Attn Minority Accounting Students: The AICPA Wants to Send You to a Leadership Conference (Free!)

Setting aside the snark for a moment to let you younguns know about an opportunity specifically for minority accounting students interested in attending the AICPA Accounting Scholars Leadership Workshop, which is going down May 13-15, 2020 in fabulous New Orleans. The AICPA Foundation is covering the entire experience including the cost of student attendees’ transportation […]

Uh-Oh, PwC, You’ve Gotten the Attention of the PCAOB

Somebody at the PCAOB must have read the Wall Street Journal article last week about Mattel and its auditor PwC allegedly burying an accounting error tied to Mattel’s ownership of Thomas & Friends because everyone’s favorite mess of an audit regulator is reviewing PwC’s work, according to Bloomberg, and probably whether the firm broke any […]

Promotion Watch ’19: KPMG Admits 138 New U.S. Partners

We’re about T-minus 30 days until KPMG releases its global revenue for fiscal year 2019. In the meantime, we got word on who the newest rainmakers in the Americas region will be for FY 2020. KPMG gave 266 lucky boys and girls in the Americas keys to the partnership. Of those 266, 138 are from […]

BDO

Hiring Watch ’19: BDO Nashville Wants You and Some of Your Friends

It looks like EY isn’t the only firm going on a hiring spree in Nashville. BDO is getting some new digs and will be needing some new capital market servants. The Nashville Post reported: Fifth + Broadway developer Brookfield Properties on Tuesday announced professional services firm BDO USA will take space in the multi-building development’s […]

Memo to Audit Firms: Altering Workpapers Is Still Frowned Upon

Amid all the drama and turmoil going on at the PCAOB right now, one thing hasn’t changed: PCAOB inspectors really love busting auditors for improperly altering workpapers. Eight auditors—two at Deloitte Korea and six at BDO Mexico—found this out the hard way recently. Because these auditors ignored the memo that altering audit workpapers is never […]

It’s That Time of Year When the SEC Gets Braggadocious

Now that the SEC is a little more than a month into its new fiscal year, the commission wanted to remind everyone that its enforcement division staff didn’t spend FY 2019 watching porn at work all day long. Yep, the SEC Division of Enforcement 2019 Annual Report is hot off the press, and in it […]

It’s Now Official: Grant Thornton Has Elected Brad Preber as CEO

UPDATE: Nice work, tipsters. Grant Thornton released the following press release today confirming the story we broke yesterday (see below line break): The Partnership Board at Grant Thornton LLP announced that Bradley J. Preber will serve as the firm’s CEO. The board appointed Preber to the role following a comprehensive search process, and the firm’s partners and […]

Layoff Watch ’19: KPMG U.K. Reportedly Will Cut an Entire HR Division

“Project Zebra” strikes again. The London Evening Standard has the latest about the bloodletting going on at KPMG. Apparently some people in HR are being told to hit the bricks: The Evening Standard can reveal that KPMG is taking the knife to its internal training team – which it calls Learning Deployment Operations – who run […]

Accounting Fraud Watch: Under Armour’s Messy House?, Former Soccer Club Chairman Convicted, Ex-Comscore CEO Fined

It’s been a while since we’ve posted an Accounting Fraud Watch, but there’s news to share, starting with Under Armour’s possible shady accounting. Five things to know about the federal investigation into Under Armour [Baltimore Sun] The Wall Street Journal broke the story on Sunday about Baltimore-based Under Armour’s accounting practices being investigated by the […]

OMG, the PCAOB Is Actually Holding an Open Meeting!

I hope everyone at the PCAOB remembers what to do during an open meeting. It’s been a while. The Public Company Accounting Oversight Board will hold an open meeting on Tuesday, November 19, at 10 a.m. ET, to consider the adoption of the PCAOB budget for the 2020 fiscal year and the 2019-2023 strategic plan. […]

Layoff Watch ’19: KPMG U.K. Partners Fear the Zebra

KPMG U.K.’s better-late-than-never belt-tightening endeavor called “Project Zebra” is leaving carnage in its wake almost on a weekly basis. First, about a third of the firm’s 630 administrative assistants are losing their jobs. Then, employees had to give up their work-issued mobile phones. Next, average pay per partner is reportedly being cut by 10% over […]

BREAKING: The Big 4 Audits a Lot of Companies In the U.K.

