Britain's audit regulator, the Financial Reporting Council's accountancy and actuarial discipline board (AADB), has decided that even though its fine of £1.4 million of PwC in January was a record, it really didn't satisfy as a "credible deterrent." Accordingly, the AADB is floating some ideas on how to make the fines a little less "meh" by asking the tribunals that assess fines to "[give] formal guidance on setting fines […] reducing their dependence on precedents set by previous cases that might be as much as two decades old." Of course, even if the AADB had assessed the penalty it wanted, it would have amounted to just over 1% of PwC's UK revenues of £2.4 billion; a wrist slap that would have left a bit of red mark as opposed to no mark at all. [FT]
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And Now, the Auditor’s Version of ‘No Sleep ’till Brooklyn’
Recently we came across a version of Ke$ha’s “Tik Tok” for auditors. The battle over who actually coined this ode to opining was up for grabs but now it’s been brought to our attention that throwback tunes are also being rewritten to express the plight of auditors.
Surely there’s a divergence of opinion – right down generational lines – on which rewrite is better but working in “fat finger” and “Friends think I do tax ’cause of the ‘CPA’ ” scores big points in our book.
To the tune of “No Sleep ’til Brooklyn” by the Beastie Boys
(chorus) No sleep ’til – Filing
Hand on the tenkey – never a fat finger
Got work to do, I hope this client don’t linger
My job ain’t a job – it’s a damn good time
Gonna get this tied-out to the dime
On location – cursing damnation
Why’re my client contacts always on vacation?
Eight of us crammed around this audit table
I do what I do best because I’m willing and able
Ain’t no fakin’ – audit fees I’m rakin’ in
Goin’ coast to coast vouching money you’re makin’
While you’re at the job working nine to five
I’m still at the office when you arrive(bridge) No sleep ’til –
Another spill, another thrill
Another freaking fire drill
Caffiene gum – another SUM
I wish this Diet Coke had some rum
Now where’s my contact? – he always disappears
This is the guidance, why can’t he just adhere?
Been so long since I’ve seen my fam’
I wish my computer had more RAM
We’re thrashing financials like it’s going out of style
Getting paid along the way cause it’s worth your while
Quarter after four – IA’s out the door
I’m chained to my computer for six hours more
We got a drawer with a lock to hold our files
Aside from the ones all over our table in piles(repeat bridge)
(repeat chorus)
Ain’t seen the light since we started this audit
All we need is in this room- we got it
Born and bred to document all day
Friends think I do tax ’cause of the “CPA”
That’s not right but I don’t care
‘Cause whenever I explain it they just stare.
Got coffee, cola, chips and candy
I’ve gained ten pounds ain’t it just dandy?
Step off homes – get out of my way
‘Cause our signed opinion is the final say
Waking up before I get to sleep
Cause I’ll be rocking this party eight days a weekNo sleep till filing ….
No sleep till filing …
No sleep till filing …
No sleep till filing…
No sleep till filing…
And just in case you’ve got no idea what this should sound like: