KPMG and the city of Chicago broke out the giant scissors on April 9, officially opening KPMG’s seventh and largest Ignition Center, located on the 68th floor of the Aon Center.

I honestly could care less about the new Ignition Center. If for some reason you do, you can read more about it here.

But I just can’t stop watching a video posted on Twitter by Chicago Mayor Rahm Emanuel of the ribbon cutting in slow motion.

Emanuel—whose tired-looking, sweary ass leaves office on May 20 after an eight-year run as mayor—is standing second from right. To his right in the video is Linda Imonti, new KPMG Chicago office managing principal. To Emanuel’s left is Mike Nolan, KPMG vice chair of Innovation & Enterprise Solutions. I don’t know who the two women are to the far left.

I think the video is kinda funny. Maybe it’s because everyone else has smiles on their faces as they’re cutting the ribbon except for Rahm, who’s looking down and probably thinking, “How many more of these goddamn fucking ribbon cuttings do I have to do in the next month?”

Maybe it’s the way the woman second from left is holding her scissors, even after chunks of ribbon hit the floor. Or maybe it’s the image of a blue KPMG ribbon being cut to pieces, sort of like KPMG’s reputation of late.

Anyway, enjoy.

.@KPMG’s 7th and largest Ignition Center is officially open for business in Chicago! pic.twitter.com/YxNoinnUgo

— Mayor Rahm Emanuel (@ChicagosMayor) April 9, 2019

The post This Slo-Mo KPMG Ignition Center Ribbon-Cutting Video Is Oddly Amusing appeared first on Going Concern.

This gem comes from the Warrington Guardian in England back in April 2014:

Bookmakers feared the work of a prankster when the winner of a £124,987 first prize in a nationwide contest culminating ahead of Easter was Mr. Bunny.

But the winner of the Easter cash is in fact retired accountant David Bunny who now plans to spend the money on his three cherished grandchildren.

Ben Turnbull, commercial manager of the Tote-Ten-To-Follow competition, said when Bunny’s name popped up just ahead of Easter, “we thought it was a wind up and that someone was pulling our leg.”

“It didn’t help that he appeared at the top of the leader board around April Fool’s Day.

“But we got an even bigger surprise to discover that it actually was Mr. Bunny in the money in time for Easter.”

The post #TBT: Retired Accountant Whose Last Name Is Bunny Wins Easter Contest appeared first on Going Concern.

Earlier this week, we wrote about PwC’s continued dominance on Vault’s Accounting 50 and most prestigious firm rankings. Today, we’re going to focus on four of the 18 “quality of life” rankings that fall under Vault’s latest “Best Accounting Firms to Work For” section. And these four categories are near and dear to your heart: benefits, compensation, vacation policies, and promotion policies.

The results are based on how more than 8,200 accounting professionals rated their own firms in these four areas. This is different from the prestige rankings, in which Vault asked these accounting professionals to only rate their peer firms on prestige, not their own.

Vault ranks the top 25 firms in each quality of life area, so we’ll share the top three firms in benefits, compensation, vacation policies, and promotion policies, and throw in some honorable mentions for each (previous year ranking in parenthesis).

Benefits

1. PwC (1)
2. Untracht Early (NR)
3. Frank, Rimerman + Co. (9)
5. Deloitte (3)
10. BDO USA (10)
12. KPMG (14)
13. CBIZ MHM (18)
14. Grant Thornton (21)
20. RSM US (22)

Compensation

1. Brown Smith Wallace (1)
2. Untracht Early (NR)
3. Frank, Rimerman + Co. (13)
5. PwC (14)
12. BDO USA (16)
17. CBIZ MHM (20)
18. KPMG (9)
22. RSM US (24)
23. Deloitte (18)

Vacation policies

1. Frank, Rimerman + Co. (2)
2. PKF O’Connor Davies (8)
3. Armanino (14)
8. Grant Thornton (24)
9. PwC (6)
18. KPMG (13)
20. Deloitte (23)
21. BDO USA (19)
22. CBIZ MHM (22)
25. RSM US (NR)

Promotion policies

1. PwC (4)
2. Friedman (7)
3. Frank, Rimerman + Co. (1)
4. KPMG (3)
5. BDO USA (13)
6. Deloitte (9)
13. Grant Thornton (12)
18. CBIZ MHM (22)
22. RSM US (25)

We’ll do some more of these types of articles soon highlighting other Vault quality of life category rankings. Mmmkay? Mmmkay.

Related articles:

PwC Once Again Tops Vault Accounting 50 (2020)
You’ll Have to Pry Vault’s ‘Most Prestigious Firm’ Title Out of PwC’s Cold, Dead Hands

The post Vault 2020 Firm Rankings: Benefits, Comp, Vacation, and Promotion Policies appeared first on Going Concern.

Whelp it’s that time of year again, the time when we recognize the efforts of an elite handful of CPA exam candidates whose performance on one of the toughest professional examinations out there ranks the best of the best. The AICPA handed out 110 Elijah Watt Sells Awards for 2018 last week, and as is tradition around these parts, we will recognize each and every one of them.

In order to qualify for the award, candidates must score at least a cumulative 95.50 across all four parts of the exam and pass each part on their first try. Additionally, 2018 award winners completed testing in that year.

Now, let’s get to recognizing, shall we? At the end, we’ll tally up the firm totals so we can hold a brief dick measuring contest, as is also tradition around these parts. TL;DR straight to the bottom if you’re looking for that.

Kelsey M. Alexander (Colorado), a graduate of University of Colorado Boulder with a BS in Business Administration and MS in Accounting, is employed with KPMG in Denver, Colorado.

Ruicheng Richard Bai (California), a graduate of University of California, Berkeley with a BS in Business Administration and a BA in Statistics, is employed with Deloitte Tax LLP in San Francisco, California.

Hayden C. Bauer (Kansas), a graduate of the University of Notre Dame with a BBA in Accountancy and a Master of Accountancy from the University of Arkansas is employed with KPMG in Chicago, Illinois.

Michelle Bauer (Washington), a graduate of University of Washington with a BABA in Accounting and Information Systems, is employed with Moss Adams LLP in Seattle, Washington.

Bridget J. Bauman (Texas), a graduate of Texas A&M University with a Bachelor of Business Administration in Accounting & Business Honors and Master of Science in Accounting, is employed with Bray International, Inc., in Houston, Texas.

Alice M. Begovich (Virginia), a graduate of The University of Dayton with a Bachelor of Chemical Engineering and Master of Accountancy from The University of Tennessee is employed with Deloitte Tax LLP in McLean, Virginia.

Mary Kate Breese (Pennsylvania), a graduate of Grove City College with a BS in Accounting and in Finance is employed with Felix and Gloekler, P.C. in Erie, Pennsylvania.

Asher Brown (Oklahoma), a graduate of The University of Oklahoma with a BBA in Accounting and Masters of Accountancy is employed with Grant Thornton, LLP in Oklahoma City, OK.

Matthew Brooks (Texas), a graduate of Brigham Young University with a BA in French Studies and a MS in Accounting from The University of Texas at Dallas is employed with Deloitte Tax, LLP in Dallas, Texas.

John Browning (New York), a graduate of University of North Carolina at Asheville with a Bachelor of Science in Accounting and a Bachelor of Arts in Economics in Economics; and Master of Science in Accountancy from Wake Forest University, is employed with KPMG in New York, NY.

Katherine Brunt (Texas), a graduate of Texas A&M University with a BBA in Accounting and Business Honors and a Masters of Financial Management is employed with EY, LLP in Dallas, Texas.

Emily Buzby (Florida), a graduate of the University of Florida with a BS in Accounting and MS in Accounting, is employed with KPMG in Jacksonville, Florida.

Guillermo Andrew Casay (Maryland), a graduate of the University of Maryland, College Park with a BS in Accounting and Finance is employed with the FDIC in Arlington, VA.

Joseph S. Cassata (Illinois), a graduate of DePaul University with a BSC in Accounting and Management, is employed with Wellen Capital in Chicago, IL.

Jamie Castor (Texas), a graduate of the University of Texas at Austin with a BS in Mathematics and Sports Management and an Advanced Technical Certificate in Accounting from Austin Community College, is employed with EY, LLP in Houston, TX.

Michaela K. Christian (Iowa), a graduate of Iowa State University with a Bachelor of Science in Accounting and Bachelor of Science in Finance, is employed with RSM US LLP in Des Moines, IA.

