{ "media_type": "text", "post_content": "Any stories about how the independence policies at Big 4 have practically affected your personal finances? Would also love to hear how consulting business is affected by not overlapping audit clients", "post_id": "5ec0152a99018d002afe3447", "reply_count": 5, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Any stories about how the independence policies at Big 4 have practically affected your personal finances? Would also love to hear how consulting business is affected by not overlapping audit clients

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When I joined I had to sell a bunch of stocks to stay in compliance. I have to vet everything I buy. Potentially I face a 12k time if I’m out of compliance after a certain threshold of time. My fiancé and I are having to go through all of her holdings to confirm she is also in compliance. I have to go through her 401k and individually list everything being held in our compliance system. I’m under a compliance audit as we speak which, though to my knowledge I’ve done nothing wrong, could lead to harsh penalties including termination.

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I’m not sure about index funds specifically but index etfs are ok. Can’t speak to target funds. There are all kinds of rules that are going to be different firm to firm. Like, so many that it’s kind of crazy. Their reasoning was that I was randomly selected from the pool of “new experienced-hires”. I’ve been here for almost two years, lol

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Left before manager so I didn't have to deal with this crap (+ my SO)

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I had to sell stocks I’ve owned since the early 2000s. Tax burden was more than my compensation. I’m so f***ing mad I can’t even tell you. Audit firms need to rethink how to approach independence bc its a major issue for competing with other big consulting firms.

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