PwC

Tim Ryan Isn’t Worried About Poaching at PwC Because of Heart or Something

“We spend about half a billion dollars a year on upskilling our employees. A big part of our [leadership team] debate three years ago [was] well, if we make our employees more relevant then they’ll get stolen. What we’ve seen is the contrary. We’re investing in our employees—we’re leading with our heart, we’re leading with […]

EisnerAmper Poaches Someone From PwC and Issues a Press Release, Part I

Brent Lipschultz has boomeranged back to EisnerAmper after a four-year layover at PwC where he was a partner in the firm’s Personal Financial Services practice. Lipschultz, who has been a guest on CNBC a time or two to talk about taxes, investor confidence, and a bunch of other wealth advisory stuff, has re-emerged at EA […]

Uh-Oh, PwC, You’ve Gotten the Attention of the PCAOB

Somebody at the PCAOB must have read the Wall Street Journal article last week about Mattel and its auditor PwC allegedly burying an accounting error tied to Mattel’s ownership of Thomas & Friends because everyone’s favorite mess of an audit regulator is reviewing PwC’s work, according to Bloomberg, and probably whether the firm broke any […]

PwC Probably Did Celebrate When It Helped Mattel Cover Up an Accounting Error

By now you guys have probably read the Wall Street Journal article yesterday that explains what Mattel and PwC did to bury accounting issues related to the value of the Thomas & Friends show for kids. If for some reason you’ve been too busy to surf the web or dick around on Reddit in the […]

Weaver Poaches Someone From PwC and Issues a Press Release, Part I

Today we have another example of a big fish in a small pond. The small pond being the brand spankin’ new Weaver office in Oklahoma City. The big fish is Zeeshan Khan, who is no longer representing the autumnal hues of PwC. The national accounting firm Weaver, one of the 35 largest certified public accounting firms […]

Dallas Jury Convicts Amber Guyger of Murdering PwC Accountant Botham Jean; Ex-Cop Given 10 Years to Think About Her Choices

A jury of eight women and four men sentenced former Dallas police officer Amber Guyger to 10 years in prison on Oct. 2 for killing PwC Dallas accountant Botham Jean, a day after the jurors convicted her of murder. The jurors—five of whom are black, five are Hispanic or Asian, and two who are white—only […]

PwC Earns Record Revenue of $42.4 Billion In FY 2019, Is Still the First Loser

Another Big 4 accounting firm has touted that it made more money in fiscal year 2019 than ever before. First, it was EY. Then it was Deloitte. Now today, PwC sent out its own masturbatory congratulatory press release, saying it achieved a record $42.4 billion in global revenue for the year ending June 30. That’s […]

PwC Fined $7.9 Million By the SEC for Making Pretty Dumb and Obvious Independence Violations

About a month ago, we chided RSM US for being fined $950,000 by the SEC for getting caught providing non-audit services to audit clients, saying that a firm like RSM should’ve known better. But PwC got busted today by the SEC for also doing non-audit work for audit clients, which pretty much reinforces how shady […]

Ex-Cop Who Killed PwC Accountant Botham Jean *Will* Stand Trial In Dallas County

District Judge Tammy Kemp made her decision a short time ago, rejecting the request from the attorneys of Amber Guyger, the former Dallas police officer who shot and killed PwC accountant Botham Jean last September, to move her murder trial out of Dallas County. #BREAKING: Judge rules Amber Guyger's murder trial will remain in Dallas, […]

One Year After PwC Accountant Botham Jean Was Murdered, Jury Selection Has Begun In Trial of Cop Who Killed Him

A year ago this evening, PwC Dallas accountant Botham Jean was chillin on a couch in his apartment watching a college football game when the front door to his unit opened, and there stood Dallas Police officer Amber Guyger, still wearing her uniform. Guyger had just come home to the South Side Flats apartment complex […]

Auditor Swap: Bubble Popped On EY’s Engagement with Sealed Air Corp.

