Like 'em or not, stereotypes exist for a reason. For example, guys like Colin are always riding around on their bicycle and using high brow words to show how obscure their compendium of knowledge is. And cat ladies like me are always sporting cat hair on our t-shirts and talking about what our cat did today.
The word has negative connotations because it can also be used to pigeonhole certain groups of people based on things like race or age and that's not cool but that's just how the human brain works. It likes to be able to sort everything outside of ourselves, and stereotypes help it do just that. Unfortunately, stereotypes can also be something of a self-fulfilling prophesy, causing us to under-perform because we believe we aren't supposed to be good at something.
But let's not get all science-y right now.
Someone out there who does not want credit for this masterpiece came up with a doodle of Big 4 stereotypes. Before we let loose with the artist's interpretation, see if you understand what each is supposed to convey:
(descriptions on next page)
From the artist:
PwC-- was supposed to be a little stuck up/snobbish, looking down on everyone, but he is short, making him just look silly
Deloitte-- jock (I guess bro works too!)
EY-- hipster [Note the uncanny similarity to Colin down to the glasses and intentionally unkempt hair]
KPMG-- gamer/comic nerd, also sort of a wanna be hipster (thus the sideways glance at EY)
GT-- is the little sister who wants to fit in with the cool kids, a little left behind; she also sort of symbolizes the lack of women presence in upper-level roles
NAILED IT. Although who authorized Deloitte guy to come to work in shorts and a tank top? Oh well.
It's your favorite free-for-all of the week, Open Items.
You can discuss anything you like here -- industry careers, recruiting, overrated accounting firms, how photogenic Bob Moritz is, or anything else that strikes your fancy.
Have a great Friday and try to keep the noise down.
Accounting News Roundup: Rich People Tax Problems; Big 4 Mad Men; Secret PCAOB Investigations Protects Bad Auditors | 11.08.13
Strategic moves [Economist]
The Economist gets all smarty pants on auditors acquiring consulting shops.
Bad auditors protected by bad law [China Accounting Blog]
Paul Gillis blames the secrecy of PCAOB investigations for allowing Sherb & Co. and Patricio & Zhao to continue doing shoddy audits of Chinese reverse mortgage companies. The SEC stepped in first and now the PCAOB looks bad. Very, very bad.
This guy went in orange face for his fraud presentation.
— Kelly Richmond Pope (@kellyrpope) November 8, 2013
Taxpayers close to breaking even on Fannie Mae, Freddie Mac bailout [Reuters]
I guess we'll take it.
FASB proposes eliminating “development stage entity” distinction [JofA]
I'm sure it's harmless.
University physicists study urine splash-back and offer best tactics for men [Phys.org]
Give it a try today, gents.
Footnotes: SEC Gets Around to Sherb & Co.; New Revenue Recognition in the Final Stretch; Decent Internships | 11.07.13
CFOs Need to Learn About Tax Credits [CFO]
FASB Finishes Talks on Revenue Recognition [CW]Gerald A. Poynter, also known as "Brother Jerry Love," admitted to leading a tax fraud conspiracy in which co-conspirators from eight states filed fraudulent tax returns seeking $96 million in refunds. The IRS mistakenly paid out $3.5 million of those refunds to Poynter and other filers, including "branch managers" who recruited conspiracy participants. As the leader, Poynter would receive a cut of each refund, which he directed the others to call "love donations" with checks written out to "Jerry Love Ministries." [KCBJ] Auditor to the Chinese reverse mortgage fraud stars, Sherb & Co., got barred by the SEC today, more than five years after a Barron's article warned everyone about the firm. [Jon Weil]
— Jen DePaul (@TaxAnalystsJen) November 7, 2013
— Tax Foundation (@taxfoundation) November 7, 2013
Studies Make a Case for Engagement Partner Identification [AWEB]
Can Expiring Tax Provisions Save the Budget Talks? [TaxVox]
Best Overall Internships Plante Moran: 7; PwC: 12; Deloitte: 13; KPMG: 17; Moss Adams: 23. [Vault]
Bacon Deodorant Is A Real Thing [HP]
The Tax Analysts Twitter feed shared this earlier and it's pretty great. It's campy, it's nostalgic, it's a George song. What's not to like?
Fall is a quiet time of year for most capital market servants, and with the holidays coming up, it's about to get quieter.
