July 17, 2018

EY Promotes 747 New Partners Worldwide

We here at Going Concern have been anxiously awaiting the new EY partners announcement, and it finally came today. The 747 new partners worldwide in the class of 2018 is the most in three years. So, I suppose fireworks were in order: Today we're proud to celebrate our 747 diverse new partners around the world […]

Changing the Big Audit Model: Where Might the Regulators Go?

In the Federal Deposit Insurance Corp.’s litigation against PwC over its audits of the failed Colonial Bank in Alabama, Judge Barbara Rothstein has loosed a second blast—her decision of July 2 fixed damages at $625 million for the liability spelled out at length in her decision last December. Appeals will come, making premature any crystal […]

Earnings Forecasts Look Sunnier When You Put GAAP in the Shade

More and more of the largest companies in the United States are using their favorite nonstandard accounting metrics to forecast earnings, and as long as the Securities and Exchange Commission allows it, they’ll continue to do it. For example, Newell Brands Inc., which makes Sharpie markers and Rubbermaid containers, forecasts that a key measure of […]

Report: Deloitte Employees Want the Firm to Cool It With ICE

Deloitte employees are circulating a petition saying they have “moral objections” to the Big 4 firm providing consulting for Immigration and Customs Enforcement and are asking management to sever ties with the immigration agency, the New York Times reported on July 12. According to the petition and internal emails obtained by the New York Times, […]

KPMG U.K. Chairman Taking Heat for Defending Carillion Audit

An article published today by The Times in which KPMG U.K. Chairman Bill Michael defended the firm’s audit of Carillion is getting some reaction on Twitter—good for the newspaper, bad for Michael and KPMG. The article states: The chairman of KPMG has hit back at MPs in charge of the inquiry into the collapse of […]

Big 4 U.K. Leaders Ready to Wine and Dine With Trump This Evening

Unlike some business leaders who are worried that attending an invitation-only dinner with President Trump later on tonight during his visit to the United Kingdom will damage their reputation, Big 4 U.K. leaders seem more than willing to break bread with the commander in chief. Trump, who has already arrived in the United Kingdom after […]

Whoops! Tax Law Gaffe Puts Restaurants’ Renovation Plans on Hold

Back in December, White Castle Vice President Jamie Richardson was singing the praises of the GOP tax bill, calling it “the biggest good thing for small business in three decades and a generation.” But I think he might be changing his tune. The “House of Sliders” is among the fast-food restaurants and retailers that have […]

Big 4 CMA

Does the Big 4 Value the CMA Certification?

When talking about certifications prized by the Big 4, everyone sounds like a broken record: the CPA, the CPA, the CPA, and just to mix it up, sometimes they mention THE CPA. Is there any other certification that Deloitte, PricewaterhouseCoopers (PwC), Ernst and Young (EY), and KPMG find appealing? What about the CMA, another one […]

Trump’s Supreme Court Pick Wrote Majority Opinion in Loving v. IRS

As Politico tax reporter Bernie Becker pointed out today, federal appeals court judge Brett Kavanaugh, who President Trump nominated to replace the retiring Justice Anthony Kennedy on the U.S. Supreme Court, wrote the majority opinion in Loving v. IRS that the tax agency does not have the legal authority to regulate tax return preparers in […]