September 21, 2019

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A Thing We Desperately Wish Were Real: A Photo of Phil Mickelson and Ex-KPMG Partner Scott London Yukking It Up

Texas A&M professor Mike Shaub put the idea in our heads and now we can't get it out: Waiting for the photo of Scott London and Phil Mickelson laughing at a firm event in T minus 5, 4, 3…. And it will be totally irrelevant. — Mike Shaub (@mikeshaub) May 19, 2016 Irrelevant or not, […]

Scott London Talks About Relationships, Rolex Watches and How He Hates that Parking Lot Picture

ICYMI, MarketWatch interviewed Scott London the other day — which I suppose was a good idea since interviews might get a bit more difficult after London heads off to prison to serve his 14 month sentence next month. In the interview, London comes off as approachably remourseful, almost like a grandma apologizing to her heirs […]

Now That He’s Sentenced, Scott London Plans For the Future

This is worth pulling out of the archive. In an exclusive interview last year, London tells CNBC he received $50,000 in cash, a watch worth $10,000, and $10,000 in "gifts" for his wife by giving tips only an insider would have to his pal Brian Shaw. As we all know by now, Scotty walked away […]

Footnotes: Scott London’s Lighter Pockets; Ex-Bank of America CFO Settles; A Zombie Social Network | 04.24.14

Jim Ulvog's latest on l'affaire London An extremely vague, hard to understand comment in the CNBC report yesterday, yes, the one wherein the camera operator ran the camera lens into the side of Mr. London’s face, indicated KPMG had taken some financial action against Mr. London. The article cited Mr. London’s attorney as saying that […]

Footnotes: Never Settle Unless You Should; Trends are Trendy; The Scott London Roundup | 04.24.14

Exclusive: Apple, Google agree to pay over $300 million to settle conspiracy lawsuit Four major tech companies including Apple and Google have agreed to pay a total of $324 million to settle a lawsuit accusing them of conspiring to hold down salaries in Silicon Valley, sources familiar with the deal said, just weeks before a […]

Scott London Sentenced to 14 Months in the Can and a $100k Fine

Let this serve as a reminder of what can happen when you meet shady looking dudes in a Starbucks parking lot.

ANR: Scott London, U.S. Attorney Have Different Ideas About a Prison Sentence; AICPA, NASBA, Prometric Pretty Proud of Themselves; Millennials’ Fantasy Workplace | 04.09.14

U.S. Attorney Asks Judge for Three Year Sentence for Former KPMG Partner [WSJ]Scott London was looking for something a little less than that: "Harland Braun, Mr. London's attorney, has requested a sentence of probation for his client, with no jail time. Mr. Braun said in an interview Tuesday that the government's recommendation was too harsh […]

John Veihmeyer Not at All Ashamed to Talk Scott London to Business Students

Too bad I didn't hear about this sooner or I totally would have tried to crash this party. Freshly christened KPMG Global Chairman and still KPMG US CEO and Chairman John Veihmeyer schooled the kids at University of Richmond’s Robins School of Business this week, and he wasn't at all afraid to say the L […]

Sorry to Disappoint But Scott London Will Not be Sentenced Today

Attestation Update has the details as well as a clever dig at the GC faithful: Everyone who had been looking forward to a generous serving of popcorn and schadenfreude on Thursday will have to wait another 2 months. That's right. Mark April 21, 2014 on your calendars and keep an eye on Attestation Update just […]

Accounting News Roundup: Tax Reform Bill Is All the Rage; Positive Thinking During Busy Season; Some Delayed Scott London Effect? | 02.27.14

A Republican’s Tax Overhaul Envisions Big Changes [NYT]The best quote in this article indicates that Rep. Camp is on the right track with his bill: "To get those rate reductions, Mr. Camp would leave behind what Chris Krueger, a policy analyst at Guggenheim Partners, called a 'veritable killing field of sacred cows.' " Tax Overhaul […]

Scott London’s Updated LinkedIn Profile Is the Greatest Thing Ever

As pointed out by Attestation Update, looks like Scott London is hoping to put all this insider trading drama behind him and start fresh. He brings to the table years of experience and just a few bad choices. If nothing else, you have to give the guy credit for giving exactly zero fucks instead of […]

Save the Date: Scott London May Get Sentenced on Thursday

Attestion Update has been on this like the feds on London's nuts: Sentencing is schedule for former KPMG regional audit PIC Scott London on February 27, 2014 regarding his plea agreement admitting insider trading. That’s the latest visible information in the federal system that shows filings. Previous post mentioned on 2/13 that Something in London […]

Reminder: Insider Trading Turned Out Badly for Ex-KPMG Partner Scott London

UPDATE: See update below regarding sentencing timing. It's been quite awhile since we've been on the Scott London beat, but something interesting was brought to our attention late last week that's worth sharing. In a court filing from last month, London's attorney Harland Braun laid out the arguments against a Presentence Report by the United States […]