Nathan Claflin (Wisconsin), a graduate of the University of Wisconsin-Eau Claire with a BBA in Accounting, is employed with EY in Minneapolis, Minnesota.

Margaret Collins (North Carolina), a graduate of Wake Forest University with a BS in Accounting and MS in Accountancy employed with PricewaterhouseCoopers in Charlotte, North Carolina.

Douglas Coons (Nebraska), a graduate of the University of Nebraska-Lincoln with a Bachelor of Science in Business Administration and a Master of Science in Accountancy from the University of Notre Dame is employed with Deloitte in Omaha, Nebraska.

Clare Creighton (North Carolina), a graduate of Rice University with a Bachelor of Arts in Cognitive Sciences and Master of Accountancy from University of North Carolina at Charlotte, is employed with Richey May & Co. in Charlotte, NC.

Christopher D’Agostino (Michigan), a graduate of Walsh College with a bachelor’s degree in accounting is employed with Rehmann in Troy, Michigan.

Thomas Deal (Oregon), a graduate of Santa Clara University with a BS in Accountancy is employed with KPMG LLP in Portland, OR.

William Joseph Donohue III (Ohio), a graduate of The Ohio State University with a BSBA in Marketing and Master of Accountancy from Cleveland State University is employed with KeyBank in Cleveland, Ohio.

Michael Dougherty (Florida), a graduate of The University of Florida with a Bachelor of Science in Accounting and Master of Accounting from The University of Florida (if applicable) is employed with Dixon Hughes Goodman, LLP in Jacksonville, Florida.

Gogo Duale (California), a graduate of Aston University with a BSc in Economics and Management, an MSc in African Development from the London School of Economics and a Certificate in Accounting from UCLA Extension is employed with KPMG in Los Angeles, California.

Jesse Eles (Connecticut), a graduate of the University of Connecticut with a BS in Accounting is employed with Ernst & Young in Greenwich, Connecticut.

Timothy Fallon (Alaska), a graduate of University of Wisconsin – La Crosse with a BS in Accountancy, is employed with KPMG LLP in Minneapolis, Minnesota.

Sijie (Jessie) Fang (Illinois), a graduate of University of Illinois at Urbana-Champaign with a BS in Accounting and Marketing and MS in Accounting, is employed with KPMG in Chicago, Illinois.

Marielle Fesmire (California), a graduate of University of California, Los Angeles (UCLA) with a BA in Business Economics is employed with PwC, LLP in Los Angeles, CA.

Stephen Flessner (Maryland), a graduate of University of Maryland, College Park with a BS in Accounting and a BS in Finance is employed with EY, LLP in Baltimore, MD.

Brian P. Frey (District of Columbia; Virginia), a graduate of the University of Maryland with a BS in Accounting and a BS in Information Systems, is employed with KPMG LLP in Washington, DC.

Amy Fursa (Minnesota), a graduate of College of Saint Benedict and Saint John’s University with a BA in Accounting is employed with Ernst & Young, LLP in Minneapolis, Minnesota.

Natalie Gilbert (Texas), a graduate of The University of Texas at Austin with a BBA in Accounting and a Masters in Professional Accounting, is employed with PricewaterhouseCoopers in Houston, Texas.

Sanyam Goel (New Hampshire), a graduate of Delhi University with a Bachelor of Commerce, is employed at Shyam Goel and Associates in New Delhi.

Katherine Griesemer (Tennessee), a graduate of Lee University with a BS in Accounting and Finance and is employed with Unity Dance Troupe in Cleveland, Tennessee.

Johnathan Grimaldi (New York), a graduate of Boston College Carroll School of Management with a Bachelor of Science in Accounting and Finance is employed with PwC in New York, New York.

Alex Gunnerson (Oregon), a graduate of Brigham Young University with a Bachelors Degree in Accounting and Masters of Taxation (also Brigham Young University) is employed with KPMG in Portland, Oregon.

Wesley Davis Guymon (California), a graduate of Utah Valley University with a BS in Accounting and MS in Accounting from Southern Utah University, is employed with CVF Capital Partners in Davis, California.

Caleb Guzman (Texas), a graduate of Texas A&M University with a BBA in Accounting and MS in Accounting is employed with EY, LLP in Houston, Texas.

Justin Henry (Wisconsin), a graduate of University of Wisconsin – Whitewater with a Bachelors of Business Administration in Accounting and Masters of Professional Accountancy from University of Wisconsin – Whitewater (if applicable) is employed with CliftonLarsonAllen in Madison, WI.

Tori Hardiek (Indiana), a graduate of Butler University with a BS and MS in Accounting, is employed with Somerset CPAs and Advisors in Indianapolis, IN.

Lauren Heller (Hawaii), a graduate of Rice University with a B.A. in Mathematical Economic Analysis and Master of Accounting is employed with J.P. Morgan in Houston, Texas.

Sarah Henderson (West Virginia), a graduate of University of Charleston with a BS in Accounting and Finance is employed with Suttle & Stalnaker, PLLC in Charleston, West Virginia.

Nathan Herrmann (Colorado), a graduate of Oklahoma State University with a B.S. and M.S. in Accounting, is employed with KPMG, LLP in Denver, CO.

Adam Heussner (Minnesota), a graduate of University of Wisconsin-Eau Claire with a BBA in Accounting, is employed with PricewaterhouseCoopers of Minneapolis, Minnesota.

James P. Hodson (Pennsylvania), a graduate of West Chester University of Pennsylvania with a BS in Accounting and Finance, is employed with EY in Philadelphia, PA.

Timothy Hubner (Illinois), a graduate of University of Illinois at Urbana-Champaign with a Bachelor’s in Accounting and a Bachelor’s in Finance and is employed with KPMG in Chicago, Illinois.

Brenden Hull (Georgia), a graduate of the University of Georgia with a BBA in Accounting and International Business and a Master of Accountancy, is employed with CohnReznick LLP in Atlanta, Georgia.

Michael Janenko (Pennsylvania), a graduate of DeSales University with a Bachelor’s Degree in Accounting and Finance and MBA from DeSales University is employed with Olympus America Inc in Center Valley, PA.

Laura Elise Jones (Texas), a graduate of The University of Texas at Austin with a Bachelor of Business Administration in Accounting and Master in Professional Accounting is employed with KPMG in Dallas, Texas.

Szu Yin Chen Keen (Oregon), a graduate of National Chiao-Tung University with a BA in Management Science and MBA from Willamette University is employed with Doty, Pruett, Wilson PC in Salem, Oregon.

Minjae Kim (Texas), a graduate of The University of Texas at Austin with a BBA in Accounting/Business Honors Program and Master in Professional Accounting, is employed with Analysis Group in Dallas, Texas.

Michael Kimble (Kentucky), a graduate of University of Louisville with a Bachelor of Science in Business Administration in Accounting and a Master of Accounting from William & Mary, is employed with BKD CPAs & Advisors in Louisville, KY.

Mizuki Kio (California), a graduate of University of California, Los Angeles (UCLA) with a BA in Business Economics is employed with Deloitte Tax, LLP in Los Angeles, California.

Katherine Kress (Wisconsin), a graduate of University of Wisconsin-Oshkosh with a BBA in Accounting, is employed with CliftonLarsonAllen LLP in Appleton, WI.

Collin Kuntz (Missouri), a graduate of Truman State University with a Bachelor of Science in Accounting and a Master’s in Accountancy is employed with Bayer in St. Louis, Missouri.

Mike Lamers (Wisconsin), a graduate of University of Wisconsin-Madison with a BBA in Accounting and Finance, is employed with PricewaterhouseCoopers in Milwaukee, Wisconsin.

Nathaniel Levy (Arizona), a graduate of Northern Arizona University with a Bachelors of Accountancy and Master of Business Administration (Accounting focus) from Northern Arizona University is employed with KPMG in Phoenix, Arizona.

Xiaoxuan Li (California), a graduate of UCLA with a Bachelor of Arts in Business Economics, is employed with Pricewaterhouse Coopers in Los Angeles, California.

Corey Lockridge (Tennessee), a graduate of Vanderbilt University with a Bachelor of Arts in Mathematics and Economics and a Master of Accountancy, is employed with PwC in Atlanta, GA.

Michael Lundberg (Utah), a graduate of Brigham Young University with a Bachelor’s Degree in Accounting and Master of Accountancy Degree from Brigham Young University is employed with Grant Thornton LLP in Salt Lake City, Utah.