That will all change in early months of 2014 when working long days, nights, and weekends will become the norm at firms around the country. It's a depressing thought for many. And what's more depressing is that the whole culture of equating long hours with hard work and success in public accounting is dumb. Oh so dumb.
If you're new to public accounting or this here website, you might think that we don't know what we're talking about. But this isn't a new idea around here. I wrote a post on the topic over a year ago. Here's a taste of it, but the whole thing is worth a read (if I do say so myself):
[S]omewhere along the trajectory of the public accounting profession, someone decreed that long hours = good performance. This idea spread like wildfire to firms large and small and it still dominates the profession today. It has ingrained itself into the accounting industry DNA to such a degree that many people working in it today feel guilt - GUILT! - when they leave after a ten or eleven-hour day. That, my friends, is a travesty.
The worst about this aspect of the culture in public accounting is that so many people say that "face time doesn't matter" when it's obvious that it does matter. You'll hear people at every level of your firm say it but it is a baldfaced lie. It matters a lot. It matters MORE THAN ANYTHING.
We're bringing it up again today because there's a great post at We Are Mammoth discussing the topic. The context of the WAM post is in the tech industry but that hardly matters. The author, Jason James, lists several points that explain what long hours really mean and they should sound familiar:
1. You are working for free -- Your big salary doesn't look so good when you're squeezing two weeks of working hours into one.
2. They set unrealistic expectations -- Say your typical day is 10-11 hours and then, for whatever reason, you cut out at 5 pm on a random Thursday. People FREAK OUT.
3. They create a cultural problem at your firm -- As James writes, "working 80-100 hours a week simply destroys people." And when there are jobs out there that pay better and offer a better balance, of course people will leave public accounting. That sounds like an god-awful culture to be a part of.
4. They are a sign of weak leadership -- These people are responsible for perpetuating the nightmare culture.
5. They are a sign of poor project management -- I took a hatchet to the New York Times for their piece that cited an EY team that "arrange[s] to cover for each other, helping make the busy season tolerable for everyone." Now, I grant you, these teams exist. I even worked on one for a while. But they are few and far between. Because most teams, regardless of their line of business, are short-handed, the project management is a failure out of the gate. Until more teams are adequately staffed, this will continue to be the case.
6. High opportunity cost -- Why don't you ask your significant other about this one? No significant other? Then ask your non-public accounting friends. Oh, no non-public accounting friends? What a surprise.
7. Martyrdom -- Whenever someone says, "I didn't get out of there until after midnight," you should respond with, "Well, that's fucking stupid."
8. They do not result in more productivity or better work -- Humans require rest. Working long hours intereferes with our ability to rest and recharge so that we can productive the next day. Anyone that believes the contrary and says things like, "sleep is for the weak" is an asshole and an idiot.
James wraps things up with a bit of a concession for those sickos that want to work long hours:
[I]f you are going to put in the extra hours, make sure it’s on your own terms.
Agree. Circle gets the square. But in public accounting, extra hours are rarely worked on your own terms. James addresses that too:
[I]f some place or some job is making you feel like long hours “come with the territory” just know they are misleading you to their benefit, and you can find a better situation with some extra effort.
And because there's a huge demand for people with accounting skills, you can find a better situation with just a little effort, really. If you're new or low on the pecking order, don't let anyone give you the face time is paying your dues/this is how things are BS with a straight face. If you're a manager or partner, do whatever you can to help stop this idiotic aspect of the culture in the profession. It's a huge part of the reason that so many people leave it.
In the history of this website, we have posted many farewell emails; the dramatic, the sad, the ridiculously long-winded. Of those, there is just no category for what follows. This person obviously isn't cut out for the job, but if success in auditing were based solely on the craziness of the email you send your team on your way out the door, this email writer would make partner in a matter of weeks.
Note to interns: no matter how angry you are at your own life choices, don't bring your team's pets into your farewell. And if you must, don't do it before your last day.
Normally I'd edit out the obnoxious formatting but in this case, it only adds to the mania of this email.
Hello [redacted] Team,
After careful consideration, I will be ending my employment with PwC effective Monday.
I've done two audit internships, one at Deloitte and one at PwC. I hated it then but I thought I'd give it a third try. Third time's a charm right? GTFOH(If you don't know what it means Google it!) Basically, my time here as an associate has confirmed everything I already knew ten times over. Auditing is a job for people who truly don't have any other options and don't know what else they could be doing. You work day in and day out pulling useless documentation and filling out useless workpapers that won't really benefit anybody. All of it is BS! After asking dozens upon dozens of auditors what they think of their jobs and getting responses that include "I love my job!" or "I wouldn't trade it for the world," I realized just how fake auditors can be.