Footnotes: Patel Me This is a Scam; Is Air an Asset or a Liability?; Woe Be Scott London | 09.27.13

Professor Receives Two Prestigious Accounting Awards [Tennessee Today] Natural capital accounting: what's all the fuss about? [Guardian] Simply put, there are four natural capital accounting categories (air, water, land and biodiversity) and all are interdependent. These provide us with the crucial renewable and non-renewable resources and environmental services that benefit society as a whole. Our […]

KPMG Can’t Control the Scott Londons of the World, Says Scott London

Scott London pleaded guilty in Los Angeles court earlier today, but prior to his appearance, he gave an interview to the Wall Street Journal where he admitted that after he had given his watch guy/co-conspirator Bryan Shaw material, non-public information about KPMG clients 14 times, the two men decided that their little insider trading scheme […]

Let’s Ponder Scott London’s Potential Future in the Service Industry

Late yesterday, Scott London appeared in court to be arraigned on charges of securities fraud and afterwards he gave an interview to CNBC. In that interview ScoLo reiterated his statement that he had never passed material non-public information to a golfing buddy — or anyone else for that matter — prior to this incident. "I […]

Accounting News Roundup: Scott London Agrees to Plead Guilty; Business Stands Up for Corporate Interest Deduction; The NFL’s Tax-exempt Status | 05.29.13

Ex-KPMG Partner to Admit Fraud [AP]A former partner at the accounting firm KPMG agreed on Tuesday to plead guilty to a securities fraud charge for providing insider information to a friend who plied him in return with cash bribes, a Rolex watch and other luxury items. The former partner, Scott London, 50, agreed to plead guilty […]

Accounting News Roundup: E&Y: Come Clean on Taxes or It’s Curtains; Prepare to Hate Airfare a Little More; Scott London: Watershed for Auditors? | 05.07.13

Senate Passes Wal-Mart Backed Bill for Taxes on Web Sales [Bloomberg]The U.S. Senate voted to let states collect taxes on out-of-state Internet and catalog sales, sending the proposal to the House, where the issue is dividing Republicans. The measure, passed yesterday on a 69-27 bipartisan vote, would end the era of tax-free Internet shopping. It is […]

ANR: Scott London Was the Wrench in Herbalife’s Buyback Plans; Brits Want More Answers on Google’s Taxes; Trusts Will Take a Hit from Net Investment Tax | 05.01.13

Herbalife says KPMG's resignation hindered stock buybacks [LAT]Herbalife Ltd. said it had to scale back plans to repurchase its shares after KPMG resigned in early April as its auditor and withdrew its review of the company's annual financial statements for the last three years. The Los Angeles nutritional products company canceled plans to borrow money that […]

Scott London Won’t Be Making Flirty Comments on the Facebook Page of Bryan Shaw’s Wife Anytime Soon

It was nearly two weeks ago when we learned that ex-KPMG partner had dabbled in insider trading of several KPMG clients, including two — Herbalife and Skechers — that were audit clients of London's. It set off quite a firestorm, however when the criminal complaint against London came out, we discovered that the manner in which he and his golf buddy/watch guy Bryan Shaw conducted this little conspiracy was not too sophisticated. Phone calls. Meetings in parking lots. Black paper bags filled with cash. The Boss. It's what you might expect from a couple of middle-aged bros who had plenty of laughs together at the 19th hole. 

Accounting News Roundup: Being a REIT Is So Hot Right Now; Scott London’s Time Away From Skechers; Say Hello to Grant Thornton Kyrgyzstan | 04.22.13

Restyled as Real Estate Trusts, Varied Businesses Avoid Taxes [NYT]The trust structure has been around for years but, until recently, it was generally used only by funds holding real estate. Now, the likes of the Corrections Corporation of America, which owns and operates 44 prisons and detention centers across the nation, have quietly received permission […]

Accounting News Roundup: Doty: Auditors ‘flirting with stagnation’; Scott London: Cartoon Crook; Who Loves Doing Their Taxes? | 04.19.13

Audit market “flirting with stagnation”, says PCAOB chair [Accountancy Age]The audit market is "flirting with stagnation" because it is considered as an obligatory compliance function, best obtained at the lowest cost, the chairman of the US accounting watchdog has warned. Speaking at an ICAS memorial address, Jim Doty […], chairman of the PCAOB, suggested that audit […]

KPMG Insider: Partners Feel Betrayed By Scott London’s Actions

Ed. note: This post was written exclusively for Going Concern by a KPMG veteran employee that wished to remain anonymous. 

Let me start by saying I barely know Scott London. I emailed him a couple of times. I may have met him once in person (obviously it didn’t leave much of an impression). That was the extent of my interaction with him. In that limited time he seemed like a nice enough guy but that’s all I know about him. That statement was echoed by a few people I know who did work with him when this story broke. The general consensus was that it sucks that this happened to a nice guy.

