Accounting Newsletter 

3 Good Reasons to Switch to Cloud Accounting

Even if you own a relatively small business, you can afford to utilize cloud accounting. The accounting industry is always changing. Advances in technology change the landscape, which is true for many facets of modern life. Even if you own a relatively small business, you can afford to utilize cloud accounting. This approach will, hopefully, optimize your business operations. Finding ways to cut operating costs that do not come at the expense of employees, customers, and clients is always the right move. Let’s talk about some of the compelling reasons…

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Accounting Newsletter 

Friday Footnotes: Firm Fined For Data Breach; Deloitte Named Most Attractive; EY Expands Legal Arm | 10.8.21

FRC’s changes to fraud auditing standard explained [ICAEW Insights] The Financial Reporting Council (FRC)’s UK Auditing Standard on Fraud (ISA (UK) 240) has been significantly updated for the first time in 16 years. The changes are a response to recent public discussions on the role of audit in identifying fraud, including high profile cases in which auditors were found to fall short of their responsibilities when it comes to fraud. Deloitte named to Universum’s “World’s Most Attractive Employer” list for the 13th Consecutive Year [PR Newswire] Universum today featured Deloitte…

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Accounting Services 

Promotion Watch ’21: Deloitte Admits 169 New Partners and Principals In the US

The smell of new partners and principals still permeates the air at the biggest of the Big 4, as Joe Ucuzoglu recently gave his blessing to the newest class of rainmakers at Deloitte. This latest class (technically the class of FY 2022) is 35% larger than last year’s class at Deloitte and 13% larger than the class of FY 2020. Let’s take a closer look of the class of FY 2022 by the numbers: 77: The number of new partners and principals who are women, or 45.6% of the class.67:…

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Accounting Newsletter 

Elizabeth Warren Shocked to Learn Big Public Accounting Firms Do Shady Sh*t

Uh-oh, the Big 4 firms have gotten Sen. Elizabeth Warren’s dander up. The Massachusetts Democrat was appalled at a recent New York Times report that found at least 35 examples of big public accounting firm tax lawyers who left to join the US Treasury’s tax policy office or other government positions and then were rehired by their old firm. In nearly half of those cases, the employees were promoted to partner upon their return—often doubling their pay. What drew Warren’s ire was how these ex-PA tax lawyers were able to…

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Accounting Advices 

Paying People More Will Not Win the Talent War, Says PwC India Leader Adamantly Opposed to Paying People More

From the moment ‘Generation Y’ entered the workforce at the turn of the century, the business leaders, politicians, and academics who came before us have been suffering from endless anguish over our alleged lack of loyalty and our pesky desire to find fulfillment in life beyond work. Many of us watched our parents give their lives to work only to be rewarded in divorces and “company restructuring,” it’s no wonder we questioned whether pledging our lives to our employers would be worth it. To make my point, I dug up…

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Accounting Advices 

Promotion Watch ’21: KPMG US Admits 170 New Partners

The partnership at KPMG grew by 170 people earlier this month, as 120 men and 50 women were outfitted with new golf attire before being handed keys to the club by CEO Paul Knopp and Deputy CEO Laura Newinski. This latest class of new partners (for FY 2022) is larger than FY 2021’s and FY 2020’s by 43% and 23%, respectively. Advisory has the most new Klynveldian partners, followed by tax and audit. Here’s the breakdown by service line and/or function: Advisory: 63Tax: 53Audit: 35Audit Quality & Professional Practice: 4Risk…

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Accounting Services 

2022 Projected Public Accounting Salaries In Eight MCOL Cities

Earlier this week we looked at public accounting starting salaries in five of the most expensive US cities to live in and how much higher they are than the projected national averages recently published in the Robert Half 2022 Accounting & Finance Salary Guide. A discussion you often see among professionals on Fishbowl and Reddit is: Is such and such a city considered HCOL or MCOL? Or: Is such and such a city considered MCOL or LCOL? A lot of it is subjective. Let’s take Atlanta, for example. Would you…

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Accounting Newsletter 

Opinion: The Profession Is Not ‘Diluted,’ It Is Evolving

[Ed. note: The following is a letter we received in response to a reader letter we published in September which lambasted the AICPA for diluting the profession. We are publishing it with permission from its author, who we have chosen to keep anonymous due to the anonymity of the original letter writer. We hope this further facilitates an important discussion about the future of the CPA profession.] Dear Adrienne I read with great interest the “Opinion” article you recently published in response to your Sept 14th column on the potential…

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Accounting Services 

Maine’s ‘Utterly Unqualified’ State Auditor Just Stepped Down Because He Couldn’t Pass the Certified Internal Auditor Exam

In January of this year, seasoned bureaucrat Matthew Dunlap took the helm as state auditor in Maine despite having no background in accounting, much less auditing. Rather, he has a bachelor’s degree in Roman history and a master’s in English literature, the former of which would come in handy should Maine have a vacant State Quaestor position to fill. No problem though, as Maine law says that he had nine months to get certified in something and that’s plenty of time to learn auditing from scratch no doubt. From a…

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