I strongly believe that auditors hate their lives and try to rationalize every piece of it. "Oh it's just busy season" or "If everybody did the jobs they loved to do then there would be nobody doing the jobs that need to be done." Measley excuses to justify pursuing a useless, meaningless career....
You can see where this is going. Rather, you think you know where it's going -- unlike our fearless writer, who has no idea where she is going except straight out the door -- and then BAM, the surprise right hook. Let's give her credit, while she may not be good at auditing, she's a pro at burning bridges.
Here are some tips and pointers I thought I'd share for all of you to use through out life, you'll need it. I also throw some tips in there that you can take back to the next [redacted] Team Meeting or just any meeting where real people's suggestions can be heard. Maybe a board meeting of some sort with some really important partners, because they're so important right? (side eye)
I figure I would use the assistance of Twitter hashtags....y'all like those right?
- Auditing is for the birds, get a real career that has meaning #dontbeFAKEaboutitbeABOUTit
- Those coach and partner "relationships" or "meetings"....whatever you want to call them....Just stop. #thatishissoawkward #icantdeal #soforced #fakeconvosforfakeauditors #noidontwanttogazeintoyoureyesatatablefortwo #waytoointimateformytaste
- Let's keep it real, partners are treated as if they're royalty. The reality is, THEY'RE NOT! They are average Joe's like you and I, only their pockets are a little bigger. So, there is no need to wait at the partner's feet acting like you'll do any and everything to please them. For what? No need to come in early just to greet the partner on the job. No need to act like you're such an overachiever by doing all of these unnecessary things. If you're an overachiever, be a real one..not a phony. No need to wait until the partner leaves during busy season only to leave 20 minutes later. Your time is just as valuable, are the partners God? I don't think so...#don'tbeasellout #thepartnerisgoinghometoeathisorherwarmsupper #whileyouarefakeauditng #weallknownooneisproductiveafterabout7pm #gohomeandcuddleupwithyourkids #ohandspousestoo #isntthatwhatthepartnersaredoing? #ohwellsIdigress
- Trying to get all in people's business...STOP! Everybody isn't an open book and I'm not the type to give you my life story within five minutes as a lot of you in public accounting do. #mindyourbusiness #keepthosenoseyquestionstoyourself #noneofyourbeeswax
- [Team Member #1], you're fake important and you stink. I've peeped your game...constantly trying to throw me under the bus. You talk too much about everyone and how much you're so stressed out on all of your clients ...everyday we suffer from hearing this ish as well as listening to your countless stories about your girlfriend. You're such a gossiper that sometimes I think you're more feminine then you appear. Who does that? You're a grown man, get your life! #somethingtotakebacktomizzy #f*outtahere #yourlifesucksandyouclearlyknowit #somethingtotakebacktotheteam? #chattycathy #femininemuch? #someoneneedstheirvagwaxed #ohwaityoudonthaveone
- P.s. [Team Member #1], I can give two shits about your animals, maids, brother, etc. Is your life really that boring? Never seen people so in love with animals in life. #ewwnotcomingovertoyourplace #probsmellslikefecesandthrowup #couchesprobtornup #ohletmeguesstheysleepinyourbed #absolutelydisgusting | Get some friends to tell your business to. #ohwaitdrakesaidnonewfriends #maybeyouneedjesusinstead #yourvisionofyourselfisskewed #takeyourselfdownacoupleofnotches #youhavenotarrivedimsorry #crownforthequeenbey #ohandbythewaycelinedioncannottouchbey #beyhivebitches
- [Team Member #2], I saw you yesterday giving me the side eye. I think those eyeballs need some readjusting. Girl, stop! Don't play into [Team Member #1]'s episodes. Just because both of you feel the need to give your whole life story doesn't mean other people will feel that way. Have your own opinions and ideas. #I'msorrybutnotsorry #dontbeafollower #thoseeyeballswerestaringtoohardforcomfort #goodluckonyourmiserablecrapofacareeratpwc #saygoodbyetoyoursociallife #butifyoudecidetoleaveyoucantwerkoutwiththerestofus #twerkmileymileytwerk
- [Team Member #3], where do I start? You hate yourself and your job, let's be honest. Your cat doesn't care about you so stop caring about it. Stories about your nasty cat are unbearable. Seriously, I can't even deal. Beyond gross! You're fake ratchet! I hear you giving weird remarks that are borderline weird....I can definitely hear the twang in your voice. Just be you! Most of all, these are the top 10 reasons Baddie Bey (Beyonce) will kill Britney Spears (she's a has been) any day.