Accounting News Roundup: Scott London’s Non-existent Baseball Career; An Alternative Maximum Tax; Trojan Providing Free Stimulus on Tax Day | 04.15.13

Scott London, KPMG Partner Accused Of Insider Trading, Lied About Baseball Career [HP]"There is no record of him ever playing baseball at Cal State Northridge,” Bob Vazquez, assistant athletic director at Cal State Northridge told The Huffington Post. “We checked our old media guides and media statistics. We want back from 1981 to 1986. His […]

Accounting News Roundup: KPMG Is Going to Sue Scott London; Lawyer: He Will Plead Guilty; What About Tax Fraud? | 04.12.13

Statement From KPMG Chairman & CEO John Veihmeyer [KPMG]KPMG LLP Chairman and CEO John Veihmeyer issued the following statement upon reviewing the criminal complaint filed today against former partner Scott London.  London was charged today in the Central District of California for conspiring to commit securities fraud through insider trading. “I was appalled to learn of […]

(UPDATE) Complaint Says Scott London Admitted to Tipping Bryan Shaw About Five KPMG Clients

~ Update below includes details from the criminal complaint, including Springsteen tickets!

From the Journal:

Mr. London was charged with one count of conspiracy to commit securities fraud through insider trading, according to the criminal complaint. He faces up to five years in prison and a $250,000 fine. The complaint said the trades generated a profit of more than $1 million for his friend, Bryan Shaw. The complaint also says Mr. London tipped off Mr. Shaw about five KPMG clients, more than was previously known.

Accounting News Roundup: Bryan The Jeweler; Scott London’s Handicap; The Masters Tax Break | 04.11.13

Trader Who Received Tips From KPMG Partner Issues Apology [Bloomberg]Bryan Shaw, a trader who said he received insider tips from fired KPMG LLP partner Scott London, apologized and said he’s been cooperating with the Justice Department and U.S. Securities and Exchange Commission. “During 2010 through 2012, I received non-public information from Scott London about a number […]

Lessons From L’affaire Scott London: Don’t Talk About Your Clients While Quoting Caddyshack

I love Peter Henning's suggestion that ex-KPMG partner Scott London was swapping Caddyshack quotes with his golfing buddy. Everyone having few drinks after playing a round inevitably sees someone walk by with a hideous headpiece and says, "When you buy a hat like this I bet you get a free bowl of soup." I think it's a law in Florida that you have to recite that line. 

ANR: KPMG’s Scott London: Leaks ‘started in an effort to help out someone’; ‘It just happened’; ‘Every day since this occurred I’m saying to myself how stupid I am.’ | 04.10.13

"Let me first say that I regret my actions in leaking non-public data to a third party regarding the clients I served for KPMG. Most importantly, and I cannot emphasize this enough, is that KPMG had nothing to do with what I did. The Firm bears no responsibility in this matter. These actions were by my choice and mine only. 

Accounting News Roundup: London Stock Exchange Dumps PwC for EY; IRS at SCOTUS; Workers Who Don’t Trust Their Employers | 04.23.14

London Stock Exchange switches auditing to EY [FT]PwC's head of assurance isn't worried though: "We are in a new era, when tendering and switching of auditors is on the rise. This creates opportunities for all firms, including PwC, to work with new audit clients." IRS gave bonuses to employees who owed back taxes. And that’s not […]

Accounting News Roundup: London’s Kickbacks Totaled $70k; Citi Has Tax Credits to Burn; Bingo Fraud Bounces Finra Official | 06.18.13

Former KPMG Partner Scott London: I Got About $70,000 in Kickbacks [CNBC]"I know I betrayed them," London said in an exclusive interview with CNBC outside of court. London did not deny any of the charges that federal authorities have laid out against him. But he insisted this is the only time in his career he ever […]

Accounting News Roundup: KPMG to Make Minor Changes After London Case; Enterprising Tax Maneuvering by Strip Clubs; Jack White Saves the Day | 06.05.13

KPMG Finds Its Safeguards 'Sound and Effective' [WSJ]KPMG LLP is completing an internal review that is likely to result in only minor changes to the accounting firm's controls in the wake of an insider-trading scandal. […] The case [of Scott London] prompted KPMG to review its internal safeguards, which the firm has said already were "world-class." […]

Accounting News Roundup: KPMG Chairman: Audit Partner ID Is ‘Misleading’; London’s Other Clients; Something for the Transfer Pricing Folks | 04.23.13

KPMG chairman says campaign against auditor anonymity misleading [Reuters]Renewed calls by U.S. regulators for those who sign off on audit reports to be publicly named, sparked by an insider trading scandal at KPMG, will do little to restore investor confidence, the audit firm's chairman said on Tuesday. Michael Andrew said the proposal would do little to […]

Former KPMG Partner’s ex-Golf Buddy/Co-conspirator Pleads Guilty in Insider Trading Case

Bryan Shaw, the man who provided ex-KPMG partner Scott London with Springsteen tickets, discount Rolexes, and black paper bags filled with cash in broad daylight, pleaded guilty to one count of conspiracy to commit securities fraud today.

