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    Accounting "Hey B4 recruiter, does your firm have work-life balance?"

    October 15, 2019

    Accounting "Hey B4 recruiter, does your firm have work-life balance?"

    "Hey B4 recruiter, does your firm have work-life balance?"

    Posted: 15 Oct 2019 04:34 PM PDT

    TAX GANG WE HERE!

    Posted: 15 Oct 2019 04:57 AM PDT

    Guess who isn't taking summer classes!

    Posted: 15 Oct 2019 08:50 AM PDT

    A story the lead partner told me today as we finished up the last return for a client with farm expenses and no income.

    Posted: 15 Oct 2019 05:10 PM PDT

    Formatting errors cause mobile

    "One client I had was a fella right off the streets that I didn't know. He just needed to file his taxes. He told me he had a farm and gave me the expenses. No income.

    The deadline was that day, so we went with what he had. Turns out his return was selected for an audit. I ended up having to go to the IRS office to speak up for him. We gotta keep the name of the firm well in the community.

    The IRS agent asked me what kind of farm he had. Hell, I didnt know. He just came in off the street, so I told the agent that he had cattle and timber. He then asked how many cows he had. I didn't know that either.

    IRS: "100 cows?"

    Partner: "I dont know the exact count, but not that many."

    IRS: "50 cows?"

    Partner: "That sounds closer to it."

    His return was cleared and afterwards, I asked him how many cows he had.

    Man: "Two"

    Partner: "Two? Well I guess I didn't lie to the man about it being closer to 50 than 100!"

    And that son is why we I'm not too worried about filing this return without income."

    submitted by /u/Gas_Pumper
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    I’m free!

    Posted: 15 Oct 2019 05:57 PM PDT

    What I said vs. What I meant

    Posted: 15 Oct 2019 10:42 AM PDT

    Brand new tax associates analyzing their pay for the past 2 weeks of work

    Posted: 15 Oct 2019 09:31 PM PDT

    When I override directly on tax forms and then the override clears when I consolidate and it no longer qualifies for exile

    Posted: 15 Oct 2019 09:49 PM PDT

    Boss came in wearing this shirt today

    Posted: 15 Oct 2019 07:57 AM PDT

    Yes I’ll have one reversal please

    Posted: 15 Oct 2019 07:30 PM PDT

    Why isn't tax its own major?

    Posted: 15 Oct 2019 06:04 PM PDT

    how is it related to accounting? I haven't had to prepare a single journal entry in tax yet.

    submitted by /u/WokeCPA
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    To both people about to go into industry & people still in public

    Posted: 15 Oct 2019 10:09 AM PDT

    One thing I realized now in industry is how much of a cuck you don't have to be, especially over email.

    When I was in public, my emails to my superiors or clients used to be filled with "Hope you are having a good day!", "Whenever you get the chance, can you please...", "Regards", "I would really appreciate", etc.

    When I started my current jobs these tendencies moved over and everyone in my company was confused. That's when I realized you don't have to be a beta in these emails. Often times it's okay to just email asking for certain things or have one word / one sentence replies. Most of these people do not give one shit about how nice you seem via email, just don't be a dick and save yourself the stress of formulating something "professional" everytime

    submitted by /u/m0bilize
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    How do you email tears to the client?

    Posted: 15 Oct 2019 09:47 AM PDT

    I think one of our associate's is a gang member (Not kidding)

    Posted: 15 Oct 2019 10:23 PM PDT

    Over the weekend I ran into one of our A1s (I dont know him at all, just recognize his face) outside of a night club in Hollywood, Los Angeles and he was surrounded by a group of maybe 5-6 really really sketchy looking people with gold chains, face tattoos and etc and they reeked like marijuana. And some of his buddies were making gang signs with their hands and one even sold drugs (red pills in a little baggy) to someone of the other patrons, or that was just one instance that I witnessed.

