RSM US Is That Much Closer to $4 Billion in Revenue
First, our apologies to Brian Becker for any rumor-denouncing emails he may have been compelled to send this week. 🥺👉👈 Let’s ignore that and focus on something good for RSM: fiscal 2023 revenue. The firm ended the year at $3.7 billion according to its recently released impact report, a whole 400 million dollar — or […]
RSM US Finally Might Be Taking Audit Quality a Little More Seriously, According to 2021 PCAOB Inspection Report
Based on the 2021 PCAOB inspection reports we’ve reviewed so far, the audit firm that would win the “most improved” award is RSM US. From 2017 to 2020, RSM had an average yearly audit failure rate of 42%, including failing 46% of its audits reviewed by PCAOB inspectors in 2020. But during the most recent […]
RSM Does Not Aspire to Be KPMG
RSM International CEO Jean Stephens spoke to Financial Times recently and let everyone know that her firm is totally open to a little wheeling and dealing that would bump them up from their current spot as the sixth largest firm (#5 on the IPA 500). Coincidentally, RSM just released their revenue numbers and they are […]
Promotion Watch ’23: 109 Folks at RSM US Will Be Getting New Business Cards
Jan. 1 was a big day for 109 overachievers at RSM US as their long journeys in public accounting finally culminated in being promoted to partner or principal. The class of 2023 has the most members by far in recent years, topping the 88 new partners and principals in the class of 2022, followed by […]
RSM US Took Its Revenue to a New Level in 2022
That level being $3 billion—a first in the firm’s 96-year, multinamed history. In its 2022 annual report, which was released earlier this week, RSM US noted that its revenue for the year ending April 30 was $3.3 billion ($3,310,265,000 according to INSIDE Public Accounting), a 15% increase over its 2021 revenue of nearly $2.9 billion. […]
Compensation Watch ’22: Were Raises at RSM US Sketchy or No?
The 2022 comp thread for RSM US is out on r/accounting, and it’s pretty meaty—just like the Omaha Steaks the firm’s been giving to employees. Also meaty was RSM’s revenue for its 2022 fiscal year, which according to Accounting Today’s 2022 Top 100 Firms ranking, was $3.13 billion, up nearly 11% from 2021’s result of […]
The Fortune 100 Best Companies to Work For: RSM US #40 (2022)
When it comes to the Fortune BCTWF, gone are the days of the Big 4 firms being ranked among, say, the top 50 companies and then you have a midtier public accounting firm or two ranked somewhere between Nos. 51 and 100. Nowadays you’ll see a non-Big 4 firm or two ranked higher than one […]
Elizabeth Warren Shocked to Learn Big Public Accounting Firms Do Shady Sh*t (UPDATE)
[UPDATE] It looks like Sen. Elizabeth Warren (D-MA) is still on her quest to make life miserable for the biggest public accounting firms in the US. According to a Feb. 22 report by the New York Times, Liz and Rep. Pramila Jayapal (D-WA) are asking the US Treasury Department to investigate the cozy relationship Treasury […]
One RSM US Office Might Want to Rethink Its Retention Strategy For Managers and Supervisors
From the tip box last week: Big Salary increases for senior auditors moving to RSM – Seattle. Nearly $100k plus bonus for 2-3 years of experience. Current supervisors and managers making $80k – $96k. No plans to bump the loyal employees….. On one hand, good for those seniors taking advantage of the obvious desperation for […]
Auditing Struggle Bus Makes a Stop Once Again At RSM US, Latest PCAOB Inspection Report Reveals
When the PCAOB released its first batch of COVID-era inspection reports at the beginning of last November, everyone’s favorite audit cops started off with a bang. That group of 2020 inspection reports included six of the top seven largest public accounting firms in the US: Deloitte, PwC, EY, KPMG, BDO USA, and Grant Thornton. Missing? […]
Promotion Watch ’22: RSM US Adds 88 New Partners and Principals
The holiday smells of pine and evergreen have been replaced with the smells of new partners and principals at RSM US offices across the country, as its latest class of rainmakers was released into the wild on Jan. 1. The class of 2022 has slightly more members than the class of 2021. This is also […]
RSM Is Pretty Pleased With Its Global Haul In 2021
The months of August through early December are usually reserved for the annual Big 4 dick-measuring contest of whose global revenues are the biggest and whose grew the most, while the top mid-tier firms (BDO, RSM, Grant Thornton) wait until that contest is completed before announcing their numbers in mid- to late December or early […]
