“Zero Hedge kindly requests any and all Big 4 (and all other) accounting firm whistleblowers to please stand up and let us know of any and every case of improper accounting they are aware of (preferably with supporting documentation).”
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KPMG’s PCAOB Inspection Report Shows Firm’s Audit Quality Was Consistently Meh with Last Year
- Caleb Newquist
- August 31, 2012
Late yesterday the PCAOB released the first Big 4 firm inspection report with none other […]
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What Can Big 4 Accountants Expect Come Compensation/Firings Time?
- Daniel Braddock
- March 26, 2010
Now that we’ve covered the natural and expected attrition of the Big 4 firms this time of year, let’s talk about what to expect if and when the post-busy season ax falls again. Per a reader’s request:
“Something similar to the salaries thread, except let the people tell us what $ package they were offered upon being “laid – off”, and how that was calculated (i.e. 1 weeks pay for every year of service? PTO paid out? 1 month severance pay?). I think this would be of interest to many folk out there who are about to be let go, as they can get a rough idea of what to expect and plan accordingly.”
I don’t expect the firings to be very widespread, but rather focused on small, top-heavy sectors (random, baseless examples – state and local tax in St. Louis, followed by IT advisory services in Atlanta). The reason for this is because the firms should be accounting for many to jump ship between April and Labor Day. Those up for promotion (“It’s coming this year, we promise!”) will bail in July/August once promo’s are announced.
For those of you only sticking it out to earn the manager title this summer before you leave, my advice is to start looking now. Inform your recruiters that the title is a mere formality and they will tailor their job hunts accordingly.
So. Let’s kick the weekend off with some wild speculation:
Potential Cuts:
• Federal tax groups
• Small offices and practices that have recently lost several small clients or one large client (e.g. PwC Orlando tax)
• Further cuts “when deemed necessary” before new hires begin in the fall
Safe zones:
• Hedge fund audits
• M&A advisory (based on KPMG whispers)
• IT advisory
Were you let go in the past two years? Share your severance packages in the comments so everyone can better gauge what to expect.
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Number of the Day: 63
- Jason Bramwell
- February 7, 2022
That is the number of workplace conduct complaints and/or investigations that were disclosed by the […]