Benjamin C. Lyford (Missouri), a graduate of Missouri State University with a Bachelor’s of Science in Accounting and Master of Accountancy from Missouri State University is employed with BKD LLP in Springfield, Missouri.

Ziheng Ma (New York), a graduate of Hainan University with a BS in Accounting and a MS in Accounting from Fordham University, is employed with KCH & Co., P.C. in New York, NY.

Matthew Maley (Minnesota), a graduate of the University of Wisconsin-Madison with a BBA in Accounting and a Master of Accountancy is employed with General Mills in Minneapolis, Minnesota.

Philip Mann (Texas), a graduate of Texas A&M University with a BBA in Accounting and MS in Accounting is employed with PricewaterhouseCoopers in Fort Worth, Texas.

Caleb Martin (Indiana), a graduate of IUPUI with a BSB in Accounting, Finance, and International Studies, is employed with Katz, Sapper & Miller, LLP in Indianapolis, IN.

Jennifer Mason (Arizona), a graduate of University of Phoenix with a Bachelor of Science in Business with a concentration in Accounting and Master of Science in Accountancy from University of Phoenix is employed with Kindly Care, Inc. in Gilbert, Arizona.

Ashley McDowell (Colorado), a graduate of University of Nebraska – Lincoln with a BS in Accounting and a Master of Professional Accountancy is employed with BKD, LLP in Colorado Springs, Colorado.

Jake McElmury (Minnesota), a graduate of University of Minnesota-Twin Cities with a BSB in Accounting and Finance, is employed with Deloitte in Milwaukee, Wisconsin.

Ryan McMillen (Illinois), a graduate of University of South Carolina with a BS in Accounting and Finance and Master of Accountancy is employed with Ernst & Young, LLP, in Chicago, IL.

Max Michaels (California), a graduate of University of San Diego with a BA in Accountancy is employed with EY LLP in San Diego, CA.

Scott Mikus (Pennsylvania), a graduate of University of Pittsburgh with a BS in Accounting and Finance, is employed with BNY Mellon in Wilmington, Delaware.

Matt Moran (Illinois), a graduate of the University of Iowa with a BBA in Accounting and Finance, is employed with PricewaterhouseCoopers in Chicago, Illinois.

Joel Morris (Oregon), a graduate of Portland State University with a B.S. in Accounting and Finance, is employed with PricewaterhouseCoopers in Portland, Oregon.

Yusi Mu (California), a graduate of Nankai University with a Bachelor of Management and a Master of Accounting from University of Southern California, is employed with EY in Los Angeles, CA.

Patrick Nanna (Massachusetts), a graduate of Northeastern University with a BSBA in Accounting and MS in Accounting, is employed with Deloitte & Touche LLP in Boston, Massachusetts.

David Newell (Missouri), a graduate of Truman State University with a Bachelor of Science in Accounting and is earning a Master of Accounting with Data Analytics from Villanova University and is employed with KPMG in St. Louis, Missouri.

Tom Neyer (Missouri), a graduate of University of Missouri–Columbia with a BS and MS in Accountancy, is employed with Grant Thornton in St. Louis, Missouri.

Sarah Olson (Illinois), a graduate of University of Illinois at Urbana-Champaign with a BS and MS in Accountancy is employed with PricewaterhouseCoopers in Chicago, Illinois.

Aaron Pannell (Florida), a graduate of Florida State University with a B.S. Accounting and a Master of Accounting from Florida State University is employed with EY in Tampa, FL.

Joseph Pearson (South Carolina), a graduate of Brigham Young University with a bachelor’s degree in Accounting and Master of Accountancy is employed with Deloitte in Phoenix, Arizona.

Dustin S. Peck (Pennsylvania), a graduate of Messiah College with a Bachelor of Science in Accounting is employed with Trout, Ebersole & Groff, LLP in Lancaster, Pennsylvania.

Steven Pochini (Michigan), a graduate of the University of Notre Dame with a BBA in accountancy and theology and an MS in accountancy is employed with Plante Moran in Ann Arbor, MI.

Allyson Randle (South Carolina), a graduate of Clemson University with a Bachelor of Science in Accounting and Master of Professional Accountancy from Clemson University is employed with Ernst & Young in Greenville, SC.

Kelsey Ray (Oklahoma), a graduate of Oklahoma State University with a BS and MS in Accounting is employed with EY in Tulsa, Oklahoma.

Matthew Reid (Georgia), a graduate of Purdue University with a BS in Management, an MBA from Indiana University, and an LL.M. in International Finance from Goethe University Frankfurt, is employed with BrandSafway in Atlanta, Georgia.

Nicholas Reilly (Illinois), a graduate of University of Illinois at Urbana-Champaign with a BS and MS in Accountancy, is employed with BDO USA, LLP in Chicago, Illinois.

Oscar Ryland (Ohio), a graduate of Miami University with a BS in Accounting and Finance is employed with Grant Thornton LLP in Cincinnati, Ohio.

Anthony Salazer (Louisiana), a graduate of Tulane University with a Finance and Marketing Undergraduate Degree and a Master of Accounting Degree is employed with EY in New Orleans, LA.

Brandon Salk (Rhode Island), a graduate of Bryant University with a BS in Business Administration and MS in Taxation, is employed with Grant Thornton, LLP in Westborough, Massachusetts.

Anne Salloom (New York), a graduate of Holy Cross with a Bachelor of Arts in Classics and a Master of Science in Accounting and MBA from Northeastern University, is employed with PwC in New York, New York.

Matthew Sorensen (Minnesota), a graduate of The University of Minnesota – Twin Cities with a BSB in Accounting and Finance is employed with KPMG in Minneapolis, Minnesota.

Andee Soza (Arizona), a graduate of Brigham Young University with a Bachelor of Science in Accountancy and Master of Accountancy from Brigham Young University is employed with KPMG, LLP in Salt Lake City, Utah.

Ted Spilde (Minnesota), a graduate of Hamline University with a BBA in Accounting and Master of Accounting with Data and Analytics from the University of Missouri is employed with KPMG in Minneapolis, Minnesota.

Lawrence Stark (MA), a graduate of University of Vermont with a Bachelor of Science in Business Administration and Master of Accountancy from University of Vermont is employed with PwC in Boston, MA.

Regan B. Stewart (Texas), a graduate of Brigham Young University with a BS in Accounting and MS in Accounting is employed with EY LLP in Dallas, Texas.

David Stone (Maine), a graduate of the University of Southern Maine with a BS in Accounting and Economics and MBA from Thomas College, is employed with BerryDunn in Portland, Maine.

Cailin Yoho Thompson (West Virginia), a graduate of West Virginia University with a Bachelor of Science in Business Administration in Accounting and a Master of Accountancy from West Virginia University is employed with Suttle & Stalnaker, PLLC in Parkersburg, WV.

Ryan Thorsen (Colorado), a graduate of Brigham Young University with a BS in Accounting and MS in Tax, is employed with KPMG in Denver, Colorado.

Sharon Tucker (Illinois), a graduate of Northern Illinois University with a Bachelor’s of Science – Accountancy, and Masters of Accounting Science, is employed with Tighe, Kress & Orr in Elgin, Illinois.

Kurt Urbanski (Indiana), a graduate of Purdue University North Central with a BS in Accounting is employed with Crowe LLP in South Bend, Indiana.

Vanessa Vandamas (Florida), a graduate of Florida International University with a Bachelor of Accounting and a Master of Accounting is employed with Deloitte in Miami, FL.

Kerry Walley (Illinois), a graduate of the University of Illinois at Chicago with a Bachelor of Science in Accounting is employed with True Partner’s Consulting, LLC in Chicago, IL.

Austin Wang (New Jersey), a graduate of Washington University in St. Louis with a BA in Japanese and Economics and MA in East Asian Studies and a Master in International Economic Policy from Sciences Po Paris, is employed with Inteplast Group in Livingston, New Jersey.

Kaylie Windham (Texas), a graduate of Texas A&M University with a BBA in Business Honors and Accounting and an MS in Accounting is employed with EY, LLP in Houston, Texas.

Warren Wolf (Arkansas), a graduate of Louisiana Tech University with a Bachelor’s of Science in Accounting and a Master of Accountancy is employed with the Louisiana Legislative Auditor in Monroe, Louisiana.

Siying (Clara) Yang (Illinois), a graduate of University of Notre Dame with a BBA in Accountancy and ACMS (Applied and Computational Mathematics and Statics) is employed with Deloitte in Chicago, Illinois.

Xiaoqing Ye (California), a graduate of Shanghai University with a BA in Economics and MS in Accountancy from San Diego State University is employed with BDO USA, LLP in San Diego, California.