Compensation Watch ’21: RSM US Employees Are Starting to Leak Their Mid-Year Raises (UPDATE)
[Update to original post from Nov. 23 with additional mid-year raise percentages.] We recently got a tip that RSM US had told employees that “they are re-evaluating market conditions and people/groups might get raises in December.” Our tipster added: “Another carrot to dangle in front of people to get them to not leave.” Apparently the phrase […]
RSM US Names Successor to CEO Joe Adams
[Updated with official announcement from RSM US below.] A tipster just informed us that RSM US announced this morning that Brian Becker, the firm’s national consulting leader, will succeed Joe Adams as RSM managing partner and CEO effective Aug. 31, 2022. As national consulting leader, a role he has held since April 2017, Becker leads […]
Number of the Day: $2.9 Billion
More specifically, $2,878,519,000. That’s how much revenue was pulled in by RSM US in fiscal year 2021, which ended April 30. While it’s not the eye-opening double-digit revenue increase that the House of Adams had in FY 2020, it’s still solid growth of 6.4% over last year during the height of the pandemic outbreak in […]
Compensation Watch ’21: Did RSM US Make It Rain On Employees This Year?
At this time a year ago, RSM employees had just found out if the firm was handing out raises and bonuses while the Rona was still raging in the U.S. Management decided to give raises—capped at 5%—to only those employees who received a promotion (i.e., A2->S1, S1->Supervisor, Supervisor->Manager, etc.). As summer turned to fall, and […]
The Fortune 100 Best Companies to Work For: RSM US #62 (2021)
When all was said and done, RSM US and its employees had a pretty decent 2020. The firm’s revenue increased nearly 11% over the previous year, RSM didn’t cut pay during the pandemic and doled out both raises and bonuses to employees, and RSM overtook KPMG as the firm most likely to give its capital […]
How Did RSM US Fare On Its Latest Auditing Report Card From the PCAOB?
Not too long ago, RSM US had one of the worst PCAOB inspection reports we’ve ever seen. How bad was RSM’s audit quality? R-E-A-L bad. The number in the red is … well … not a good number. That would be the number of audits the PCAOB inspected that had problems so big that the […]
RSM’s Global Revenue Soared 9.2% in FY 2020 Because the Firm Spat In the Face of Adversity or Something Like That
The international firm formerly known as McGladrey was thrilled with the fact that its global revenue increased 9.2% from $5.7 billion in 2019 to $6.3 billion during the year of our COVID Lord 2020. RSM Global CEO Jean Stephens ruminated: “2020 has been a challenging year but our growth reflects the agility and resilience we […]
Promotion Watch ’20: RSM US Adds 84 (or Maybe 86) New Partners and Principals
The largest new partner/principal class announced thus far in 2021 is technically the 2020 new partner/principal class at RSM US, even though their promotions started on Jan. 1, 2021. And in its press release, RSM said there are 86 new partners and principals in the class of 2020 when the firm only provided the names […]
RSM US Employees Are Getting Meat Sweats For the Holidays
If we were playing the word association game and you said “Omaha Steaks,” Adrienne and I would instantly respond with “KPMG.” Why? Because over the course of this site’s existence, we’ve written thousands of words on Omaha Steaks being the summertime gift du jour for KPMGers for many years. Now we found out from a […]
RSM US’s 2018 PCAOB Inspection Report Is a Lot Less Deplorable Than the Last One
When you talk about the worst PCAOB inspection reports of all time, the 2017 one for RSM US has to be in the conversation. During that inspection cycle, the PCAOB found significant problems in 11 of the 15 RSM audits selected, for a dubious deficiency rate of 73%. The other day, the newly branded PCAOB […]
RSM Poaches Someone From Deloitte and Issues a Press Release, Part I
Welp, after 19 years of monotony working at Deloitte, Ryan Haggerty will now be doing the same ol’ tedious stuff at the Philly office of RSM US. We’re just kidding, Ryan. You’re probably having much more fun being on Zoom calls for RSM than for Deloitte: RSM US LLP has further strengthened its health care […]
This Collection of Big 4 Jack-o’-Lanterns Will Probably Be the Lamest Thing You’ll See on Halloween
We hope all of you spreadsheet zombies have a great Halloween. PwC Photo courtesy of The Bean Counter. Deloitte Photo courtesy of Fishbowl. KPMG EY Photo courtesy of Sandra Thompson-Drew (@SandraWThompson). And here are a couple of RSM jack-o’-lanterns just for the hell of it: Happy Halloween!