    ​

    This is truly the most bizarre thing Ive ever witnessed from a co-worker within my 10+ years of working in Public Accounting. Should I let someone know about this?

    submitted by /u/Dream2Meme69
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    Would you suggest Accounting and InfoSystems as good pair for a double major?

    Posted: 15 Oct 2019 04:22 PM PDT

    Hi,

    I'm in my final year of high school in New Zealand and am interested in and do well in business at school. I also do well in stats and economics, but find them a bit tedious and boring after a while. I enjoy tech as a hobby, being up to date with all the latest releases and am computer literate/can troubleshoot very easily. I don't overly enjoy the nitty gritty stuff that CompSci tends to cover, but can do it reasonably well.

    I am also able to communicate quite well, having taken drama in the past, been part of a lot of school performances, and am asked to host concerts, give school tours, etc.

    Would you recommend Accounting and Information Systems as a good double major for me to go into? Are they marketable, and are there many job opportunities for them? What sort of careers would this double major lead into?

    Thanks very much,

    Orange.

    submitted by /u/AOrangeOrange
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    Happy 15th!

    Posted: 15 Oct 2019 04:27 AM PDT

    Big 4 Quarter Hours Insane

    Posted: 15 Oct 2019 07:58 PM PDT

    I think I fell into a trap. Currently working at a Big 4 in a large metro area. I am on a large public client and have been working until 10pm-12am since this quarter's filing period started. I was sold that it outside of busy season, people get out at reasonable times in audit. I am not enjoying life right now.

    submitted by /u/trappedbyaccident
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    RSM vs. BDO (both offers!)

    Posted: 15 Oct 2019 05:04 PM PDT

    Hi guys, I was fortunate enough to receive offers for an audit associate position with both RSM and BDO. Southern US, midsize market.

    How would you decide? My understanding is that they're both good options for national, middle market firms. Industries and salaries are comparable. Both teams were friendly. B4 was not an option.

    Also, thank you all for helping with interview prep! I've been lurking since I began this process and the community has been extremely helpful.

    submitted by /u/sofa_locked
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    Big 4 Offer - Transcript

    Posted: 15 Oct 2019 07:34 PM PDT

    I got an offer for a B4 internship. I am in my first semester of my master's program and on the online application I put 4.0 for my Master's degree GPA because there was no N/A option. It's omitted on my resume however. Am I gonna get my offer rescinded if they ask for my transcript? I can only provide my undergraduate transcript anyhow.

    submitted by /u/utthrowaway409
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    Big 4 Audit vs Protiviti

    Posted: 15 Oct 2019 05:50 PM PDT

    Hi all,

    I have about 2 weeks to decide between 2 offers - one with a Big 4 for Audit and the other with Protiviti (a relatively small consulting firm with a lot of internal audit work but also some pretty cool opportunities and a much better work-life balance). I'm pretty conflicted - I interned in audit this summer and really didn't enjoy it, which pushed me to pursue other opportunities outside of public accounting. On the other hand, all of my peers/professors speak constantly about the breadth of opportunities that come with putting a Big 4 name on your resume.

    How true is this? I have no interest in sticking it out for partner, or even manager for that matter - chances are I'd seek an exit after two years. Is it worth putting my head down just for the Company's name? Of course, money isn't everything... but would I really be forfeiting that much future earning capacity if I choose Protiviti?

    Thanks in advance for any insights you have.

    submitted by /u/karliot
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    Getting an internship with a criminal record

    Posted: 15 Oct 2019 05:28 PM PDT

    Alright guys so I have two misdemeanor convictions, one for petty theft five years ago(I stole cologne from a mall when I was a young dumbass) and one for drug possession one year ago.

    I was a heroin addict for five years and after my last arrest and stint in jail I got clean and am back in school. I have made tons of mistakes in my life but I'm really proud of where I've gotten myself at this point and I know for a fact that I would be valuable for any firm to have. I have a 3.5 overall gpa, 4.0 Accounting gpa, 4.0 gpa in current semester, and tons of work experience and references.