Wait, the Big 4 dominates auditor market share across the pond? I’m shocked: EY, KPMG, PwC, and Deloitte — collectively known as the ‘big four’ — audited 81.8% of all UK-listed businesses in 2018, according to figures from the Financial Reporting Council (FRC). Market share was up from 80% in 2017. The ‘big four’ also […]

Another Deloitte U.K. Partner Fined Over Bad Serco Geografix Audits

Ross Howard has joined fellow Deloitte partner Helen George as having received a “severe” slap on the wrist from the U.K.’s Financial Reporting Council for his role in the shoddy auditing of Serco Geografix Ltd., a subsidiary of outsourcing firm Serco Group PLC. Reuters reported: Britain’s accounting regulator said on Tuesday it had fined Deloitte’s […]

ernst & young report ashley madison

EY’s Run of Bad Press Continues

If all the negative headlines EY has been dealing with (and deserved) since the Huffington Post broke the story last Monday about the firm’s now-infamous 2018 training seminar for women leaders weren’t bad enough, an exposé that airs tonight on BBC One won’t do anything to help EY’s reputation and once again sheds light on […]

How Accounting and Finance Professionals Can Use Data to Gain Superpowers

You read that right—when FP&A, accounting, tax, and audit professionals can proficiently read, work with, analyze, and argue with data, they gain superpowers. These powers give you the abilities to complete tasks with incredible speed, make decisions driven by uncanny wisdom, unleash spectacular results for clients, and ultimately gain an astonishing edge on your competitors. […]

Which Big 4 Firm Had the Most IPO Audit Clients In Q3 2019?

The firm that puts the EY in cringEworthY training seminars for women audited the most initial public offerings in the third quarter, according to a new analysis from Audit Analytics. #Auditor Market Share for 53 #IPO companies in Q3 2019: EY: [20.8%];Marcum: [13.2%];Deloitte: [11.3%];PwC: [11.3%];KPMG: [11.3%];All Others: [32.1%] — Audit Analytics (@AuditAnalytics) October 10, 2019 […]

Guess Which Big 4 Firm Houston Astros Executive and Taunter of Female Reporters Brandon Taubman Used to Work At?

Houston Astros executive Brandon Taubman has made headlines in the past 24 hours for allegedly coming off as a jag in front of several female sports reporters. Deadspin wrote: During the Houston Astros’ clubhouse ALCS victory celebration Saturday night, Astros assistant general manager for player evaluation Brandon Taubman taunted three female reporters about the organization’s […]

EY Thinks Women Are a Bunch of Dumb Sluts: Report

Yesterday morning, browsing /r/accounting as I often do before our weekly conference call in which I pull ideas for the week’s content out of my ass, I came across a fresh post about an EY training seminar that supposedly implied women have “pancake brains” and need to be told not to flash the goods in […]

KPMG Heads to Court Next Week to Defend Itself for Being KPMG

Merrimack College in North Andover, MA, is trying to get some of that Klynveld money, alleging in a lawsuit that KPMG committed professional malpractice, breach of contract, negligence, and negligent misrepresentation. From Courtroom View Network: Accounting giant KPMG heads to trial next week in Massachusetts state court in a malpractice lawsuit filed by Merrimack College […]

KPMG U.K. Gives Its Cost-Cutting Plan a Stupid Codename

If Adrienne and I decide to do a second annual Going Concern Green Eyeshade Awards or Something Like That for 2019, I think we’ve found a winner of the “Dumbest Codename From a Big 4 Firm” award. From the Financial Times: KPMG has drawn up plans to save £100m in costs in a profit-boosting exercise […]

Critical Audit Matters: Does Anybody Care?