RSM Poaches Someone From KPMG and Issues a Press Release, Part II
Back in the spring, right around the time the country was going to hell in a handbasket due to the Rona, Deborah Gordon had been wooed by RSM US to leave her job as leader of KPMG’s Federal Excise Tax practice to lead the Excise Tax practice at Really Still McGladrey. About four months later, […]
RSM US FY 2020 Revenue Results: $2.7 Billion and 4 Guardrails
The 2020 RSM US annual report is out, and boy is it a real page-turner. But I found what I was looking for in the “Our Perspective” portion of the report: RSM’s FY 2020 revenue. If you’ve perused INSIDE Public Accounting’s latest ranking of the top 100 public accounting firms in the U.S. based on […]
After a Tough Spring, Raises Are Back on the Table at RSM
In April of this year, we reported that RSM had begun performance-based layoffs which likely had little to do with that whole Rona thing that caused multiple firms to start laying people off and slashing salaries back then. Then in June we reported that more than a few tipsters were upset to hear raises would […]
Newly Promoted RSM US Employee Ponders Life and COVID-19’s Impact on Future Earnings
RSM US isn’t making it rain much these days for those receiving a promotion. Compensation discussions are underway at RSM US, and if you remember, only those getting a promotion at the House of Adams are receiving raises—which were capped at 5% this year as the firm muddles its way through the COVID-19 crisis. Looking […]
Comp Watch ’20: Raises and Bonuses Are Looking a Bit Paltry at RSM US
If we look back at the firms in ’Murica that have sent the most people packing during the COVID-19 pandemic, three immediately come to mind: Deloitte (obviously), Crowe, and RSM US, which had not one but two rounds of job cuts. Those left standing at RSM must be feeling pretty resilient, having somehow dodged two […]
Furlough Watch ’20: Apparently RSM US Is Putting Many Of Its Recruiters On Ice, Conducted Second Round of Job Cuts
[Updated on May 20 with additional information.] Nearly a month after RSM US told a slew of underperformers that their services were no longer wanted, we got word on Monday afternoon that furloughs and job cuts have started to hit the firm’s recruiting staff. A source told us: As of right now, it is most […]
Layoff Watch ’20: Here’s What We’ve Been Told About the Job Cuts at RSM US
[Updated with additional information.] Rumor had it that the hammer would be dropped on hundreds of RSM US employees on April 21. We can confirm that layoffs did occur on Tuesday in multiple offices, we don’t know how many people in total lost their jobs (but it wasn’t the 300 that was rumored), and from […]
RSM US Joins the Mandatory Work-From-Home Party
Today’s been one of the most crazy and, in my opinion, unprecedented days we’ve ever seen covering public accounting, where three of the Big 4 and a slew of other firms are ditching their U.S. offices and going strictly remote work for the time being because of COVID-19. A tipster let us know this evening […]
Hiring Watch ’20: Accounting Firms Rolling Out the Welcome Mat In Charlotte
Just wanted to give those of you in the Charlotte, NC area a quick heads up that a bunch of accounting firms in and around the Queen City are hiring this year, according to the Charlotte Business Journal. CBJ lists 13 firms that say they’ll be adding staff in 2020. Among those firms are: Aprio […]
RSM’s 6.9% Increase In Global Revenue For 2019 Seems Respectable
