November 21, 2018

KPMG Is Thankful for SOX

I was kinda wondering this myself, but I figured the answer would be no. From Tammy Whitehouse of Compliance Week: KPMG is under fire in the U.K. for diminishing audit performance, particularly in connection with the collapse of British construction firm Carillion. The firm has reportedly advised its partners internally that it would halt all non-essential […]

Deloitte, CPA Get Taken to the Woodshed in Hong Kong

The Hong Kong Institute of CPAs doled out some fines on Nov. 13 to Deloitte Touche Tohmatsu and a Deloitte CPA for making some auditing faux pas. The firm and accountant Lee Po Chi each have to pony up $50,000 HKD ($6,384 USD) “for their failure or neglect to observe, maintain or otherwise apply professional […]

Grant Thornton U.K. Gets a New CEO

Good morning/afternooon, gang. We have some news to share from across the pond, as Grant Thornton has appointed a new CEO to replace Sacha Romanovitch. We are pleased to announce that Dave Dunckley has been ratified as our new CEO elect. His focus will be to create an organisation which powerfully connects a clear social […]

KPMG Adds Another Independent Warm Body to Its Board of Directors

KPMG has given retired Air Force General Janet Wolfenbarger a friend on its board of directors. KPMG LLP, the U.S. audit, tax and advisory firm, is pleased to announce the appointment of Linda L. Addison as an independent director to its U.S. Board of Directors. Addison is the second distinguished independent director the Firm has […]

KPMG Gets One-Year Auditing Ban in Oman

2018 has been a no-good, rotten year for KPMG. The firm has been embroiled in accounting scandals in the United States and South Africa, was told by the United Kingdom’s accounting regulator that its audit quality sucks, defended an indefensible audit of the now-collapsed Carillion in the U.K., was fined £4.5 million in the U.K. […]

The IRS Is Your Gross, Hairy Uncle Who Burps and Farts a Lot

Imagine sitting at a table with your family and closest friends enjoying the perfect Thanksgiving feast. The turkey is cooked to perfection, the ham is tender and juicy, the mashed potatoes are creamy and the gravy is smooth, the stuffing is savory, and the cranberries are tangy. Even the green bean casserole doesn’t make you […]

Hey, We Finally Found Something That EY Is Actually Good At

And that something is … cricket. Ernst & Young (EY) Oman has won the Auditors Cricket Tournament (Inter Audit firms) concluded recently. This is the fourth consecutive time that EY has won the Auditors Cricket Cup. Yes, the Auditors Cricket Cup is a thing. And the EY squadron really took it to the competition this […]

RSM US Revenue Topped $2 Billion in FY 2018

For those of you who keep close tabs on this stuff for some reason: The fifth-largest accounting firm in the United States in 2017 remains the fifth-largest accounting firm in the U.S. in 2018, as RSM US posted revenue of $2.14 billion for the fiscal year that ended April 30. RSM US’s 2018 revenue is […]

Tinfoil hat guy with tinfoil cat

The AICPA Has Gone Full Doobie-Smoking, Conspiracy Theorist Wackjob

As some of you may know, I love a good conspiracy. I love getting lost in bizarre corners of YouTube populated with bad Movie Maker “documentaries” about government experiments gone awry, celebrity cloning programs, and CIA mind control. I draw the line at lizard people; lizard people are just stupid. Obviously I realize most of these are […]

Boy studying

AICPA Announces 2019 CPA Exam Score Release Dates

Alright, kids, it’s the moment you’ve been waiting for. 2019 CPA exam score release dates are not only out (they’ve actually been out for a hot minute) but have been announced by the AICPA, meaning they’re probably pretty much set. By “set,” I of course mean as set as they possibly can be. The AICPA […]

DePaul University - Artificial Intelligence article

Should Accountants Be Worried About Artificial Intelligence?