Alexandra Yunker (New York), a graduate of Fordham University with a BS in Accounting and MBA, is employed with Grant Thornton LLP in Boston, Massachusetts.

Joe Zywicki (Michigan), a graduate of Michigan State University with a B.A. in Accounting and is employed with KPMG Deal Advisory in Chicago, IL.

Totals:
Deloitte 10
EY 4
KPMG 20
PwC 5

Well dang, who saw that coming? I certainly didn’t. Good work, House of Klynveld!

Now, inb4 someone chimes in that the Watt Sells Award is stupid and its winners dumb for aiming for anything above a 75 since passing is all that matters in the grand scheme of things, it’s kind of cool that the AICPA recognizes exceptional performance on the exam. As they mention in their press release, it’s a prestigious award few achieve, one earned solely through effort. Award winners, you should be proud.

Plus there’s a $20,000 bonus for Elijah Watt Sells winners at some firms, at least there used to be. I’m gonna go ahead and assume that’s still the case as I’m too lazy to pick up the phone and call around to ask. Yeah, let’s go with that.

Congrats winners!

The post Hey Y’all, Let’s Get Salty About These 2018 Elijah Watt Sells Award Winners appeared first on Going Concern.

Y’all ready to meet a real bad ass? You sure? I’m not sure you can take this.

Darren Carvill, 38, is headed to jail after a “weekend of madness” which included hookers and blow funded by approximately £170,000 ($220,000 USD) he stole from his employer, a car servicing company.

The Sun reports:

A source revealed: “He attended a club in London called Platinum Lace. He was offered to go to a private party.

“He went into a room with three escorts, they drank champagne and used cocaine.

“By the end of the night he had nine or ten escorts in with him.”

After blowing every penny he left the party alone, strolled 15 minutes to London Bridge station and took a train to Maidstone, Kent, where he still lived with his parents.

Alright, ladies, I’m gonna show you this guy but clutch those pelvic floor muscles tight, I’m not sure you can handle all this heat.

Appearing in court recently to answer for his blatant theft, Carvill’s attorney told the court that the whole issue stems from his client being a massive, awkward dork. “He has had a very unhappy life. For most of his life he has been bullied,” said barrister James Ross. “He has suffered from very low self-esteem and social awkwardness.”

Furthermore, Ross said that his client was a good, hard worker and that his bosses showed him respect; however, one office bully drove Carvill to steal £260,000 (approx. $337,000 USD) from his employer. “He says his bosses had shown them nothing but kindness. But other than the owners, there was at least one person who subjected him to ridicule and caused a downward spiral,” said Ross in court.

Well shit, if he was bullied all his life then what’s one more asshole? Dude should have just owned it and said he just wanted a weekend jam-packed with scantily-clad ladies of the evening and Colombian flake. Grow a pair, bro.

His super-elaborate theft scheme (that’s sarcasm in case I forgot to toggle the sarcasm font here) involved making fraudulent payments to himself under the guise of paying vendors. It started last year with Carvill “borrowing” £40,000 of which he repaid £36,500. By October, he took another £60,000 which he also planned to repay but… well, you can see where this is going.

This isn’t the first time the lifetime nerd has stolen from an employer. In 2008, he got a one-year suspended sentence for embezzling from a travel agency.

Carvill is off to jail for two and a half years, which promises to be way worse for him than putting up with an asshole in the office. But hey, at least he doesn’t have a chomo charge on his record.

The post Dorky Accountant Robbed His Employer to Buy Hookers and Blow Because Some Dude at the Office Made Fun of Him appeared first on Going Concern.

Hey, guys. Hope you all had a nice, relaxing holiday weekend. As you know, Mondays after a holiday weekend suck, especially if you hate your job. But there are accounting professionals out there who were probably champing at the bit to come to work today because they actually enjoy being there and being around their co-workers, they have a life outside of the office, and their firm’s partners aren’t raging asshats.

Let’s take a look at Vault’s 2020 “quality of life” firm rankings to find out where these unicorns work.

Based on the results of a survey sent to 8,200 accounting professionals, Vault put together rankings of accounting firms in 18 categories that fall under its “Best Accounting Firms to Work For” section.

Last week, we looked at the best firms for benefits, compensation, vacation policies, and promotion policies. Today, we’re going to look at the best firms in the following four areas: culture, firm leadership, relationships with supervisors, and work/life balance.

Vault ranks the top 25 firms in each quality of life category, so we’ll share the top three firms in culture, leadership, relationships with supervisors, and work/life balance, as well as how some notables fared (previous year ranking in parenthesis).

Culture

1. Friedman (3, tie)
2. Brown Smith Wallace (3, tie)
3. Plante Moran (1)
4. PwC (8)
11. Grant Thornton (9)
13. Deloitte (17)
16. BDO USA (18)
17. KPMG (13)
23. CBIZ MHM (25)
24. RSM US (NR)

Firm leadership

1. PwC (5)
2. Friedman (6)
3. Brown Smith Wallace (3)
13. BDO USA (14)
14. Deloitte (10)
21. Grant Thornton (21)
22. KPMG (18)
23. RSM US (NR)
24. CBIZ MHM (23)

Relationships with supervisors

1. Friedman (3)
2. PKF O’Connor Davies (2)
3. PwC (5)
6. Deloitte (12)
10. Grant Thornton (9)
16. BDO USA (8)
17. KPMG (7)
22. CBIZ MHM (25)
24. RSM US (NR)

Work/life balance

1. Friedman (2)
2. Frank, Rimerman + Co. (4)
3. Brown Smith Wallace (3)
9. PwC (10)
10. Grant Thornton (17)
18. BDO USA (21)
20. Deloitte (22)
21. CBIZ MHM (25)
24. KPMG (23)

Outside of PwC, Friedman and Brown Smith Wallace were the big winners in each of these four quality of life categories. EY, which sat outside of the top 25 for the second straight year in Vault’s Accounting 50, is absent from these rankings, too, probably because the firm is getting a bad reputation globally for nurturing a culture of sexual harassment and intimidation (ALLEGEDLY).

We’ll take a look at some other Vault rankings later this week.

The post Vault 2020 Firm Rankings: Culture, Leadership, Relationships with Supervisors, and Work/Life Balance appeared first on Going Concern.

Well, looky here. The total value of accounting securities class-action settlements in 2018 reached the second highest total in the past decade, according to a new analysis by Cornerstone Research.

The report found that while the number of accounting case settlements declined to 41 in 2018 from 49 in the previous year, total settlement value increased by more than five times to almost $4.5 billion, compared to $883 million in 2017. The dramatic increase was due to a handful of large settlements.

There were five “mega settlements” of $100 million or more in 2018, according to the report, all involving alleged weaknesses in internal controls, and four involved allegations of GAAP violations. Overall, accounting class actions accounted for 88% of all securities violation settlements, which totaled a whopping $5.1 billion that companies shelled out in 2018.

The last time the total value of accounting case settlements reached the $4 billion mark was in 2016, when nine settlements of $100 million or more represented $4.4 billion of the total $4.8 billion that was paid out. Overall that year, securities violation settlements reached $6.3 billion, the highest total in the past 10 years.

Here’s a handy-dandy chart from the report that shows accounting case settlement dollars as a percentage of total securities violation settlement dollars:

There were 143 accounting case filings during 2018, the second highest on record after 2017’s 165 and 86% higher than the historical average of 77 filings per year over the past 10 years.

The total number of accounting cases in 2018 was driven by the filing of 79 M&A-related accounting cases alleging failure to reconcile a non-GAAP measure to a GAAP measure, according to Cornerstone Research. But total accounting case filings went down by 28% in the second half of 2018 compared to the first half of last year, the report said.

Here’s another chart from the report that summarizes filings and settlements in 2018 compared to 2017:

The post Accounting Class Actions Are Once Again a Billion-Dollar Business appeared first on Going Concern.

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 one-fourth of its audits inspected being screwed up “good”), yet it was pretty unremarkable, too.

Of the 55 audits conducted by PwC in 2016 that the PCAOB inspected, 13 were found to have problems “of such significance that it appeared to the inspection team that the firm, at the time it issued its audit report, had not obtained sufficient appropriate audit evidence to support its opinion,” the report stated.

Now, you could make a case for PwC’s 2017 inspection report being good because the 24% audit deficiency rate is below the firm’s historical average deficiency rate of 29%. Of the Big 4, PwC is tied with Deloitte for the lowest average deficiency rate from 2009 to 2016. Fist bumps all around.

