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    Accounting 05/25 Weekly Thread: Covid-19 and CARES Act

    May 24, 2020

    Accounting 05/25 Weekly Thread: Covid-19 and CARES Act

    05/25 Weekly Thread: Covid-19 and CARES Act

    Posted: 24 May 2020 09:04 PM PDT

    With virtual finals coming up, the mod team would like to remind students of the subreddit rules, specifically number 3. That being said, any solicitations for assistance on exams will be REMOVED and posters will be be PERMABANNED, no exceptions.

    This is a weekly mega-thread for items related to Covid-19 and the CARES Act. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 and the CARES Act should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions Honoring Internship / FT Offers
    PwC NA NA NA NA Yes
    EY No Covid-19 layoffs planned No fiscal 2020 performance based bonuses NA Yes Yes
    Deloitte NA NA NA Distribution Reduction Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen NA Yes Yes
    GT No NA NA Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA
    RSM Layoffs and for underutilized LoS furloughs Possibly deferred, but to be paid out No NA NA
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA
    Clifton Larson Allen NA NA 10% reduction from 5/1 through 12/31 NA NA
    Moss Adams 300 Furloughed, 200+ reduce schedules NA 5% - 20% reduction 20% partner reductions NA
    Crowe Yes NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    When someone from HR/admin pings you “Hey how’s it going”.

    Posted: 24 May 2020 10:57 AM PDT

    Building a better working world

    Posted: 24 May 2020 10:16 AM PDT

    Juniors when you send them the trial balance and transaction listing

    Posted: 24 May 2020 05:59 AM PDT

    Is business analytics a better career than accounting?

    Posted: 24 May 2020 02:57 PM PDT

    I hear they have a better work life balance, have to have more technical skills of course, but also better pay. Not sure of the specific route to business analytics though.

    submitted by /u/idkanything743
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    When I've finished studying but Prometric keep delaying the re-open date

    Posted: 24 May 2020 07:02 PM PDT

    When your manager says a joke

    Posted: 24 May 2020 08:29 AM PDT

    General question: how invoices are checked in a company evaluation process?

    Posted: 24 May 2020 09:18 PM PDT

    Pardon my curiosity about your profession and the open-ended question. I am not an accountant.

    I was reading the Guardian's article about alleged conning of Warren Buffet by a german firm.

    We don't have inside details, it's a journalistic piece of information written for consumption by the general public.

    Couldn't stop wondering why accountants in Buffet's subsidiary responsible for substantiating the company evaluation claims didn't sample invoices. Double checking them with some of the firm's customers.

    My question is: how invoices are generally checked in a company evaluation process?

    Thanks for sharing.

    submitted by /u/wu_ming2
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    How would a company react if I resign and leave on the same day?

    Posted: 24 May 2020 06:14 PM PDT

    Hypothetically. The only thing I saw on my employee agreement was docking PTO payment.

    submitted by /u/giantdickinmyface
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    Do you regret going into accounting?

    Posted: 24 May 2020 06:14 PM PDT

    If so, do you wish you went into another career?

    If not, what makes accounting worth it?

    submitted by /u/afmornotoops
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    For those that work in accounting at a company / business

    Posted: 24 May 2020 07:40 PM PDT

    I'm trying to find examples or org charts ...

    I'm working on creating a site on corporate finance careers from scratch. As part of that I want to give readers a better feel for what the corporate structure looks like. For anyone that has a job in corporate finance, I'm looking for org charts of different sized companies that lay out your corporate finance structure. Whatever you have would be great, whether it works from the CFO down or is just for the division you work in. I will be sure to make everything generic and only leave titles (i.e. senior financial analyst, finance manager, finance directors, etc.) and will treat everything as completely confidential... I will delete all names, logos, and company information (or you can delete). I will actually hand type the positions and hierarchy into another document so as to assure anonymity. Thank you in advance for your help!

