Morning! Let’s hurry this up so I can get this day over with and get back to playing Cult of the Lamb.
Was the mid-tier firm about to announce a private equity deal discussed last week PKF? Because they announced this morning.
PKF O’Connor Davies (“PKFOD”) (“the Organization”), one of the nation’s largest accounting, tax and advisory practices, is pleased to announce a strategic growth investment from Investcorp, a leading global alternative investment firm, and Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investment managers. This transaction represents a significant milestone for PKFOD, adding two experienced investors that will help fuel growth and expand service offerings to enhance the overall client experience.
The Pentagon has failed the 7th audit in a row:
After the close of business Friday night, the Pentagon released the findings of its fiscal 2024 annual audit. And for the seventh consecutive year, it has failed, though claiming incremental improvements.
“This result was not a surprise, and I know that on the surface it doesn’t sound like we’re making progress. However, that is not the case,” Michael McCord, the Department of Defense Under Secretary of Defense and Chief Financial Officer, told reporters today. “I believe the department has turned a corner in its understanding of the challenges, and more importantly, in addressing those challenges, momentum is on our side.”
Here’s the DOD discussing it directly.
To date, the only military branch to ever receive a clean audit opinion is the Marines and only the one time (so far).
TIL Trump AG pick Matt Gaetz has a wife who works at KPMG:
Despite Matt Gaetz’s scandal-plagued background, he stands poised to assume one of the most prestigious positions in the federal government. President-elect Donald Trump tapped the former Republican congressman to serve as U.S. attorney general in his second administration, a decision that shocked politicians from both parties. One of the loudest cheers for the decision came from Gaetz’s wife, Ginger Luckey Gaetz; on her X (formerly Twitter) account, she wrote, “Attorney General will look good on you my love.”
Married to Gaetz since August 2021, Lucky Gaetz is proud to be both a “wifey” and an accomplished analyst for KPMG, a major multinational accounting organization. Success runs in her family: She’s also the sister of Palmer Luckey, who became a billionaire thanks to Facebook’s acquisition of the virtual reality company he founded. Luckey Gaetz is a committed Christian who references Bible passages in her social media profiles; when her husband was named AG pick, her X reaction was simply “God is good.”
A little tidbit from The Australian Financial Review Top 100 Accounting Firms list for 2024:
Accounting firms that use artificial intelligence grew an average of 50 per cent faster than firms that did not report using the technology.
Senator Joni Ernst (no relation to Ernsts Alwin C. and Theodore, we assume) is still on the hunt for naughty IRS employees, reports Washington Examiner:
Over 800 Internal Revenue Service employees still owe millions in back taxes despite heavy criticism from Sen. Joni Ernst (R-IA), who is hoping the level of tax waste will be squashed by billionaire Elon Musk, the newly tapped co-leader of the Department of Government Efficiency.
In a letter to the Iowa senator sent on Nov. 8 and shared exclusively with the Washington Examiner, the IRS noted that of the 2,044 employees who reported having balances totaling more than $12 million, 860 employees still have not paid overdue taxes. Only 20 of the 70 employees who “willfully evaded” paying their taxes were removed.
“We haven’t seen a tax revolt like this since the Boston Tea Party,” Ernst said in a statement. “If hardworking Americans dodge taxes, they are faced with steep fines and imprisonment, but it appears that tax collectors in Washington believe those rules are for thee but not for me.”
Earlier:
A Deloitte survey reveals that almost half of Americans headed on holiday this season will be doing some work while they do:
About 49% of employed travelers are “laptop luggers” — those who plan to work at some point on their holiday vacation — up from 34% last year, according to the Deloitte holiday travel survey.
This flexibility allows workers to take trips they might not otherwise, or stretch their trips for longer, according to the survey.
While there are more laptop luggers across most age groups and income levels, Gen Zers, which Deloitte defines as those born between 1997 and 2012, and high earners make up the highest shares, at 58% and 52%, respectively, according to the survey.
fLeXiBiLiTy
In another Deloitte survey we hear from young people who care less about the environment and more about being able to pay the fucking rent:
Deloitte surveyed a weighted sample of 300 people aged 20 to 29, and 200 people aged 30 to 41.
Personal financial stability was the top concern for respondents, overtaking climate change. Fears of terrorism, war or sexual harassment also ranked higher than climate change among top concerns for Millennial and Gen Z.
Among Gen Z, 44% find stress levels at work too high, compared to 59% of Millennials.
Sal Melilli, Partner with KPMG Private Enterprise, will be ringing NASDAQ’s closing bell this afternoon to celebrate the 2024 KPMG Private Enterprise Global Tech Innovator Competition and National Entrepreneur’s Day.
That’s all I saw of note floating around out there in the accounting news sphere this morning. If you see something interesting, have a tip, or just want to vent do feel free to email or text. All tips are anonymous.
Have a great week!
