{"id":140904,"date":"2025-03-18T04:07:41","date_gmt":"2025-03-18T04:07:41","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/monday-morning-accounting-news-brief-its-not-just-you-people-really-are-getting-dumber-ey-partners-getting-the-axe-3-17-25\/"},"modified":"2025-03-18T04:07:41","modified_gmt":"2025-03-18T04:07:41","slug":"monday-morning-accounting-news-brief-its-not-just-you-people-really-are-getting-dumber-ey-partners-getting-the-axe-3-17-25","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=140904","title":{"rendered":"Monday Morning Accounting News Brief: It&#8217;s Not Just You, People Really Are Getting Dumber; EY Partners Getting the Axe | 3.17.25"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Morning, people. 29 days to go until April 15.<\/p>\n<p>Got some bad news. We are, in fact, <a href=\"https:\/\/futurism.com\/neoscope\/human-intelligence-declining-trends\" target=\"_blank\" rel=\"noreferrer noopener\">getting dumber<\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Though there has been a demonstrably steep decline in cognitive skills since the COVID-19 pandemic due to the educational disruption it presented, these trends have been in evidence since at least the mid-2010s, suggesting that whatever is going on runs much deeper and has lasted far longer than the pandemic.<\/p>\n<p>Obviously, there\u2019s no single answer as to why people seem to be struggling with cognitive skills, but one key indicator is the sharp decline in reading and the world\u2019s changing relationship to the way we consume information and media. In 2022, for example, the National Endowment for the Arts found that just 37.6 percent of Americans said they\u2019d read a novel or short story in the year prior \u2014 a share down from 41.5 percent in 2017 and 45.2 percent in 2012.<\/p>\n<\/blockquote>\n<p>If anyone wanting to exercise their brain is looking for a book to read, check this out. Thanks to <a href=\"https:\/\/www.reddit.com\/r\/Accounting\/comments\/1iyouwj\/comment\/mew6b4h\/\" target=\"_blank\" rel=\"noreferrer noopener\">the person on r\/accounting who recommended it<\/a>. I\u2019d say I\u2019m enjoying it but \u2018enjoy\u2019 isn\u2019t the right word.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" data-recalc-dims=\"1\" decoding=\"async\" width=\"640\" height=\"498\" src=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=640%2C498&amp;ssl=1\" alt=\"\" class=\"wp-image-1000899444\" srcset=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=1024%2C796&amp;ssl=1 1024w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=300%2C233&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=768%2C597&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=1536%2C1194&amp;ssl=1 1536w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?resize=150%2C117&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?w=2048&amp;ssl=1 2048w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?w=1280&amp;ssl=1 1280w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/Plunder-book.jpeg?w=1920&amp;ssl=1 1920w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\"\/><\/figure>\n<\/div>\n<p>Here\u2019s another recommendation for you:<\/p>\n<figure class=\"wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<p>\n<iframe loading=\"lazy\" title=\"\u201cWhy You Should Read Neil Postman\u2019s Amusing Ourselves to Death&quot; with Dr  John Kleber\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/qJAkryqfh3A?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/p>\n<\/figure>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>If anyone from the AICPA is reading this allow me to pass along <a href=\"https:\/\/www.reddit.com\/r\/CPA\/comments\/1jcabet\/to_whoever_is_in_charge_of_the_aicpa\/\" target=\"_blank\" rel=\"noreferrer noopener\">a message from r\/CPA<\/a>:<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"319\" src=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/to-the-AICPA.png?resize=640%2C319&amp;ssl=1\" alt=\"\" class=\"wp-image-1000899445\" srcset=\"https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/to-the-AICPA.png?w=720&amp;ssl=1 720w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/to-the-AICPA.png?resize=300%2C150&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.goingconcern.com\/wp-content\/uploads\/2025\/03\/to-the-AICPA.png?resize=150%2C75&amp;ssl=1 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\"\/><\/figure>\n<\/div>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>Across the pond, EY UK is about to make the \u201cbiggest executive cull for decades,\u201d <a href=\"https:\/\/www.thetimes.com\/business-money\/companies\/article\/ey-cut-jobs-30-partners-cull-top-ranks-056dxz996\">according to <em>The Times<\/em><\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>EY is preparing for one of its biggest partner redundancy rounds in decades as its new boss seeks to protect the firm\u2019s profits in the face of a prolonged slowdown in professional services.<\/p>\n<p>The big four firm is expected to axe 30 partners, mainly in its consulting division, according to those familiar with the matter. Anna Anthony, the firm\u2019s managing partner for the UK and Ireland, announced the cull to partners earlier this month but did not elaborate on numbers.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><a href=\"https:\/\/www.ign.com\/articles\/the-accountant-2-review-ben-affleck-jon-bernthal\" target=\"_blank\" rel=\"noreferrer noopener\">IGN reviews The Accountant 2<\/a>. The TLDR: \u201cThere\u2019s less bean counting in The Accountant 2, but far more blood and bullets.