    If you have questions, just DM me.

    submitted by /u/jjl245
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    Are there any ulterior motives when your manager complains about his wife to you? Or does he have no filter?

    Posted: 24 May 2020 12:20 PM PDT

    I'm just a lowly staff who has no leverage - so all I do is lend an ear. I'm on a small engagement team and often work directly with the senior manager. He has been married to his wife for 2 years and started dating her 15 years ago. He talks to me about his wife quite a lot. Maybe he talks about her to everyone because she's on his mind a lot, but his attitude seems to lean more towards the negative than the positive. He's said good stuff about his wife too like her coming to the office to bring him his phone.

    Before covid hit, at happy hours when I talked to him he'd complain about his wife working on Christmas - one of the few days he has off. He used to mention a lot that his wife worked night shifts so he was always fine with working long hours. He also mentioned he was house hunting with his wife but that he wasn't interested in the homes that she wanted to see. One time, he made the fact that his wife would be cooking him dinner such an enormous deal (as if she rarely cooks) - the next morning, I ran into him and he even mentioned the leftovers in his hand that he'd eat for lunch.

    I've had other managers before and none of them has ever talked to me about their personal lives to this extent - most of them were scary. Everyone would always say positive stuff about their families. Sometimes I wonder if this guy has a slight crush on me because I have seen him checking me out multiple times, he IS occasionally flirtatious (but he's outgoing in general), one time I waved at him from afar and he just looked SO happy that I couldn't help but like him too, and one time he took off his wedding ring in front of me when I was talking to him (and we were alone). One Friday evening, he stayed late to help me with something and it felt like he wished he could come when I told him I was going to be late for dinner and a movie with a friend (actually a date). He said something along the lines of "You don't want to be late for your dinner - it sounds more fun than being stuck here on a Friday night with me". The Monday morning after, before a meeting he asked me how the movie and dinner went, and during the meeting he kicked me a few times (maybe it was accidental but I moved my feet away).

    Of course all this is before covid, but he's given me good snapshots, has always vouched for me and been forgiving of my mistakes. I've always felt like he doesn't care about my work quality as much as he cares about me listening to him talk.

    submitted by /u/partylikeladygaga69
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    Is it worth it?

    Posted: 24 May 2020 04:05 PM PDT

    I'm in my first year at a big 4 firm, and multiple busy seasons have not been ideal. I have passed all the sections of the cpa and I keep telling myself "stay til senior and it will be worth it" is it though? Lol the hours are just brutal. Those that have left, is the money right after you gained some experience?

    submitted by /u/IFearGodBoy
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    Industry accountant - does the size of the company matter?

    Posted: 24 May 2020 08:24 PM PDT

    Hey everyone, as the title says, do you think the company size matters for industry accounting jobs? The size could go from F500 to small business. If you don't mind, could you share your experience? Thank you!

    submitted by /u/paccountant0312
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    Big 4 Salary - Canada (Realities of COVID)

    Posted: 24 May 2020 12:37 PM PDT

    Hey everyone,

    What is everyone's expectations for big 4 raises this year when the performance evaluations / promotions come out this fall? Are we expecting salaries to remain the same or we going to see a decrease, would that demotivate you guys?

    Anyone around during 2008? Was there significant pay decreases. stagnant pay increases, no bonus?

    Any thoughts would be greatly appreciated. I am a Senior at a Big 4 and I am budgeting for the next year or two and I foresee a stagnancy in my pay this year.. which sucks for the budget but hoping that it is just flat and not a decrease :(!

    Thanks!

    submitted by /u/IMeganNicole
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    Glad to see a world renowed golf company get repped by Mickelson

    Posted: 24 May 2020 11:08 PM PDT

    how can i buy accounting files like this please???and who make it???