    I have like 5 internship interviews lined up for this week and next week and I know that I am good at interviewing and my resume and academics look good and I will for sure get offered at least one, but my criminal record is a massive problem. Initially I was thinking of just not saying anything and praying at least one of them don't do a background check, but after speaking with some classmates and friends of mine they are all fairly certain all the firms will do bg checks and it would be better to just disclose that information. It really sucks that firms do all this interviewing for summer internships so early because I will be able to begin the expungement process in two months and my record will be all fresh and clean likely before the internships even begin next June.

    What do you guys think would be the best way to approach this, and what would be the odds of a firm still offering me an internship even if they were aware of my criminal history. I'd appreciate your input.

    submitted by /u/SoCalScuzzlebutt
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    Career Switch into Accounting - Masters?

    Posted: 15 Oct 2019 06:38 PM PDT

    Hello,

    I have a degree in Special Education. I'm young, only 24 years old & really can't see myself in my current career for 30+ years. I think I would do great in accounting. My local university offers a Masters in Accountancy program that admits students with unrelated undergraduate degrees. My plan is to take classes part time, intern in the summer, finish my degree & then make the switch once I have my Masters & experience. I have a few questions with some job search related things:

    - I noticed that most of the postings have "undergraduate degree / bachelors degree in Accounting required" for job postings, with no mention of even a Masters degree anywhere. Would that screw me? Is that something that firms do to weed out career switchers like me?

    - Same thing with internships, I was searching for internship postings just to see what they say, and almost all the postings say things like "must be enrolled in an undergraduate program" or "Must have Junior or Senior status with 3.0 GPA". Is it just semantics or would I be alright landing those positions if I was a Masters student with an unrelated undergraduate degree.

    Thanks & looking forward to all input & any other advice as I begin my career switch.

    submitted by /u/divinex22
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    Every time I see this ad I automatically read it as Deloitte rather than Dolittle.

    Posted: 15 Oct 2019 07:46 AM PDT

    WSJ: Audit Watchdog Plagued by Internal Strife, Whistleblower Claims

    Posted: 15 Oct 2019 08:20 AM PDT

    https://www.wsj.com/articles/audit-watchdog-plagued-by-internal-strife-whistleblower-claims/

    A watchdog tasked with protecting investors by policing audits of public companies has slowed its work amid board infighting, multiple senior staff departures, and allegations that the chairman has created a "sense of fear," according to a whistleblower letter and people familiar with the situation.

    The Public Company Accounting Oversight Board, set up by Congress after the Enron Corp. and WorldCom Inc. accounting fiascoes of the early 2000s, oversees accounting firms that audit companies worth in total trillions of dollars. The regulator is meant to ensure investors can rely on the financial statements of public companies by inspecting audits and taking action against accounting firms.

    Lately, the board has struggled with internal feuding and personnel issues, say the people familiar with the matter. The regulator has issued 27% fewer audit-inspection reports this year, board data show, as senior staff positions remain unfilled for months.

    The internal strife resulted in the filing of an eight-page whistleblower complaint with the board in May. The letter, which hasn't been previously reported, said it was written by a group of current and former PCAOB employees. In August, the whistleblowers sent the letter to commissioners at the Securities and Exchange Commission, which oversees the PCAOB. A spokeswoman for the SEC declined to comment.

    After receiving the whistleblower letter, the SEC appointed Harvey Pitt, a former agency chairman, to review the PCAOB's corporate governance, according to people familiar with the matter. Mr. Pitt declined to comment.

    Arthur Levitt, a former SEC chairman, said he was concerned about developments at the regulator. "The PCAOB, depending on the people who are part of it, can be enormously important or it can be a totally worthless political jumping ground … my sense is it's being politicized."

    Torrie Miller Matous, a board spokeswoman, said Monday the PCAOB undertook a sweeping assessment in 2018 of its operations and has been working toward "a series of transformation initiatives to address systemic issues that exist across the organization."