I know she just said she was going to give 10 reasons why Baddie Bey will kill Britney Spears but it's still unbelievable that she actually did it for some strange reason. IMMA LET YOU FINISH BUT...
1. Beyonce can sing and dance live without lip singing and do it well. She doesn't need autotune or a background track to make her the Queen. All she needs is a mic, some heels, and her fabulous Brazilian and Malaysian wig to swing around. Can't say the same for Britt. Sorry girl!
2. Beyonce has much more class.
3. Beyonce's music transcends culture. Britt....uh....well, that stopped a few world tours ago.
4. Beyonce has continued to get better and better over time. Her vocals are stronger than ever. Not to mention, after popping out Baby Blue she was back at it. She didn't get all washed up and boring like Britt did.
5. Beyonce is on some presidential ish. Didn't you watch President Obama and First Lady Michelle's first dance? Or the inauguration performance? Haven't you kept up with the Let's Move campaign (Bey and First Lady Michelle's initiative to solve the epidemic of childhood obesity? ) Well, Bey has been on! Britt has stayed in the shadows. #sorrybutnotsorry #getyourlife
6. Beyonce killed the Superbowl half time show solo dolo. Britt and NSYNC did that back in the 90s...but that was the 90s...and she wasn't solo dolo...so Bey wins!
7. Beyonce can dance her butt off. She has rythym. Britt used to be able to ...but she is stiff now. I'm sorry..
8. Beyonce has stage presence. I don't think you know what that is but you can Google it. It's basically something Britt doesn't have.
9. Beyonce is the QUEEN. She is the best performer alive. Bottom line, no gimmicks!
10. Beyonce wins and now that I'm out of here, I win too!!! #doingtheharlemshakeasitype
What in the actual fuck just happened here? Anyone know?
Accounting News Roundup: Twitter, Twitter, Twitter; PCAOB's New Brain Trust; IRS Agent Gets Taste of Own Medicine | 11.07.13
Twitter CFO Was Key to IPO [CFOJ]
The deal is set to raise as much as $2.1 billion for the still-unprofitable company. That’s largely thanks to the efforts of Mike Gupta, Twitter’s CFO and architect of the offering. As the Journal’s Yoree Koh and Telis Demos note, Mr. Gupta helped keep confidential for two months the company’s IPO filing, kept the company out of the SEC’s cross hairs, and helped secure a $1 billion low-interest loan. Twitter’s board made the final call on the IPO price, but Mr. Gupta advised it on Twitter’s cash needs to compete with deep-pocketed rivals. He’s also been the point person in the company’s negotiations with the banks.
On Eve Of Twitter IPO, Misguided Senators (Again) Attack Tax Deduction For Stock Option Compensation [Forbes]
Tony Nitti: "[T]he reason the tax law currently approaches 70,000 pages despite cries from both parties for simplification– aside from the unspoken obligation of every Senator and House member to cater to the special interest groups that launch them into office – is because of the reactionary nature of our tax policy."
Why Twitter May Have to Pay Income Taxes One Day [DealBook]
Twitter’s biggest potential tax shelter is its history of losing money. Like most growth companies, Twitter has accumulated a lot of operating losses. These losses, in theory, can be carried forward as net operating losses to offset future taxable income. But investors should not count on it.
SEC Wants ‘Likes’ Linked to Bottom Line [CFOJ]
A company with double-digit growth in the number of users may not see similar growth in revenues and profits, Ms. White said. Such nonfinancial metrics have been an area of focus for the SEC’s disclosure review experts in the past few years, as big technology companies including Facebook Inc., Twitter Inc., and Zynga Inc. have gone public. In some cases, it has asked companies to remove details or go back and add more balanced information.
PCAOB establishing Center for Economic Analysis [JofA]
University of Chicago economist Luigi Zingales will be the founding director of the center, which will promote and encourage economic research related to the role of the audit in capital formation and investor protection.
Thank God Twitter is raising over a billion dollars so you can keep getting insight like this.
