Auditor Swap: Papa John’s Dumps KPMG For Its Ex, Ernst & Young

Sometimes the grass isn’t always greener on the other side. Pizza chain Papa John’s must have realized this as it’s dropping KPMG as its independent auditor in favor of EY, which audited the company’s financial statements from 1990 to 2017. EY will take over Papa John’s external auditing duties for the fiscal year ending Dec. […]

Have You Been Approached By a Colleague to Participate In a Fraud?

Good morning, GCers. Some friends of ours at the University of Illinois at Urbana-Champaign and Queen’s University in Kingston, Ontario are conducting research on group fraud and other highly unethical acts, and we’re hoping you can do them a solid and help them with their project. While I’m sure they wouldn’t pass up an opportunity […]

Layoff Watch ’19: Walmart Accountants and Finance Workers In Charlotte, NC

The Charlotte Business Journal reported last week on some doom-and-gloom news for Walmart accountants based in the Queen City: Retail giant Walmart Inc. will lay off hundreds in Charlotte starting later this year as it outsources its finance and accounting operations. The retailer filed a Worker Adjustment and Retraining Notification with the N.C. Department of Commerce this […]

Mother Nature Vandalized a Bunch of Windows at KPMG Building In Dallas

A powerful storm with high winds hit the Dallas area during the afternoon on June 9, blowing out the windows of some downtown skyscrapers, including the building where KPMG is located. The NBC affiliate in Dallas-Fort Worth reported: At the KPMG building downtown, nearly a dozen windows were broken when construction debris from another building […]

Here’s More Proof That KPMG U.K. Totally F*cked Up the Way It Handled Bullying Allegations Against Partner

The Financial Times reported today that three—THREE—senior executives at KPMG U.K. were aware of and ignored concerns from staff as early as 2017 alleging senior partner Sanjay Thakkar was acting like a bully before they finally got around to launching an investigation about the complaints last October. KPMG employees approached the firm’s UK managing partner Philip […]

Hiring Watch ’19: Hey Auditors, PwC U.K. Now Has 500 Job Openings For You to Fill

Whoa, if you haven’t seen by now, the Queen’s PwC announced some pretty big news earlier today. The Wall Street Journal reported: Professional-services firm PricewaterhouseCoopers LLP on Wednesday announced various measures aimed at overhauling its U.K. audit business, amid growing regulatory concerns about the quality of the country’s audit sector. PwC, one of the Big […]

When It Comes to Audit Quality, Deloitte Is the KPMG U.S. of Australia

And that’s not a compliment. The Australian Financial Review reports: Deloitte has attacked the way the corporate regulator assesses audit quality as inaccurate, “not fit for purpose” and too volatile, after revealing its latest inspection findings were the poorest of the big four consulting firms. The Australian Securities and Investments Commission found that in 14 […]

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Experts: Kids These Days Don’t Give a Shit About Making Partner

Over the years, we’ve written countless articles mocking the paranoia constantly brewing in the accounting profession over [insert threat here]. Usually it’s robots coming to take your jobs or “something something millennials,” and although we’re happy to rip on Alex Jones fanbase-level fear over threats real, imagined, and/or exaggerated, there is often a smidge of […]

Wesley Bricker Is Stepping Down As SEC Chief Accountant

This just in from the SEC: The Securities and Exchange Commission today announced that Wesley R. Bricker, Chief Accountant, plans to leave the agency after more than six years of distinguished service. Mr. Bricker was named as the SEC’s Chief Accountant in 2016, after serving as the deputy chief accountant. Earlier, he served as a […]

CohnReznick Will Have a New CEO In 2020

Ch-ch-changes are coming at the top of CohnReznick, as partners at the top 15 accounting firm this week elected David Kessler as CEO, effective Feb. 1, 2020. Kessler will succeed Frank Longobardi, who has been CEO since October 2015. Longobardi will remain at the firm until he reaches CohnReznick’s mandatory retirement age in January 2021, […]

Deloitte Is Apparently Going to Help the Other SEC with Its Zebra Problem

From the Associated Press yesterday: The Southeastern Conference hired international accounting firm Deloitte to conduct a review of its football officiating, reacting in part to what Commissioner Greg Sankey called the intense, often opinionated view of referees by the public and media. Sankey said conversations began in September about ways to examine officiating and find […]

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Auditor Swap: AZZ Says Buh-Bye to BDO USA, Hires Grant Thornton

Auditor shopping has made the news a little more than usual of late, with high-profile companies like Fitbit and Goldman Sachs in the U.K. both kicking PwC to the curb in favor of a fresh, new set of eyes. Then there’s General Electric, which might end its century-old relationship with KPMG after this year. While […]

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Escaping the Dungeon: The Hottest Accounting Jobs for Q2 2019

A lot of us at Going Concern would’ve rather been chained up in the dungeon with Tyrion Lannister instead watching last weekend’s “Game of Thrones” finale. But we’d prefer just about anything over being trapped in the figurative dungeon of boring, thankless accounting jobs. Here’s something that’s more omg-so-awesome “Breaking Bad” finale than fade-to-black “Sopranos” […]

