there will be no news brief next Monday, we are out for the week and will be running nothing but shitposts, repeats, and tedious top ten lists. Monday Morning Accounting News Brief will resume on January 2, 2023. Please try not to do anything newsworthy between now and then, I have the utmost […]

a kitten sleeping in a little bed

Monday Morning Accounting News Brief: Living in Mom’s Basement; OnlyFans Tax Investigations; Finance vs. Accounting | 12.12.22

“I don’t care how messy your accounting is … you’re definitely going to notice if you find an extra $8B to spend,” tweeted Coinbase Chief Executive Brian Armstrong about FTX. “​​Even the most gullible person should not believe Sam’s claim that this was an accounting error.” Today we learn that Arkansas is not being hit […]

a cat cuddled up in a scarf

Monday Morning Accounting News Brief: Gen Z Ruins Accounting; EY Hammers Out Some Deets; Internal Control Controversy | 12.05.22

How is it December already? Not a lot going on this time of year, let’s find some things anyway. Deloitte believes 2023 will be the year of virtual reality. E. Cohen and Company, CPAs of Rockville, Maryland, merged into Marcum effective December 1, adding to Marcum’s presence in the Mid-Atlantic. The PCAOB has been busy […]

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

a dog in a Thanksgiving turkey hat

Monday Morning Accounting News Brief: Firm Sponsors Art Contest; ‘EY Will Sell Advisory Again’; Big Spenders | 11.21.22

“While inflation continues to impact consumers at every turn, they are unwilling to let it dampen the holiday spirit,” said Nick Handrinos, vice chair, Deloitte Consulting LLP, and U.S. retail, wholesale and distribution and consumer products leader. From Jan Bouwens, Professor of Accounting, Amsterdam Business School, University of Amsterdam, The Netherlands to Financial Times: “EY […]

a woman waking up with her cute dog

Monday Morning Accounting News Brief: A Billionaire KPMG Alum; EY Split Stalled (Again); NSA Accountants | 11.14.22

Good morning and happy Monday! Here’s some news: The EY split vote has been delayed, says FT: The main stumbling block in setting dates for ballots is finalizing the so-called global framework agreement, the legal document covering details of how assets, liabilities and people will be split between the businesses. Deloitte has been awarded a […]

sleepy dog with an alarm clock in bed

Monday Morning Accounting News Brief: Audit Fees Are Up; Salary Expectations Are Too High; Sus SEC Shizz | 11.7.22

Several of America’s largest accounting firms have explored the possibility of taking private equity cash in recent months, as money from buyout funds adds fuel to a mergers and acquisitions boom across the industry, reports FT. wrote about the accountant shortage and suggested four ways to address it, not one of them was “pay […]

a Boston terrier dressed as a Chia Pet

Monday Morning Accounting News Brief: Fear and Loathing at KPMG; FASB? More Like SLOWB; EY, Esq. | 10.31.22

Happy Spoopy Day! Here are your morning headlines: As critics suggest FASB is too slow to make new rules, FASB chair Rich Jones hits back: The standards for financial statements are “designed to provide the best information for capital allocation decisions” by investors, he said, but “at the end of the day, it’s applied by […]

alarm clock and full bowl of pet food

Monday Morning Accounting News Brief: CPAs Are Overworked (Duh); EY’s New Toy; Metaverse Party! | 10.24.22

From last Friday’s Footnotes ICYMI: Deloitte is delaying offers in India, KPMG flunks audit inspections at twice the rate of other firms, PwC is hiring more minorities, and EY is putting out press releases about all the hiring it is doing in the UK. Speaking of press releases, EY announced that it has expanded its […]

a cat wearing a sleep mask

Monday Morning Accounting News Brief: The Diversity-est Big 4 Firm; An EY Record; PCAOB Stream | 10.17.22

EY’s Manchester office hired the most students of all EY’s UK offices; the Manchester office recruited 104 new students, the firm recruited a record 1,473 students into its UK business this year (up 35% compared to 2021). 32 leading industry commentators, CEOs, CFOs and board members from across the world have contributed their views on […]

a cute pug with a cup of coffee

Monday Morning Accounting News Brief: PwC Gets a Perfect Score; IRS Bonuses; EY Seeks Guidance | 10.10.22