Revenue growth for RSM’s global network of firms over the past few years has been steady, if not unremarkable. From 2014 to 2018, global revenue increased an average of about 5.3% each year. But everything was on the up and up for RSM in 2019. Other than what’s in this infographic, RSM wasn’t too transparent […]
RSM’s Golf Tournament Is Being Upstaged By a Huge Capsized Cargo Ship
The RSM Classic, also known as “Joe Adams’ Annual Schmoozefest,” is going on right now at Sea Island Golf Club in Georgia. And unless you work for RSM, the saying “saving the best for last” doesn’t apply to this tournament, the finale of the 2019 PGA Tour season. Only one golfer in the top 20 […]
RSM Poaches Someone From KPMG and Issues a Press Release, Part I
Scott Wilson has more than 15 years of professional experience “helping businesses innovate, transform, and grow.” RSM US was in need of a new audit innovation leader. So it was a match made in heaven, or the cloud, or whatever. RSM US LLP (“RSM”) – the nation’s leading provider of audit, tax and consulting services […]
Promotion Watch ’19: RSM Adds 80 New Partners and Principals
Whoa, the newest crop of partners and principals might be the largest ever at R to the S to the M. The good news was shared via Twitter on Oct. 1. AND THERE ARE FUN FACTS! Let's give it up for our 80 newest partners and principals! 🎊🎉 https://t.co/CEF9Uo7kDy pic.twitter.com/vKD78mYRyN — RSM US LLP (@RSMUSLLP) […]
RSM US Revenue Rose to $2.4 Billion In FY 2019
So says the RSM US 2019 annual report: That’s a 14% increase over the firm’s FY 2018 revenue of $2.14 billion. RSM’s fiscal year ends on April 30. There’s not a whole lot more to add because RSM doesn’t usually send out glitzy, congratulatory press releases on its year-end revenues like EY did today. But […]
RSM US’s $950,000 Fine Is a Reminder That Performing Non-Audit Services for Audit Clients Can Get You Into Trouble
You’d think a firm like RSM US would know this by now, but guess not. The Securities and Exchange Commission today charged public accounting firm RSM US LLP with violations of the agency’s auditor independence rules in connection with more than 100 audit reports involving at least 15 audit clients. Yes, auditor independence is a […]
Well, At Least RSM Plaza Won’t Have to Be Renamed
RSM US (the firm formerly known as McGladrey) will be sticking around RSM Plaza (the building formerly known as McGladrey Plaza) for a little while longer. Chicago-based RSM US LLP on Tuesday [July 16] announced that it’s renewed its lease at RSM Plaza in downtown Minneapolis. Though the building bears RSM’s name, it’s actually owned […]
RSM Did a Little Talent Shopping At the Big 4
And Adams & Co. came away with a new tax principal and a new risk consulting leader. First up is Brad Collins: In his role as a principal with the firm’s national tax team, Collins leads the firm’s efforts to identify opportunities where RSM can eliminate tax data management challenges for private equity and hedge […]
Armanino Poaches Someone From RSM and Issues a Press Release, Part I
While Armanino didn’t help its newest partner escape the clutches of a Big 4 firm, it did nab him away from a top five firm, which is still a pretty good get. Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S., today announced Patrick Chylinski has joined the firm as […]
Hiring Watch ’19: RSM Planning to Add to Its KC Headcount
Not Kansas City, KS, but Kansas City, MO, where in July 2020, RSM will be moving into a swanky new office space currently being developed in Country Club Plaza. RSM will occupy all of the ninth floor and half of the 10th floor in the 14-story, 214,000-square-foot office tower that will be called 46 Penn […]
RSM Pulled In $5.37 Billion In Revenue Globally In 2018