Financial disciplines have long been the first thought-of areas where technology like artificial intelligence will cause dramatic disruption and upend entire ways of thinking. Accountancy is certainly no different from others in the finance umbrella, and we continue to see headlines explaining Why Artificial Intelligence is the Future of Accounting.  In many ways, the AI […]

Let’s Just Accept the Truth That Open Offices Were a Dumb Idea

Open offices haven’t been around nearly as long as the “open concept” home, but many office dwellers have complained about them from the beginning. For accounting firms in particular, the open office concept is pretty much the worst possible environment to stick a bunch of introverts into under some misguided belief it will increase “collaboration” […]

2019 Accounting Internship Programs, Ranked

Ah, internships: where bright-eyed, eager, budding capital market servants get their first taste of the hell that is a career in public accounting. But which accounting internship programs are the most popular among college students? Our friends at Vault have the answer. Vault recently released its top internship program rankings for 2019 in a bunch […]

MAC new jobs

How Deep Accounting Skills Can Help You Unlock Cool New Jobs

There’s a lot of upside to adding deep accounting knowledge and skills to your resume—impressive credentials, prospects for higher pay, and a chance to take your career to the next level, among other positive career boosts. If you already have solid work experience and have developed expertise in certain areas, adding accounting knowledge—and a Master […]

Pair of asses

Deloitte Mexico Auditors Attempt to Phone in Sloppy Audit Work, Fail

The PCAOB has barred, fined, and censured three Deloitte Mexico audit partners for their role in the absolute bamboozle of an audit on Prestaciones Finmart, a Mexican subsidiary of Texas-based EZCORP, Inc. Finmart accounted in FY 2013 and FY 2014 for approximately 21% and 26% of EZCORP’s consolidated assets and approximately 23% and 42% of […]

Financial Reporting Council’s Skipper Is Jumping Ship

Stephen Haddrill, beleaguered chief executive of the Financial Reporting Council, the audit regulator in the United Kingdom, is reportedly to debark by the end of the year. No surprise. Haddrill has been a marked man since early this year, his agency targeted in Parliament as “toothless,” “useless,” and “ineffective” amid an outbreak of outrage over the collapse of the […]

Former PCAOB Chief Auditor Martin Baumann Backs Out of IAASB Gig

Last month, we reported that Martin Baumann, the former chief auditor and director of professional standards at the Public Company Accounting Oversight Board, was going to be the next chair of the International Auditing and Assurance Standards Board. But due to “unforeseen personal circumstances,” he’s decided not to take the job. In a statement, Baumann […]

Ex-KPMG Partner Pleads Guilty to Using Stolen PCAOB Inspection Information

The former national partner-in-charge of inspections at KPMG pled guilty on Oct. 29 for his involvement in a scheme in which the Big 4 firm repeatedly used stolen confidential Public Company Accounting Oversight Board information to cheat the regulatory inspection process. Thomas Whittle, 55, pled guilty to wire fraud and conspiracy charges, pursuant to a […]

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The 150-Hour Rule is Kinda Bullsh*t, Says Guy

It’s only been about a generation of CPAs or so subject to the national implementation of the 150-hour rule, which is now in effect for all 54 CPA exam jurisdictions. As all of you know, the 150-hour credit requirement has been touted as a way to ensure modern CPAs are equipped to handle an ever-changing […]

Retired Accountant Among Those Slain in Pittsburgh Synagogue Massacre

Melvin Wax, an 88-year-old retired accountant, was one of 11 people killed when a gunman who often posted anti-Semitic slurs online opened fire during worship services at the Tree of Life synagogue in Pittsburgh’s Squirrel Hill neighborhood on Oct. 27. Six other people, including four police officers, were wounded in the attack. Robert Bowers, 46, […]

How Did the Big 4 Do in Snagging New SEC Audit Clients in Q3?