Ex-KPMG Partner’s Broker Probably Won’t Be Doing Any Insider Trading For a While

The last man standing in the KPMG insider trading case (the one not involving Scott London) has finally fallen. From the SEC: Today [Aug. 14], jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions. Pirrello […]

Some of Our Favorite Accounting People Put a Bow on 2018 and Talk Robots in 2019

As you guys know, the editorial team at Going Concern has no shortage of opinions. But this year, we wanted to do something a little different. We wanted to hear from professionals who we consider to be influencers in the accounting profession. Or maybe we’re a fan of their contributions to the industry, or maybe […]

Another Former KPMG Employee Gets Into Trouble for Insider Trading

You can add Daniel Senn to the list of current and not-so-current KPMG employees and representatives, such as Scott London, Andrei Postrado, Thomas Avent, and Phil Mickelson (but not his KPMG hat), who have either been accused of, or found guilty of, insider trading. Senn, a Klynveldian auditor from 2007 to 2013, was convicted of […]

Do KPMG’s Summer Employee Perks Put All Other Summer Employee Perks to Shame?

This Accounting Today article on the perks KPMG is offering to its 30,000 U.S. employees this summer got me thinking about the summer employee perks, or lack thereof, I’ve received during my career. And I’m not just focusing on my last 19 years as a writer and/or editor. I’m going all the way back to […]

KPMG-Orlando-museum

Accounting News Roundup: Embracing Technology and A KPMG Museum | 05.23.17

Technology Maybe it’s just me, but I get the sense that the accounting profession is thin-skinned about its future. Any criticism of CPAs, how they conduct business, and their ability to adapt to the changing world is met with a defensive response akin to, “WE GET TECHNOLOGY. WE ARE WITH IT.” For example, AICPA President, […]

Accounting News Roundup: Tax Prep With Watson, GE Layoffs and Bribes | 02.02.17

Programming note: There will be no ANR or newsletter tomorrow. More details to come later today. H&R Block and Watson Last year, H&R Block drew the ire of CPAs everywhere with some videos that the AICPA didn’t think were very nice. H&R Block CEO Bill Cobb responded with, “Sorry, not sorry,” and we didn’t hear […]

SEC Accuses KPMG Partner, Two Others With Insider Trading

Thomas Avent, KPMG's Southeast region partner-in-charge of mergers and acquisitions is in a bit of trouble. The Securities and Exchange Commission filed a lawsuit against Avent, his stockbroker Raymond Pirrello and Pirrello's friend, Lawrence Penna of insider trading. The allegations are simple enough: Avent had access to material, non-public information through his KPMG's work of […]

Accounting News Roundup: KPMG’s Auditing and Diversity Problems | 05.20.16

KPMG's auditing Last fall, the PCAOB released its inspection report for KPMG and the results were not so good. Their 54% deficiency rate placed the firm 4th out of the Big 4. Unfortunately for KPMG UK, the findings of its audit regulator that came out yesterday are similar: KPMG has fallen behind its rivals in […]

Reminder: Don’t Let Inside Information Turn Into a Career Limiting Move

The US Supreme Court has agreed to review an insider trading case involving a man who used his brother-in-law's position as a banker at Citigroup to make more than $1.7 million. The Court's decision could redefine insider trading and could possibly make it more difficult for the SEC to prosecute insider traders who pass information […]

Accounting News Roundup: IRS Agent Sniffs Out Drug Lord; Ex-KPMG Partner Talks About Insider Trading; Rebranding the CPA | 12.28.15

Ed. note: We're taking it easy this week, so posting will be on the light side. News roundups and the occasional post will appear along with any breaking news. If you see anything newsworthy, email us or drop it in Open Items for discussion. The Tax Sleuth Who Took Down a Drug Lord [DealBook]This is […]

Former Ryan Principal Made a Helluva Career Limiting Move

Here's one those fraud cases I just can't get my head around. Sean Weaver, 33, a former principal with Ryan, LLC pleaded guilty today to a $20 million tax scheme. He ran the whole thing by himself out of the firm's transaction tax practice group. The FBI press release states that he was in charge […]

Ex-KPMG Partner Convicted of Insider of Trading Will Hit the Streets This Summer

Courtesy of James Ulvog, we learn that Scott London, convicted passer of material non-public information to a golf (former) buddy, is laying his head somewhere new: The Bureau of Prisons inmate locator shows that Scott London is currently under supervision of the Long Beach Residential Reentry Management office. His scheduled release date still shows at […]