But on the other hand, the firm’s inspection report is also underwhelming because P. Dubs’ audit deficiency rate actually got worse year over year. In fact, the firm’s deficiency rate decreased each year from a high of 41.3% in 2011 to a low of 20% in 2016 before climbing to 24% in 2017.

In addition, 49 of the 55 engagements inspected involved a financial statement audit and the audit of internal control, according to Compliance Week. Of the 13 problem audits, 11 contained internal control audit deficiencies, which means 22% of PwC’s internal control engagements inspected contained errors, up from 18% in 2016.

The three areas that caused PwC auditors the most confusion, according to the inspection report, were:

• Failure to identify and test any controls that addressed the risks related to a particular account or assertion. (Seven audits)
• Failure to sufficiently test the design and/or operating effectiveness of controls that the firm selected for testing. (Six audits)
• Failure to sufficiently evaluate significant assumptions or data that the issuer used in developing an estimate. (Six audits)

But don’t worry, guys, PwC is on it, Chairman Tim Ryan and Assurance Leader Maria Moats said in their response to the PCAOB report:

Bringing value to the capital markets by consistently performing high-quality audits remains our top priority, including addressing the matters raised in the Report in a thorough and thoughtful way. We have evaluated each of the observations set forth in Part I – Inspection Procedures and Certain Observations of the Report and have taken appropriate actions under both PCAOB standards and our policies. Our evaluation included those steps we considered necessary to comply with AS 2901, Consideration of Omitted Procedures After the Report Date, and where applicable, AS 2905, Subsequent Discovery of Facts Existing at the Date of the Auditor’s Report and AS No. 2201, An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements.

We’re still awaiting EY’s and BDO USA’s 2017 inspection reports to be released, but until then, here’s the audit deficiency rate scorecard as of today (lowest to highest):

• Grant Thornton (18%)
• Deloitte (20%)
• PwC (24%)
• KPMG (50%)
• RSM US (73%)

The post PwC’s 2017 PCAOB Inspection Report Is Fairly Unspectacular appeared first on Going Concern.

In the age of Instagram influencers and workplace beer gardens, millennials often get an unfair rap for communicating and working differently than their older office peers.

While they may have grown up texting in lieu of talking and “dancing” with headphones at silent discos, like it or not, millennials are now the largest and most prolific voice in the accounting world. And their attitudes and preferences are influencing every part of accounting office culture—particularly when it comes to new technology.

Some say millennials are “lazy.” We say they’re driven, just driven in their own way—a way that includes an insistence on embracing new ways of working. From artificial intelligence, machine learning, and cloud-based computing to project management software and social media platforms, millennials have evolved the accounting industry with technology.

Here are three ways they did it—and continue to do it today.

1. They initiated real-time reporting

By 2020, nearly half of the U.S. workforce will be made up of millennials. And that’s good news for the accounting industry, which needs their energy to spark plateauing firm growth.

Richard Kopelman, CEO and managing partner at Aprio, believes that having a younger, tech-savvy workforce not only benefits clients, but also challenges firms to work smarter through the use of new real-time software and different methods of problem solving.

“We respect and are adapting to how millennials work and how they view things,” Kopelman said. “They have a different engagement level and bring different abilities that greatly contribute to our company.”

And that millennial focus is important, considering more than 90% of businesses now prefer a real-time accountant when dealing with their financial information.

Today’s more progressive firms are transitioning business clients from old-school desktop products like QuickBooks to online software like NetSuite and Xero where they can see their finances in real-time. And millennials are expediting this transition.

Just how beneficial is real-time software? It’s like going from a rotary phone to an iPhone X. No longer is a client stuck wondering about the status of their finances or forced to call their accountant to ask an important question during a sales meeting. (Also, it doesn’t take nearly as long to dial a 9.) Accountants and clients alike are always just a few clicks away from the most up-to-date information.

“It’s not about just doing compliance work anymore,” said Danielle Berg, Aprio chief marketing and communications officer. “Sometime soon, every employee will be able to come into work in the morning and know what’s going on real-time with clients. And that’s really exciting.”

2. They put their heads in the cloud

When Nintendo released its Power Glove roughly 30 years ago, the peripheral was supposed to revolutionize the gaming world. Instead, it bombed under the weight of its ill-conceived lagging hardware that had buyers desperately blowing air into their NES cartridges, hoping for a “fix” that would never come.

Accounting suffered a similar blow in the early 2000s. Firms were counting on emerging technology to help them deliver better service to clients, but the net effect of new tech was a negative one. Technology, along with a healthy dose of corporate consolidation, made it possible for many companies to perform more of their accounting work in-house. As a result, public accounting firms saw business growth begin to stagnate.

Then came millennials to the rescue—helping to revive the industry by moving mobile accounting software and advisory roles to the forefront and achieving the tech-driven higher levels of client service public accounting firms needed to spark new growth.

Much of this evolution is occurring in the cloud, with the average organization investing $1.62 million in cloud computing. While some industry staples continue to stay the course with yesterday’s economics, companies like Aprio understand the massive opportunity the cloud represents. These firms are implementing both public and private cloud technology, training and promoting millennials who know how to use it, and adapting their work styles to take advantage of everything the cloud offers.

With data-entry tasks pushed to automation, the cloud has allowed young accountants to provide clients with more detail-oriented work—at flexible hours—and enables them to easily collaborate with their teams on special projects.

Their heads always in the clouds, proverbially and literally, millennials can provide better client interactions and are setting up their firms for advancement in ways never thought possible 20 years ago.

“The pace of technology is going to make us run fast,” Berg said. “We as a company have to commit to being lifelong learners and understand all the new tech, from real-time to mobile to cloud to remote.”

3. They moved business away from the office

Thanks in large part to millennial interview inquiries, remote accounting jobs are growing faster than ever. That makes some managers nervous, but millennials are alleviating their stress by driving the use of Google Hangouts, Slack, and other mobile software that makes it easier for accountants to effectively work from anywhere.

With its millennial-majority workforce, Aprio has embraced the remote revolution—and that seems to be a good thing for employees and clients alike. Kopelman said the remote option fits hand-in-glove with what many clients are now demanding.

“We’re in a position to accelerate growth and serve that next generation of clients and meet them where they want to be met,” he said. “I think that means we will be more virtual in the future. Our people will be more effective when they work from anywhere rather than being tied down to an office all day.”

Aprio needs forward-thinking accountants like you

Is your employer behind the tech curve? Time and again, Aprio has separated itself from other global firms by committing more resources to cloud accounting, AI/ML, remote work, analytics, and forward-looking insights based on data.

If you want to work at a firm with a progressive approach to technology—where you can improve your skills, advance your career and compensation, enjoy more work/life flexibility, and connect with clients to feel the direct impact of your work—you should consider an accounting job at Aprio. Click one of the links below to apply now.

Remote accounting jobs (work from anywhere)

Remote Implementation Associate

Virtual Ecosystems Solutions Architect

Remote Senior Accountant, eCommerce

Atlanta, Georgia accounting jobs

SALT Associate

Recruiter

R&D Senior Associate

Audit Senior Associate

The post 3 Ways Millennials Changed the Accounting Industry with Technology appeared first on Going Concern.

Guys, allow me to introduce you to the UK’s “youngest accountant.” He’s making the rounds in the rags across the pond, so we figured we’d give him his 15 minutes of fame here in the good ole U.S. of A as well because we’re just generous like that.

Ranveer Singh Sandhu is a 15-year-old “entrepreneur” with big dreams who started an accounting firm out of his house at 12. It must be an exceptionally slow week in news over there because for some reason the papers decided to center half a dozen stories around this kid who, bless his heart, says he isn’t going to college and plans to be a millionaire in 10 years. Oh sweetie, aren’t you cute.

In 2014, we profiled then 17-year-old Belicia Cespedes, a young lady from California who started her bachelor’s degree at just 13 and passed the CPA exam just four years later. She studied for 14 hours straight some days while most of her peer group was out partying and immortalizing embarrassing moments for eternity via Instagram. Some might argue she missed out on the all-important teenage years, but whatever, kudos to her. Her parents hoped Guinness Book of World Records would name her the youngest CPA in history.

Meanwhile, this Ranveer kid says fuck college. Look, kid, I’m not trying to piss on your dreams or anything but being an accountant — and a successful one at that — isn’t like an illustrious career in tabloid blogging, you can’t drop out of school and rely on your wily charms for success like some of us *cough*.