Bubble Wrap maker Sealed Air Corp. disclosed in a securities filing earlier this week that it dumped EY as its external auditor and hired PwC, the Wall Street Journal reported yesterday. Now, EY losing an audit client isn’t all that shocking. According to Audit Anaytics’ recent analysis of auditor changes in the second quarter of […]

RSM Did a Little Talent Shopping At the Big 4

And Adams & Co. came away with a new tax principal and a new risk consulting leader. First up is Brad Collins: In his role as a principal with the firm’s national tax team, Collins leads the firm’s efforts to identify opportunities where RSM can eliminate tax data management challenges for private equity and hedge […]

Attorneys For Ex-Cop Who Killed PwC Accountant Want Her Murder Trial Moved Out of Dallas, Obviously

Citing “prejudicial” and “inflammatory” media coverage as the reason, the attorneys for Amber Guyger, the former Dallas police officer who killed PwC accountant Botham Jean in his apartment last September, recently filed a change of venue motion to move her murder trial out of Dallas County, saying she can’t get a fair trial there. But […]

Blumshapiro Poaches Someone From PwC and Issues a Press Release, Part I

Blumshapiro’s newest tax partner in Beantown has a great deal of experience in the Big 4 trenches. blumshapiro, the largest regional business advisory firm based in New England with offices in Massachusetts, Connecticut, and Rhode Island, recently announced that Joe Feehan has joined the firm as a Tax Partner in the Boston office. Feehan has […]

Peeping PwC Pervert Busted With a Huge Collection of Upskirt Pics on His iPhone

In this day and age, most of us wander the world assuming our likeness is captured around every corner. Between run-of-the-mill Big Brother surveillance, red light cams, and modern humans’ propensity to broadcast nearly every moment of their waking lives to the internet, getting photographed in public is nothing out of the ordinary (if still […]

Auditor Swap: KPMG No Longer a Smash Hit with Movie Theater Chain Cineworld

Sometimes relationships outlive their usefulness, especially when one partner takes the beer goggles off and realizes that the other partner has been acting kinda shady lately, become too expensive to be with, and the old adage, “You can’t put lipstick on a pig,” seems more fitting each day. That expensive pig with lipstick on is […]

Jury Selection In Amber Guyger Murder Trial to Begin Exactly One Year After She Killed PwC Accountant Botham Jean

Two noteworthy things came out of former Dallas police officer Amber Guyger’s first court appearance on June 6 before the judge who will preside over her murder trial in the slaying of PwC accountant Botham Jean: 1. Jury selection to begin Sept. 6. That is the one-year anniversary of when Guyger came home to the […]

PCAOB Doesn’t Take Kindly to Auditors Who Alter Audit Documentation Prior to an Inspection

For years, the PCAOB has pleaded with auditors to quit altering audit workpapers after being notified of an inspection, and some auditors continue to thumb their noses at the PCAOB. Like Humayoun Khan, a former PwC auditor, who was accused of improperly altering a previously archived workpaper in anticipation of a PCAOB inspection. A PCAOB […]

Promotion Watch ’19: PwC Admits 249 New Partners and Principals

The most prestigiest firm in all the land unveiled its 2019 class of new partners and principals on May 31, and it’s another big one: I am thrilled to welcome 249 new partners to our @PwCUS family! These leaders have led by example and I'm excited to see what the future holds for them and […]

‘I’m F*cked’: What Amber Guyger Told 911 Dispatcher After She Killed PwC Accountant Botham Jean

A Dallas TV station obtained the audio recording of the 911 call made by now-former Dallas police officer Amber Guyger after she shot and killed PwC accountant Botham Jean in his apartment, in which she repeatedly tells the dispatcher that she thought she was entering her apartment. Guyger, 30, is scheduled to go on trial […]

PwC’s 2017 PCAOB Inspection Report Is Fairly Unspectacular

So far among the top seven firms in the U.S., the PCAOB has released 2017 inspections reports for five: one was god-awful (RSM US), one was horrible (KPMG), one was pretty, dare I say, good (Deloitte), and one was dynamic (Grant Thornton). PwC’s inspection report would probably fall on the “good” side (if you consider […]

You’ll Have to Pry Vault’s ‘Most Prestigious Firm’ Title Out of PwC’s Cold, Dead Hands

A little while ago, we told you how PwC locked down the top spot in Vault’s 2020 Accounting 50—the seventh consecutive year the firm has been ranked No. 1.  But believe it or not, this isn’t the longest win streak P. Dubs has going when it comes to Vault’s rankings. Even though the House of […]

PwC Once Again Tops Vault Accounting 50 (2020)

It’s one of our favorite times of the year at GC HQ when our friends at Vault put out their yearly rankings of the top accounting firms in the U.S. in several categories. But for now, we’re going to focus on the overall top 50 ranking. The No. 1 firm in the U.S. for 2020, […]

The Olds vs. PwC: Age Discrimination Case Can Proceed as a Collective Action

It’s been a while since we’ve had an update on Rabin v. PricewaterhouseCoopers LLP, the age discrimination lawsuit accusing PwC of favoring younger workers over individuals over the age of 40 for entry-level positions within the firm. Well, we’re happy to tell you we have a little bit of news, courtesy of Law.com: U.S. District […]