Ex-Crazy Eddie CFO Now Judging Fellow Criminals on Their Criminal Talents or Lack Thereof

If there's anyone who knows about being a criminal, it's former Crazy Eddie CFO Sam Antar because he is one. Perhaps that's why CNBC recruited him to judge fellow criminals' performance much like Michelle Visage judging drag queens on their cakes and tucks (don't Google that). First, the background on the scam up for judging: […]

Last Minute Gift Ideas for the Accountant in Your Life

If you are looking for gift ideas for accountants, we suggest you check this post by CPA Insider. If you are looking for gift ideas for accountants that you can't actually buy, you came to the right place. Here are just a few things we would have liked to see this holiday season for the […]

A Quick and Dirty Guide to Getting Away With Insider Trading

Insider trading: the classic white collar money-making scheme. Do it right, and you’ll amass a fortune. Screw it up, and you’ll wind up stamping out license plates and teaching ethics CPE from behind bars with Scott London. We're here today to tell you how NOT to get caught because who knows, some day you may […]

Extra-Marital Affairs Site Claims Accountants are Kings of Romance Because Their Jobs are Boring

Well this ought to brighten up your day: A dating website that specialises in organising affairs for married people has said that accountants and those who work in the financial sectors are the most exciting people to go on dates with. According to Illicitencounters.com, accountants are most likely to find an interesting topic of conversation […]

Plan Your Day Around Your Internal Ethics Clock

I've been seeing these stories pop up about how night owls are more ethical at night, and knowing that most of us put in our time during the day despite the fact that we'd rather work third shift, thought this might be an item worth discussing. Fast Company explains the research: Whether you are a […]

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. http://t.co/1MdC3CewdK — 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: 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: Medtronic Gets in on Inversion; Deloitte’s New Seattle OMP; Grant Thornton’s ‘Dr. Poof’ Problem | 06.16.14

Medtronic to Buy Device Maker Covidien for $42.9 Billion [Bloomberg]Any guesses where Covidien is located? "Medtronic will pay the equivalent of $93.22 for each share of Dublin-based Covidien, or about 29 percent more than Covidien’s New York closing price of $72.02 on June 13, the companies said yesterday in a statement. The combined company, called […]

KPMG Plans to Stand By Their Man Phil Mickelson

Our buddy and fellow accounting enthusiast Michael Rapoport shared the good news via Wall Street Journal last night: KPMG LLP indicated Monday it continues to support golfer Phil Mickelson, with whom the accounting firm has a long-running sponsorship agreement. In a statement, KPMG said, “We have had a very strong relationship with Phil for a […]

Accounting News Roundup: Insider Trading Ups and Downs; Moral Tax Arguments; The Perfect Answer for a Public Accounting Interview | 06.02.14

Insider-Trading Probe Hits Snag [WSJ]Just when things were about to get interesting: "A snag has hit the insider-trading investigation of investor Carl Icahn, golfer Phil Mickelson and sports bettor William "Billy" Walters: News of the probe derailed government efforts to secretly deploy wiretaps, which have been key components of many successful insider-trading cases." Phil's not […]

Golf and Less Government Busybodying Could Have Saved Andersen, Says Former Andersen Partner

Larry Katzen knows Arthur Andersen, he spent more time working there than I have spent on this mortal Earth. He's written a memoir of his time at Andersen called And You Thought Accountants Were Boring (who said that!?) and tells the Pittsburgh Tribune-Review that the government should have just stayed out of the whole thing: […]

Ex-KPMG Partner Who Gave Insider Tips to His Former Golf Buddy Is Going to Talk About Ethics Before He Goes to Prison

For the low low price of $158, you can sit in on a live video interview with fallen star Scott London, who will be giving insight into the importance of ethics before he heads to prison due to his the ethical deficiency that led him to profit off insider tips he gave to his golf […]

Crony Links: Tax Breaks for Homeowners; Compassionate Management; Useful Business Travel Apps

If you've finished weeping for Scott London — get it all out, it's fine — take a spin around some other Sift Media websites for some other reading:  Open Items Making the transition: Part 1 – Failure to Launch AccountingWEB How to Get Tax Breaks on Your Home The Queen's AccountingWEB Spring clean your clients HRZone Compassionate management: the softer side […]

Herbalife Making Moves to Become Honey Badger of Investigations

Herbalife isn't having a great time but it's fine. No really, it's fine. First, they had to squash some rumors a few days ago with this press release: We have no knowledge of any ongoing investigation by the DOJ or the FBI, and we have not received any formal nor informal request for information from […]

(UPDATE) Some KPMGers and Their Kin a Tad Outraged They’re Missing Out on a Billion Dollars