Answer: Nowhere near as good as Marcum, which brought 30 new SEC audit clients onboard during the third quarter—21 of which were former clients of GBH CPAs, a Houston-based firm that merged with Marcum in July, according to Accounting Today. New York-based Marcum ended the quarter netting 22 new audit clients, more than twice its […]

Ex-MLB Pitcher’s Career as an Accountant Not Going Really Well

A Minnesota man who twice had a cup of coffee in the big leagues as a pitcher with the Milwaukee Brewers was charged last week for allegedly cheating a flooring company out of about $250,000 while working there as an accountant. Ben Hendrickson, 37, of Excelsior, Minn., was charged in Anoka County District Court last […]

accounting work while traveling

3 Tips for Crushing Your Accounting Work While Traveling

Whether traveling for business or pleasure, working on the road is a necessary evil for most accountants. No matter how much you promise yourself you’ll unplug, work still manages to creep its way into any trip or vacation, in spite of promises of flexible hours and work/life balance from your firm. So if you’re going […]

Why PwC Kenya Manager Took His Own Life Still Remains a Mystery

It’s been nearly a week since Stephen Mumbo died of an apparent suicide after falling from PwC’s 17th-floor Delta Towers offices in Nairobi, Kenya, to a second-floor balcony of the building, and local authorities are still investigating why he took his own life. Reports out of Kenya surfaced earlier this week that Mumbo, an assistant […]

Drunk Kermit

Party Animals at Irish University Accounting Club Suspended for Fratty Rager on Campus

Those who believe accounting students are all buttoned-up introverts obviously haven’t met the Accounting and Finance Society at Dublin City University, which was suspended this month after word of their wild and crazy activities got back to school leaders. At an October 4 “initiation” for first-years, committee hopefuls were asked to engage in a variety […]

Ex-KPMG Executive Director Admits Guilt in PCAOB Inspection Leak Scandal

A former Public Company Accounting Oversight Board inspector-turned-KPMG executive director, who was accused of obtaining confidential information on which KPMG clients’ audits the PCAOB would be reviewing so the Big 4 firm could improve its dismal inspection results, pleaded guilty in Manhattan federal court on Oct. 16 for her involvement in the scandal. Cynthia Holder, […]

Re-allocating the Big Audit Market in the U.K.—Or Perhaps Not

Regulators and politicians in the United Kingdom may well disrupt the Big Audit model—judging from inquiries launched recently by the Financial Reporting Council and the Competition and Markets Authority. The series that I began on Re:Balance on Sept. 25 and Oct. 8 started to address the misguided nature of the purported “remedies.” It is making […]

WTF? CPA Accused of Stealing Over $93,000 from Girl Scouts, Cancer Center

Through the years, Going Concern has chronicled accountants and finance chiefs getting caught doing really shitty things. But if this accountant is found guilty of the charges levied against her, this has to rank among the shittiest of the shitty. From the Los Angeles Daily News: A certified public accountant charged with embezzling more than […]

accounting job blockchain consulting

Blockchain Consulting: A Unique New Career Path for Accountants

The hype over blockchain is reaching a fever pitch. According to Juniper Research, two-thirds of the world’s large corporations expect blockchain technology to be integrated into their systems by the end of 2018. Blockchain certainly introduces new financial opportunities. But opinions about the size and scope of those opportunities vary. Software development firm Ignite wrote […]

PwC Manager in Kenya Dies of Apparent Suicide at Work

A manager at PwC’s office in the Westlands neighborhood in Nairobi, Kenya, died on Friday morning of an apparent suicide, after he fell from the 17th floor of PwC Tower and landed on the balcony of the second floor of the building. The employee was identified as Stephen Mumbo, according to Peter Ngahu, PwC country […]

Plante Moran Adds 15 New Partners

Promotion Watch has landed in the Detroit ’burbs, where 15 men and women at top 15 firm Plante Moran have received their partner badges. Plante Moran’s partnership classes have gone up and down in numbers in recent years, kind of like Going Concern’s page views: 2018: 15 2017: 21 2016: 13 2015: 16 Much like […]