Trial of Ex-Dallas Cop Accused of Killing PwC Accountant Botham Jean Delayed Until September

Amid all the Chicago Cubs angst that has been in my Twitter feed of late was this tweet from the Dallas Morning News: Former Dallas officer Amber Guyger's murder trial delayed in slaying of Botham Jean https://t.co/RHdhIN1FnA — Dallas Morning News (@dallasnews) April 2, 2019 Guyger’s murder trial was supposed to begin on Aug. 12, […]

Thief

PwC Embroiled In Massive Office-Wide Theft Scandal

People who aren’t accountants no doubt believe accounting to be one of the most trustworthy professions out there, second only to Buddhist monkistry, the clergy (in most cases, anyway), and professional seeing-eye dogging. However, despite being bound by a strict code of ethics under their respective professional licensing bodies, as well as their own rigid […]

Ex-Dallas Cop Accused of Murdering PwC Accountant Botham Jean Will Go On Trial In August

The murder trial for Amber Guyger, the former Dallas police officer who was charged in the 2018 shooting death of PwC Associate Botham Jean, will begin on Aug. 12, according to published reports. Guyger and her attorneys made a brief appearance in court on March 18 for an “announcement setting,” but a gag order issued […]

Tim Ryan Crunches More Than Just Numbers

A couple hours ago, as I’m putting together today’s newsletter, Adrienne and I got a text from Caleb that said, “Tim Ryan does 1,200 sit-ups in a day? Holy shit.” I thought, “What the hell is he talking about?” So, I Googled “Tim Ryan PwC sit-ups,” and sure enough, a March 13 Wall Street Journal […]

PwC New Zealand Accountant Killed in Christchurch Mosque Terrorist Attack

A 27-year-old chartered accountant from Pakistan who worked at PwC New Zealand was among the 50 people who were killed during a terrorist attack at two mosques in Christchurch, New Zealand on March 15, according to published reports. The Ministry of Foreign Affairs in Pakistan confirmed the death of Syed Areeb Ahmed on March 16. […]

PwC Settles with FDIC for $335 Million Over Colonial Bank’s Epic Collapse

Well, this was some news I really wasn’t expecting today. FDIC as Receiver for Colonial Bank, Montgomery, AL, reached a $335 million settlement with PricewaterhouseCoopers LLP related to professional negligence claims. Colonial Bank failed on August 14, 2009. https://t.co/W2ohFNCvRe — FDIC Gov (@FDICgov) March 15, 2019 Here is the full statement from the FDIC: The […]

Auditor Swap: Fitbit Dumps PwC In Favor of Grant Thornton

The Purple Rose of Chicago just got itself a new engagement. Via Reuters: Wearable device maker Fitbit Inc has dismissed auditor PricewaterhouseCoopers LLP after a review of its fees and appointed Grant Thornton LLP, the company said in a regulatory filing on Thursday. The filing states that Fitbit chose not to renew its engagement with PwC […]

PwC Really Wants You to Be a CPA Before Senior But Will No Longer Hassle You About It

Fresh from /r/accounting comes news that PwC Assurance is no longer requiring licensure before promotion to senior which naturally led me to ask my cat who happened to be sitting next to me on the couch “wait, since when do you need a CPA to get promoted to senior to begin with?” I mean manager, […]

Thankfully, PwC’s Robot CODE-E Does Not Want to Destroy the Human Race

Everybody’s favorite technology-talkin’ PwC robot, CODE-E, made an appearance on the show “Windy City Live” in Chicago this morning and WHY DIDN’T I KNOW ABOUT THIS IN ADVANCE, PwC? I would have made the trek into the city to see CODE-E in the flesh … or steel … or aluminum or whatever it’s made out […]

PwC Italy Partner Is Probably In a Lot of Trouble, You Guys

So, there was this accounting scandal in early 2017 at the Italian unit of British phone company BT, in which nearly two dozen people at BT Global Services, including its CEO, CFO, and head of Europe, knew about inflated revenues, bogus contract renewals and invoices, and made-up supplier transactions to “meet bonus targets and disguise […]

Hey Tim Ryan, We Found That Shoe Shine Guy You Wanted to Recruit to PwC

Back in 2015, Caleb wrote an article based on a LinkedIn post by then-PwC Vice Chairman of Stuff Tim Ryan about an exceptional shoe shine guy he met at LaGuardia Airport. In typical holier-than-thou, white-collar fashion, Ryan kicked himself for not giving the guy his card, as he likely dreamed throughout his flight of offering […]