As if the standard auditor’s opinion weren’t already sleep-inducing enough. Standards in the United States now require auditors to identify critical audit matters (CAMs) in their reports on the financial statements of large public companies—things that, in the language of Auditing Standard 3101.11 of the Public Company Accounting Oversight Board, involved “especially challenging, subjective, or […]

2020 Accounting Internship Programs, Ranked

Did anyone else notice that Vault released its 2020 accounting firm rankings and accounting internship program rankings on the two biggest tax days of the year? The Vault Accounting 50 almost always comes out on April 15, and its latest ranking of the best accounting internships came out on Oct. 15. Coincidence? Probably … or […]

Compensation Watch ’19: Partners Are Down with IPP

I got an email the other day about the latest Rosenberg MAP Survey being available for purchase, and because I don’t have an extra $500 laying around (and neither do The Powers That Be at Accountingfly), I went looking for highlights from this year’s survey instead. And I stumbled upon some updated info about income […]

UPDATED: How Are Public Accounting Salaries Stacking Up for 2020?

By now you guys and gals in public accounting have most likely had compensation discussions with your respective firms. We assume that some of you were pleased with the outcome. But it’s probably more realistic to say that a majority of you were somewhat or extremely disappointed. While they might not have the most up-to-date […]

BKD Poaches Someone From FASB and Issues a Press Release

It’s fairly common for midtier accounting firms to raid the Big 4 to fill managing director, principal, and partner positions. We’ve seen it happen several times since May. Dixon Hughes Goodman did it, not once but twice. Blumshapiro did it. So too did Andersen and Mazars USA. Hell, even RSM and Grant Thornton have done […]

Promotion Watch ’19: Moss Adams Admits 28 New Partners

More than two dozen of Moss Adams’s finest got a Golden Ticket from the accounting firm’s very own Willy Wonka, Chairman and CEO Chris Schmidt, on Oct. 1. While we’re not sure if the new partner class of 2019 is the largest in the firm’s 106-year history, it is the biggest since 2014: 2018: 21 […]

Promotion Watch ’19: RSM Adds 80 New Partners and Principals

Whoa, the newest crop of partners and principals might be the largest ever at R to the S to the M. The good news was shared via Twitter on Oct. 1. AND THERE ARE FUN FACTS! Let's give it up for our 80 newest partners and principals! 🎊🎉 https://t.co/CEF9Uo7kDy pic.twitter.com/vKD78mYRyN — RSM US LLP (@RSMUSLLP) […]

kpmg general electric wells fargo

Another One of the ‘KPMG 5’ Has Pleaded Guilty In PCAOB Scheme

David Britt is the latest former KPMG partner who has admitted guilt for participating in a scheme to steal confidential audit inspection information from the PCAOB. Britt, 56, who was a co-leader of KPMG’s Banking and Capital Markets Group, pleaded guilty to one count of conspiracy to commit wire fraud on Oct. 3. His trial […]

CPA Canada Has Brought In the Lawyers to Figure Out How Last Month’s CFE Got So F*cked Up

Aw snap, shit’s real now, the lawyers have gotten involved. ICYMI, the long and short of the CFE debacle (lovingly dubbed “Fyre Festival for accountants” by angry Redditors) is that candidates in multiple jurisdictions were greeted with countless technical issues that peaked on Day 2 of the marathon three-day exam. Some candidates reported being “held […]

bdo kpmg deloitte zimbabwe

Promotion Watch ’19: BDO Admits 48 New Partners

Wayne Berson is letting 48 lucky guys and gals join the club, in what is one of the largest new partner classes in BDO USA’s history. Says Wayne-o: “We are proud to welcome the largest class of partners at BDO in more than 20 years,” said Wayne Berson, CEO of BDO USA. “Each of our […]

kpmg china medical

KPMG U.K. Is Getting Stingy

Today is New Year’s Eve in KPMG’s Universe, as fiscal year 2020 begins tomorrow. We won’t know KPMG’s global revenue for FY 2019 until mid-December, and the Queen’s KPMG doesn’t release its profit and revenue numbers until early December, but based on all this pound-pinching going on, we can speculate that KPMG U.K.’s 2019 results […]

