January 16, 2019

Accounting News Roundup: The Big 4 Oligopoly; HoweyCoins; Phone Bans | 05.17.18

KPMG chair calls Big Four an ‘oligopoly’ after Carillion collapse [FN]
As usual, the Brits are little more forthright about their failings than their American counterparts. Where KPMG US CEO Lynne Douthie wrote vaguely about the alleged conspiracy of former partners, but beamed about how awesome the firm is, Bill Micheal, the UK chairman, admitted that the firm is part of an oligopoly and likened the collapse of Carillion to a plane crash. He also said that the audit profession needs to change to “create a safer sustainable system going forward.”

Elsewhere: Big Four accountancy firms plan for UK break-up

SEC Tries to Scam ICO Investors to Show Them How Easy It Is [Bloomberg]
HoweyCoins” features everything from a white paper to celebrity endorsements, and, of course, great returns on your investment:

We anticipate OVER 1% daily returns, with DOUBLE 2% returns on Tier 1 investors in pre-ICO stage secured purchases. The average registered coin return over a two month period in 2017 was an amazing 72%. Based on market conditions, including record-setting prospects in both the digital asset and travel industries, we expect surpassing that BEFORE the Tier 2 offering closes.

HODL! We also forecast a minimum growth rate of between 7% to 15% annualized, making HoweyCoins attractive for long-term investment. In addition, HoweyCoins can serve as a GUARANTEED hedge against inflation and market loss.

I have to believe that someone from the Fort Worth office was involved with this idea.

‘I Lost It’: The Boss Who Banned Phones, and What Came Next [WSJ]
“Don’t show up at a meeting with me with your phone. If someone shows up with their phone, it’ll be their last meeting,” one boss threatened a meeting full of his people. And, yes, while people glued to their phones are annoying, yelling at them seems a little, I don’t know, MONSTROUS. I much prefer the IT project manager who forced people to stand for the rest of a meeting when their phones went off.

Previously, on Going Concern…

I wrote about the end of comments on Going Concern. (Don’t worry, they will remain on Open Items.)

Grant Hutchinson wrote about internal audit careers.

In Open Items: Leave Big 4 then come back? (After trying to get into med school.)

In other news:

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