Layoff Watch ’20: KPMG Australia Slashes a Couple Hundred Jobs

First it was KPMG Canada earlier in the week, now Edmund Tadros of the Australian Financial Review is reporting some grim news regarding job cuts at the Australian House of Klynveld: Professional services firm KPMG will cut 200 roles and slash the pay of equity partners by almost 17 per cent in response to the […]

So What If the SEC Swallowed the PCAOB?

Skepticism is called for in reaction to the budget proposal to roll up the U.S. audit regulator, the Public Company Accounting Oversight Board, into the Securities and Exchange Commission, its statutory overseer. Do not mistake this reluctance to join the anxieties voiced by the usual suspects—among them former SEC chairman Arthur Levitt and former PCAOB chairman Jim […]

Layoff Watch ’20: KPMG Canada Seems to Be Going On a Pink Slip Frenzy

[Updated with additional information.] We’ve heard from a couple people on Tuesday morning who confirmed what we saw on Reddit last night about layoffs that have occurred at several different KPMG locations in Canada. Unconfirmed reports put the number of layoffs at around 200 throughout the country. Here’s one message we got on the tipline […]

Layoff Watch ’20: Friedman Cut a Bunch of People Loose

[Updated with additional information.] Remember that article we posted last week about layoffs? You know, the one about that recent Fishbowl survey that revealed 41% of accountants believe job cuts will happen at their firm because of the COVID-19 pandemic? Unfortunately that became a reality on March 26 for more than 50 people who worked […]

KPMG U.K. Chairman Diagnosed with COVID-19

The Financial Times reported this afternoon that Bill Michael, chairman of the Queen’s KPMG, has tested positive for COVID-19 and has been hospitalized. Mr Michael, who took over the Big Four accounting and advisory firm in 2017, has been in hospital for one week after becoming unwell but was only diagnosed with the Covid-19 virus […]

KPMG CEO Lynne Doughtie Assures Employees No Layoffs Are Coming

We got a tip this morning which we were able to confirm with two other sources that in an internal firm video we think was sent to employees last night, KPMG CEO Lynne Doughtie said protecting KPMGers during the crisis caused by the COVID-19 outbreak was her first priority and that layoffs would be an […]

The COVID-19 Pandemic Is Causing Many Accountants (and a Whole Lot of Consultants) to Freak Out About Losing Their Jobs

OK, let’s talk about layoffs and accountants. The COVID-19 pandemic and the resulting dumpster fire that is the U.S. economy has quite a few capital market servants worried about losing their jobs. And some have taken to sites like Fishbowl and Reddit to voice their concerns. The thing is, nobody knows what’s going to happen. […]

Number of the Day: 124%

Because a good deal of you guys are now working from home, accountants contributed to VPN usage in the U.S. increasing 124% between March 9 and March 22, according to data from Atlas VPN. From March 16 to March 22, VPN usage increase 71%. During the last two weeks, VPN usage in the US increased […]

Friday Footnotes: KPMG, PwC Have a Rep Problem; CPAs Start Trippin; Eff You, Pay Me | 3.20.20

CPA business executives worried about coronavirus [Accounting Today] CPAs who are also business executives are concerned about the potential global fallout from the coronavirus outbreak, although their outlook on the U.S. economy has risen in recent months, according to a new survey by the American Institute of CPAs. CPAs gather at State Capitol [Edmond Sun] […]

FYI, CPA Exam Candidates, COVID-19 Just Killed Prometric

Whelp it’s official, no one is going to be taking the CPA exam anytime soon. Prometric announced yesterday they are taking steps to close all testing centers in the United States and Canada for 30 days. Let’s check out the details: Within the past 24 hours, the US Centers for Disease Control (CDC) have issued […]

Even the PCAOB Is Now Hunkering Down at Home

This was just emailed to us by the PCAOB and has since been posted to its website. In case you haven’t heard yet, the PCAOB is going the mandatory work-from-home route too, effective immediately. The message says: The Public Company Accounting Oversight Board (PCAOB) is providing the following update on our current operations in light […]

Another EY Employee In the U.S. Has Come Down with Coronavirus

According to an internal email sent yesterday to EY employees in the Washington, DC area, there’s been another confirmed case of COVID-19 among the firm’s ranks, this time in Virginia. A tipster passed along the email to us, which was sent by Richard Jeanneret, Americas vice chair and US-East region managing partner, and Kevin Virostek, […]

Accountants Behaving Badly: Ex-BDO Puerto Rico MP Charged, Sick Demands, Stealing $365K

Plus, chartered accountant jailed after stealing £86,000, and bankrupt New Zealand accountant sentenced for swindling horse trainers. Ex-Puerto Rico officials charged in corruption probe [Bloomberg] Fernando Scherrer-Caillet, ex-managing partner of BDO Puerto Rico, was one of six people indicted by the U.S. Justice Department on March 11 over allegations of theft, money laundering and wire […]