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>You can tell from the way the title is stylized on screen \u2013 as a mathematical exponent, like Alien\u00b3 \u2013 that The Accountant 2 has removed the self-seriousness from its predecessor\u2019s otherwise delightful formula. Gavin O\u2019Connor\u2019s sequel is a blast, building on the story and relationships of 2016\u2019s The Accountant to reveal a touching, hilarious portrait of fraught brotherhood within a charged and politically relevant plot. All the while, it leans full-tilt into a goofy setup that\u2019s executed with utter confidence: Christian Wolff (Ben Affleck), a.k.a. The Accountant, is a savant number-cruncher for the mob and part-time vigilante gunman whose autism is gently approached and realistically performed, but framed as though it were a superpower.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>EY issued an internal control warning <a href=\"https:\/\/www.reuters.com\/business\/finance\/ubss-auditor-issues-warning-over-banks-financial-reporting-controls-2024-2025-03-17\/\" target=\"_blank\" rel=\"noreferrer noopener\">on a client<\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>UBS\u2019s auditors have expressed an \u201cadverse opinion\u201d on the bank\u2019s internal controls over its financial reporting for 2024 after it failed to resolve issues related to misstatements inherited from Credit Suisse, the Swiss lender said on Monday.<\/p>\n<p>UBS has been working to resolve issues in Credit Suisse\u2019s internal controls and said last year it was still reviewing potential misstatements after acquiring the lender in a government-orchestrated rescue in 2023.<\/p>\n<\/blockquote>\n<p>It\u2019s been almost exactly two years since UBS acquired what was left of Credit Suisse (March 19, 2023). Here\u2019s something interesting on that topic <a href=\"https:\/\/www.wsj.com\/finance\/banking\/ubs-doesnt-know-what-to-do-with-all-the-art-it-inherited-from-credit-suisse-ad5ada78\" target=\"_blank\" rel=\"noreferrer noopener\">WSJ published the other day<\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>UBS Doesn\u2019t Know What to Do With All the Art It Inherited From Credit Suisse<\/strong><\/p>\n<p>When the Swiss banking giant UBS bought its rival Credit Suisse in 2023, it got roughly a half of a trillion dollars in assets as well as customers and offices around the world. It also took on a fleet of model ships, and more than 13,500 artworks, including pieces by Swiss artists Ferdinand Hodler and F\u00e9lix Vallotton, as well as piles of decorative posters.<\/p>\n<p>The art haul brought the total size of [UBS\u2019s] collection to more than 40,000, estimated to be worth hundreds of millions of dollars even before the integration. Credit Suisse\u2019s art was largely from local Swiss artists\u2014not a seamless fit with the UBS collection, which takes a more global approach, with works from names like Jean-Michel Basquiat, Roy Lichtenstein and Lucian Freud.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>EisnerAmper <a href=\"https:\/\/www.familywealthreport.com\/article.php\/EisnerAmper-Expands-Global-Footprint-With-Luxembourg-Move\" target=\"_blank\" rel=\"noreferrer noopener\">wants in on<\/a> that sweet, sweet Luxembourg money.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>New York-headquartered EisnerAmper, a global business advisor, is pushing further into the European jurisdiction of Luxembourg, an important registration hub for cross-border investment funds and companies.<\/p>\n<p>\u201cLuxembourg\u2019s position as a global financial hub makes it an attractive domicile for investors, and there is a need within our growing private equity client base for local expertise and audit solutions,\u201d Irina Gershengoren, partner at EisnerAmper and director at EisnerAmper Luxembourg S\u00e0rl, said.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>ICYMI: KPMG Canada and eight other KPMGs across the globe got in trouble with the PCAOB.<\/p>\n<p><a href=\"https:\/\/www.canadian-accountant.com\/content\/practice\/pcaob-sanctions-kpmg-canada\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Canadian Accountant<\/em> covers the details<\/a>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>The PCAOB enforcement action is explicit in naming Canadian corporations and the KPMG member firms that KPMG Canada used during its audit engagements. For example, KPMG Canada audited such household names as the Bank of Montreal, Suncor Energy, and IAMGOLD. During the engagements, \u201ccomponent auditors\u201d KPMG Barbados, PwC US, and KPMG Ghana respectively participated in the audits, information that was not disclosed by KPMG Canada on the requisite forms.<\/p>\n<p>The PCAOB report also reveals that KPMG Canada used a \u201cshared service center\u201d (SSC) located in India called KPMG Global Delivery Center Private Limited (\u201cGDC\u201d) in connection with 20 audits. GDC in turn used personnel from KPMG India and a public firm called B S R &amp; Co. LLP, which is headquartered in Mumbai, India. The Canadian companies audited include household names such as Kinross, Pembina, and Rogers. The firm did not report the involvement of the SSCs in requisite forms but later amended the forms to include them.