Hey, There Was a PwC Robot Sighting in NYC School

Back in late October, we told you about CODE-E, a robot PwC is bringing to schools to help educators teach students about technology skills and financial literacy. Because no one can teach students how to manage their money better than a non-human, right? Right. Anyway, it looks like CODE-E is starting to make the rounds […]

Driver Admits to Dozing Off In Crash That Killed PwC Senior Associate In India

The man who was driving three PwC employees to work in India on Jan. 9 told police he fell asleep right before the office pool car climbed a median divider and smashed into a lamp post, killing one of his passengers and injuring the other two. According to The Times of India, police have booked […]

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PwC Senior Associate In India Killed, Two Colleagues Injured In Rollover Car Crash

Sad news to report out of India, as three PwC employees were injured, one fatally, in a rollover car accident Wednesday morning. The three men were passengers in an office pool car and were on their way to work at PwC’s office in Kolkata, West Bengal, when the vehicle suddenly swerved to the right and […]

Ex-Dallas Cop Who Killed PwC Accountant Botham Jean Comes Out of Hiding

Amber Guyger, the former Dallas police officer who was indicted on a murder charge late last year for fatally shooting PwC Associate Botham Jean in his apartment in early September, appeared at a Dallas County courthouse on Jan. 8, where a judge issued a gag order preventing attorneys from speaking publicly about the case. According […]

Guy at beach

Don’t Expect Your Buddy From PwC to Answer Your Email Anytime Soon

Holidays — more specifically, time off during the holidays — are a sore subject around here. And for good reason. Other than mail carriers, accounting professionals are probably right up there as the folks who are expected to work come rain, shine, or celebration of the birth of baby Jesus. Sure, most people get Christmas […]

Fired Dallas Cop Amber Guyger Indicted on Murder Charge in the Shooting Death of PwC Accountant Botham Jean

A Dallas County grand jury on Nov. 30 indicted former Dallas police officer Amber Guyger on a murder charge for fatally shooting PwC Associate Botham Jean in his apartment in early September. After two days of hearing evidence this week, jurors voted this morning to upgrade the charge Guyger faces from manslaughter to murder. Guyger, 30, […]

Grand Jury Hears Case Against Dallas Cop Who Killed PwC Accountant Botham Jean

Evidence against Amber Guyger, the Dallas police officer who shot and killed PwC Associate Botham Jean in his apartment on Sept. 6, was finally being heard by a Dallas County jury this morning, the Dallas News reported. The Jean family’s attorneys, Lee Merritt and Daryl K. Washington, told reporters on Monday that the family was […]

New Dallas County DA Not Shy About Wanting Cop Who Killed PwC Accountant Charged with Murder

The newly elected Dallas County district attorney believes that former Dallas police officer Amber Guyger got off easy with a manslaughter charge in the September shooting death of PwC associate Botham Jean (pictured above). “I don’t know any police reports. I don’t know any forensic reports, but based on what I have seen, manslaughter is […]

Botham Jean’s Family Sues City of Dallas, Trigger-Happy Cop Who Killed PwC Accountant

The family of Botham Jean filed a federal lawsuit against the city of Dallas and police officer Amber Guyger late last month, claiming that Guyger used excessive force and violated Jean’s constitutional and civil rights when she shot and killed the 26-year-old PwC associate in his apartment on Sept. 6. The lawsuit—which was filed on […]

Let’s All Meet ‘Cody (CODE-E),’ PwC’s Newest and ‘Creepiest’ Grunt

Earlier this morning, as I was getting ready to go to the dentist because I have a killer toothache, I heard from a tipster who told me to check out what’s going on in PwC’s Twitterverse. And this is what I saw: Today I'll be speaking at the @AtlanticLIVE #FutureWork2018 alongside two of our Digital […]

Dallas Cop Who Fatally Shot PwC Associate Botham Jean ‘Bragged About Being Violent’ on Pinterest

Amber Guyger, the Dallas police officer who killed PwC Associate Botham Jean in his apartment in early September, apparently said on social media that she is a big fan of “one shot, one kill” and boasted that people were “lucky” if she hadn’t gone a week without killing someone, according to a new report. Sometime […]

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 […]

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 […]

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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 […]

UPDATED: PwC Associate Shot and Killed By Off-Duty Dallas Cop Who Walked Into Wrong Apartment