We've put out a call for a copy of the email, which appears to be internal (hey, maybe YOU can share with the class), but until then, let's take a look at what has Klynveldians all worked up this time: WTF!! KPMG employees cannot enter in the Billion Dollar Bracket Challenge 🙁 "Quicken Loans has […]

ANR: Flimsy Corporate Investigations; BigLaw Accounting; Do You Attack Email with LIFO or FIFO? | 03.07.14

Beware the false reassurance of corporate probes [FT]An op-ed from Carson Block of Muddy Waters Research wants investors to be skeptical of those "independent investigations" companies conduct after they've been accused of fraud. He writes that law and accounting firms hired to perform them have little to gain by aggressively seeking out the truth: "Fraudsters […]

We Posted Open Items, You Won’t Believe What Happens Next

OK, I'm joking with that stupid headline. This isn't Upworthy or whatever viral aggregator du jour is cluttering up your Facebook newsfeed with nonsense headlines like that. I've really got nothing pending, although I do want to let you all know that as promised a few weeks back, we have something super exciting up our […]

Being an Ethical CPA Is Easier Than Ever Thanks to the AICPA’s Organizational Skills

The revised AICPA code of ethics may not help dissuade any future Scott Londons of the profession from trading on their audit clients but it should help you figure out if you can accept courtside seats from a client. From the Journal of Accountancy: Imagine you are the director of finance for a manufacturing company […]

Here Is a Short List of People Less Deserving of Bonuses Than IRS Employees

Not sure if you heard the news but the IRS has made friendly with its employee union and will distribute $43 million in bonuses, $32 million short of what the union says employees were owed. Well, Senator Orrin Hatch of Utah heard, and he felt this way about it: "It’s hard to think of a […]

Accounting News Roundup: Digging into the SEC vs. Big 4 China; Funny Business Around Herbalife; P&G CFO Talks Beards | 01.27.14

One Way Or Another: The SEC Versus The Chinese Big Four Firms [Re:The Auditors]A comprehensive look at the situation including the effect on multinational companies: "[L]ook at the audit of NuSkin, a US-based, US-listed company recently in the news for its troubles with China over its multi-level-marketing business model. News reports put its China revenue at […]

If You’re Going to Commit Fraud, Avoid These Obvious Phrases In Your Company Email (Duh)

Our friend and ex Crazy Eddie CFO Sam Antar has a new bug up his criminal ass, and it's EY teaming up with the FBI to combat obvious fraud. Check this out from Compliance Week: What do phrases such as "nobody will find out," "grey area,"and "they owe it to me" have in common? According […]

Here Are the Going Concern Editor’s Picks for 2013

Happy New Year's Eve, capital market helpers. To quote another, "Everyone sober? Close enough."  We figured it was about time we dug up some stories from the past year that we, the Going Concern staff, found enjoyable. We have been slaving over a hot blog the entire year just for you and now we're going to reacquaint you […]

Footnotes: We’ve Got Another Insider Trader On Our Hands; A Possible Deloitte Eff Up; EY Helps Out Some Kids | 12.18.13

Someone won that ginormous Mega Millions jackpot and it wasn't you [CNN] Speaking of the lottery, one of the winning tickets sold in San Jose isn't a winner for the city coffers [Mercury News] In case you haven't heard, GC is putting together Santa's Naughty/Nice list (of accounting). We've got all the usual suspects on […]

10 Things Accounting Professionals Should Be Thankful For This Year

Last year, we covered ten things for which the profession should be thankful ahead of Thanksgiving. Here are ten more because gosh darnit, we need to express gratitude every now and then in the middle of all the complaining that goes on here. Scott London Scott London isn't thankful for himself but let's be honest […]

According to this Sportscaster, Accountants Are the Only People Who Never Screw Up

Someone needs to introduce this guy to Arthur Andersen, Scott London, and the Cleveland intern with a highly condensed schedule of errands. That said, it's nice to know that average Joes still hold all of you in such high regard, because we all know none of you would EVER celebrate too early. Perhaps the AICPA […]

Here’s Your Open Thread for KPMG Compensation Discussions (2013)

UPDATE: Hopefully by putting this post front and center, this will eliminate any confusion. But try to use your inside voices. Some of us are trying to work.  UPDATE 2: It's been nearly week so we're moving this post over to the margin. Instructions re: inside voices still applies. It has been a year of […]

According to the Internet, the California Ethics Exam Is Harder Than the Actual CPA Exam

You'd think an ethics exam wouldn't even be required for the future CPAs of America, who are surely totally and completely ethical at all times. But if that were the case, the Prometric Gestapo wouldn't be so eager to stop and frisk CPA exam candidates before they sit down at their antiquated machine to take […]

What’s in a (Big 4 Partner’s) Name? Maybe a Lot

On Friday, Francine McKenna provided a perfect example of what investors could learn about the audit partners for public companies should the PCAOB start requiring the naming of names.  Francine, through her sources, was able to confirm that Linda McGowan was the partner for MF Global — something widely known amongst regulators, and lawyers involved […]

