October 7, 2022

(UPDATE) Big 4 Technology: Open Thread

Thumbnail image for Apple-II.jpgEditor’s Note: Francine McKenna is a regular contributor to Going Concern
We recently received a tip about KPMG implementing a new risk management system for vetting potential clients and engagements. The new system was put in place around the time of the second round of layoffs and according to our tip, things did not go smoothly.
Simply put, it didn’t work. Since the whole risk management thing is a big deal for any accounting firm, people were working day and night to try and get it fixed. Did we mention the layoffs? Right. They occurred right when this whole SNAFU was occurring.
Our source described the risk management process as a “total nightmare” for basically two weeks. Good news, is that things seem to be back to normal but it sounds like it was pre-tay, pre-tay hairy for a while there.
Most accounting firms, especially the Big 4, are heavily dependent on the efficient functioning of their technology. But, aside from reading this fine publication, you probably spend a good chunk of your time dealing with tech related headaches.
Firms trying to go paperless, firms still using Lotus Notes, and we’ve heard that KPMG is currently upgrading its basic operating system to run on…Windows Vista.
On the positive side, Deloitte is issuing iPhones and that’s basically all we got…
We asked our contributor, Francine McKenna for her thoughts on the Big 4’s investment in technology:

The Big 4 operate under the “shoemaker’s children” doctrine when it comes to their own technology infrastructure. Every once and a while you’ll see a big splashy investment but partners loathe spending their potential payout on common goods, and investments for the future: “If I don’t understand it or perceive a need for it, I don’t want to spend any of my money on it.” Very few of the rank and file partners understand or appreciate the firm’s technology infrastructure needs.

Discuss your firm’s technology (or lack thereof). The good, the bad, the stuff that makes you want to drop kick your laptop out the window.

Thumbnail image for Apple-II.jpgEditor’s Note: Francine McKenna is a regular contributor to Going Concern
We recently received a tip about KPMG implementing a new risk management system for vetting potential clients and engagements. The new system was put in place around the time of the second round of layoffs and according to our tip, things did not go smoothly.
Simply put, it didn’t work. Since the whole risk management thing is a big deal for any accounting firm, people were working day and night to try and get it fixed. Did we mention the layoffs? Right. They occurred right when this whole SNAFU was occurring.
Our source described the risk management process as a “total nightmare” for basically two weeks. Good news, is that things seem to be back to normal but it sounds like it was pre-tay, pre-tay hairy for a while there.
Most accounting firms, especially the Big 4, are heavily dependent on the efficient functioning of their technology. But, aside from reading this fine publication, you probably spend a good chunk of your time dealing with tech related headaches.
Firms trying to go paperless, firms still using Lotus Notes, and we’ve heard that KPMG is currently upgrading its basic operating system to run on…Windows Vista.
On the positive side, Deloitte is issuing iPhones and that’s basically all we got…
We asked our contributor, Francine McKenna for her thoughts on the Big 4’s investment in technology:

The Big 4 operate under the “shoemaker’s children” doctrine when it comes to their own technology infrastructure. Every once and a while you’ll see a big splashy investment but partners loathe spending their potential payout on common goods, and investments for the future: “If I don’t understand it or perceive a need for it, I don’t want to spend any of my money on it.” Very few of the rank and file partners understand or appreciate the firm’s technology infrastructure needs.

Discuss your firm’s technology (or lack thereof). The good, the bad, the stuff that makes you want to drop kick your laptop out the window.

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