Moss Adams Admits 21 New Partners

When it comes to new partner promotions, Going Concern has never given much love to Moss Adams. But that ends today! Earlier this month, the top 15 firm, based in Seattle, gave 21 men and women keys to the partnership. This year’s class is rather large by Moss Adams standards: 2018: 21 2017: 14 2016: […]

Thumbs down BDO LLP

Those Who Know, Know BDO … Sucks at Auditing

So, the latest PCAOB inspection report of BDO USA is out, and man, it’s bad. You know it’s bad when even KPMG can do better. Well, at least according to the most recent available report, we’re still waiting on the suspiciously absent 2016 KPMG PCAOB inspection report. Anyhoo, back to BDO. They’re no strangers to […]

#WednesdayWisdom: Money Laundering Is Not a Specialization CPAs Should Pursue

Laundering your blue Oxford dress shirts, blouses, gray trousers, and fleece vests, good. Laundering money, bad. From the Times of San Diego: A San Diego-based certified public accountant was sentenced Tuesday to 21 months in federal prison for his role in an international drug trafficking, gambling and money laundering organization led by former University of […]

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PwC Global Revenue Hits $41.3 Billion in Fiscal Year 2018

You can breathe a sigh of relief, Green Dot Nation—Deloitte remains the largest accounting firm in the world. We thought maybe, just maybe, PwC would overtake Deloitte for the No. 1 spot this year, but PwC’s global revenue of $41.3 billion for the fiscal year that ended June 30, 2018 fell short of Deloitte’s global […]

RSM US Adds 68 New Partners and Principals

Oct. 1 was a big day for the denizens of RSM US, as 68 new partners and principals were released into the wild. RSM is pleased to announce our 68 newest partners and principals! https://t.co/seOK5zui4F pic.twitter.com/YqsSwVGjiA — RSM US LLP (@RSMUSLLP) October 1, 2018 This year’s class of new partners and principals at the firm […]

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Report: Big 4 Audits Are Rarely Led By Women

On this, the most sacred of #AuditorProud days, we thought we’d tackle the recent CFA Institute report [PDF] that shows women are woefully underrepresented as lead engagement partners. This data is available thanks to AuditorSearch and a hard-fought battle over the years to require partner naming on audit reports. Thankfully, that tattooing the client’s name […]

Some Grant Thornton U.K. Partners Are Trying to Undermine CEO, Say She Is Pushing a ‘Socialist Agenda’

Grant Thornton U.K. CEO Sacha Romanovitch isn’t very popular with a small group of partners who say she is pursuing a “socialist agenda” and has instilled a “culture of fear” at the firm where there are severe repercussions for speaking out, according to a Sept. 21 Financial Times report. Romanovitch, who became the first female […]

Deloitte Surpassed $43 Billion in Global Revenue in Fiscal Year 2018

The numbers are in, the press release is out, and the words “exceptional,” “unrelenting,” and “quality and distinction” were used by Deloitte’s No. 1 cheerleader, Global CEO Punit Renjen, to describe the firm’s 2018 fiscal year. I have no doubt that Green Dots around the world yesterday celebrated (i.e., sat half asleep at their desks) […]

WTF

NASBA Tweets CPA Exam Scores Are Up, Lies

It has been a strange week on Twitter for professional and semi-professional public accounting bodies the last few days, but NASBA has officially taken the crown from the AICPA for Twitter snafus. In case you missed our earlier discussion, @AICPA got hacked by Bitcoin scammers. At publication time, the scammers still have control of @AICPA. […]

retro computer

The AICPA’s Twitter Totally Got Hacked by Bitcoin Scammers

So, I’m the first to admit I don’t know shit about blockchain, nor do I care. But I do know that public accounting firms are anxious to appear far more tech savvy than lil’ ol’ me and have been wasting a lot of time and effort talking about the transformative powers of blockchain. We’ll include […]