Whaddaya Know, KPMG Is Going Full-On Work From Home Too

Honestly, I didn’t think we’d get an announcement until later this morning from KPMG about going mandatory work from home due to the COVID-19 outbreak in the U.S. But at around 10:45 p.m. CT Monday night, this message came in through the tipline: Kpmg has announced mandatory work from home starting 3/18 They r shutting […]

ernst young equifax

EY, PwC Jumping On the Mandatory Work-From-Home Bandwagon Due to COVID-19

Thanks to a tipster, here’s the email EY U.S. Chair Kelly Grier sent to all EYers Sunday evening regarding where they’ll be working for the foreseeable future: I’m reaching out this evening to express my recognition and concern for the evolving situation involving COVID-19 and the complexity and uncertainty it’s causing across our daily lives. […]

RSM US Joins the Mandatory Work-From-Home Party

Today’s been one of the most crazy and, in my opinion, unprecedented days we’ve ever seen covering public accounting, where three of the Big 4 and a slew of other firms are ditching their U.S. offices and going strictly remote work for the time being because of COVID-19. A tipster let us know this evening […]

COVID-19 Is In EY NYC Offices

From the tipline (thanks, tipster!) we have this email that went out to EY staff this afternoon. Last we heard there was a KPMG employee affected in Northern Virginia who visited EY offices but this is new. Dear all Tri-state EY people, There has been a confirmed case of coronavirus (COVID-19) with an EY employee […]

Apparently, PwC NYC Staffer Is a COVID-19 Victim

According to a post on r/accounting, PwC closed its two offices in New York City this weekend after a NYC employee tested positive for the coronavirus. Covid19 case at pwc NYC office from Accounting Also, posts on Reddit and Fishbowl have indicated other cases of COVID-19 in Big 4 U.S. offices, which we haven’t confirmed […]

EY UK Selects Old White Guy to Succeed Another Old White Guy As MP

The Financial Times is reporting today that former head of audit Hywel Ball is EY UK’s new managing partner “despite widespread speculation that it would be the first of the Big Four accounting firms to appoint a female leader.” That’ll teach y’all to speculate. Ball, a 35-year veteran of EY, beat out chief operating officer […]

BDO Employee In Canada Infected with Coronavirus

BDO is the first non-Big 4 firm that we know of that reportedly has an employee in Toronto who tested positive for COVID-19. Here’s what Global News in Canada reported on March 10: Global News has obtained a memo sent to workers at BDO Canada on Wellington Street East in Toronto advising them that a […]

SEC Employees In DC Will Be Working From Home for the Time Being

While some accountants are wondering why their firms haven’t told them to just work from home until the coronavirus hysteria dies down, the SEC told its employees in Washington, DC, just that in an email yesterday. The Washington Post reported: The Securities and Exchange Commission on Monday asked employees at its D.C. headquarters to stay […]

Accountants Behaving Badly: Ex-UAW President Charged with Embezzlement, Not Guilty Plea In Theft Case, Tax Fraud Sentencing

Plus, an accountant in India was arrested for secretly recording videos of women taking baths, and an Oklahoma City accountant was sentenced to 18 months in jail for embezzling more than $175,000 from her former employer. Former UAW President Gary Jones charged in U.S. corruption probe [Reuters] Former United Auto Workers President Gary Jones, who […]

Busy Season Zen: ‘The Bob Ross of Food Reviews’

Today I have a special treat for y’all. With 1.53 million subscribers, Steve1989MREInfo isn’t exactly an underground YouTuber, and I have no doubt some of you are already familiar with this Internet treasure. But for those of you who haven’t yet experienced the joy of a Steve1989 MRE review, get ready to meet your new […]

Deloitte Philippines Confirms Case of COVID-19

Another Deloitte employee has tested positive for coronavirus, this time in the Philippines, the firm said on Saturday. Deloitte released this statement earlier today: We can confirm that a colleague in our Deloitte Philippines office has tested positive for COVID-19. The colleague is currently in hospital receiving treatment and further tests, and Deloitte is supporting the […]

Former Deloitte CEO Disses Men and Their Spreadsheets

Does Cathy Engelbert have a point here, ladies? As the first female CEO of a major professional services firm, Cathy Engelbert learned a valuable lesson: Never trust a spreadsheet made by men. “No spreadsheet ever yielded a great result for women,” says Engelbert, who recently became commissioner of the WNBA after a 33-year career at […]

EY Madrid Confirms Employee Has Tested Positive for COVID-19

Another Big 4 firm has confirmed a case of coronavirus among its ranks. This time, an employee at EY in Madrid has tested positive for COVID-19, according to Reuters. An EY spokesperson told Reuters earlier today that the firm sent approximately 3,000 employees from its offices in Madrid home to work: “There’s one person who […]

Deloitte U.K. CEO Says Employee Has Coronavirus

In an email to staff on March 3, Deloitte U.K. CEO Richard Houston said one of the firm’s London employees who recently vacationed in Asia has been hospitalized after testing positive for coronavirus, the Financial Times reported. Deloitte said it was “deep cleaning” one floor of its offices in London but hadn’t quarantined its New […]