Let’s see what he has to say about his future plans:

“I have always known what I wanted to do – I decided when I wanted to be an accountant was when I was 12 years old. It isn’t that hard juggling school and my business, I haven’t had that much stress. My clients are surprised when they find out my age, but my friends find what I do quite inspiring. Everyone loves what I do and people are very supportive of my business – my parents are impressed with how far I have come and how I have managed to do this all on my own. My plan for the future is to become a millionaire and expand my business.

You know how much the average licensed accountant in the UK makes? I don’t actually know, I’m asking. Anyway, I’m sure it’s nowhere near a million dollars, even with the currency conversion. Get real, my dude.

No mention of who his clients actually are but the Mirror article does say they are fellow “young entrepreneurs” which makes me think this kid is in for a hell of a wake-up call when he realizes his classmate’s weed business isn’t going to catapult him to a successful career in accounting. I mean how the fuck do his clients not know he’s 15?

You might be asking yourself what makes Ranveer qualified to be the UK’s ‘youngest accountant.’ I’m so glad you asked! At 12, he completed a Level 3 CPD basic accounting certificate, which as far as I can tell is a 60 hour, $300 course that anyone, probably even my cat who actually possesses better than average accounting skills for a cat having been born on Tax Day, could take. You’re allowed as many retakes as it takes to pass, and in the course description it states you don’t need any previous knowledge whatsoever. Topics covered include:

• Accounting
• Introduction to Accounting
• Fundamental Accounting Concepts
• The Double Entry Accounting System
• The Financial Statements
• Analyzing, Recording, and Classifying Transactions
• Adjusting Entries
• Closing Entries, Post-Closing Trial Balance, and Reversing

Well shit. Accounting and Intro to Accounting? Damn, no wonder this kid is feeling like he’s well on his way to a cool million in a decade.

Look, like I said, I don’t want to rain on your parade kid but it’s gonna take a lot more than some sketchy certificate to make a million dollars in accounting. Like, I dunno, real world experience that doesn’t include your aunt’s MLM losses and, you know, a degree. I mean, when I was 15 I was convinced I was going to be the next big American science fiction writer and look at me now, I’m an old tired drunk who never wrote a novel with my byline on a shitty accounting tabloid. Better to accept your fate now rather than lament on what could have been but never was later.

Ranveer, who does not plan to go to university, said: “My parents have always helped me from the beginning.

“My ambition is to make quite a lot of money out of it, expand my business and make it international while helping young people start their businesses at the same time.

“I want to accomplish everything by the age of 25 – I still have 10 years left.

“I plan to spend my money on investing in properties, building an empire of properties and when I passed my driving test, buy myself a car.”

I mean, what Fortune 500 company wouldn’t want to trust their business to a teenager with an online accounting certificate? It seems like a no-brainer really. Literally, no brains.

Good luck, kid. You’ll need it. And hey, if you decide to stop screwing around and pursue a career in the Big 4, come visit us in a few years to let us know how it’s going.

The post Someone Break It to ‘UK’s Youngest Accountant’ That Accounting Is a Sh*tty Way to Become a Millionaire appeared first on Going Concern.

Business Insider recently published an article that contains excerpts from “Shoe Dog,” the 2016 memoir of Nike co-founder Phil Knight, who used to be a CPA and worked early in his career at Price Waterhouse and Coopers & Lybrand before selling shoes out of his car at track meets.

During Nike’s early days, Knight wrote that he wanted to surround himself with bright people, so he seemed to hire “nothing but accountants and lawyers” because they have “sharp minds.”

“That was our priority, and accountants and lawyers had at least proved that they could master a difficult subject. And pass a big test,” Knight writes. “Most also demonstrated basic competence. When you hired an accountant, you knew he or she could count. When you hired a lawyer, you knew he or she could talk.”

Knight was right, you guys do have sharp minds and you guys do know how to count. Good move on his part.

However, while you guys are known for your smarts, you aren’t known for your great fashion sense. Knight should’ve known this, as he used to be one of you. So why Knight asked an accountant to design Nike’s first line of clothing is kind of a head-scratcher. And, as you can imagine, it turned out to be not so good:

In 1978, Nike was gearing up to launch its first apparel line. Knight tapped Ron Nelson, an accountant, to develop it. He reasoned that apparel, when compared to footwear, was easy.

“There wasn’t any technology or physics involved,” Knight wrote.

It turned out to be a disaster. Unfortunately, according to Knight, Nelson had no sense of style and came up with a line of clothing that resembled “soiled workout shorts, ragged T-shirts, wrinkled hoodies — each putrid item looked as if it had been donated to, or pilfered from, a dumpster.”

Knight transferred Nelson to the production department and tapped eventual Nike president Bob Woodell, who did his “typically flawless job.”

In fiscal year 2018, Nike pulled in $14.86 billion in sales in North America, $4.9 billion of which was in apparel.

Lesson (obviously) learned.

The post Protip: Don’t Ever Ask an Accountant to Design Your Latest Line of Apparel appeared first on Going Concern.

RSM US isn’t the only firm that has been lazy about disclosing to the PCAOB that they’ve been involved in a non-PCAOB disciplinary proceeding. In fact, RSM’s affiliate in Hong Kong and Deloitte’s affiliate in Colombia are also guilty of taking too damn long to send the PCAOB the proper paperwork. And now both firms have been fined.

If a PCAOB-registered accounting firm is a defendant or respondent in an administrative or disciplinary proceeding that was initiated by another regulator, it has to let the PCAOB know about this by filing Form 3, Special Report, within 30 days after the event. The firm also has to let the PCAOB know that the disciplinary proceeding has been wrapped up.

The PCAOB fined RSM Hong Kong $10,000 last month for not filing Form 3s (or is it Forms 3?) until two and a half years after it was involved in two disciplinary proceedings by the Hong Kong Institute of Certified Public Accountants between October and November 2014.

Both proceedings revolved around an unmodified auditor’s report RSM Hong Kong (then known as RSM Nelson Wheeler) issued on Oct. 28, 2009, on the financial statements of Heng Tai Consumables Group Ltd. and its subsidiaries for the year ended June 30, 2009.

The HKICPA said it received a referral from the Financial Reporting Council in Hong Kong in November 2012 regarding Heng Tai Consumables’ treatment of an available-for-sale (AFS) financial asset, which had suffered significant decline in fair value. The FRC decided that RSM issuing an unmodified auditor’s report was inappropriate.

In September 2015, the disciplinary committee of the HKICPA found that RSM and the engagement partner, Stephen Wong Tak Man, failed or neglected to observe, maintain, or otherwise apply a professional standard issued by the HKICPA, namely Hong Kong Accounting Standard 39, Financial Instruments: Recognition and Measurement, which requires an entity to recognize an impairment loss in profit or loss for an AFS financial asset when objective evidence of impairment exists.

RSM and Wong were each ordered to pay a penalty of HK$10,000 and jointly pay costs and expenses of the disciplinary proceedings of the HKICPA totaling HK$95,401.

Now on to Deloitte & Touche Ltda. in Colombia, which was fined $15,000 by the PCAOB last month for not filing a Form 3 for each of the seven—yes, seven—separate disciplinary hearings it was involved in until between six months and two years after the proceedings had commenced.

The seven hearings, which happened between August 2014 and October 2016, were initiated by the Junta Central de Contadores.

Sorry, I’m not going to go through all seven incidents, but they all involved providing professional services to Colombian companies that weren’t issuers, according to the PCAOB. If you have extra time on your hands, you can find all the Form 3s (or Forms 3) right here.

Deloitte also got in trouble for failing to tell the PCAOB that five of the seven disciplinary proceedings had concluded.

The post The PCAOB Is Sick and Tired of Not Being Told About Firms’ Past Disciplinary Hearings appeared first on Going Concern.

Mexican authorities said KPMG Mexico could be fined as much as 30 million pesos (about $1.57 million) for exposing the confidential payroll data of employees at 41 of its clients, which was housed in an unsecured database that wound up on the Internet.

According to El Economista, the National Institute of Transparency, Access to Information and Protection of Personal Data (INAI) will decide whether KPMG was in compliance with the requirements of Mexico’s federal laws on personal data protection and, if not, whether the firm deserves a hefty penalty.

Cynthia Solís, a partner with IT legal advisory firm Lex Inf, told El Economista that if KPMG is found to have violated federal data protection laws, “I think we are talking about a million-dollar fine, between 20 million and 30 million pesos.”