KPMG Gives Employees Just the Thing to Pick Up Their Spirits

The first half of 2013 took an unexpected turn for Klynveld Peat Marwick Goerdeler back in April when we all learned that former partner Scott London had shared material non-public information about the firm's audit clients with his watch-concert ticket guy/golfing buddy. While there has been almost no client backlash — the firm hasn't lost […]

Note: Condescending Negotiation Tactics Are Not Well Received By PwC

Never one to shy away from an opportunity to condemn the actions of any government agency, the Wall Street Journal Opinion Page came to a rousing defense of PwC, who is taking a bit of heat from the Equal Employment Opportunity Commission over their mandatory retirement age. The story starts in May 2010, when the […]

Apparently It Doesn’t Take Much for an Accountant to Get Kidnapped and Beaten These Days…

My esteemed colleague Colin linked to a version of this story this morning but because we worry for your safety out there and want you to be very, very aware that these things do happen, we figured it warranted a post of its own. Personally, I feel fortunate that though my public persona as #2 […]

Bryan Shaw’s Lawyer Has a Perfectly Good Explanation for His Client’s Guilty Plea in KPMG Insider Trading Case

For once, we have a lawyer who is of very few words: "He pled guilty because he is guilty," [Nathan] Hochman said. "Mr. Shaw, as he's been heard saying, made some incredibly stupid decisions."  We can expect a similar explanation from Scott London on May 30. Stay tuned. [LAT]

Bonus Watch ’13: KPMG’s “Early Career Investment Bonus” Payouts Start This Week

Remember back in 2011 when KPMG announced a loyalty compensation program called the Early Career Investment Bonus? It was a pretty creative plan on the firm's leadership to entice senior associates to stick with the firm for the better part of a decade. For that commitment, a person could hypothetically accumulate a $36,000 payout through […]

Accounting News Roundup: ‘Stupid is as stupid does’; Takin’ It Easy with New Revenue Recognition; PCOAB’s Hanson Looking for Perfect Auditors | 05.03.13

U.S. Economy Adds 165,000 to Payrolls [WSJ]U.S. job growth picked up in April and the unemployment rate ticked down again, suggesting steady but still-measured economic growth. Employers added 165,000 jobs last month, the Labor Department said Friday. The unemployment rate, obtained by a separate survey of U.S. households, fell one-tenth of a percentage point to 7.5% […]

ICYMI: BDO Picks Up Skechers After…Ya Know

Bravo Delta Oscar has come to Skechers' rescue and will re-audit the two years worth of financial statements that KPMG abandoned after we learned that Scott London spent some of his billable hours counting cards. From henceforth, gaining a client due to a scandal of a notable degree shall be known as "picking up a London." […]

John Veihmeyer Has a Friendly Message To New Associates In the Wake of KPMG’s Insider Trading Scandal

A tipster has sent us this lovely email from the Veihz that basically shows when in a crisis, it's best to face it head on and make sure your new associates do not regret their decision to join your firm. Since they're working for KPMG already, it's probably a good idea to reassure them as […]

KPMG Global Chairman Doesn’t Consider a Partner at His Firm Passing Material Non-public Information About Audit Clients to a Golf Buddy to Be All That Newsworthy

I mean, really. The chairman of KPMG has dismissed as a “one-day wonder” the insider trading scandal involving the former head of the firm’s Los Angeles audit practice. Michael Andrew downplayed the global prominence of the controversy involving Scott London, a senior audit partner who has admitted leaking client secrets to a golfing partner who traded […]

Accounting News Roundup: Herablife Will Be Auditorless a Bit Longer; “Scrutiny of auditors and accountants is overdue”; Grant Thornton’s Humblebragging; | 04.18.13

Herbalife Unlikely to Hire New Auditor Before Investor Meeting [Bloomberg]Herbalife Ltd. said it isn’t likely to hire an outside auditor before it holds its annual shareholder meeting next week, to replace KPMG LLP which resigned after saying a partner leaked inside information. A shareholder vote to approve a new auditor isn’t required by the company’s charter […]

Kaption Kontest Friday: Say Kheese!

Via the New York Times, ex-KPMG Partner Scott London (right) leaves court with his attorney, Harland Braun yesterday in Los Angeles.

KPMG’s Official Statement Meets Mystery (Bachelor of) Science (in Accounting) Theater

When a giant insider trading turd hits the fan of independence, KPMG spokesman Timothy Connolly is there with a Clorox wipe to sanitize the minds of the American public. Here's what he said. Be careful, it'll probably sting your amygdala. Late last week, we were informed that the partner in charge of KPMG’s audit practice in […]

Would You Rather: Have Part II of PCAOB Inspection Report Released or Find Out an Audit Partner Passed Along Inside Information?