Updated on Sept. 24, 2018: The Dallas police officer who was charged with manslaughter three days after fatally shooting PwC associate Botham Jean in his apartment on Sept. 6 was fired on Monday by Police Chief U. Renee Hall, according to the Dallas Morning News. Amber Guyger has been on administrative leave since the shooting […]

PwC to Hold Moment of Silence in Remembrance of Botham Jean

PwC will observe a moment of silence throughout all of its U.S. offices later this week in honor of Botham Jean, a 26-year-old risk assurance associate in the firm’s Dallas office who was shot and killed in his apartment by an off-duty Dallas police officer on Sept. 6. First reported today by Bloomberg and confirmed […]

Woman and child at a park

PwC Has Broken Into the Cringeworthy World of Mommy Blogging

When you think of PwC, what comes to mind? Coveted internships? Bob Moritz’s hot dad glasses? Totally screwing up the one job they had at the Academy Awards? Well, get ready for PwC’s latest venture: blogging about period cramps. That’s right, y’all, PwC has ventured into mommy blogging. Once solely the domain of Scentsy-pushing stay-at-home-moms […]

A curious cow

PwC Is Getting Into the Exciting World of Fraudulent Meat

We’ve talked a lot over the last few years about accounting firms biting off more than they can chew, with ever-growing consulting arms and now even legal services, but this one takes the cake. The Telegraph reports: The accountancy firm Pricewaterhouse Coopers (PWC) is developing an edible signature with an agent used in spices and […]

PwC fdic colonial

U.K. Watchdog Blasts PwC for ‘Incomplete, Inaccurate, and Misleading’ Audit of BHS

In a leaked Financial Reporting Council report, the U.K’s accounting watchdog hammered PwC for bungling the audit of BHS, which resulted in “incomplete, inaccurate, and misleading” statements being made about the now-defunct retailer’s financial situation just before it was sold for £1, according to Accountancy Age. The article states: According to the leaked report, which […]

PwC Toeing Thin Line Between Independent Auditor and Client Lobbyist for Tax Reform

Francine McKenna of MarketWatch reported on July 30 that PwC has earned $10.74 million since 2013 as the exclusive registered lobbyist on tax reform for a coalition that includes several audit clients, which some say is a conflict of interest. Members of the Alliance for Competitive Taxation—which calls itself “a group of America’s leading companies […]

Max Livingstone-Learmonth dressed as bishop at I Move London

Non-Religious Future PwC Partner Credits ‘Divine Intervention’ For Nabbing Purse-Snatcher

The Evening Standard reports that a soon-to-be PwC partner got to play the hero in the midst of a potentially record-breaking relay race in London, all while dressed like a bishop. Forty-year-old Max Livingstone-Learmonth was on his 10km (about 6.2 miles) leg of the I Move London race when he spotted a woman chasing a […]

Older Job Seekers Denied Class-Action Status in Age Discrimination Lawsuit Against PwC

A federal judge in San Francisco rejected class-action status to a group of up to 14,000 older job applicants on July 26 who are accusing PwC of favoring younger workers over individuals over the age of 40 for entry-level positions within the firm. The age discrimination lawsuit, which was filed in April 2016 by CPA […]

Here’s Your Open Thread for PwC Compensation (2018)

So, yeah, the whole “putting the 2018 PwC compensation thread in Open Items” thing didn’t go too well. After just two responses (thanks to SlowlyDying1065 and Franchise) and a minus-27 vote rating, this thread had become a dumpster fire. But now that we’ve resurrected the article comment section, we’ve taken this discussion out of Open […]

Colonial Bank Collapse Will Cost PwC $625 Million, Reports Say

[Updated with statement from Bartlit Beck Herman Palenchar & Scott] Reports are hitting the interwebs this afternoon that a federal judge has ordered PwC to pay the Federal Deposit Insurance Corp. $625 million in damages for failing to uncover a long-running fraud scheme between its client Colonial Bank and the now-defunct mortgage lender Taylor, Bean & […]

PwC Cutting the Cord on Landlines in All U.K. Offices

It looks like PwC staffers are going all mobile, all the time in the United Kingdom. The Telegraph reports: Accountancy company PwC is doing away with landlines at office desks, expecting its 18,000 staff to use the “more efficient” mobile phones by the end of the summer. A spokesman for PwC said: “We already equip […]

You Must Be Digitally Fit to Land a Job at PwC

For those college students who aspire to one day possess a stack of PwC business cards, Mike Fenlon, PwC’s chief people officer, explains how you—yes, you—can land a job with the professional services firm. Obviously, interning with PwC will give you a leg up on the competition, as Fenlon told CNBC that a majority of […]

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PwC Admits 233 New Partners and Principals in the U.S.

