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Friday Footnotes: A Billion Dollar AI Audit Startup; Oops, All Independence Violations!; Bipartisan Tax Vote | 2.2.23

Going Concern

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. Comments are closed on Friday Footnotes and the Monday Morning Accounting News Brief by default. The figures were included in an update to PwC’s audit quality report, published on its website.

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Monday Morning Accounting News Brief: Unintended Audit Consequences; The IRS Needs Experienced Accountants; PwC AI | 9.18.23

Going Concern

‘There is no work to balance’: how shrinking budgets, Covid and AI shook up life in consulting : Andrew* is a 63-year-old partner in a small consultancy in England who finds himself with too much free time and too little cash. Sierra, a 23-year-old associate in New York is feeling “horrible” pressure to perform so she is not laid off.

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Exit Opportunities: Quit Auditing and Start Influencing

Going Concern

That’s how much Tanvi Shah made in audit before she decided to quit Big 4 for good and make her social media side hustle a full-time gig. Insider has the details : Shah said that before giving up her corporate job, managing a side hustle felt like having a double life. £3,000 ($3,600) a month.

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Monday Morning Accounting News Brief: Bad Audit Haunts EY; Big 4 RTO in India; Why Can’t PwC Hire?? | 3.20.23

Going Concern

From Forbes’ America’s Best Management Consulting Firms : For the second year in a row, both Bain & Company and Deloitte were the most-recommended consultancies, with star ratings in all 32 categories. They were followed by Boston Consulting Group and McKinsey & Company, with star ratings in 31 categories.

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The value of audit certification and what it means for tax firms

ThomsonReuters

Driven by the widening range of stakeholders calling for ESG prioritization, an influx of laws and regulations pertaining to ESG, and a rise in ESG investment products, companies are increasingly setting their sights on ESG-related initiatives, such as audit certification. In fact, an article by global management consulting firm McKinsey and Co.,

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Marcum Adds Massachusetts Firm Powers & Sullivan

CPA Practice

Massachusetts-based Powers & Sullivan has a portfolio of services spanning accounting, auditing, and management consulting, with a specialized practice focused on auditing governmental entities. Four partners and 26 associates from Powers & Sullivan are now integrating into Marcum’s team.

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Friday Footnotes: How EY Fights Poaching; Lack of Staff Is Closing Doors; Accounting to Biglaw? | 11.25.22

Going Concern

FRC to fine Deloitte £440k over 2018 audit [ Accountancy Today ]. According to the FRC, it found serious failings in the reviewed audit, which demonstrated a “significant departure from the standards expected of a registered auditor”. KPMG Australia appoints first-ever head of metaverse future [ Accounting Today ].

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