But if the INAI finds that the firm was compliant with the law’s requirements, the KPMG Mexico employees who were responsible for the data leak would be the ones fined, not the firm, Solís said.

But she added:

“At the outset, there is a well-founded presumption that KPMG did not correctly apply the physical, technical and administrative measures to safeguard this data.”

According to a seven-page confidential report, dated Feb. 22, KPMG Mexico said a “small group of staff” created an “unauthorized environment” in Microsoft’s Azure Blob storage service that was not secure. Kept in that database was information from digital tax receipts that the KPMG employees downloaded from the Tax Administration Service, the revenue service of the Mexican federal government, according to El Economista.

“It is important to re-emphasize that the database that was hosted in the unauthorized environment was installed with default settings, which resulted in it being accessible without a password to anyone on the Internet,” KPMG said in the report.

The report also states that an “unauthorized third party” gained access to the database.

“The small group then deleted the unauthorized environment—again, without authorization. Thus, it is unfortunately not possible, through recovery processes, to determine precisely what information was in the unauthorized environment or which information is potentially in the possession of any unauthorized third party. It is also not possible to determine precisely what Information, if any, was taken,” KPMG said.

As a precaution, KPMG Mexico has offered to all affected clients’ employees, whose information could have been in the unauthorized database, monitoring services provided by Experian Information Solutions Inc.

Some of the employee data that was allegedly exposed, according to El Economista, includes:

• Federal Taxpayer Registry Codes
• Unique Code of Population Registration (CURP)
• Social security numbers
• Bank account numbers
• Salary information

Two KPMG Mexico employees, who were part of the “small group,” were fired, and the others have been suspended and are awaiting further disciplinary action pending the results of an internal investigation.

The post KPMG Mexico Could Be Facing Fine of Up to $1.6 Million For Huge Data Leak Blunder appeared first on Going Concern.

We’ve given KPMG a lot of shit on this site recently, and rightly so. But we’re going to throw the House of Klynveld a bone today, as there’s some good news to report: KPMG nearly swept the diversity categories in Vault’s “Best Accounting Firms” rankings.

Let’s not kid ourselves, though: The accounting profession is still predominately made up of old white dudes. But the top firms want you to pat them on the back and say “good job” for trying to make their workplaces more diverse and inclusive. Just look at the press releases the Big 4 put out last year announcing their global revenue totals for fiscal year 2018. They all include the words “diversity” or “diverse” and/or “inclusive.”

For example, KPMG’s said:

Diverse people are our most important asset. Gender diversity has risen across our leadership ranks with women now comprising 24% of Partners and Directors, strengthened by the percentage of diversity across our new Partner promotions (28% in our top 10 largest firms). We strive for overall gender parity throughout our organization, and of KPMG’s total workforce, 47% are women. We have also launched our inaugural Global Inclusion & Diversity Report to further emphasize our focus on creating a truly inclusive and diverse culture as a strategic priority for KPMG.

Deloitte’s said:

[I]n FY2018 Deloitte elevated 676 professionals to partner, a 19 percent increase from FY2017. Globally, 174 of these partners are women.

And:

Deloitte continues to build a diverse, inclusive, agile workforce that is deeply skilled and ready for Industry 4.0. How and where work is done is changing, and Deloitte is responding by providing its people with exceptional professional experiences, including new approaches to connectivity, learning and development, and advancement.

PwC’s had:

Thirty percent of our firms’ new partners in FY18 were female. Female representation in the PwC member firm partnerships has gradually increased from 13% in 2006 to 20% in 2018.

“We know that when our people are at their happiest they are at their most productive, most engaged and most creative.  To attract and retain the brightest, most diverse minds, we are building a culture of continuous development and changing how we develop our people’s skills and leadership capabilities.

“By embracing and investing in technology, we’re helping to raise our people’s digital acumen to prepare them, and PwC, for the future,” says PwC Global Human Capital Leader, Agnès Hussherr.

“We are rethinking development to give our people more access to learning technologies, and matching their curiosity with continuous opportunities to grow. We’re encouraging more flexible ways of working, we’re focusing more on well-being and engaging more diverse minds.

“While there is much still to do in the area of diversity, we are proud of the increasing number of women joining PwC and becoming partners, as well as the 16 LGBT+ networks we have set up across PwC to support and encourage our LGBT+ colleagues around the world.”

The post Vault 2020 Firm Rankings: KPMG Is the Diversitiest of the Big 4 appeared first on Going Concern.

Tina Frost (right) pictured with her mother, Mary Watson Moreland.

It’s been several months since we checked in to see how Tina Frost is doing. Frost, an accountant at EY in San Diego, was shot in the head during the Route 91 Harvest Festival mass shooting in Las Vegas on Oct. 1, 2017.

Frost’s mom, Mary Watson Moreland, posted the following update on Tina’s GoFundMe page on March 25:

Hi everyone,

Well it’s time again! Tina and #teamtina are gearing up for yet another surgery tomorrow morning. The Doctors this time will be taking tissue from the g-tube scar on her stomach that she had to insert in Las Vegas. They will be putting this above her eyelid and below her eyebrow. Tina has been doing her own eye care for a few months now and does a really good job with it. She also is still going to therapies and starting to get to the gym more since her setback of a seizure back in January. She has become a Lyft regular until hopefully April when she can drive again.

Tina continues to amaze us with her strength and persistence and with Austin, her family and friends, we hope she will keep progressing and hopefully be able to return to work in the future.

Please keep her in your thoughts and prayers as well as all the other victims of any crimes and violence.

Frost and her boyfriend, Austin Hughes, drove from San Diego to Las Vegas for the country music concert. When the shooting erupted, a single bullet struck Frost in the forehead, piercing the frontal lobes of her brain before ricocheting and landing in her right eye. She was in a coma for about two weeks.

Following the shooting, doctors removed Frost’s right eye and took a section of her skull to remove bullet fragments and allow her brain to heal.

The GoFundMe page has raised $617,812 from 10,376 donors as of April 23, which will go toward Frost’s medical expenses and recovery. The fundraising goal was $50,000. A good chunk of that money was donated by Frost’s co-workers at EY.

We’re hoping for some more good news from Tina’s family soon!

The post Tina Frost, EY Employee Shot In Las Vegas, Still On the Road to Recovery appeared first on Going Concern.

With graduation season approaching, BKD CPAs & Advisors held its own graduation of sorts recently, as 23 of its finest capital market servants made partner or managing director.

The class of 2019 is equal in size with the class of 2018; however, there are 12 new partners this year versus 16 last year, while there are 11 new managing directors vs. seven in 2018. The firm’s largest new partner/managing director class in recent years was in 2017 when 29 people were promoted.

Of the 12 new partners, four are women. And 27% of the group of new managing directors are women.

No, Kate and Ben (pictured above) weren’t promoted, but these people were:

Partners

• Scott Bormet, Transaction Services
• Tim Eischeid, Chicago
• Amy Frizzell, Wealth Advisors
• John Griffin, Dallas
• Jenifer Hitschmann, Wichita
• Justin Kensinger, Springfield
• Matt Klauser, Transaction Services
• Kieth McGovern, Kansas City
• Jennifer Sanders, Louisville
• Nate Scott, Omaha
• JoAnna Simek, Chicago
• Chris Woosley, Louisville

Managing directors

• Brian Bell, HCPAS
• Jeff Bodkin, Indianapolis
• Heather Broyles, Wealth Advisors
• Christie Clements, Enterprise Risk Solutions
• Nicole Fishback, Indianapolis
• Glenn Grigsby, Louisville
• Jason Jobgen, Cost Segregation Services
• Troy Lindsey, St. Louis
• Mike Summers, Indianapolis
• Allen Wong, Houston
• Tomi Yoshitomi, Indianapolis

Congrats to all the newly promoted BKDers!

The post Promotion Watch ’19: BKD Adds 23 New Partners and Managing Directors appeared first on Going Concern.

The IRS has itself a new associate chief counsel, international, in the Office of the Chief Counsel, and the agency plucked him away from our favorite four-letter Big 4 firm.

Peter Blessing is his name, and international tax law is his game.

“We are very fortunate to attract an individual of his caliber and expertise,” said Michael Desmond, IRS Chief Counsel. “Peter Blessing will be bringing a deep and wide-ranging technical expertise and strong leadership qualities and will be a great addition to the Office of Chief Counsel.”