Accountants Behaving Badly: Guilty Plea In Panama Papers Case, NY Accounting Firm Arraigned, Owning Up to Ponzi Scheme

Plus, accountants from India are in hot water for embezzlement and fraud, and a Florida law firm accountant charged with attempted first-degree murder faces additional charges. Accountant Pleads Guilty Ahead of Trial in Panama Papers Case [Wall Street Journal] Richard Gaffey pleaded guilty in federal court on Feb. 28 to charges he helped a client […]

Busy Season Zen: These Marching Troops

I actually had a dinosaur mukbang planned for today’s Busy Season Zen but then I came across this and, well, considering it’s now March and busy season problems are in full swing, I figured why not. Seems oddly appropriate although I’m not entirely sure why. Volume warning, turn it down or pop in some headphones […]

Rant of the Day: Partners and Their F*cking Stupid Sandwich Choices

Looks like we’re reaching that time of year when tensions are just high enough for the small stuff to send some accountants raging but not quite to the point that people are having nervous breakdowns. The busy season sweet spot, basically. Today’s rant comes courtesy of Fishbowl. Forgive my copious notifications, I know some people […]

Ex-EY CEO Mark Weinberger Is Keeping His Plate Full

While perusing the interwebs last night, I saw that our favorite Kenny Powers lookalike, former EY Global Chairman and CEO Mark Weinberger, has a new gig. MW was appointed as a senior advisor for Los Angeles-based Stone Canyon Industries Holdings LLC, which owns several rail transportation companies as well as packaged ice maker Reddy Ice. […]

The Fortune 100 Best Companies to Work For: PwC #36 (2020)

Welcome back to our recap of the six public accounting firms that made the 2020 Fortune 100 Best Companies to Work For list. Last week we featured Plante Moran (#21), EY (#25), and KPMG (#32). We’ve got three more to give you this week, starting with a firm best known recently for its red pillows, […]

Accountants Behaving Badly: Jail Time for Filing False Tax Returns, and BDO Malawi Given Stiff Fine

Plus, accountants in India got into trouble for fraud, duping investors, and forgery, while an accountant in Australia was charged for allegedly defrauding a business out of $200,000. Delaware County business owner sentenced to 4+ years in prison for stealing funds from clients, filing false forms with the IRS [Justice Department] Accountant Myles Hannigan was […]

Busy Season Zen: Time To Pay the Dog Tax

Playing Overwatch recently, I lucked out and managed to solo queue with a decent group of players in Quick Play of all places. I realize this is going to go over your head if you don’t play the game, so for those of you who don’t, let’s say if Quick Play were an accounting firm […]

Friday Footnotes: PwC Runs to Supreme Court; Accounting Firm Hacked; CFO Accused of Fraud Shares His Story | 2.21.20

U.S. House Subcommittee Scrutinizes Accounting Rule Maker [Wall Street Journal] The new chairman of the House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets is targeting U.S. accounting rules in a move to increase oversight of a U.S. accounting rule maker, despite a potential battle to enact legislation or alter its […]

The Fortune 100 Best Companies to Work For: KPMG #32 (2020)

First off, congrats to KPMG for actually beating Deloitte and PwC at something. And congrats, Klynveldians, for your favorite firm moving up four spots from last year’s Fortune 100 Best Companies to Work For list. KPMG celebrated KPMG by putting out this over-the-top KPMG video on social media: Our ongoing commitment to our #culture, strong […]

The Fortune 100 Best Companies to Work For: EY #25 (2020)

I’ll admit I was a little surprised to see EY as the highest-ranked Big 4 firm on this year’s Fortune 100 Best Companies to Work For list. It’s been a while since the last time that happened—2010, when EY was #44. It’s unlikely possible to have a long and distinguished career at EY, as we […]

Arthur Andersen & Co.

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

Oh look, Andersen hired someone from a Big 4 firm who didn’t work for Arthur Andersen earlier in their career, unlike this guy. Andersen welcomes Edward Schulte as a Managing Director in the San Francisco office as part of the Alternative Investment Funds (AIF) practice. Edward has 18 years of experience in public accounting and specializes in […]

Promotion Watch ’20: CohnReznick Adds a Dozen New Partners

The love child of J.H. Cohn and Reznick Group celebrated its recently anointed partner class for 2020 earlier this month. But it’s nowhere near the size of last year’s class of 23 new partners. Maybe CohnReznick only added 12 people to the partnership this year so there wouldn’t be as many partners for Mazars USA […]

Accountants Behaving Badly: Ex-Marks Paneth Partner Going to Prison, Duluth Chamber Thief Faces New Charges, Selling Unregistered Securities

Plus, an ex-IT accountant in Tokyo was arrested for allegedly embezzling more than 10 million yen, and a Portuguese accountant is accused of having aided illegal immigration and falsified documents. Prison sentence for $2M Westchester fraud marks former Stamford CPA’s fall from grace [Westfair Online] Steven L. Henning, a former partner-in-charge of a litigation group […]