Accounting Profession Stories: Private Equity, People, Big 4, Technology, Talent, News

Private Equity and the Ethics of a Profession

The recent multibillion-dollar investment by private equity in a major CPA firm has raised concerns about the ethics of the accounting profession. Richard H. Kravitz, MBA, CPA, reflects on his experience working for private equity firms and the impact of their investments on the organizations they acquire. He highlights the focus on restructuring, cost-cutting, and ultimately selling the company to another private equity firm, raising questions about the independence of audit firms and the protection of the investing public.

Former Livingston student’s rise in the accounting world

Robert Belt, whose firm was recently acquired by Crowe, shares his journey in the accounting world and how a childhood experience inspired him to become a CPA. Belt’s story of being a victim of a fraudulent scheme by his own sisters during a game of Monopoly shaped his commitment to serving the public interest as a CPA.

PwC Is Grappling With an Exodus of Clients and Staff in China

PricewaterhouseCoopers LLP is facing regulatory troubles in China, leading to an exodus of clients and staff. More than 30 publicly listed companies in mainland China have dropped PwC as their auditor since March, raising doubts about the firm’s prospects in the second-largest economy in the world.

EY’s new boss leaves strategic questions unresolved

Janet Truncale takes over as the global chief executive of EY, succeeding Carmine Di Sibio. Truncale faces challenges following the collapse of Di Sibio’s plan to split the firm in two, as she navigates the firm’s strategic direction and leadership.

Senate reveals $4 million Burrowes pay packet

PwC Australia CEO Kevin Burrowes’ remuneration package of $4 million has come under scrutiny, with questions raised about the details of his compensation. The response from the firm sheds light on the complexities of Burrowes’ role and the challenges he faced in leading the Australian partnership.

These stories from the accounting profession highlight the complexities and challenges faced by professionals in the industry, from ethical considerations in private equity investments to leadership transitions and regulatory issues in global firms. Stay tuned for more updates from the world of accounting every Friday at 5pm Eastern with Footnotes.