Layoff Watch ’20: Hearing EY Mexico Is Cutting People and Pay

We got a tip Wednesday night from someone who claimed (s)he was laid off from EY Mexico last week—and that this person wasn’t the only one to lose their job. Also, there have been pay cuts, according to the tipster: Many people have been laid off, and today was announced that all people will have […]

Firm That Calls Itself the ‘Construction CPAs’ Did Not Make the List of the Top 50 Construction Accounting Firms

Up until last year, there hadn’t been an actual ranking of the best independent construction accounting firms. But trade magazine Construction Executive is into that sort of thing, I guess. For its latest report, which of course has a pandemic-related theme, Construction Executive used an algorithm that weighed seven factors in descending order of importance […]

Layoff Watch ’20: PwC to Sever Ties with 5% of Its Workforce In Australia (UPDATE) PwC Limits Job Cuts to About 3%

[Updated on Aug. 3 with additional information.] PwC Australia CEO Tom Seymour said layoffs last month weren’t as large as anticipated—the firm let go of 250 PwCers instead of the 400 employees who had initially been targeted for involuntary departure by redeploying dozens of staff, according to the Australian Financial Review on Aug. 3: Mr […]

Friday Footnotes: KPMG’s Illinois Loot; Deloitte’s State Contracts; EY Poaches PwC Tech Partners | 7.31.20

As new pot licenses delayed indefinitely, global accounting firm pockets $7M from state to rank applicants [Chicago Sun-Times] KPMG was awarded nearly $7 million in no-bid contracts [in Illinois] to grade applications for new recreational pot licenses. State officials didn’t open the contracts up to competitive bidding to speed up the process. But as it […]

Looks Like There Will Be a Very Different CPA Exam by 2024

The Journal of Accountancy reported this week that the NASBA Board of Directors voted unanimously to support the proposed CPA Evolution, which would mean a slightly different exam with a stronger focus on technical skills, though core content is expected to remain the same. The AICPA Governing Council endorsed the model in May. We first […]

This Person Is Really Guzzling the PwC Kool-Aid

Saw this posted on Fishbowl a little bit ago, and I’m really hoping this is just a sarcastic PwCer having a little fun while working and not someone who believes all the tripe that comes out of management’s mouths:If you think this person isn’t being sarcastic and is trying to be a good soldier at […]

BDO U.K. Finally Loses Its Virginity to the Financial Reporting Council

Congrats to BDO for getting its first-ever fine from the U.K.’s Financial Reporting Council for committing an auditing boner. Now BDO can say it finally has something in common with the Big 4. The Financial Times reported today: Accountancy firm BDO has received its first UK audit fine from the industry’s regulator for rule breaches […]

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

[Updated on July 29 with three  job openings at Zeifmans.]  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 to hire some accounting […]

PwC U.K.’s Auditing Report Card Gets a Grade of U for Unsatisfactory

Yesterday we began our review of the seven audit quality inspection reports issued recently by the U.K.’s audit cops, the Financial Reporting Council, with Deloitte, which was found to have only four of 17 audits (23.5%) that weren’t up to snuff. Today’s victim is PwC. Let’s see how this stalwart of auditing did during the […]

Accountants Behaving Badly: Ex-Deloitte India CEO Gets 7-Year Audit Ban, KPMGer Fired for Facebook Rant, Ponzi Schemer Gets 10 Years

Plus, the engagement quality review partner for Deloitte India also got banned by an audit regulator in connection with IL&FS audit failures. NFRA bars former Deloitte head from audit for 7 years over lapses at IL&FS [Livemint] Former Deloitte Haskins & Sells CEO Udayan Sen was banned from auditing for seven years and fined Rs […]

Which Firm Had the Most IPO Audit Clients In Q2 2020?