Deloitte US has acquired SFL Scientific, a Boston-area consulting firm focusing on artificial intelligence strategy and data science. EY is talking with officials at the IRS after urgently requesting guidance for the new 15% minimum tax on large, profitable corporations known as the Corporate Alternative Minimum Tax (CAMT) contained in the Inflation Reduction Act. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]

a woman enjoying a coffee while she reads accounting news with her dog

Monday Morning Accounting News Brief: KPMG Drama; MBA Beats CPA?; ISO: Managers and Senior Managers | 9.26.22

Why is the Ontario Securities Commission examining Canadian audit firm ethics? Spurred by some critical comments, EY UK chair and managing partner Hywel Ball shares his opinion on the EY split: “Audit quality is going to be better.” KPMG and Deloitte alumni are doing some startup automation stuff. KPMG UAE is still working out some […]

Monday Morning Accounting News Brief: PCAOB Arrives in Hong Kong; EY Evaluates Culture; Good Luck Hiring, IRS | 9.19.22

The Wall Street Journal talks about why the IRS is not going to have an easy time recruiting in this market. A review of EY’s practices after a staff member’s suicide will look at “workplace culture, healthy work practices and psychological safety” and be conducted by an external expert. Teams of PCAOB inspectors arrived at […]

an orange cat with an alarm clock

Monday Morning Accounting News Brief: Dissecting the Talent Shortage; Big 4 Culture Kills; Are You Happy? | 9.12.22

A deal announced early this month by House Democrats for years of Donald Trump’s financial records allows his former accounting firm (Mazars) to interpret how to satisfy a congressional subpoena that was narrowed down by a federal appeals court in July, according to a settlement filed late Friday. The Denver Post wrote about the accountant […]

Tuesday Morning Accounting News Brief: PwC’s Skepticism Fail; KPMG’s Appalling Work; Marcum Deal Done | 9.6.22

Ed. note: we usually do these headline roundups on Monday but since Monday was a holiday (I know, some of you probably didn’t notice), you’re getting it on Tuesday instead. Welcome to a new work week! YAY! A former accounting specialist for WFYI Public Media in Indianapolis has been charged with conspiracy to commit wire […]

An older brown cat next to an alarm clock

Monday Morning Accounting News Briefing: PwC India Hiring; CFO Expectations; EY’s Sales Pitch | 8.29.22

“Why aren’t there resources to help those with private loans get forgiveness?” asks a 34-year-old accountant who paid off $100,000 in private student loans. “It’s like I was told that if I went to college I’d be able to get a good job and support myself and family, and that’s just not always true in […]

Monday Morning Accounting News Brief: PwC Auditor Hurt; Deloitte Tops a List; EY Writes the Treasury | 8.22.22

PwC is being sued by a 28-year-old auditor who claims he suffered a serious head injury after attending a work event that involved an “excessive” drinking game of pub golf. The Securities and Exchange Commission is gearing up to fine many of Wall Street’s biggest banks a total of one billion dollars; the banks’ employees […]

Monday Morning Accounting News Brief: Yes, There’s Still a Shortage; PwC Probe; Puppers Hate EY | 8.15.22

Since February, 29,500 EY employees have gotten the firm to pay their commuting costs, all dependent care costs and all pet care costs so they can be back in the office, these reimbursements totaled $22 million for the year to EY’s FY year-end in July. The Times Record in Maine writes about the accountant shortage: […]

Monday Morning Accounting News Brief: PwC Gets Fined; Big 4: What’s the Scam?; The IRS Straps Up | 8.8.22

Across the pond, PwC has been fined $2.12 million after the firm failed to properly challenge UK telecom group BT once a half-a-billion pound fraud was discovered in BT’s Italian operations: “The sanctions imposed in this case, where certain elements of the adjustments following a fraud were not subject to the required level of professional […]