This slipped through the cracks, but it might be of interest to a few of you RSM fanboys and fangirls. RSM posts record revenues as consulting services power growth. Click here to read more: https://t.co/5EJKaHBnBT#RsmGlobal #revenue #RSMae #People pic.twitter.com/Vym6mOuC9j — RSM UAE (@RSM_AE) January 31, 2019 The $5.37 billion in global revenue the firm hauled […]
PCAOB Fined RSM US $15,000 for Taking Its Sweet-Ass Time to File a Form 3
Say a PCAOB-registered accounting firm is a defendant or respondent in an administrative or disciplinary proceeding that was initiated by another regulator. That firm has to let the PCAOB know about this by filing Form 3, Special Report, within 30 days after the event. The firm also has to let the PCAOB know that it […]
RSM Moving Its U.S. Headquarters Just Down the Road
Kinda big news this morning from RSM US: RSM’s new digs won’t be that far away from its current digs. The firm will be moving its headquarters from 1 S. Wacker Drive in Chicago to the 30 S. Wacker tower of the CME Center in late 2020 or early 2021. CME Center currently houses such […]
RSM US Revenue Topped $2 Billion in FY 2018
For those of you who keep close tabs on this stuff for some reason: The fifth-largest accounting firm in the United States in 2017 remains the fifth-largest accounting firm in the U.S. in 2018, as RSM US posted revenue of $2.14 billion for the fiscal year that ended April 30. RSM US’s 2018 revenue is […]
RSM US Adds 68 New Partners and Principals
Oct. 1 was a big day for the denizens of RSM US, as 68 new partners and principals were released into the wild. RSM is pleased to announce our 68 newest partners and principals! https://t.co/seOK5zui4F pic.twitter.com/YqsSwVGjiA — RSM US LLP (@RSMUSLLP) October 1, 2018 This year’s class of new partners and principals at the firm […]
Let’s Play a Game of ‘Who Would Win in a Fight’ Accounting Edition
As you may have heard, busy season is over for many miserable accountants across the country. If you failed to get that memo, it’s time to avert your eyes from that spreadsheet and get some sleep, you’re obviously brain-dead and completely disconnected from the real world. Sorry. Rather than wallow in busy season gone by, […]
Here’s Your Open Thread for RSM (fka McGladrey) Compensation Discussions (2016)
Early July is usually when compensation discussions start for the denizens of RSM, fka McGladrey, fka McGladrey & Pullen, fka RSM McGladrey (a division of H&R Block). Lo and behold, very early this morning, a tipster sent us a message: RSM comp thread? Partners begin communicating July 6th through 20th. Normally, we might wait awhile […]
Don’t Forget, McGladrey Will Be RSM on Monday
Earlier this year, McGladrey announced that they would be dropping the "McGladrey" from their name and adding "RSM." The new initials goes official on Monday across the globe so I imagine many partners will fling soon-to-be-obsolete letterhead in their hearths this weekend, watching with a mixture of pain and longing as the paper turns to […]
Oh, Shut Up
Stay out of it, golfer. @McGladrey strengthens position as trusted advisor to middle market leaders globally – to rebrand as RSM in October!” — Davis Love III (@Love3d) June 11, 2015 [Earlier]
McGladrey Latest Accounting Firm to Say, “Screw It, Let’s Just Go By Our Initials”
Yesterday, McGladrey announced they would become RSM. It was an inevitable move for a firm that has had a brand identity crisis over the years. McGladrey LLP today announced it will adopt RSM as a common brand name, uniting with fellow firms of its global network RSM International to further strengthen the organization's position as the […]