Hi! I heard you like news with your Monday morning coffee, here you go.
People Management discusses the recent CPE debacle at EY that led to people losing their jobs.
“Given EY’s history with professional training cheating, it’s understandable that they’re taking a firmer approach to personal development,” Martin Drake, director at Higher, told People Management.
However, he also sees a need for a nuanced application of these policies. “Cheating on formal qualifications versus completing multiple surveys on soft skills development feel like two different matters that can be treated in different ways,” he explained.
Drake suggested that “a hard line might not always be the best approach,” advocating instead for a balanced strategy that acknowledges the context of each situation.
“Sometimes all that’s required is a grown-up conversation,” he added, indicating that open dialogue could encourage genuine growth without an overly rigid policy.
Headline of the day courtesy The Times: Grant Thornton partners all set to push boat out as a sale looms
The Sunseeker Ocean 156 cut an imposing shape as it bobbed in the Southampton marina last month. The 82ft superyacht, which boasts three decks, spacious cabins and a built-in barbecue, was appearing for the first time in public at the city’s annual boat show, which drew nautical enthusiasts from across the country.
Among the hordes of well-heeled would-be sailors gazing up at the Sunseeker were several UK partners from the accountancy firm Grant Thornton. If all goes their way, they may be in the market to snap up a luxury yacht of their own next year.
Grant Thornton’s partners, who earned an average of £644,000 last year, are set for a big windfall as their firm prepares to sell a majority stake to a private equity giant. If a deal goes ahead, it will be Britain’s biggest accountancy takeover, but it is dividing the City’s huge accounting community.
Not sure who needs to read this today, probably way too many of you.
The moment I stepped in my first accounting firm… the charge hours required were 2,800 and 3,000 total.
— Crown 👑 👑 👑 (@DocCrownMedia) October 23, 2024
I worked hard, billed the most, and felt terrible. My doctor yelled at me in the first 6 months for being negligent of my health.
I looked around at all of the managers and…
H&R Block Canada got hacked and the Canada Revenue Agency didn’t inform the public, reports CBC:
At the height of this year’s tax season, the Canada Revenue Agency discovered that hackers had obtained confidential data used by one of the country’s largest tax preparation firms, H&R Block Canada.
Imposters used the company’s confidential credentials to get unauthorized access into hundreds of Canadians’ personal CRA accounts, change direct deposit information, submit false returns and pocket more than $6 million in bogus refunds from the public purse, an investigation by CBC’s The Fifth Estate and Radio-Canada has found.
In one case, the hackers filed a return with a legitimate postal code, but a fake address on a non-existent Tomato Street.
“Obviously the door is open and some people are infiltrating the system,” André Lareau, an associate tax professor at Laval University in Quebec City, said in an interview. “But the CRA does not seem to have found the key to lock the door.”
Croatia, like everywhere else, is facing a shortage of accounting professionals due in part to mass retirement of boomer-aged accountants. Here’s a proposal to at least make the existing accountants’ jobs easier:
During the Croatian Chamber of Trades and Crafts’ (HOK) second meeting in Trakošćan, more than 200 accounting professionals convened to address this concern and explore solutions.
The meeting underscored an immediate need for a dedicated bookkeeping curriculum to prepare new professionals to enter the field.
A key proposal introduced at the gathering was the adoption of a ‘one piece of data once’ reporting principle.
This initiative aims to streamline data sharing among government institutions, reducing redundant paperwork and lessening the administrative load on accounting firms.
Deloitte is dropping a cool $30 million in Egypt:
Amr Talaat, Minister of Communications and Information Technology, inaugurated the Deloitte Innovation Hub in Cairo, a specialized centre providing innovative tech services. Launched with $30m in investment over three years, this is Deloitte’s first global hub for exporting digital services from Egypt, despite the company’s long-standing presence in the country as a consultancy and accounting firm.
BDO Hong Kong is taking some heat after layoffs:
BDO has confirmed the dismissal of 30 staff members, primarily within its audit division, just five months after prior layoffs, sparking internal discontent over alleged broken promises by senior management. Andrew Lam, the newly appointed Managing Director – Assurance and International Liaison Partner at BDO, exclusively revealed to local media HK01 the tough decisions necessitated by the financial review period in October, traditionally a time for reassessing staff needs against operational demands without compromising client services or regulatory commitments.
“Frankly, it was a tough decision,” Lam stated in a telephone interview, acknowledging the delicate balance the firm must maintain in its staffing levels. This move comes after a similar reduction in May, which also affected 30 employees, indicating a pattern of resizing that BDO insists aligns with broader economic conditions rather than a shift in corporate integrity.
The layoffs have stirred unrest among the staff, with some expressing feelings of betrayal. Earlier in the year, post-May layoffs, assurances were reportedly given that no further cuts would be imminent, yet the recent actions suggest otherwise. “Time flies,” Lam commented on the lapse, suggesting that while the promise was made in good faith, the economic realities dictated otherwise.
Wow. See, this is why firms use corporate communications and PR pros to interact with the media.
Supposedly Kamala Harris would replace SEC Chair Gary Gensler if she gets elected…and one of her top picks is the woman who was literally just sworn in as PCAOB Chair for a second term.
The Harris transition team is vetting candidates to replace Gary Gensler as Chair of the Securities Exchange Commission (SEC), according to two sources close to the deliberations.
Unchained has learned of two potential replacements, Georgetown Law professor Chris Brummer and Chair of the Public Company Accounting Oversight Board (PCAOB) Erica Williams, who are said to have more favorable views on crypto than Gensler.
And that’s it. Bit of a slow day out there. Feel free to email or text any time if you spot something interesting, have a tip, or just want to yap. And follow us on X/Twitter for more lukewarm takes.