Monday Morning Accounting News Brief: EY Exploitation; Ethics Training Sucks; Stick Around in Public? | 8.1.22

Happy Monday! Here are your headlines. SOX turned 20 over the weekend. SEC Chair Gary Gensler had some things to say about Sarbanes-Oxley’s past, present, and future. Tim Ryan on leadership: “Too often, I find in corporate America, we go into the huddle where we agree on a pass play but not on what routes […]

Monday Morning Accounting News Brief: EY Sucks at Auditing; Accounting Headaches; KPMG Partner Banned | 7.25.22

Some headlines to get you started on this fine Monday: KPMG partner banned from accounting after misleading regulator over Carillion. KPMG fined £14.4 million after the firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. The spread of ESG labels […]

Monday Morning Accounting News Brief: Grant Thornton’s ‘Serious Failings’; PwC Won’t Split; IRS Zoom Calls? | 7.18.22

In an interview with the Financial Times, PwC’s Bob Moritz said that keeping audit and advisory arms together was essential to attract staff and that the benefits of the model outweighed the difficulty of managing the risk of conflicts of interest between the two divisions. Are accounting firms walking back remote work? Fire at a […]

a dog in bed with an alarm clock

Monday Morning Accounting News Brief: KPMG Doesn’t Care; Audit Partners on Inflation; Record Payouts | 7.11.22

KPMG’s global leadership has been accused by staff of failing to act on written complaints about the conduct of the chief executive of the accounting firm’s business in the United Arab Emirates, writes Financial Times. ICYMI: 950 PwC UK partners scored £1m payouts, a first for any Big 4 firm, and The Guardian made sure […]

a man and his dog not reading accounting news

Monday Morning Accounting News Brief: PwC UK Raises; ESG = $$$; Mid-Tier Tech Sucks | 6.27.22

Crypto has crashed–oops sorry, there’s a “crypto winter” and apparently that’s important for CPAs to be aware of. Mid-tier firms have crappy technology. “Deloitte Consulting Analyst got minimum 15% base increase since May 2021” is something relevant to PwC UK staff getting a 9% pay bump to offset cost of living according to one Redditor […]

a calm dog sitting in a car

Monday Morning Accounting News Brief: SEC Backdoors; MAcc Prof Makes a List; Advise All the Clients! | 6.20.22

Excuse the afternoon morning news brief this afternoon, today is a holiday. “Juneteenth is a day of profound weight and power.” EY partners stand to make a lot of scratch if this split happens. You’re going to be hearing a lot about Client Advisory Services in the coming months and years and it was all the […]

a dog on a sunny beach

Monday Morning Accounting News Brief: Where Are the Ethics?; The SEC is Watching | 6.13.22

Financial Times boldly suggests that because of constant financial scandals accounting programs need to do a better job of teaching students not to screw up. “These scandals have intensified concerns that a poorly developed approach to teaching behavioral, as opposed to technical, skills is reducing ethical standards and professional independence,” writes FT. Meanwhile in Canada, […]

Accounting News Roundup: McGladrey Whistleblower Says Audit Sucks; EY’s New BFFs; What’s the Cloud? | 01.16.15

McGladrey whistleblower claims Deepwater Horizon audit deeply flawed [The Louisiana Record]The whistleblower, who appears to have filed an anonymous internal ethics complaint in the matter, said the audit entered into the court record in the Deepwater Horizon case in November has very little acceptable data to back up its assertion that damage claims are being […]

Accounting News Roundup: Stop Networking and Start Talking; McGladrey First-Timers; Free Speech for All | 01.09.15

Bra-Stuffing School Money Embezzler Sentenced to Five Years [NBC Los Angeles]Caught stuffing school money into her bra and walking out the door, the former accountant of a Rialto school district was sentenced to five years in prison Thursday for embezzling public funds. Judith Oakes pleaded guilty to eight counts of stealing $1.8 million in public […]

Accounting News Roundup: New Year, Newly Single; EY Ready to Drop the Ball; CGMA’s Last Stand | 12.31.14

