Latest from PQ magazine
A weekly round-up of the latest news from the world of accountancy, brought to you by PQ Magazine, the leading magazine for part-qualified and passed finalist accountants.
Week commencing 6 January 2009
Recession bites
The cold wind of recession appears to have finally hit the accountancy profession – big time. BDO Stoy Hayward, one of the UK’s top accountancy firms, is reportedly shedding 8% of its UK workforce – some 250 people. BDO’s managing partner, Simon Michaels, explained that the decision, although regrettable, had not been taken lightly. Grant Thornton and PKF announced they were ‘letting people go’ late last year. Grant Thornton, for example, announced that it was looking for a headcount reduction of 225, including 40 partners. The Big Four are also looking to make cuts, with Deloitte asking for 250 ‘volunteers’. For the full story see January’s PQ Magazine.
AAT exam feedback
It was all quiet on the AAT front for the winter diet, according to the PQ Magazine Exam Review Board. Changing layouts was a common gripe for this sitting, and some papers seem to be starting to become time-constrained, rather than time limited! PEV was deemed to be ‘not too bad a paper’. However, it was ventured that the examiner might not have got the idea of how to use the reading time. So how can candidates expect to cope? For ECR the question on relevant and irrelevant costs was a problem for some sitters. This question would also have had a knock-on effect for the rest of the paper. Full feedback in the February issue of PQ Magazine.
Time to move abroad?
More than 50% of accountants are now looking to Europe in search of career development, with the ‘in’ places across the water being Zurich, Luxembourg, Paris, Frankfurt, Munich and Dusseldorf. It seems the idea of being able to ‘hop back’ is what appeals. For those thinking of looking further abroad, then the PQ Essential Guide to Working Overseas, free with the January issue, has to be your starting point! The guide looks at opportunities in India, New Zealand and the Cayman Islands. After reading the Cayman Island piece we expect you all to form an orderly queue. There is also a chance to win a trip to the Caymans as well, courtesy of CML Offshore Recruitment!
Tax shelter convictions
Two former KPMG employees have finally been found guilty in what has been billed as the largest tax-shelter trial in history. Robert Pfaff and John Larson were found guilty over the creation and sale of aggressive tax shelters to wealthy Americans in the late 1990s. The scams allowed these so–called tax payers to evade hundreds of millions of dollars in tax. KPMG settled the case in 2005 by handing over $456m to the US government. The case has been winding its way through the courts ever since. It should be noted that KPMG’s former partner David Greenberg was acquitted. The original case started against 19 defendants, 17 of them from KPMG.
The big kiss
Each month we ask you to tell us what you think of a key issue. For February, we want to know if you would ever go out with a fellow accountant – serious stuff then! Hey, we know you are sexy, but according to the current results it look fairly even. You still have time to vote by going to pqmagazine.co.uk.
Give us feedback
Keep us on our toes and focused, pleaded CIPFA’s E&T director at the recent NSF conference, sponsored by PQ Magazine. He admitted that the institute doesn’t always get things right first time, adding: “But what helps us is your feedback.” He also revealed that pass rates have been improving and his spies have told him that early indications are that this trend is continuing. Ranges of enhancements to the Student Learning Centre were also announced for August time.
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