Oh, to be a Big 4 firm these days. Yes, billions of dollars flow in from every corner of the world thanks to your professional services, but thanks to the audit practice, there's peril around every corner!  The news that former KPMG audit partner Scott London passed along inside information to someone outside the firm […]

(UPDATE) KPMG to Resign as Herbalife’s Auditor; Who’s Next? A: Skechers

~ Several updates below including the name of the partner fired by KPMG and statements from Herbalife and Skechers. That was fast. The New York Times reports that the KPMG will be resigning as the auditor of Herbalife:   Herbalife is poised to disclose on Tuesday that KPMG will have to resign as the company’s […]

Accountants Behaving Badly: EY Gal Pleads Guilty to Fraud, PwCer Fired for Upskirt Pics, Grand Theft Guilt

Plus, wrongful death lawsuit filed against TV show accountant, and Scottish accountant jailed for protecting crime gang member. EY employee conspires in £76k staff fraud [Accountancy Daily] EY Executive Assistant Sukhbir Mawkin and her husband, Anil Mawkin, were sentenced on Sept. 11 for carrying out a £76,000 over four years, using credit card and personal […]

Going Concern: 10 Years Of Giving You the Moon

July 20, 2009 was the 40th anniversary of Apollo 11 landing on the Moon. It also happened to be the first day that Going Concern was live on the Internet.  So now July 20, 2019 is here, and it’s their 50th and 10th anniversaries, respectively. A big coincidence? Or a cosmic signature that will forever […]

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Hey Y’all, Let’s Get Salty About These 2018 Elijah Watt Sells Award Winners

Whelp it’s that time of year again, the time when we recognize the efforts of an elite handful of CPA exam candidates whose performance on one of the toughest professional examinations out there ranks the best of the best. The AICPA handed out 110 Elijah Watt Sells Awards for 2018 last week, and as is […]

A List of Prominent Accounting Incompetence

In this age of pervasive unavoidable media, everyone has a platform, a handle, a persona, a BRAND. Or at least they want to. The reality is that no one gives a shit about your brand or your proprietary hashtag that is 50 million light-years away from trending. It’s bleak to think about, but the truth […]

suspect fraud promotion

Suspect Someone of Fraud? Give Them a Promotion

The trick to fraud is maintaining control. If you’re siphoning company funds into a bank account that you own through a dummy vendor, it’s key that you’re the person who approves those transactions and it’s even ideal if you can literally or figuratively cut the check. Yes, those are atrocious internal controls, but as we’ve documented […]

Accounting News Roundup: Red Tape, Easy IPOs and Creative Accountants | 04.04.18

White House Turf Battle Threatens to Delay Tax Law Rollout [NYT] Last week, we mentioned the dance off between Office of Management and Budget Director Mick Mulvaney and Treasury Secretary Steve Mnuchin, and this NYT story reports the latest details. Mulvaney believes “the I.R.S. should be subject to greater accountability,” and that OMB should be […]

Accounting News Roundup: Convenience vs. Necessity Tests and Free Bathroom Renovations | 08.09.17

Businessman telling businesswoman about how he’ll be working late, but not as late as her, and not be judged for it. Convenience tests This Bloomberg BNA article discusses the strange but very real issue for workers who work from home but also work in an office…that’s in a different state. New York, Pennsylvania, Delaware, and […]

Here Are the 2015 Elijah Watt Sells Winners

As you well know, there's only one correct score on the CPA exam: a passing score. However, some passing scores are more correct than others, as we have explained at length. The 75 individuals listed below scored better than the other 93,667 people who sat for the CPA exam last year. For Elijah Watt Sells […]

Accounting News Roundup: Monsanto’s Rebates; Deloitte Exec Capable of Decent Interview; Voluntary Job-Quitting | 02.10.16

Monsanto to Pay $80 Million to Settle Charge of Improper Accounting [NYT]Do you remember the matching principle? You know, one of the most basic guidelines in accounting that says that expenses should be recognized in the same period as revenues? It rings a bell, I'm sure. Monsanto seems to have had some trouble remembering it, […]

Accounting News Roundup: Google’s Long Shots; China and IFRS; Ditching Audit for Law | 11.25.15

Ed. note: Have a great Thanksgiving, capital market servants. Posts will be limited today and we're off tomorrow and Friday. If you have tips or links, hit the bottom at the top of the page or email us. We'll be back to full speed on Monday.  Everything You Need to Know About Nest, Google’s Big […]

Crony Links: Save Six Minutes a Day, Attention Management and Dogs at Work

If you need a break from coveting my CPA exam scores, the latest Rothstein Kass rumors or a KPMG Chairman talking about an unfortunate moment for his firm, here are some posts from other Sift Media sites last week you might find interesting.  AccountingWEB Jeff Davidson reminds us that your problems are not other people's problems (and […]