Just a friendly reminder that we'll be taking a short week due to the holiday. We'll be loitering around as necessary, and as always, you can give us a holla if you need us. See you next year!   Happy New Year's divorce [economia]Way to kill the buzz, BDO: Accountancy firms are well prepared too. […]

Accounting News Roundup: Another Too Big to Fail; CFOs Behaving Badly; An Accountant’s Side Job | 12.19.14

Regulators designate MetLife for high-risk financial oversight [LA Times]Too Big to Fail, y'all! "Federal regulators Friday designated MetLife Inc. for special oversight, saying the insurer is so big that its failure or other major problems would pose a threat to the U.S. financial system. In a 9-1 vote, the Financial Stability Oversight Council — a […]

Accounting News Roundup: The Art of Uncertain Tax Positions; IRS Is Broke; Too Late to Save Enron? | 12.18.14

It’s Probably Too Late Now, But I Think I Could Have Saved Enron [Clickhole]This young man has a brilliant idea to save Enron: "It probably means nothing now, 13 years later, but if I were in charge, I would keep Enron’s books clean and maintain good relationships with investors and customers alike. If it isn’t […]

Accounting News Roundup: Small Ladies Get Small Sentences; Wal-mart’s Accounting Tricks; Tax Avoidance Problem Solving | 12.11.14

How Wal-Mart Made Its Crumbling China Business Look So Good for So Long [Bloomberg]After years of heralding China as one of its best markets, Wal-Mart (WMT) in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed. Although the reversals seem abrupt, cracks in […]

Accounting News Roundup: The Auditor Sit n Spin; Child Taxstravaganza; Getting Un-Tough on insider Trading | 12.10.14

Prosecution drops embezzlement charge against accountant due to lack of evidence [MLive]“I’m not saying it didn’t occur, but sometimes you just don’t have enough evidence to convince 12 jurors beyond a reasonable doubt,” Assistant Kent County Prosecutor Lawrence Boivin said. Accountant brought company to its knees by stealing nearly £40,000 – but is ordered to […]

Accounting News Roundup: Recruiting the Recruiters; SEC Actually Accomplishes Something; Too Old to Innovate | 11.20.14

How to Find Recruiters in Your Niche [WSJ]You need a how to for this? Put "accounting" on your LinkedIn and they shall find you. Stock Exchange Technology Rules Get First SEC Upgrade Since 1990 [Bloomberg News]U.S. regulators required stock exchanges to show they can prevent technology disruptions under new rules intended to limit the frequency […]

Accounting News Roundup: Accounting Still Skilled; When CPAs Lie to Themselves; Deloitte Gets Dumped, EY For the Rebound | 11.12.14

Accounting ‘not cut’ from immigration skilled occupations list for 2015 [The Australian]False alarm. Colombia nabs army captain turned drug-ring accountant [AFP]What I want to know is… do cartels use accrual? Regulators Want Banks to Rescue Themselves Next Time [Bloomberg View]You want to "ensure that there are sufficient resources available in resolution." The idea is that, […]

Accounting News Roundup: Knock It Off With the Disclosures; A Cap on Taxes; A Huge Duck | 11.11.14

Ed. note: A thank you from all of us to all those who served. We will be on a somewhat regular schedule today but hope everyone takes a moment to honor our veterans. Love, granddaughter of a Marine ~AG Decline in Bar Exam Scores Sparks War of Words [WSJ Law Blog]You are allowed to gloat […]

Accounting News Roundup: PwC Brushes Off Risk; Deloitte Is Ready for the GAY-la; IRS Gets Daggered By Religious Freedom | 11.07.14

The unanswered questions in Tesco’s accounting scandal [The Telegraph]Much has been made of the fact that Tesco’s auditors, PwC, warned in last year’s annual report that the company’s commercial revenues was at “risk of manipulation”, which effectively flagged up that this could be a problem for Tesco. Sources in the audit world with a knowledge […]

Accounting News Roundup: Motivating Your CEO; IRS Not Looking For Lerner Emails; A PwC Leak | 11.06.14