The Associate Chief Counsel, International, is responsible for coordinating and directing all activities of the international organizational component of the Office of Chief Counsel. That organization provides legal advisory services on all international and foreign tax matters, including all matters relating to the activities of non-U.S. persons or entities within the United States and the activities of U.S. or U.S.-related persons or entities outside the United States. These services support uniform interpretation, application and enforcement of all international provisions of the United States revenue laws, all bilateral and multilateral tax treaties and agreements to which the United States is a party, and all foreign revenue laws that pertain to or affect tax matters in the United States.

Blessing most recently served as a Managing Director for Washington National Tax (WNT) and International Tax units of KPMG LLP. He was a partner for over 25 years with Shearman & Sterling LLP, where he had a sophisticated tax practice with an emphasis on financial institutions and international tax matters. For a number of years, he managed the International Tax Department and grew a European tax practice for the firm.

Blessing joined KPMG in April 2013 as head of cross-border corporate transactions in the WNT practice.

He received his Juris Doctor from Columbia Law School and his Master in Laws in Taxation from New York University School of Law. Blessing received his Bachelor of Arts from Princeton University.

[IRS]

The post IRS Poaches a KPMG Managing Director and Issues a Press Release, Part I appeared first on Going Concern.

Whenever big CPA exam changes hit, some folks rush and try to get it done before the changes take effect. We saw this in 2010 with the pending implementation of CBT-e, a revamped “version” of the CPA exam that served little-to-no purpose other than getting CPA exam candidates worked up like a pack of untrained dogs over a raw steak. OK I’m being dramatic, CBT-e was a pretty significant overhaul of the exam and candidates were well within their God-given right to freak out a little bit about it.

This year’s CPA exam PITA was of course a suite of changes to the Regulation section of the exam. Once again, everyone freaked out like the sky was falling and didn’t know if they should get REG over with before the changes or put it off until some point in the future.

Well, as it turns out, y’all did a damn good job on REG in the first quarter. Changes be damned, candidates tore that shit up. Let’s take a look at the data from the AICPA.

On its own, those numbers don’t necessarily look that good, sure. But let’s compare to 2018, shall we? We took these numbers from I Pass the CPA Exam because for some reason the AICPA no longer has historical pass-rate data on its website. Wack.

As you can see, candidates slightly outperformed last year’s REG pass rate for the same quarter, edging up over 50%. This is an even higher improvement when compared to 2017’s Q1 REG pass rate of 46.10%. Want to know something really impressive? This is the best candidates have performed on REG in the first quarter since 2006!

Obviously it’s early in the year and final pass rates for 2019 could end up being a hot pile of garbage, but for now, the first quarter pass rate for REG is hopeful. If you’ve been putting it off because you’re terrified of the changes, maybe this will fill you with tentative optimism.

To those of you who contributed to this spectacular performance, congrats. Let’s keep this going and fill the world with bright-eyed, brilliant little CPAs. Or something like that.

The post CPA Exam Pass Rates For 2019 Are Off to an Excellent Start appeared first on Going Concern.

I didn’t read comic books growing up. I don’t read them now. An occasional graphic novel, sure, but no comic books. I have nothing against them, but after I reached the age of, I don’t know, 13 or so, superheroes with super powers didn’t really do it for me.

For the last decade or so, superhero comics have morphed into superhero movies, and while I have seen several, I am not one of these people who sees every goddamn new AVENGE CAPTAIN AMERICA: CIVIL RAGNAROK INFINITY PANTHER WAR film that hits the big screen. But judging by the amount of money these movies make, this puts me in the minority. Whatever, no judgment here. The movies are fine. I just choose not to make the Marvel Cinematic Universe my fundamentalist religion.

Anyway, my point is that lots of you will be making the sign of the Iron Man cross as you wait in line to see Avengers: Endgame this weekend.

In the last movie, Avengers: Infinity War, mega-villain Thanos got all six Infinity Stones, which gave him the ability to “rebalance the universe,” which is comic speak for carrying out mass genocide at the snap of a finger. At the end of the movie, with the Infinity Gauntlet full of gems on his hand, Thanos snapped his finger, turning several Avengers—as well as half of all life on Earth and in the universe—into piles of dust. Avengers: Endgame will take three hours to show us how our remaining superheroes presumably go back in time to stop Thanos, save the universe, and bring everyone else who turned to dust back to life.

Now, a question you’re probably asking yourself right this second is, “If Going Concern and its favorite accounting luminaries existed in the MCU, which ones would be dead?” Some people on staff here had the same question, and well, here we are.

If I remember correctly, there was no rhyme or reason to who lived and who died in Infinity War, so it stands to reason that there’s no rhyme or reason to who lives or dies in the MCU accounting world. It’s all perfectly random and dumb!

Alright, let’s get on with it. Here’s who disintegrated into a cloud of dust:

Dead

• Caleb Newquist, founding editor, Going Concern, Editor-at-Large, Gusto
• Jason Bramwell, staff writer, Going Concern
• AICPA President, CEO, and “more of a Superman guy” Barry Melancon
• Russell Golden, chairman, FASB
• Cathy Engelbert, CEO, Deloitte
• Greg Kyte, CPA, comedian, Going Concern cartoonist
• Joe Adams, CEO, RSM US
• Grover Norquist, president, Americans for Tax Reform
• Jay Clayton, chairman, SEC
• Jason Blumer, CEO, Thriveal CPA Network

Don’t worry, Adrienne fanboys; she survived. Too bad, though; half of you are dead and the other half of you repulse her. As for the others who are stuck with her:

Alive

• Adrienne Gonzalez, senior writer, Going Concern
• Tom Hood, executive director and CEO, MACPA
• Tim Ryan, U.S. chairman, PwC
• Lynne Doughtie, U.S. chairman and CEO, KPMG
• Mark Weinberger, global chairman and CEO, EY
• Mike McGuire, CEO, Grant Thornton
• Wayne Berson, CEO, BDO USA
• Ralph Albert Thomas, executive director and CEO, NJCPA
• William Duhnke, chairman, PCAOB
• Charles Rettig, commissioner, IRS

Your death and mine won’t be mourned in the MCU as much as Groot’s, but, hey, at least we won’t have to listen to Steve Rogers lecture us about our bad language any more, right?

The post Accounting Endgame: Who Would Survive Thanos’s Snap? appeared first on Going Concern.

Happy Monday, gang. Today, we’re going to take a look at Vault’s 2020 ranking of the “Best Accounting Firms for Forensic Accounting.” We wanted to give some love to these number-crunching crime fighters who helped take down Paul Manafort and bust idiot celebrities who illegally tried to get their wannabe-celebrity children admitted into elite universities where they didn’t belong.

In its annual accounting survey, Vault asked 8,200 accountants to rate on a scale of 1 to 10 the top accounting firms in terms of how strong their forensic accounting practice is. Respondents were not allowed to rate their own firm and were asked to rate only those firms with which they were familiar. Vault averaged the scores for each firm and ranked them in order.

While Vault has ranked the top 50 accounting firms every year since 2011, it has only provided rankings for the best firms for forensic accounting since 2015. And the No. 1 firm for forensic accounting each year since those rankings began was PwC. And that didn’t change for 2020.

If you want to see the full ranking of the top 25 firms for forensic accounting, you can click here. As we’ve done with our articles on the Vault 2020 “quality of life” firm rankings, we’re going to list the top five firms for forensic accounting and throw in some honorable mentions.

And here they are (previous year rankings in parenthesis):

1. PwC (1)
2. Deloitte (2)
3. EY (3)
4. KPMG (4)
5. Grant Thornton (5)
6. BDO USA (6)
7. RSM USA (7)
9. Crowe (8)
15. CliftonLarsonAllen (14)
17. CBIZ MHM (15)

Not surprisingly, the Big 4 has occupied the top four spots in Vault’s best firms for forensic accounting rankings every year since 2015, with Grant Thornton in fifth each year too.

Any other firms deserve to be in the top 25 that aren’t? Let us know in the comments.

Related articles:

PwC Once Again Tops Vault Accounting 50 (2020)
You’ll Have to Pry Vault’s ‘Most Prestigious Firm’ Title Out of PwC’s Cold, Dead Hands
Vault 2020 Firm Rankings: Benefits, Comp, Vacation, and Promotion Policies
Vault 2020 Firm Rankings: Culture, Leadership, Relationships with Supervisors, and Work/Life Balance
Vault 2020 Firm Rankings: KPMG Is the Diversitiest of the Big 4

The post Vault 2020 Firm Rankings: Forensic Accounting FTW appeared first on Going Concern.