<\/p>\n<\/blockquote>\n<p>Earlier:<\/p>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-going-concern wp-block-embed-going-concern\"\/>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><a href=\"https:\/\/www.cfo.com\/news\/oklahoma-state-university-names-new-cfo-chris-kuwitzky-after-audit-finds-misallocation-Kayse-Shrum\/742530\/\" target=\"_blank\" rel=\"noreferrer noopener\">Oklahoma State University has a new CFO<\/a> after <a href=\"https:\/\/www.newson6.com\/story\/67ca13a77e0c8f0caceaf969\/former-osu-president-kayse-shrum-responds-to-audit-says-legal-counsel-was-followed\" target=\"_blank\" rel=\"noreferrer noopener\">some stuff happened with the last one<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>After the Office of Internal Audit for the Oklahoma Agricultural and Mechanical Colleges Board of Regents released its findings this week of a $41 million misallocation of state-approved funds at Oklahoma State University, multiple executive changes, including the university\u2019s CFO, have taken place.<\/p>\n<p>Chris Kuwitzky, CFO at the University of Oklahoma for more than 30 years until 2018, has been named finance chief of OSU. Most recently, he was vice president of fiscal and administrative affairs at Langston University, the state\u2019s only historically Black college or university and, like OSU, operates under the Oklahoma A&amp;M system. His tenure at OSU will begin on March 17.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><a href=\"https:\/\/www.cpajournal.com\/2025\/03\/14\/the-plight-of-the-community-college-graduate-entering-the-cpa-pipeline-2\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>CPA Journal<\/em> discusses<\/a> The Plight of the Community College Graduate Entering the CPA Pipeline:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Little attention has been given to early entry into the profession through the community college pathway and the costly obstacles that community college students face as they attempt to enter the CPA pipeline. While much has been written about the burden of obtaining 150 credits to attain the CPA license after passing the exam, less focus has been on the challenges that many students face reaching that point.<\/p>\n<\/blockquote>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p>And that\u2019s it for this news brief. Feel free to <a href=\"https:\/\/www.goingconcern.com\/monday-morning-accounting-news-brief-its-not-just-you-people-really-are-getting-dumber-ey-partners-getting-the-axe-3-17-25\/mailto:adrienne@goingconcern.com\">email<\/a> or <a href=\"https:\/\/www.goingconcern.com\/monday-morning-accounting-news-brief-its-not-just-you-people-really-are-getting-dumber-ey-partners-getting-the-axe-3-17-25\/tel:2025058885\">text<\/a> if you see anything interesting or have a tip. Bye. Be good!<\/p>\n<p><h3 class=\"jp-relatedposts-headline\"><em>Related<\/em><\/h3>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Morning, people. 29 days to go until April 15. Got some bad news. We are, in fact, getting dumber: Though there has been a demonstrably steep decline in cognitive skills since the COVID-19 pandemic due to the educational disruption it presented, these trends have been in evidence since at least the mid-2010s, suggesting that whatever [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":140905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[59897,12843,53465,59896,6333,35709,11549,1820,16506,3794],"dealstore":[],"offerexpiration":[],"class_list":["post-140904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-3-17-25","tag-accounting","tag-axe","tag-dumber","tag-monday","tag-monday-morning-accounting-news-brief","tag-morning","tag-news","tag-partners","tag-people"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Monday Morning Accounting News Brief: It&#039;s Not Just You, People Really Are Getting Dumber; EY Partners Getting the Axe | 3.17.25 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=140904\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monday Morning Accounting News Brief: It&#039;s Not Just You, People Really Are Getting Dumber; EY Partners Getting the Axe | 3.17.25 - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Morning, people. 29 days to go until April 15. 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We are, in fact, getting dumber: Though there has been a demonstrably steep decline in cognitive skills since the COVID-19 pandemic due to the educational disruption it presented, these trends have been in evidence since at least the mid-2010s, suggesting that whatever [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=140904\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-18T04:07:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/03\/Accounting-News-for-March-17-2025.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=140904#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=140904\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"Monday Morning Accounting News Brief: It&#8217;s Not Just You, People Really Are Getting Dumber; 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EY Partners Getting the Axe | 3.17.25 - Som2ny Network","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fivemor.com\/?p=140904","og_locale":"en_US","og_type":"article","og_title":"Monday Morning Accounting News Brief: It's Not Just You, People Really Are Getting Dumber; EY Partners Getting the Axe | 3.17.25 - Som2ny Network","og_description":"Morning, people. 29 days to go until April 15. Got some bad news. 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