Huh. Did you know there were 62 initial public offerings this past quarter? I didn’t. Then again, IPOs aren’t at the top of my “must keep track of” list with everything else going on in the world right now. But now that Audit Analytics has released its latest analysis on Q2 IPO auditor market share, […]

EY Poaches Someone From KPMG and (Not Yet) Issues a Press Release, Part II

In the About section of his LinkedIn profile, Charlie Simpson simply put down, “Delighted to have joined EY Parthenon to help grow our Advanced Mobility and Manufacturing business across Europe and globally.” It’s Simpson’s move to EY-P, the strategic consultancy located in the boiler room of the EY Global Battleship, that is the focus of today’s […]

Accountants Behaving Badly: PCAOB Fines Australian Firm, Larcenies In Massachusetts, Slammer Time

Plus, a former chartered accountant in India is accused of murder, and a U.K. accountant is jailed for three years for stealing thousands of pounds from car dealership. PCAOB fines Australian accounting firm $50,000, revokes registration for not following auditing rules too well [PCAOB] The PCAOB recently revoked the registration of Sydney-based HLB Mann Judd […]

Get Your Mind Out of the Data with Modern Analytics (So Your Accounting or Finance Career Can Take Off)

It’s hard to make your accounting or finance career dreams come true when you spend half your day gathering, blending, interpreting, and learning to understand your data. And that’s especially true when your data exists in many formats—from spreadsheets to databases to emails.  (By “dreams,” we’re speaking figuratively—we’re not talking about your recurring nightmare where […]

Layoff Watch ’20: BDO USA Waved Goodbye to Some Folks In Advisory

This came in through the tipline about an hour or so ago: BDO Advisory US had a RIF yesterday… about 3% of workforce… low performers but also told it was due to economic conditions… guess the comp reduction didn’t “keep our family together.” So the email I got yesterday from a person saying (s)he was […]

KPMG Employees Won’t Be Returning to the Office Anytime Soon

By the time KPMGers in the U.S. are finally allowed to leave their home offices to get reacquainted with their cubicles, fashion rules stipulate they won’t be able to wear white to work. The new KPMG leadership team sent a message to employees on July 13 that maybe they’ll be able to return to their […]

California Board of Accountancy Has Caught Everyone Up on the Whole Application Delay Situation

Since the very beginning of the COVID-19 pandemic, we’ve heard and read complaints from CPA exam candidates that the benevolent overlords of CPA licensure have failed to properly communicate ever-changing procedures, plans, and timelines. Now, although candidates’ position on the matter is understandable, what with the CPA exam being one of the hardest things they’ll […]

Friday Footnotes: Still Working on Diversity; What’s the Watchdog Up To; Record Fine for Deloitte? | 7.10.20

Strategies for CPAs to encourage positive changes in diversity [Journal of Accountancy] The racial injustice taking place throughout the United States has hit home hard for members of the AICPA National Commission on Diversity and Inclusion, who spend much of their time developing strategies and resources for improving the diversity of the accounting profession. Commission […]

Layoff Watch ’20: EY Canada Job Cuts Are Underway

[Updated on July 9 with additional information.] A couple months ago, we heard rumors that if EYers in Canada didn’t take voluntary unpaid time off and cut back their billable hours, there would be job cuts. Welp … EY Canada is starting a wave of layoffs. Does not appear to be a large round, but […]

Promotion Watch ’20: Withum Adds Six to Partnership

Because we’ve been talking a lot about promotions today, we wanted to give a shout-out to the five men and one woman who got their keys to the Withum partners’ lounge on July 1: The new partners are (from left to right): Scott Bartolf, Theater, Entertainment and the Arts, New York James Berg, Manufacturing, Distribution […]

Happy 4th, Y’all!

Happy Murica Day, everyone! Our benevolent handlers were kind enough to give us a three-day weekend so this is all you’re getting from us today. Knowing that some of you will be “at the office” holiday or no, here’s a little weekend reading. See you back here first thing Monday. Working from home: What does […]

Apparently the Shocking Thing About Ivy Leaguer Fired by Deloitte For Her TikTok Rant Is That an Ivy Leaguer Would Want to Work at Deloitte

Surely by now you’ve all heard of the Harvard grad fired by Deloitte before she even served a single day for the firm after a politically-charged TikTok video of hers went viral. It seems Deloitte doesn’t like it when their incoming consultants threaten to stab people, even if said threat is really just “an analogy” […]

By the Numbers: $2.06 Billion

That’s how much General Electric paid its longtime external auditor KPMG in fees from 2000 to 2019, according to an analysis of GE’s proxy filings for each of the past 20 years. GE dumped KPMG on June 22, ending an 111-year relationship. Deloitte will be GE’s new external auditor beginning in 2021. Here’s a breakdown of […]