Think of all the practical knowledge you've learned. Can the pre-med students say that? Laugh it up: http://t.co/1Or5XgmVaP
— ThisWayToCPA (@ThisWayToCPA) November 7, 2013IRS officer faces countersuit from government [LVRJ] The government has counter-sued a Las Vegas Internal Revenue Service officer who claims he was targeted in a criminal investigation because he raised discrimination allegations against the federal agency. U.S. Treasury Secretary Jacob Lew and the Nevada U.S. attorney’s office alleged in the suit, filed last week, that the IRS lost $100,000 after Revenue Officer Anthony M. Zecchino closed taxpayer collection cases without authorization in 2010 and 2011.
Employee of slain Sturgis accountant testifies Andy Brown was in business dispute with David Locey [MLive]
Tammy Brunner, who worked as a secretary at Locey's CPA office, testified that she discovered Locey shot to death inside his office, at 67036 M-66, at about 7:50 a.m. Oct. 2. "I saw Dave on the floor," Brunner said, adding that she initially thought he was playing a joke on her. "Then he didn't respond," Brunner said. "I saw lots of blood pooled around Dave and on the wall." She said she then called 911. Brunner testified that Brown, 36, and Locey, 70, were in a dispute over possible double billing of Locey's clients. Brown was also an accountant in Sturgis. Brunner said clients had been calling the office reporting that they had received a second bill from Locey's office after having already paid the balance in full through checks to Brown.
Ernst & Young LLP Names Lou Mosher Managing Partner for Rochester and Syracuse [EY]
Replacing Todd Trehan.
Biden Congratulates Wrong Guy in Boston Mayor Race [AP]
"Marty, you did it, you son of a gun."
Footnotes: Stepping Up to Lead; Blockbuster Finally Goes Bust; Just How Much Is Twitter Worth Anyway? | 11.06.13
Wait, you mean to say Blockbuster was still around? [Chicago Tribune]
Career Makeover: Stepping Up to Lead How can people change their reputation at work, once they feel they've been pigeonholed? Sue Shellenbarger and executive Lisa Gable take a look at how an employee can successfully change his or her image. [WSJ]
Those crazy Europeans want to see higher inflation because, duh [NYT]
Someone is really excited about "a change for the better" in pension accounting [MW]
Cash is king for farmers, even though it's accrual world *groan* [AGP]
Ms SEC Herself Mary Jo White has some questions about how tech companies figure out their own worth. You know, for investment purposes. [Reuters]
Tax-free buyouts? Coaches take a chance with the IRS Their employment contracts were clear: When the head football coaches of 11 major public universities broke their contracts late last year and accepted jobs at other public schools, they faced responsibility for more than $7 million in buyouts. Equally clear was what has become a basic tenet of college sports business: The coaches weren't going to pay. Their new employers were. That's where a different interpretation of tax law has gained a foothold. [USA Today]
How would you like Dog the Bounty Hunter banging down your door for taxes you owe? Could happen. [Forbes]
Ask the actuaries: delaying Obamacare would sting, just a little... oh wait, no, it would CAUSE CHAOS OH NOOOOES! [The Hill]
Accounting News Roundup: MF Global Customers All Better Now; Colorado Pot Tax Passes; Another KPMG CEO Spotting | 11.06.13
MF Global Customers Will Recover All They Lost [DealBook]
Two years after $1.6 billion vanished from their accounts, MF Global’s customers are now all but assured to collect every last penny. A federal bankruptcy court judge approved a plan on Tuesday that would close the remaining shortfall for some 20,000 customers, many whose lives were derailed when their money disappeared in the firm’s final days.
Colorado voters approve new taxes on recreational marijuana [DP]
A measure to impose hefty taxes on recreational marijuana passed easily Tuesday, as voters across the state overwhelmingly chose to make pot one of the most heavily taxed consumer products in Colorado.
IRS Cracks Down on Breaks Tied to Land of Rich Americans [Bloomberg]
[T]he IRS is challenging a complex and obscure tax break that benefits some of the nation’s wealthiest property owners. Without giving up land, they donate the hard-to-calculate value of a perpetual promise to leave the property undisturbed. For that, they claim a big tax deduction. “They’re overwhelmingly to high-end individuals and provide little to no benefit to the public,” said Dean Zerbe, who examined easement donations as a Republican aide on the Senate Finance Committee. “I don’t know if I could design a tax break that’s more targeted toward the millionaire set.”