    "We have candidly addressed these changes with staff in a variety of ways, but recognize that change is not easy," Ms. Matous said. The PCAOB undertook efforts to refresh its agenda and image after a scandal erupted in 2017 involving the leak of confidential inspections data. A former board employee who passed the data to auditors at KPMG LLP was last week sentenced to nine months in prison.

    The SEC in December 2017 replaced the PCAOB's entire board after officials learned about the leak. The new chairman, William Duhnke, previously worked for many years on Capitol Hill under Sen. Richard Shelby (R., Ala.). Mr. Duhnke served as staff director for the Senate Banking Committee under Mr. Shelby. Republicans had urged the SEC for years to give Mr. Duhnke the job, which pays about $670,000 annually. The compensation of board members, whose pay is triple the salary of the SEC chairman, has long made the PCAOB a destination for former regulators and public-company auditors.

    Within months of arriving, Mr. Duhnke began pushing out longtime senior executives, according to the whistleblower letter and people familiar with the matter. The former executives, who included the board's general counsel and its director of inspections, agreed to sign nondisparagement agreements in exchange for six months of continued compensation, the people said.

    Several former senior PCAOB officials contacted by the Journal in recent weeks confirmed they had signed the agreements and declined to be interviewed due to the deals. The whistleblower letter said the regulator "is permeated by a sense of fear," due to "the numerous terminations … [some] driven by retaliation." An associate general counsel at the board, Heidi Steiber, left the agency after objecting to the way terminations were done, the letter says. Ms. Steiber said the dismissals could "conflict with representations made to insurance carriers," according to the whistleblower letter. The concern was that the board's insurance policies required its leaders to consult with legal counsel before dismissing employees, which Ms. Steiber felt wasn't done, people familiar with the matter said.

    Mr. Duhnke has yet to replace some of the people he allegedly pushed out, but he has hired other staff. For example, Ms. Matous, a former communications aide who worked with Mr. Duhnke in the Senate, is paid more than $400,000 to lead an office that oversees media affairs, lobbying and small-business relations, according to two people familiar with her hire. Ms. Matous said her pay is in line with other directors at the board and was determined by the human resources office. Meanwhile, the board hasn't had a permanent general counsel or enforcement director for 16 months. The board's website shows around 50 permanent roles need to be filled, out of about 850. Ms. Matous said the number of open positions falls within its historical average.

    The hiring process has bogged down as each of the PCAOB's five board members gets a shot at interviewing candidates for top positions, the people said. The delays stem in part from the board's own rules, which allow the chairman to pick the agency's top officers but says the hires are "subject to the approval of, and made in consultation with, the governing board."

    Mr. Duhnke has clashed with other board members over hiring choices, the people familiar with the matter said. Ms. Matous said the chairman has sought to get other members to support key hires. "The board is close to making an offer to a candidate for the enforcement role," she said.

    One board member, Kathleen Hamm, wasn't reappointed to the board last week. The SEC said Friday that Rebekah Goshorn Jurata would take over for Ms. Hamm.

    Ms. Jurata, 37 years old, worked most recently for Andrew Olmem, a White House official who worked under Mr. Duhnke when the two men served on the Republican staff of the Senate Banking Committee. Ms. Jurata, who also has worked at the SEC, couldn't immediately be reached for comment.

    The board has also said it would change how it conducts and communicates the results of its inspections of audit firms. The PCAOB has issued 82 inspection reports this year compared with 113 for the same period last year, according to its website.

    Mr. Duhnke said in October 2018 that the PCAOB needed to speed up how soon it reports inspection results, while also harping less on "failures" that inspectors observe. The board is drafting a new type of inspection report that will be more useful to investors and audit committee members, while allowing the regulatory staff to issue its reports more quickly, Ms. Matous said.

    submitted by /u/vsal
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