7 in 10 use cloud-based accounting: report [accountants daily]On the other side of the planet: "A new report on the role of the professional accountant has revealed 69 per cent of firms in Australia use cloud-based accounting systems. Wolters Kluwer used CapioIT, a specialist in cloud digital disruption, to independently conduct the research on its […]

Accounting News Roundup: Don’t Expect Tax Reform; IRS Smokes Marijuana Profits; BDO Takes Ohio | 11.05.14

Tax-Law Revamp an Uphill Climb With Republican-Led Senate [Bloomberg]It's good to manage your expectations. EXCLUSIVE: One of Cincinnati’s biggest accounting firms merges with national company [Cincinnati Business Courier]SS&G Inc., one of the largest accounting firms in Greater Cincinnati, is merging with an accounting firm that's among the nation's 10 largest. Chicago-based BDO USA will add […]

Accounting News Roundup: An Arty Accountant; Deloitte Springs a Leak; One Man’s Criminal Mustache | 10.30.14

Britain's Fraud Office launches probe into Tesco accounting scandal [Reuters]It'll be awhile: "When the SFO launches a full criminal investigation against a company or individuals it has to be satisfied that there are reasonable grounds to believe that conduct might involve serious or complex fraud or bribery. Such investigations can take years to complete." There […]

Accounting News Roundup: The Family Office; KPMG Gets Bigger; No Banker Party | 10.22.14

Why More Accounting Firms Are Creating Family Offices [Forbes]In case you really wanted to know. GOP: Majority would ‘get to truth’ on IRS [The Hill]Republicans vow to put the clamps on the IRS if they sweep to power in November. GOP lawmakers and aides believe that House-passed legislation to limit the IRS’s reach would have […]

Accounting News Roundup: Banks Have a Culture Problem; CPA to Pay for Failure to CPA; A Love that Burns | 10.21.14

Fed's Dudley Warns Banks Must Improve Culture or Be Broken Up [Bloomberg]Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York. If bad behavior persists, “the inevitable […]

Accounting News Roundup: Merger Madness; The Inequality Problem; Keurig Comes Out Clean | 10.17.14

Janet Yellen Warns of Inequality Threat [NYT]Janet L. Yellen, the Federal Reserve chairwoman, said Friday that she was concerned about the growing inequality of wealth and income in the United States, and that chances for people to advance economically appeared to be diminishing. “I think it is appropriate to ask whether this trend is compatible […]

Accounting News Roundup: Just Another Deutsche; Plastic Accountant Fraud; Happy 10/15! | 10.15.14

Tax Reform in the UK Reversed the Tide of Corporate Tax Inversions [Tax Foundation]Knock me over with a feather: "The United States is not the only country to experience the phenomenon of corporate tax inversions." Savannah accounting firms merge [BiS]You probably never heard of them. Accountant who blew 25k on plastic surgery for "the perfect […]

Accounting News Roundup: A McGladrey Problem; Tax Raises; SEC Missing Laptops | 10.09.14

Defunct Physicians United Plan owners file $500M lawsuit against accountants [Orlando Business Journal]BTW, they are talking about McGladrey: "The owners of the now-defunct Winter Park-based Physicians United Plan Inc. are suing their accounting firm for $500 million." What if taxes go up and no one notices? [The Hill]You people need to start paying attention: "At […]

Accounting News Roundup: Talk About Culture Some More; Deloitte Fights Back; KPMG’s Latest Money-Making Plan | 10.01.14

SEC Charges Two with Insider Trading on Pershing Square’s Announcement on Herbalife [SEC]The SEC’s orders find that Filip Szymik of New York City and Jordan Peixoto of Toronto engaged in insider trading in Herbalife securities in advance of hedge fund manager William Ackman’s December 20, 2012 announcement of the views of his hedge fund, Pershing […]

Accounting News Roundup: Revenue is Hard; Check Out This Tax Rebate Check; How to Get One Over on the IRS | 09.30.14