Hiring Watch ’19: Deloitte Is Taking Applications In Gilbert, AZ

The latest Big 4 job creation news comes from Deloitte, which will be adding hundreds of jobs in Gilbert, AZ, as part of a major expansion at that location. Phoenix Business Journal reported: Deloitte is doubling its footprint in Gilbert and preparing to hire 900 more people. The global business consulting group announced last year it […]

Accountants Behaving Badly: Big 4 Scammer, Dude Got His Nads Cut Off, Refund Stealing

Plus, accountant sentenced to seven years in jail for fraud, and church-swindling accountant gets sentenced to three months in prison. Accountant tricked girlfriend out of thousands in cancer scam [Accountancy Daily] Badal Arun Hindocha, who cheated his Internet girlfriend out of £4,300 by claiming he was dying from stomach cancer, received a suspended jail sentence […]

10 Things We Learned During #AuditorProud Day 2019

Unless you’ve been living under a rock, you know that today is the fifth annual auditor lovefest known as #AuditorProud Day. There have been a lot of photos and videos posted on social media today of auditors holding balloons, wearing foam fingers, forcing awkward smiles, striking unnatural poses, and eating food of all kinds. Auditors […]

One Big 4 Firm Isn’t Among the 10 Best Companies for Working Moms

Working Mother released its list of the 100 best companies for 2019 yesterday, and the usual suspects from public accounting are once again on there (in alphabetical order): BDO USA Deloitte Ernst & Young Grant Thornton KPMG Moss Adams PwC RSM US Those are eight of the 12-largest accounting firms in the U.S. that made […]

Hiring Watch ’19: Does EY’s New Digs In Akron Mean New Jobs?

The answer to that question seems to be: eventually. So that’s good news for aspiring capital market servants and public accounting veterans looking for a change of scenery who live or work in or near Akron, OH. EY is getting new digs in LeBron’s hometown, moving its office from downtown Akron to the East End […]

Sorry, Lease Accounting Rules Don’t Care That You’re Trying to Keep Patients Alive

The Wall Street Journal recently checked in with the CFO of Genesis Healthcare to see how the transition to the new lease accounting standard is going. Not good, apparently: Genesis Healthcare Inc., a Kennett Square, Pa.-based post-acute health-care provider, for instance, had to chase down hundreds of small equipment leases, finance chief Tom DiVittorio said. Mr. DiVittorio […]

Accountants Behaving Badly: Naughty Kitty, Fancy Fraud, Cokehead Jailed

Plus, Colorado accountant arrested in child sex sting, and a UNLV accounting grad student is accused of killing ex-girlfriend. Essex accountant admits fraud against Cats production firm [BBC] Scott Hiskey, a U.K. accountant who worked for Monumental Pictures, pleaded guilty on Sept. 17 to a charge of fraud by abuse of position after admitting to […]

The PCAOB Hates Meetings As Much As We Do

Going Concern staff has historically not been fond of meetings. Caleb hated them. Adrienne doesn’t like them because that means she has to wake up before noon. And I don’t particularly care for meetings either. They’re usually a waste of my time. According to our friend Francine McKenna at MarketWatch, the PCAOB seems to be […]

PwC Equity Partner Pay Isn’t Too Shabby In the U.K.

Equity partners at PwC in the U.K. didn’t quite get the haul that their fellow equity partners at Deloitte U.K. got recently, but let’s just say they aren’t going hungry anytime soon. From the Financial Times: More than 900 equity partners, who share in PwC UK’s profits, will receive an average £765,000 for the year […]

Those Who Know, Know BDO CEO Wayne Berson Is Back for Another Term

You’d be smiling too if you were Wayne Berson. Wow, what a day at Bravo Delta Oscar! Not only did BDO USA announce that supreme leader and ex-cricket player Wayne Berson was re-elected by partners to a third term as CEO, but the firm achieved another record-setting year of revenue, topping out at $1.64 billion […]