KPMG Can Now Say It Has a Canada’s Sports Hall of Famer Among Its Ranks

Two-time Olympic gold medal-winning freestyle skier-turned-KPMGer Alex Bilodeau is one of eight people who will be inducted into Canada’s Sports Hall of Fame this year. He’s with some pretty impressive company, as the 2019 class also includes three-time Stanley Cup champion goalie Martin “Uncle Daddy” Brodeur and four-time Olympic gold medal-winning Canadian women’s hockey player […]

Two Internal Auditors Thought They Could Get Away with Insider Trading, LOL

Two internal auditor buddies got a starring role in an SEC litigation release after they were charged with insider trading for monkeying around with secret information about their respective employers. Lloyd Schuman, a former senior internal auditor at Verso Corp., and Dane Janes, an internal auditor with Ashford Hospitality Trust Inc., agreed to pay a […]

Which Big 4 Firm Is Paying Its Interns the Most?

Summer internship season is fast approaching, as thousands of bright-eyed young men and women will soon flood accounting firms all over the country, hoping to not have their wills crushed and not screw up too badly so they receive a full-time offer of employment. But what are these eager ladies and gents getting paid to […]

acfe global fraud conference

5 Crazy Fraud Stories You Would Never Believe (If They Weren’t True)

From Russian government assassinations to multimillion-dollar blood-testing scams, there’s never a shortage of surreal fraud stories to rock the financial industry each year. And each year, the Association of Certified Fraud Examiners (ACFE) hosts the ACFE Global Fraud Conference to bring to life these hardly believable (yet true) financial cases by way of those who […]

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Survey: Accountants Want to Spend As Little Time In the Office As Humanly Possible This Summer

Here’s something that Adrienne and I are completely in agreement with: In a recent survey from staffing firm Accountemps, employees said the best summer perks their companies could provide to them are flexible schedules (52 percent) and early departure on Fridays (27 percent). But which perks are employers actually offering? Fifty-four percent of senior managers […]

PCAOB Releases Teaser Trailer of 2018 Inspection Findings

Testing internal control over financial reporting, assessing risks of material misstatement, and auditing accounting estimates (you know, the yoozh) continue to trip up auditors, according to the PCAOB, which offered a sneak preview of what we can expect in 2018 audit firm inspection reports. More than 160 U.S. audit firms were inspected by the PCAOB […]

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UPDATED: What In the Hell Is Happening to CCH?

Get excited, Tax Twitter, you’re about to get your moment in the sun. Granted it’s a moment of total panic, but still, a moment. So, if you haven’t heard, CCH has been borked since yesterday. When we say borked, we don’t mean “some users are having access problems,” rather the entire thing has been nuked […]

Another Day, Another Fine for KPMG

Here we go again … A U.K. regulator on Wednesday fined KPMG LLP and a partner at the firm after they admitted to misconduct in relation to the audit of financial statements of Co-operative Bank PLC. The Financial Reporting Council, Britain’s watchdog for accounting and audit, handed KPMG a fine of £5 million ($6.51 million) […]

Hiring Watch ’19: EY Is Looking for Some Fresh Faces In New Orleans

First Nashville, now the EY hiring caravan is heading to New Orleans. Ernst & Young, an international accounting and business services firm, will create an administrative support center in New Orleans that will add 200 employees in the next three years, city, state and economic development officials announced Monday (May 6). The center will be […]

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Accounting Fraud Watch: Samsung Bioepis, Celadon Group, More on BT Italy

Catching you up on the latest fraud happenings in the world of accounting. Two Samsung employees arrested over alleged cover-up [Financial Times] Two executives of Samsung’s biopharmaceutical unit were arrested earlier this week on suspicion of destroying evidence to cover up an alleged $3.9 billion accounting fraud. The Seoul Central District Prosecutors’ Office in South […]

Hide Your Pain Harold Meme

Here’s Another Article Advising Dumb-Ass Old People On How to Talk to the Youths at Work

Welcome back to another installment of “GC Shits on Legitimate Accounting Publications For Writing Stupid Advice.” I’m your host Adrienne. In today’s episode, we’re going to destroy this recent Journal of Accountancy article about how to improve cross-generational communication in a professional setting. Now that Generation Z has entered the workforce, colleagues at a single […]

The Big 4 Will Stomp On Your Creativity Like a Grape

In an interview with the Australian Financial Review, Nicola Mansfield talked about why she jumped ship from Deloitte Australia recently to become the managing director of Interbrand, a brand consulting firm owned by global advertising company Omnicom Group. Mansfield joined Deloitte in late 2015 after the Big 4 firm bought the brand and spatial design […]

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KPMG Just Can’t Stay Out of Trouble

On this week’s episode of “KPMG Did Something Bad” … A U.K. regulator on Tuesday fined KPMG LLP and three executives after an investigation that found misconduct in relation to the audit of financial statements of a Lloyd’s of London insurance syndicate. The Financial Reporting Council, Britain’s watchdog for accounting and audit, fined KPMG £6 […]

Which Firm Topped the Big 4 in IPO Audits in Q1 of 2019?

2019 is supposed to be a record-breaking year for initial public offerings. At least that’s what the experts have been telling everyone. Barrett Daniels, Deloitte’s national IPO services leader, said the IPO market in 2019 “could end up being historic,” while Jackie Kelley, EY Americas IPO leader, said “this is going to be the best […]