Colorado Education-Tax Measure Fails [WSJ]
A ballot measure to raise income taxes to fund education in Colorado failed by a wide margin Tuesday, two years after state voters rejected a similar plan to increase taxes for schools. Roughly 66% of voters had rejected the tax proposal, with 85% of Colorado precincts reporting, according to the Associated Press. The measure, known as Amendment 66, would have raised close to $1 billion a year for schools and overhauled the way the state assigns money to school districts.
A couple of interesting career possibilities on Twitter this morning:
— Francine McKenna (@retheauditors) November 6, 2013
— Maria Pinelli (@MTPinelli) November 6, 2013
IFRS Foundation swaps BDO for GT as auditors [Accountancy Age]
BDO had the audit for 11 years.
H&R Block sees lawsuits over faulty returns get consolidated [KCBJ]
A bunch of botched Form 8863s has resulted in 14 different lawsuits, so a judge figured this could be made easier.
Spousal Tasing Prompted By Gridiron Bet [TSG]
According to a criminal complaint, John Grant, a 42-year-old Chicago Bears fan, and his wife Nicole, a Green Bay Packers backer, made a taser wager on the game at Lambeau Field. If the visiting Bears won, the couple agreed, John would be able to tase Nicole for three seconds. When the Bears prevailed 27-20, Nicole was tased several times while the couple partied at the Sidelines Tap bar in Mayville, a city 50 miles northwest of Milwaukee. While Nicole told cops that she had not agreed to the tasing, a cell phone video reviewed by officers showed that she was “standing still with her arms up and the male subject applies the Taser to her. In the video, Ms. Grant is seen laughing and it seemed apparent that Ms. Grant had consented.” When asked if the tasing caused pain, Nicole told police, “Hell yeah it hurt.” She reported that while the electric device had “been used on the outside of her clothing…it caused burn marks on her buttocks.” She declined medical treatment, however.
Acting Ed. note: Funny my final Footnotes for Colin's vacay might be the latest Footnotes EVER, except for those of you on the West Coast (California HOLLLLLLAAAA) who are probably still at work. My bad, I had stuff to do this evening. Anyhoo, as far as I know, Colin should be back tomorrow... he better be, I've about had it with this grind and will need a nice long vacation. Thanks again for hanging with me, kids, it's been fun. You all were fabulous company as usual and I really appreciated your quality comments this week, I love it when we can all play nice and have a good time. Let's do this again some time but not any time soon, I'm tired. Love, AG
Stock options may save tech companies billions in U.S. taxes: report Twitter Inc and 11 other technology companies have enough stock-option tax breaks to avoid paying billions of dollars in taxes over the next several years, a consumer group said on Tuesday. [Reuters]
In a different take on the stock options story, Huffington Post basically just accused Twitter of tax dodging. OUCH MAN [HuffPo]
Bart Chilton is leaving the CFTC and apparently no one saw that coming [DealBook]
Fifth Third Reaches Tentative Pact With SEC Over Accounting Probe [Dow Jones]
The SEC is poking around Linn Energy's non-GAAP accounting [Reuters]
A Chinese woman has been sentenced to death for a $200 million fraud [AP]
Lawyer Describes Fraud, Lies, and Acrimony in $19 Billion Chevron Case [BB]
How to avoid fraud in the workplace [CPA Practice Advisor]
OH EM GEE, you guys, do the royals get an unfair tax advantage? [Gawker]
**pic for this post is my BooBoo Kitty, may she rest in peace. December 6, 1996 - September 21, 2013
Apparently, some folks at Booz are busy little bees on LinkedIn:
Booz & Company management consultants have rushed to update their resumes and LinkedIn profiles after a proposed takeover by big four accounting firm PwC was announced last Thursday.
It has raised concerns about how much talent and inherent value will evacuate the $80 million domestic branch of the management consultancy before PwC gets its hands on it.
Recruiters have seen a number of Booz’s 210 Australian employees posting new CVs on the popular social media website LinkedIn.
The flurry of activity has been interpreted as a sign that Booz staffers are either angling to be poached, with plenty of rivals willing to oblige, or they are job hunting.
Go read the entire article at the link, it's pretty interesting. Like this bit:
But ex-Booz partners believe the strategy house may not remain completely intact for that long.
They think Booz partners are more likely to leave and set up their own consultancies. “There are big gaps in culture,” said one former Booz employee.
“Big four firms rule their partners with accountability – review forms, income allocation committees, marks out of five with bell curve normalisation, etc. This is a disastrous way of managing consultants who at the worst see themselves as the intellectual elite compared to an accountant-type manager,” said another industry insider.