A tipster (Caleb) let me know that PwC released its list of new 2018 partners and principals across the United States and Mexico on June 1. This year’s crop totals 233, which surpasses the 212 who joined the ranks of partner or principal in 2017. In comparison, there were 226 in the 2016 class, 201 […]

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PwC Faces Damages That Range From ‘Bad’ to ‘Worse’ But Probably Far Short of ‘Catastrophic’ for Colonial Bank Failure

Francine McKenna reports on MarketWatch that the Federal Deposit Insurance Corp. stands to collect a pret-tay pret-tay pret-tay big chunk of change from PwC for the losses from the bankruptcy of Colonial Bank. The FDIC, acting as receiver for the failed Colonial Bank Group that collapsed in 2009, has asked Judge Barbara Rothstein to award […]

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Thanks to Millennials, PwC Now Knows Their People Want Lives Outside of Work, Have the Feels

The history of PricewaterhouseCoopers goes back to 1849 when Samuel Lowell Price set up business in London. Shortly after that, in 1854, William Cooper started his firm, which would later become Cooper Brothers. It’s hard to know what either Price and Cooper were thinking about back then other than outrageous blacksmith prices and how to […]

#Envelopegate Redux: PwC Failed to Predict the Worst-Case Scenario

Last month we noted that PwC had gone far out of its way to not talk about its role at the Academy Awards after last year’s colossal screw-up with the Best Picture envelope. That doesn’t prevent the rest of the entertainment and accounting media (well, maybe just us) from talking about it, however. You can […]

Former PwC Partner Suing Firm After Getting Fired for Groping a Co-worker Who He Can’t Remember Groping But Knows He Didn’t Grope

Let’s say you’re a professional businessperson and you’re at a work event. Let’s also say that you and your colleagues are wearing costumes. And let’s also say that there’s plenty of alcohol and some people are overserved and you are one of these overserved persons. At some point in this scenario, while you’re deep in your […]

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Veritas Capital Sets PwC Free From Its U.S. Public Sector Business

It’s not every day that a Big 4 firm sells a piece of it lucrative consulting business, so, hey, look: Veritas Capital is buying PwC’s Public Sector Business. It’s a relatively small part of the firm; only 1,500 partners and staff make up the group, one that Tim Ryan called “a tremendous business” in an […]

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PwC Not Talking Up Its Role in the Academy Awards This Year, Obviously

The Golden Globes were a few weeks back, and it caused me to reflect on how an awards show should go for the accounting firm that tabulates the ballots: Congrats to Ernst & Young for not being in the news this morning. #goldenglobes — Caleb Newquist (@cnewquist) January 8, 2018 Last week, the Academy of […]

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Auditors and Fraud: Where Does Responsibility Lie in the Wake of the FDIC’s Win Against PwC?

In the waning days of 2017, a judge in Alabama found PwC was negligent in its audit of Colonial Bank. The Federal Deposit Insurance Corporation had sued the firm for failing to detect the fraud at the root of Colonial’s 2009 failure. Although Judge Barbara Jacobs Rothstein denied other claims brought by FDIC and the […]

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Accounting News Roundup: India Bans PwC for Two Years Over Satyam Fraud | 01.11.18

India Bans PricewaterhouseCoopers From Auditing Listed Firms for Two Years [WSJ] The Securities and Exchange Board of India banned PwC affiliates from auditing listed companies for two years over the $1 billion Satyam fraud (India’s Enron, if you prefer). As you may recall, PwC partners were sentenced to jail for this debacle, but the firm […]

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Let’s Wildly Speculate About Why PwC Is Shopping Its Government Services Practice

This Reuters story reports that PwC is looking to sell its government services, perhaps “to pursue the growing business of auditing government agencies.” The story says that Morgan Stanley is running the sale and private equity firms Veritas and Madison Dearborn Partners are two potential buyers. None of the firms mentioned commented for the Reuters […]

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PCAOB Giving Big 4’s Legal Services the Stinkeye

PwC announced last month that it was launching a law firm in the U.S. because, honestly, who’s going to stop them? Plus, Deloitte wasn’t going to do it, so someone was bound to snatch up the opportunity. PwC’s U.K. affiliate even put out a report recently that found “law firms are not keeping pace with […]

