Deloitte Sued By Unemployed Ohioans Who Are Unhappy Their SSNs and Addresses Were Visible For All to See

Welp, that didn’t take long: Deloitte Consulting LLP was hit with two suits by people who claim their personal information was exposed on state websites the firm built to administer supplemental coronavirus unemployment benefits. A group of Ohio residents sued Deloitte late Thursday in Manhattan federal court, after officials in that state, Illinois and Colorado disclosed […]

Summer Internship Roundup 2020: Everyone’s Gone Virtual

[Updated on May 25 with additional information about BDO USA.] For every 20 to 25 tips we receive about layoffs and pay cuts at public accounting firms during the COVID-19 pandemic, we get one about some firm’s virtual extravaganza being offered to summer interns this year. Yep, virtual. None of that worthwhile public accounting experience, […]

Friday Footnotes: KPMGers Happily Take Slashed Pay; New CPA Model Still a Go; No Rona Accounting | 5.22.20

AICPA Council supports advancement of new CPA licensure model [Journal of Accountancy] An effort to transform the CPA licensure model took a step forward Wednesday when the AICPA governing Council voted to support its advancement during its virtual spring meeting. Council voted to support the CPA Evolution initiative, which is being undertaken by the AICPA […]

Hiring Tracker: These Accounting Jobs Need to Be Filled Right Damn Now

[Updated on May 22 with two new job openings from Philip+Rae & Associates CPAs.]  Welcome to Going Concern’s Hiring Tracker, which we hope becomes a resource for accounting professionals who recently lost their jobs during the COVID-19 crisis. We’re asking public accounting firms, companies with openings in their accounting/finance departments, and even nonprofits that need […]

Person From Switzerland Has the PwC Playbook Down Pat

[Translated from German to English] “When the times are good, [PwC] hires young talent en masse, let them work through day and night, and when it comes down to it, put the team out on the street.” — an unnamed PwC Switzerland employee, when asked what they think about the firm’s cost-cutting measures due to […]

Is Trump’s Latest Executive Order Another Sign of a PCAOB-less Future?

On May 19, President Trump issued Executive Order on Regulatory Relief to Support Economic Recovery, directing federal agencies to address coronavirus-related economic emergency “by rescinding, modifying, waiving, or providing exemptions from regulations and other requirements that may inhibit economic recovery, consistent with applicable law and with protection of the public health and safety, with national […]

Three Former KPMG Partners Charged by SEC For Being Dirty, Dirty Cheaters

Just when KPMG thought maybe everyone had forgotten about that whole cheating scandal debacle, the SEC announced Monday it settled charges with three more dirty cheaters who once called the firm home. The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams […]

Friday Footnotes: KPMG’s Open Plan; Accountants’ Latest Worry; Vacation Time? | 5.15.20

KPMG LLP Introduces Dynamic, Risk-Based, Policy And Technical Framework To Help Organizations Safely Reopen Their Workplaces [PR Newswire] “Reopening organizations and bringing employees back on-site presents technical challenges complicated by the fluidity of the situation, public policy responses, and different challenges faced by businesses, their suppliers and their individual employees,” said Atif Zaim, Customer and […]

EY Netherlands to Partners: Umm, Please Give Us Some Capital

EY Netherlands partners are answering the call to help pad the Dutch firm’s coffers because business kinda sucks right now due to the Rona pandemic. Bloomberg reported earlier this week: EY’s Dutch unit is asking its partners in the Netherlands to stump up funding to help it confront the blow to its business from Covid-19 […]

Please Don’t Call Deloitte If Your House Is On Fire

“Hiring Deloitte [to manage PPE procurement] was a funny thing to do. If there is a fire, you don’t call the auditor, you call the fire service.” — said an anonymous clothing manufacturer based in northern England, who said Deloitte has ignored his company’s offers to make medical gowns for healthcare workers on the front […]

Promotion Watch ’20: Eide Bailly Adds 26 New Partners

That new partner smell is permeating the air in 17 Eide Bailly offices throughout the U.S., as 16 men and 10 women finally got seats at the big kids’ table on May 1. Cameron Zent, Aberdeen, SD Dennen Gamradt, Billings, MT Edie Hanson, Billings, MT Laura Hartwig, Boise, ID Amy Lai, Denver Dave Studebaker, Denver […]

Layoff Watch ’20: What In the World Is Happening at Deloitte Canada?

[Updated with additional information.] I don’t know if anyone else caught this comment that was left on the site Wednesday afternoon but it looks like shit is going down at Deloitte Canada: Deloitte Canada: laying off approx 400 from consulting workforce (year end pruning but also citing reduced demand); employees strongly (read obsessively) encouraged to […]

It’ll Be a While Before PwC Offices Are Back to Full Capacity, Obviously

CODE-E can’t wait to see everyone’s smiling faces again. From the Boston Globe on May 6: Many [Greater Boston area] employers are also thinking about phased approaches, for their own workforces. Take what’s happening at PwC’s Seaport office, where more than 3,000 people worked before COVID-19 arrived. John Farina, PwC’s Northeast managing partner, is planning […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part IV

In our latest installment of “Competitive Poaching From Around the World,” we travel to Scotland for some Big 4-on-Big 4 action. And it involves our favorite poaching rivalry: PwC vs. KPMG. This time KPMG of the Scottish variety did a little shopping at PwC. While not a press release, here’s an excerpt from a post […]

EY U.K. Is Waiting to Get Called to the Principal’s Office

I remember being deathly afraid of getting into trouble in elementary school because if you were called to the principal’s office, chances are you would get a swat or two on the buttocks from his spanking paddle. Well the U.K.’s Financial Reporting Council has taken its paddle out of the drawer, put it on the […]

Layoff Watch ’20: Is There Trouble Brewing at EY Canada?