Former SEC Chair Arthur Levitt already said the PwC/Booz deal is "slipping back," and is more than a little skeptical about the potential for conflict. “As the accounting profession becomes more committed to consulting, their audit activities have got to be questioned,” he said.
PwC doesn't see a problem, though, with Dennis Nally bragging that the mashup "would create a stand-out professional services organisation that delivers first class quality services to a broad range of stakeholders. In particular, it would give CEOs the opportunity to work with a global consulting team that could provide services from strategy development right through to execution." Yeah, OK, buddy, we hear you loud and clear, you're excited.
ALRIGHT ALRIGHT, we get it, you've been waiting for this thread. Seems a little early this year but we're getting harassed about it enough to think it's time to get this puppy rolling:
Where's the 2014 full-time/summer internship thread? Offers are already going out.
If you look at how we have done this in the past, you're going to be most helpful to your fellow newbies by including service line, market and any bonuses. $75k in Montana is not the same as $75k in NYC, so make sure we all know where you are so we can decide together if you got ripped off or not.
If you'd rather not post the deets here, email us.
Congrats in advance those of you who didn't screw up bad enough to not get an offer!
What fuckery is this?
Do you know the difference between Chronos and Kairos?
— Life at Deloitte (@lifeatdeloitte) November 5, 2013
I don't know about you all but I had to Google it.
This is just barely relevant to this website but I wanted to share because we're always talking about how stupid it is to put a single person in charge of the money since 9 times out of 10 that person ends up robbing the company blind. But in this case, this lady is honest and awesome:
Payday went like this when Dorothy Rowe first went to work in Air Force finance: She’d drive to the bank and pick up enough cash to cover the base payroll — hundreds of thousands of dollars stacked inside big bags. Back at the office, Rowe would count it to make sure all of the money was there. Then she’d divide it up by base section. Finally, she’d count out the pay for every person on base.
Rowe, 88, went to work as a clerk typist at the Columbus Army Depot in Ohio in 1943, two years before World War II ended and four years before the birth of the modern-day Air Force. She came to Luke Air Force Base, Ariz., as a military pay clerk 10 years later and never left — until now. After 70 years, Rowe said she figures it’s time to retire.
Rowe, who worked her way up to financial analysis chief of the 56th Comptroller squadron, is the Air Force’s longest-serving civil servant.
Can you guys even imagine one payroll clerk nowadays having that kind of access to cash? We've all read the stories, that never ends well.
“I’ll miss the people. I’ll miss coming to work every day,” Rowe said in an Air Force Times interview.
Rowe always wanted to be an accountant. In 1942, military representatives showed up at her high school and gave tests to all the juniors and seniors, she said.
Thank you for your service and for not being an asshole, Dorothy. Legit.
CBIZ acquires Denver accounting firm Knight Field Fabry [Denver Business Journal] Cleveland-based CBIZ Inc. (NYSE: CBZ) on Monday said it has acquired certain assets of Denver-based accounting firm Knight Field Fabry LLP. Formed by Sarah Knight in 2007, Knight Field Fabry provides traditional accounting, tax, litigation support and valuation services to small and mid-sized clients, mainly in the Denver area. CBIZ, a professional services company, expects the deal to add 11 employees to its existing Denver office and $1.5 million to its annualized revenue to the company.
PCAOB Alert Puts More Emphasis on Internal Control Audits [Compliance Week] Expect auditors to look for more documentation and more evidence that internal controls are effective after regulators issued formal guidance to auditors to enhance internal control audits. The guidance itself was not necessarily a surprise, especially to Big 4 and other major national firms that the Public Company Accounting Oversight Board has warned to take a closer look at internal controls for the past few years. “The basic themes emphasized in the practice alert are not new,” says Jim DeLoach, managing director at consulting firm Protiviti.
Accountant teaches value of money by reading to Hempfield students [Hempfield News] Heather Lister found an ingenious way to introduce elementary school children to the world of money — have accountants read stories to children. "I came across the Pennsylvania Institute of Certified Public Accountants on a Listserv one day," Lister said Oct. 29.
Night of the living CPA [Accounting Today] Have you recently seen...a CPA zombie? Do you feel like the walking dead within your professional life? Do you know someone who is an innovation and growth killer within your firm? I just returned from CCH Connections User Conference and I feel as though the “new firm” ideas are starting to take hold. This is exciting!