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Accounting News Roundup: PwC Launching a Law Firm in U.S. | 09.21.17

PwC Law Over the past few years, we’ve discussed the Big 4 stomping around Big Law‘s turf. It’s mostly been happening abroad, but last year, I thought out loud that it would only be a matter of time before the Big 4 firms were offering legal services in the U.S. And now, oh, hey look, […]

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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 […]

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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 […]

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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 […]

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Talking About Race, Mega Lawsuits, That Oscars Screw-up and More: A Conversation With PwC’s Tim Ryan

Most people would look at the year PwC Chairman and Senior Partner Tim Ryan has had and think, “That’s rough.” After two killings of black men by police officers and the killing of 5 Dallas police officers last summer, Ryan told Fortune in February that he scrapped his plans and, “got the team together and […]

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Here’s Your Open Thread for PwC Compensation (2017)

You’ve got to hand it to PwC, they’ve really embraced announcing stuff on Twitter. I’m looking forward to the day when people starting tweet their PwC compensation details at @going_concern. Anyway, here’s a tweet from last Friday: It’s #PwCPromotionDay! Incredibly proud to be celebrating everyone who is marking a career milestone today! https://t.co/vJtwzFiqrh pic.twitter.com/Mu8kwbWooh — […]

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PwC Admits 212 New Partners and Principals in U.S.

I think this year’s new PwC partners should feel extra special on their day of recognition because it also happens to be National Doughnut Day. Even if you NEVER eat doughnuts, I think you can forgo discipline for the day the world learns that you’ve become a partner at PwC. This marks the second year […]

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Big 4 Audit Quality Hiding in Plain Sight: Restatement Mentions in PCAOB Reports

For the last several years, one very interesting audit quality metric has not been widely reported in the media, and the largest audit firms barely mention it. It has been hiding in plain sight and could be a useful data point to audit committees or investors that are trying to understand the quality of audits. […]

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Let’s Play a Game of ‘Who Would Win in a Fight’ Accounting Edition

As you may have heard, busy season is over for many miserable accountants across the country. If you failed to get that memo, it’s time to avert your eyes from that spreadsheet and get some sleep, you’re obviously brain-dead and completely disconnected from the real world. Sorry. Rather than wallow in busy season gone by, […]

pwc oscars 2018

PwC Keeps The Oscars Gig

After dealing with weeks of embarrassment, brand damage, ridicule, repeated apologies, rejection and capitulation, PwC has finally caught a break. The Hollywood Reporter reports that the Academy of Motion Picture Arts and Sciences has decided to retain the firm to tabulate the ballots for the Oscars despite the colossal screw-up that happened with the Best […]

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We Finally Found a Service That a Big 4 Firm Won’t Provide

One thing we talk about around here from time to time is the fact that Big 4 firms want to be the proverbial Walmart of professional services. If you’re a business and you need a service, you can pick one firm and they’ll do pretty much anything and everything. If you’re an important enough client, […]

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PCAOB Sanctions Former PwC Brazil Partner for Lousy Auditing

You may have noticed, maybe not, but PwC is in the midst of a bad publicity streak. Last month, one partner screwed up the hand-off of the Best Picture envelope at the Oscars while the other partner froze. A few days later, federal agents raided Caterpillar’s headquarters over its offshore tax practices that PwC helped […]

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Judge Didn’t Buy PwC’s Story, Rejects Call for Mistrial

Judge Victor Marrero rejected PwC’s argument that MF Global’s attorneys were presenting a new theory of causation in their case, dealing the firm a setback in the trial. PwC claimed that the plaintiffs were conducting a “trial by ambush.” From Reuters: PwC said the administrator has in three years of litigation blamed the bankruptcy on […]

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MF Global Not Amused By PwC’s Threats for a Mistrial

Yesterday, PwC asked the judge in its court battle with MF Global to prohibit the use of a “new theory of causation” or to declare a mistrial. PwC filed the motion at midnight on Monday, so you can’t blame the plaintiffs if they felt caught off guard. Dan Fetterman, the lead attorney for the plaintiffs […]

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Is PwC on the Ropes in the MF Global Trial?