State Auditor scolds WorkForce Central over inadvertent job fair accounting error [News Tribune – Tacoma]Revenue is hard: The problem, according to the report, concerns two job fairs held in 2013 where the consortium “received payments from sponsors that were used to offset the costs of each event. Payments from sponsors are considered program income, which […]

Accounting News Roundup: Demand for Consultants is Ridiculous; The New Inversion; Just Leave Already | 09.29.14

Chicago-area accounting firm to be acquired [Crain's]The BKD merger is on. This is the hottest job sector in Chicago [Crain's]Her look, more news out of Chicago: "Chicago headcount at the Big Four accounting firms leapt by as much as 13 percent for the year ended in June and by bigger percentages at some smaller accounting […]

Accounting News Roundup: Married Filing Jointly, and Jointly, and Jointly; Trading Vibrators for Tax Debts; Harsh Working Conditions| 09.26.14

L-3 reveals more accounting problems, revisions [MW]Well that blows: "L-3 Communications Holdings Inc. on Friday revealed more accounting problems and revisions to prior results as the company found material weaknesses in its internal financial controls. The defense contractor said it will amend its annual report for 2013, as well as its results for the first […]

Accounting News Roundup: Banged to Rights; KPMG Wants You to Go Home; Deloitte Sharpens Its Edge | 09.25.14

Tesco accounting error 'stratospheric' [BBC]Stratospheric, now. Bookkeeper banged to rights over tax fraud [economia]Headline of the day? Occupational Hazards of Working on Wall Street [Bloomberg View]It's still cool: "A few times in the past several decades it has sounded as if big Wall Street banks were losing their hold on the graduates of the world’s […]

Accounting News Roundup: The Ghost of Tom Petters; PwC’s Latest Conquest; The Best Compliance | 09.19.14

Alibaba's IPO Priced at $68 a Share [WSJ]China's middle class is HOT James Hansmann, 86-year-old accountant from Agawam, permanently barred from preparing tax returns, must pay nearly $500k in federal embezzlement case [Masslive]It's cool, he was ready to retire anyway. Richmond Fed President Jeffrey M. Lacker Comments on Policy Normalization Principles and Plans [Richmond Fed]Dissent […]

Accounting News Roundup: CPA Firms Pressured to Invert; Deloitte Ready to Settle; KPMG’s Hot Market | 09.18.14

CPA Firm Pyramid Structure Comes Under Pressure [Tom Hood]This might look familiar.  What New Team Leaders Should Do First [HBR]For the new managers out there. ONLY a year? Lawd, time has slowed to a crawl… [Twitter] Almost my 1-year #workaversary as a Tax Staff with #EY! Started as an #intern back in Summer 2010 #throwbackthursday #timeflies […]

Accounting News Roundup: Accounting Firm Caught Up in Theft Ring; AICPA’s Latest Project; An Entitled Thief | 08.08.14

PwC US Appoints Terri McClements as Managing Partner of the Washington Metro Market [PR Newswire]"I look forward to creating opportunities for our people and showcasing PwC's value as an outstanding service provider, employer, and corporate citizen in the D.C. Metro region, from Richmond to Baltimore," noted McClements. "I've had exceptional experiences at PwC, including the […]

Accounting News Roundup: Obama Blames Accountants; Accounting Makes it Rain; The Accounting Rule You Don’t Care About | 08.07.14

Accounting is most profitable industry, study shows [Chicago Tribune]Here's something that's probably not a surprise to many: An industry all about crunching numbers is also the most profitable. And 7 of the 15 most profitable industries are related to health care or real estate, according to newly released data. Sageworks, a Raleigh, N.C.-based collector of […]

Accounting News Roundup: A Shortage of Restatements; A Bad Accountant Named Ballance; PwC’s Legal Expansion | 08.01.14

CAQ: Number of Restatements Lower than 10 Years Ago [NYSCPA]A study published by the Center for Audit Quality has shown that the number of restatements on financial statements has declined over the last 10 years, according to Compliance Week. Restatements in 2003, before the Sarbanes-Oxley Act took effect, numbered 856, peaked in 2006 at 1,784, […]