CPA falls into Northlake pizza business [FPHJ] Fifty years after getting into the restaurant business, Jack Perry admits it wasn’t really his life’s aim. “I never planned on being in it,” said Perry, owner of Pizza Joynt, 39 W. North Avenue in Northlake. Perry graduated from Leyden High School, renamed East Leyden in 1958. His parents were factory workers at Automatic Electric, where Perry briefly worked. He didn’t care for it. “It sent me back to college real fast,” Perry said. He earned a degree and became a certified public accountant, a profession he pursued for five years. In 1963 he and an unemployed friend decided to open a small carryout pizza place in Glen Ellyn.
PCAOB Opening Up? Maybe [Mondaq] Two Senators introduced a bill that would make disciplinary proceedings of the Public Company Accounting Oversight Board open to the public. According to the lawmakers, the Sarbanes-Oxley Act of 2002 made the PCAOB proceedings confidential through charging, hearings, initial decision, and appeal. Unfortunately, the secretive nature of the process enables firms that engage in misconduct to drag out the proceedings for years while the investing public is kept in the dark. The new bill would make the PCAOB proceedings available to the public, similar to proceedings before other regulators such as the Securities and Exchange Commission.
U.S. Stocks Pull Back [WSJ] Stocks dropped as a stronger-than-expected reading on the U.S. services industry stoked some concern in the bond market that the Federal Reserve may begin reducing its supportive efforts sooner. The Dow Jones Industrial Average shed 74 points, or 0.5%, to 15565 in midmorning trade, as 24 of its 30 components fell. The S&P 500 index gave up eight points, or 0.4%, to 1760, while the Nasdaq Composite Index lost 12 points, or 0.3%, to 3924.
Bernanke Giving Homebuyers Second Chance With Pledge: Mortgages [Bloomberg] This was supposed to be the year that Herb Harrison found a newer, bigger home to replace his current house in Framingham, Massachusetts. Then, in May, mortgage rates began to rise and he put his hunt on hold. “My wife and I looked at each other and said ‘no way,’” said Harrison, who works in information technology. “It was something we thought about when rates were at rock-bottom, but once the rates spiked, we decided to stay where we are.”
According to a study by Deloitte LLP, just 11% of US workers demonstrate the attitude, attributes and skills to embrace new challenges and opportunities in their career, or in their words, are ‘passionate explorers’. And being passionate is apparently key to your success and theirs as it means you learn at a faster pace and deliver an improved performance for your employer.
This worrying indictment that we’re largely a passionless bunch is outlined in the Unlocking the Passion of the Explorer report from Deloitte Center for the Edge, which surveyed 3,000 full-time US workers from 15 industries and across various job levels.
The report found that the most passionate workers are in management and marketing roles (17% and 16% respectively) with accounting and finance lagging behind at a mere 7%.
But what is this passion we’re supposed to have and where do we get it from? According to the survey, it’s all about having three key attributes:
- Long-term commitment. Workers who maintain long-range goals and perspective despite short-term disruption.
- A questing disposition. Workers who embrace challenges as opportunities to learn and develop their skills.
- A connecting disposition. Workers who build strong, trust-based relationships essential for collaboration and feedback.
Whilst on paper it may not sound that ground-breaking as insight goes, Deloitte believe it has implications for the way in which firms recruit their staff. They recommend organizations recruit on evidence of these attributes rather than over-focussing on traditional accounting skillsets. They also advocate employers have programs in place to create this passion in their existing employees. So if you’re worried about not quite hitting the mark on some of the required technical skills, you might be able to wing it by demonstrating a good dose of passion!
But here’s a shock; the most passionate workers tend to be paid more. Well we didn’t see that one coming did we? 44% of those earning $150,000 or more displayed the most passion. And perhaps also unsurprisingly, passionate workers are more often found in smaller organizations, those with less than 1,000 employees. Whichever firm you’re working for right now John Hagel, Director of Deloitte Consulting LLP underlines that the attitude and approach you adopt, aka your passion, is crucial.
"Faced with uncertainty and disruption, organizations must rely on workers at all levels. The optimism and willingness those with the passion of the explorer have to go the extra mile is a valuable quality to organizations. With exposure to new trends and developments that the passionate gain from participating in external groups or ecosystems, passionate workers are more likely to help organizations navigate challenges and identify new opportunities essential for learning in a fast-moving environment."