Things are starting to look a little ominous at EY in Canada, as we were told the specter of layoffs looms if EYers don’t volunteer to cut their billable hours. According to a tip we received on April 30: Had a call today at EY Canada (Ontario). Partners are saying that unless people start taking […]

Friday Footnotes: About Blockchain; GDPR; Tracking Randoms? | 5.1.20

What Should Your CPA (Really) Know About Blockchain? [Forbes] Taxation, financial reporting and disclosure, and helping to instill confidence, via audits, in valuations of cryptoassets, are at least partially dependent on accountants being able to handle the workload associated with blockchain. Simultaneously there has been debate about what blockchain, and what blockchain as it connects […]

Wells Fargo Continues Bromance with KPMG

A bromance that began in 1931. Wells Fargo & Company (NYSE: WFC) announced today [April 28] that its shareholders elected as directors the 12 nominees named in the company’s proxy statement and approved the 2019 compensation of the company’s executives named in its proxy statement. Shareholders also ratified the appointment of KPMG LLP as the […]

Marcum Not Yet Ready to Pull the Trigger On Mass Layoffs

While some accounting firms in its weight class, like Crowe, Baker Tilly, EisnerAmper, and Wipfli, have laid off somewhere between 3% and 10% of their staffs due to the economic fallout caused by the COVID-19 crisis, Marcum hasn’t resorted to those measures. Yet. During a town hall meeting earlier this afternoon, Marcum CEO Jeffrey Weiner […]

Florida Governor Is Not Impressed with Deloitte’s Handiwork

“It was designed with all these different things, basically to fail, I think. This thing was a clunker, there’s no doubt about it.” — Florida Gov. Ron DeSantis said about the state’s unemployment claims website, CONNECT, which was built by Deloitte Consulting in 2013 when Rick Scott was Florida governor. The system has pretty much […]

Layoff Watch ’20: EisnerAmper Gave 44 People Some Bad News Today

[Updated with additional information.] We just got word that during a presentation this morning, EisnerAmper CEO Charles Weinstein announced that there have been layoffs at the top 20 accounting firm, according to two sources. According to one source, 44 employees were laid off today and those people did receive a severance package (unknown terms) and […]

Deloitte Australia COO Begs Partners to Stay Billable

“Please, please, please partners. Bill now. We need another billing month like March if we are to continue [the upward cashflow trend].” — Andrew Griffiths, chief operating officer of Deloitte Australia, during a Zoom meeting with partners on April 15. The firm’s overall utilization rate dropped from about 71% in the last week of March […]

PwC Continues to Dominate Vault Accounting 50 (2021)

Not even a pandemic, the likes of which we’ve never seen, could stop the folks at Vault from releasing its 2021 Accounting 50 today. But if you were hoping for a firm other than PwC to take the top spot in the latest Vault ranking of the top accounting firms in the U.S., well, you’ll […]

Layoff Watch ’20: It Was a Manic Monday at Whitley Penn

We had a bad feeling more public accounting firms would be laying people off this week due to the current economic situation caused by COVID-19. We really hoped that wouldn’t be the case. But it happened. Today. This morning we learned via Reddit that Whitley Penn, which has six offices in Texas, was the latest […]

Which Firm Had the Most IPO Audit Clients In Q1 2020?

It’s that time of year when our friends over at Audit Analytics begin to roll out their quarterly reports on initial public offerings and auditor market share. The research firm’s first quarter analysis is out, and there was a four-way tie for most IPOs audited in Q1—and it wasn’t a Big 4 sweep. But before […]

Pay Cut Watch ’20: It’s Not Good Friday at Moss Adams

Normally we start these posts with “and the hits keep coming” or some such thing but we’re rapidly running out of sassy intros so let’s just cut the crap and get straight to the news. We’re hearing from multiple sources this afternoon that Moss Adams has joined the ranks of accounting firms instituting pay cuts […]

PwC Australia Staffers Looking at Pay Cuts of Up to 40%

Another day, another big accounting firm slashing staff salaries during the COVID-19 pandemic. This time it’s PwC Australia. At least P. Dubs hasn’t laid anyone off (yet) like KPMG Australia did. The Australian Financial Review reported today: Big four consulting firm PwC will cut the hours and pay of under-utilised staff by up to 40 […]

CliftonLarsonAllen Is Cutting Staff Pay By 10%, No Layoffs Planned

[Updated with additional information.] During the afternoon on Friday, someone posted on Reddit that CliftonLarsonAllen had announced earlier in the day 10% pay cuts to all employees. Checks out. Here’s what came through the tipline late Friday afternoon: CLA announced this morning in a firm-wide webcast that they will be reducing all compensation by 10% […]