How are you, PwC? Week 2 in the trial between MF Global and PwC started off interestingly enough: PwC wants the judge to consider declaring a mistrial. The reason? The firm’s lawyers claim that the plaintiffs have “changed its theory of why the brokerage failed” calling it a “trial by ambush.” MF Global’s attorneys see […]

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Accounting News Roundup: Pandering to Millennials and Phony Revenue | 03.10.17

CPA firms are pandering to millennials I look forward to the day when CPA firms are majority-owned and run by millennials so we don’t have to talk about this anymore: As CPA firms across the U.S. relax their dress codes and other policies, managers are recognizing that their Millennial employees expect flexibility and trust in […]

pwc oscars 2018

It’s a Safe Bet That a Few People Knew That Saying “PwC Is a Bunch of Morons” Would Get Them Out of Jury Duty

This Associated Press report chronicles the first two days in the trial between the bankruptcy trustee of MF Global Holdings and PwC. The story is fine, a classic example of AP reporting, but two sentences make it truly remarkable (and thus worthy of our pages here): What was originally a highly technical case newsworthy mostly […]

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Exposure Drafts: Best Picture Definitely Didn’t Go To Manchester by the PwC

This is a special weekend edition of Exposure Drafts. Send suggestions to editor@goingconcern.com.

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In MF Global Trial, PwC Hoping for Jurors Who’ve Been Under a Rock

Despite all the hubbub around the screw-up at the Academy Awards, PwC has to soldier on with its business. Unfortunately, right now that business includes defending itself against a massive lawsuit in a trial that starts on Monday. It’s hard to imagine a worse Monday than the day after #Envelopegate, but the firm’s face-off with […]

PwC’s Recruiting Will Take a Hit Over the Oscars Debacle

Forty-two years ago I sat down to make an important life decision, my second in two years.  The first was to go to graduate school instead of accepting a commission in the Marine Corps. The second was to join Price Waterhouse. Marriage would come later. I was the first in my family to go to […]

Here Are Some of the Best Tweets Roasting PwC for #EnvelopeGate

As we all know by now, the 89th Academy Awards didn’t go as planned for the dynamic duo in charge of guarding the Academy’s great secret. It’s not like PwC has had 82 chances to perfect the process since they first started counting the ballots. Oh wait, it’s exactly like that. As expected the Twitterati […]

pwc oscars 2018

And the Award For Worst Oscars Gaffe Goes To… PwC

In case you’ve been glued to the livestream of a giraffe not giving birth for the last two days, you may have missed the fuss surrounding PwC’s gaffe at the Academy Awards last night and subsequent fallout. The long and short of it is PwC handed Warren Beatty and Faye Dunaway the wrong envelopes, and […]

Here’s What PwC US Chairman Tim Ryan Said About President Trump’s Immigrant Ban

In the first reaction from a Big 4 firm that we’ve seen, PwC US Chairman Tim Ryan has issued a statement on President Trump’s executive order that banned immigrants from seven countries. The statement appears on the firm’s PwC Inside Facebook page, is clear and carefully worded and stops short of explicitly opposing the ban. […]

You Can’t Blame That PwC #BallotBriefcase for Being a Germaphobe

I'm sure you've been wondering if PwC was going to revive its #BallotBriefcase gimmick for this year's Oscars and sure enough, it's getting passed around like a joint at a Dead show. Here's partner Brian Cullinan (aka Matt Damon) explaining the process: Excited for the #Oscars? @PwC_LLP showed us the #BallotBriefcase, which contains the names […]

PwC Is Hiring GE’s Tax Team

Well, this is something. PwC is hiring General Electric’s tax department: Excited to announce that we will be onboarding @generalelectric’s world-class #tax team to the PwC team. Read more: https://t.co/lejO2qFSbe pic.twitter.com/Agw2elGq72 — PwC LLP (@PwC_LLP) January 12, 2017 Yes, PwC is excited about it. Here’s a press release. Here’s a Medium post from Vice Chairman […]

Centenarian CPA Recalls a Time When PwC Wasn’t So Committed to Diversity

Here's a great story about Aaron Blecker, a 105-year-old Great Neck, New York resident who's had a pretty good run. And yep, he's an accountant.

PwC’s Recruiting Never Sleeps

PwC loves millennials. There are countless examples to prove this. Bob Moritz sticks up for them in public. Tim Ryan has them over for Thanksgiving so they can avoid their families. They help them pay off student loans. They respect (but do not condone) stylish holes. They (allegedly!) discriminate against the olds. They do all […]

Brace Yourself for the #AuditorProud Social Media Blitz

Ding. Ding. Are you ready for Round 2? It’s the second annual #AuditorProud day. Hey, wait a second. Wasn’t it in December last year? Actually, yes. At least we know now that the folks over at the Center for Audit Quality took a haphazard approach when selecting the day and it’s totally random. But hey, […]