June 24, 2018

Global Firms

pwc culture

Former PwC Employee Latest Star of “Auditor Mishandles Sensitive Client Information”

I haven’t been a Big 4 auditor in quite some time, which means I haven’t taken any training on handling sensitive client information in quite some time. However, my keen sense of self-preservation tells me that if I were in possession of sensitive client information, the kind of information about, say, an upcoming acquisition, I […]

grant thornton uk ftse

Grant Thornton Admits 39 New Partners and Principals

Who are the new Grant Thornton partners? Glad you asked. The firm announced them earlier today along with new principals and managing directors, as is customary for the Purple Rose of Chicago. If you like to parse these things out, then it breaks down as: 27 partners, 12 principals and 28 managing directors. In the […]

grant thornton compensation 2017

Here’s Your Open Thread for Grant Thornton Compensation Discussions (2017)

By the sound of things, it’s time for us to open the gate on the Grant Thornton compensation thread. This is a little strange because, in years past, tips usually start rolling into our inbox in the last half of July. One message we received over the weekend, however, might explain the delay: Comp releasing […]

pwc hna

PwC’s 2017 to Forget Tour Rolls On

PwC, the Big 4 accounting firm most likely to request a mulligan on 2017, has been censured and fined $1 million by the PCAOB for violations in its audit of Merrill Lynch. The PCAOB order follows a SEC action against Merrill from last year after the broker “held tens of billions of dollars” of customer […]

sarbanes-oxley-accountants-whistleblowers-

Sarbanes-Oxley 15 Years Later: Accountants Need to Speak Up Now More Than Ever

This Sunday, July 30, 2017, marks the 15th anniversary of the enactment of the Sarbanes-Oxley Act (“SOX”) of 2002. SOX emerged after the “smartest guys in the room” caused Enron to implode, and WorldCom magically erased billions in earnings overnight. The scandals shook the public’s confidence in the reliability of financial reporting and led to […]

audit-firms-women-partners

The Number of Female Audit Partners Is Terrible

A new study shows that women are drastically underrepresented as audit firm partners, averaging only around 16 percent for audit partners with U.S. audit clients. In some cities such as Washington, D.C. and San Jose, California, the percentage of female partners was around 10 percent. Yikes. The Big 4 firms performed a little better than […]

Arthur Andersen & Co.

This Dusty Stack of Decades-Old Arthur Andersen Materials Can Be All Yours

Thanks to the unruly playground-cum-marketplace that is Craigslist, you now have the opportunity to own a bit of Arthur Andersen history. No, I’m not talking about the cheap swag that the most loyal Andersen alumni whisper empty prayers to on private altars hidden in storage units. I’m talking about the written materials that guided the […]

PwC fdic colonial

Ukraine Yanks PwC’s Bank Audit License

From the Financial Times, the National Bank of Ukraine “announced it had pulled [PwC’s] domestic bank auditing rights for failing in prior audits to identify a $5.5bn balance-sheet hole at PrivatBank, the country’s largest lender.” Look for a press release stating that the annexation of Crimea was totally legal from the firm in the coming […]

auditing SOX 404 internal controls

NYSE President Not Sure About All This Auditing

Over at the House Committee on Financial Services, some opposition to Sarbanes-Oxley has come up in a hearing called “The Cost of Being a Public Company in Light of Sarbanes-Oxley and the Federalization of Corporate Governance.” The gist of it is this — some people think regulations like Sarbanes-Oxley have made it too difficult to […]

big 4 big law hogan lovells

Big Law Firm Takes a Page From Big 4 Player Book

A couple years ago we talked at length about the Big 4 going after Big Law. Since then we’ve noted the firms talking about the growth of their legal practices, with one PwC bigwig stating his firm’s ambitious goals openly while an EY leader said their threat to law firms is overblown. As we’ve discussed, […]