Accounting News Roundup: Women Get Rich; College Is Worth It; A Lack of Controls | 06.25.14

To get rich in tech, become an accountant—especially if you’re a woman [Quartz]This sounds familiar. You need this [Twitter] @going_concern I'm gonna use this for GC. — Matt Bramanti (@mattbramanti) June 25, 2014 Yes, College Is Worth It, Another Study Concludes [AP]From the Bureau of Things We Knew: "Those with bachelor's or associate's degrees […]

Accounting News Roundup: Pension Changes; Renter Has No Regrets; A Credibility Problem | 06.24.14

Accounting change will expose true condition of pension funding [FW News Sentinel]The most important issue surrounding GASB's rule change is the way governments must report the level and type of future payment obligations on pensions. For most governments, these rules don't matter much. For a responsible municipal government that has almost fully funded its pensions, […]

Accounting News Roundup: Dead Tax Accountant Was Drunk; EY Coughs Up Docs; KPMG’s Buying Spree | 06.23.14

Stairs fall kills 'bright and capable' City accountant after boozy night out [Express]The tragedy happened in Pimlico, London – yards from the apartment where M16 spy-in-a-bag Gareth Williams was found dead in 2010. Tests revealed Ms Brownlee, a senior tax manager at Deloitte, had 218mg of alcohol in 100ml of her blood, more than two-and-half […]

Accounting News Roundup: Pain in the IFRS; More Mergers; Show Us Your Work | 06.20.14

Cincinnati’s biggest, oldest local accounting firms merging [Cincinnati Business Courier]They're like the KPMG of Cincinnati. Audit firm EY appealing HK court ruling that says China law does not protect papers [Reuters]Audit firm EY said on Friday it would appeal a Hong Kong court's ruling that Chinese law does not protect the working papers of mainland […]

Accounting News Roundup: Leveraging Up; IRS Grows a Heart; Deloitte Harnesses the Bang | 06.19.14

Leverage Job Prospects With a Master’s in Accounting [U.S. News]This is totally not shilling or anything: "Accounting has long been considered a reliable profession, but it's recently become something else: in-demand. Out of 565 employers from around the world, 45 percent plan to hire master of accounting graduates this year, according to a survey from […]

Accounting News Roundup: Deloitte’s Funky Math; AICPA Tells It Like It Is; World Tour of Settlements | 06.18.14

AICPA Names New Technical Director for Center for Plain English Accounting [AICPA]Thomas Groskopf is your new $20 word killer, succeeding the late Dr. Tom Ratcliffe.  UI graduate student union concerned about Deloitte [WCF Courier]Deloitte Consulting revealed it could save universities $30 million to $80 million annually during a town hall at the University of Northern […]

Accounting News Roundup: Tax Shelterer Won’t Have Another; It’s Not You, It’s Your Taxes; Eager Beavers | 06.17.14

Paul Reddam's KPMG Tax Shelter Stunk In More Ways Than One [Forbes]J. Paul Reddam, whose horse, “I’ll Have Another”, won two legs of the Triple Crown in 2012, just got some bad news from the Ninth Circuit. The Tax Court decision that upheld the denial of his $50,164,421 capital loss from a 1999 KPMG designed […]

Accounting News Roundup: Grant Thornton Revival; Bad Bank Audits; Get Down! | 05.28.14

Regulators Set New Rules for Companies’ Revenue Accounting [DealBook]Accounting for revenue — one thing that every company has, or at least needs if it is going to stay in business — will be significantly changed in 2017, the two boards that set accounting standards for companies in most major countries around the world announced on […]

Bitcoin News Roundup: Your Accountant, Your Bitcoin; A Bitcoin Slip; Such Bitcoin, Very Mine, Wow | 04.01.14

What Your Accountant Thinks About Your Bitcoins [BBW]Given that few people really understand taxes and even fewer understand Bitcoins, it’s tempting to believe that tax issues surrounding the cybercurrency would be mind-blowingly complex. In most cases, Whatley says, things remain fairly simple. The Internal Revenue Service tried to clear things up last week by saying […]