    Posted: 24 May 2020 11:07 PM PDT

    accounting files

    Posted: 24 May 2020 10:52 PM PDT

    please i want some help...how can i buy accounting ppt like this and who make this files please???

    a iam ahmed from egypt

    submitted by /u/ahmedkh2020
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    Alvarez & Marsal - Transaction Advisory Group Salary

    Posted: 24 May 2020 09:40 AM PDT

    Hi everyone,

    I am looking to Reddit to crowdsource some more compensation information regarding Alvarez & Marsal's Transaction Advisory Group - Analyst position. I have already combed through Management Consulted, Glassdoor, Payscale, Etc.

    Background: I will be receiving an offer for 2021 start. I will be graduating with a Master's (I needed 150 credits for CPA qualification) and I will be working in the Southeast region.

    I do know A&M tends to do a lower base salary, with a variable bonus structure that can be rewarding. My concern is to just make sure I am still coming in at market for my base compensation.

    Thanks!

    submitted by /u/AwkwardClassroom
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    Forensic Accounting in Australia

    Posted: 24 May 2020 06:29 PM PDT

    I'd like to have a crack at getting into the field of forensic accounting in Australia.

    I'm an external auditor, who holds CPA qualification, with a four-year experience in financial audits, special purpose audits, and trust accounts audits. I'm thinking to become a forensic accountant in the future. I researched online and only got some information that is impractical for me.

    1. Being a CA Forensic Accountant Specialist. To do so, I need to be a CA first.
    2. Get a diploma/certificate/degree in relation to the field. As I work full-time, it's not going to happen anything soon.

    I want to know if there are other alternatives. Or there are things I could learn to get a head start?

    submitted by /u/7h33nd
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    Do you think companies will start paying remote employees based on their location?

    Posted: 24 May 2020 05:33 PM PDT

    Read something about this recently but not in too much detail. If someone hired in SF is paid 120k and decides to move to Topeka, KS since the job is fully remote, could companies alter pay based on the employee's location during remote work? Especially if remote work goes beyond 2020?

    submitted by /u/ex-taxman
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    What are your thoughts on this article?

    Posted: 24 May 2020 04:55 PM PDT

    https://www.ft.com/content/3dd4afbb-df0c-4230-9c76-31bbf101a056

    My opinion:

    U.S. Accounting standards are creme of the crop (at least after regulation), no ? If the Chinese insist our exchange is bad, then those companies should absolutely be de-listed from U.S. exchanges. Just look at the accounting fraud that happened with Luckin Coffee. Don't get me wrong, there is a huge benefit of having these companies listed on our exchanges and that capital flow. However, I can't help but feel this is a targeted attack on U.S. accounting firms and auditors. Interested to hear opinions on this matter.

    submitted by /u/Vivid_Cook
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    Is okay to know nothing?

    Posted: 24 May 2020 08:38 AM PDT

    Hey guys :) so I am starting my first internship this summer! Exciting I know. However, is it okay to feel like I know nothing. College just helped me know the concepts and fundamental of accounting. It didn't prepare me for a tax return. Is it okay to start off knowing nothing?

    submitted by /u/javierz11
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    So why did you want to go into accounting? "Well, every time I think of all of the CEOs who forget that the sales tax on their new Tesla purchase might be deductible on Schedule A, I cry a little on the inside."

    Posted: 24 May 2020 08:01 AM PDT

    [CAN} CPA PERT - First mentor review - what needs to be included on the report?

    Posted: 24 May 2020 08:42 AM PDT

    SO let me start by saying that this whole PERT process is confusing. I've read through many threads of people asking for help, and it seems the general consensus is that it is an absolute headache.

    I'm currently waiting to write my CORE 2 exam. My first mentor review is required, so I am trying to fill out the experience report. But what do I need to include? I work in Government (EVR route) and having trouble grasping what I can use from my job in the technical competencies. Do I need to try and fill out all required technical competencies, or can I just fill out 1 or 2 for now, and 1 enabling, and then on my next review I add to it?

    This whole thing is exhausting and I'm not even halfway through this program lol. Any help or advice is appreciated!

    submitted by /u/-kimm
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