EY Still Atop Public Company Audit Client Leaderboard

EY having the most public company audit clients in 2020 isn’t really the biggest news coming out of Audit Analytics’ latest analysis of public company auditors because the Black and Yellow has led each of the past half-dozen years. The bigger news is there’s a different Big 4 firm occupying second place. While EY has […]

EY’s Care Kit for Employees Does Not Include Pancake or Waffle Mix

But the care kit EYers received for their eventual return to the office does include reusable cloth masks, hand sanitizer, and a forehead thermometer (not pictured below). The source who sent us the photo, whose spouse works for EY, called the care kit “a legit, nice, late gesture from Uncle Ernie” and added that the […]

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EY Partners Told How to EYsplain Wirecard Mess to Clients

The Financial Times reported on Monday: EY has told its partners how to prepare for difficult conversations with clients about its audits of Wirecard, the German payments company that has filed for insolvency after admitting that €1.9bn of cash probably never existed. In an internal note to senior partners on Friday, EY advised them to tell […]

EY Poaches Someone From KPMG and Issues a Press Release, Part I

We’re going back to the U.K. for today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” where private equity specialist Jo Taylor is moving up from No. 4 to No. 3 in the Big 4 rankings. From a press release seen by the website TheBusinessDesk.com: EY’s transaction tax team in Manchester continues to […]

Ex-EY Partner Karen Ward Dealt Setback In NY Federal Court

Law360 has the latest on Karen Ward, the former head of real estate investment banking at EY, who asked a Manhattan federal court last July to invalidate the arbitration agreement she signed several years ago that has prevented her from suing EY over claims she was a victim of sexual harassment, gender discrimination, and retaliation, […]

What COVID-19 Tells Us About … SALT

COVID-19 may be the newest exacerbator of high blood pressure in humans, and it is having an effect on another well-known catalyst for stress, SALT. But this is not your old-fashioned table variety we are referring to. In the accounting department at the University of Maryland’s Robert H. Smith School of Business where I teach, […]

Auditor Swap: General Electric and KPMG Officially Call It Quits

A love affair that spanned more than 110 years is coming to an end. General Electric announced today that it and KPMG are going their separate ways after this year. And GE’s new external auditing paramour is Deloitte. Here’s the statement GE released on Monday morning: GE (NYSE:GE) announced today that, following a thorough and […]

Promotion Watch ’20: PwC Admits 232 New Partners and Principals

Today is Promotion Day at PwC, a day to celebrate all those PwCers who earned their new stripes and stepped up in rank, including the firm’s newest class of 128 partners and 104 principals. This year’s class of 232 partners and principals isn’t as robust as the previous two years, but it’s the third largest […]

Big 4 Lawsuits: Illinois Resident vs. Deloitte, Gridsum Investors vs. PwC, Ryan LLC vs. EY

Illinois Unemployment Data Breach Leads to ID Theft, Class-Action Lawsuit Claims [Illinois Policy] Deloitte—already being sued by two groups of Ohioans who claim their personal information was exposed on state websites the firm built to administer coronavirus unemployment benefits to independent contractors—is now being sued by an Illinois woman who said she was a victim […]

Number of the Day: 0.366%

According to a report by The Telegraph, this is the percentage of black equity partners at the Big 4 firms in the U.K. Just 11 of the almost 3,000 equity partners at the Big Four accounting firms are black, forcing bosses to promise a push for diversity in their senior ranks as the Black Lives Matter movement turbocharges calls for racial […]

Accountants Behaving Badly: KPMGer’s Racist Facebook Rant, Wife Killer Charged Again, Thankful For the Rona

Plus, serial embezzler sentenced to nearly three years in prison, and United Arab Emirates accountant jailed for money laundering. KPMG distances itself from manager’s ‘racist’ Facebook rant [Trinidad Express] Sachin Boodram, an audit manager at KPMG in Trinidad and Tobago, probably should’ve just stuck to posting selfies, inspirational quotes, and recipes on his Facebook page. […]

Happy 50th Birthday to Walking KPMG Billboard, Phil Mickelson!

Everyone’s favorite blue-KPMG-hat-wearing, non-U.S.-Open-winning, left-handed duffer is turning the big 5-0 today. And the honorary Klynveldian was appreciative of the birthday wishes from the Mothership. Thank you @KPMG for the many years of support. I’m 50, time has flown by and I’ve loved every second of it! https://t.co/WMV8XYSRmO — Phil Mickelson (@PhilMickelson) June 16, 2020 […]