None of these people in private equity have their CPAs yet they are now controlling/owning CPA firms. Does anyone see a problem here?

likefunny
Posting as :
works at
You are currently posting as works at

PE investors can own the non-attest side of things directly, but have to invest through the Alternative Practice Structure for the attest side, which allows them to skirt the rules. They do something similar in medicine, by owning hospital systems and appointing an MD puppet as CEO of the clinical side of things so that they can claim they are not “practicing medicine,” even though their MD puppet will certainly apply pressure to get what the PE folks want. Yes, there are issues. That’s the trade the profession is making to gain increased liquidity to invest in technology and growth. It’s a bad trade in my opinion.

like

I wish it was about liquidity for investing in technology and growth. It seems more about current owners selling out and very likely leaving less for the future partners

like

lol lawyers protected their profession from this but accountants just let it happen. It’s not going great for other firms and will fail with Crowe. I am leaving so they can figure it out on their own.

like

No. I don’t believe they own the CPA firm. They own something else.

like

My firm very recently got acquired by one. I'm not real thrilled about it. I have to remove my credentials (i.e. CPA) from my name. The assurance side of the firm is a separate entity because the "consulting" side must be a registered public accounting firm. Never, ever did I think this would happen in our profession. But, here we are.

funny

Yes leave a fast as possible.
All a big scam.

I still don’t understand how they think they can justify independence for all the non partners at these APS if you are no longer part of the CPA firm but got moved into the new PE owned LLC to get leased back to the CPA firm. How can you be independent of the interests of the new LLC that you are literally a leased asset of?

Related Posts

What is the point of being scheduled Talent Link if I am going to get work dumped on me from every other engagement I am scheduled on over the next year ?

like

Does LTI not send welcome goodies to all employees ? I just got laptop, charger and bag😐

likefunny

Does anyone have any advice for someone trying to secure their first role in medical device sales?

like

Moving back to ATX from NYC early February of next year to be closer to family, and looking for a new job. Have 2.5 YOE in consulting (primarily financial services) and also did a data science boot camp this past summer. Does anybody know of any roles at the intersection of strategy and analytics? Alternatively, has anybody had a positive experience with an external recruiting agency?

like
like

Hello all - currently evaluating an offer for IT strategy senior consultant out of London. Would like to hear about culture and any exit opps that have come across.

Lateral that just went through first bonus season with the firm. Not in a major market but workload is comparable to major markets. Surprised at how low the bonus was. I received solid reviews and my annualized hours were well above the requirement. Should I approach anyone about this? Wondering if it is worth addressing or if it could compromise my standing. Thanks in advance!

like

How does knowledge management work in the UK Strayegy& practice - where the best place to go for previous decks and work?

like

Does strategy& employees gets involved in the long term delivery roles too?

like

A colleague mentioned to me that they bill self study instead of pto. If I’m utilized at 100%+ and staffed on a client and take 3 days off wed-Sunday, they say bill self study and save pto. Advice?

like

What are GOOD agencies in Boston? I'm a media planner/strategist handling $15mil in budgets, looking for a new home in Boston. Moving from MIA.

Hello Guys,

Could please name the PSU BANK projects with EY ?
How is the work load in PSU projects ?

like

Hi All,

Looking for job change. Currently working as an operations Manager and carrying 10.5 years of experience in OTC and P2P.

Please help to get good options in Delhi/NCR and Jaipur.

like

Let that sink in 😂😂 ..🤓

Post Photo
funnylike

Level 10.1 how much hike and vpay?

like

M927H will be on for the next 50 minutes until Nook closes. Have some extra recipes in front of cranny but mostly just opening for people to come visit. If you have an extra archelon skull...I’ll pay

like

Anyone who has experience of working in pre launch area, need some help

like

Anyone relocated from Toronto to London recently (within the last 2 years or so)? My partner and I are contemplating the move...we want more diversity in our lives and want to work to live, not live to work as we do here in our respective consulting jobs. Folks who have made the switch, would you be open to sharing your experience? TIA

like

none of my bros showed up to play Overwatch 2 with me. I'm pretty upset 😔

Additional Posts in Accounting

Does anyone else catch themselves using vacation time just to try to catch up on what seems to be an unending pile of work? #sucks

like

Tax in NYC: what are some cool companies to work for in NYC if you’re in tax?

like

Goal is top 10 mba in two years. Currently third year associate in accounting advisory in big 4 (didn’t get promoted). Got an offer from a PE firm in its internal consulting group for tech accounting

like

Currently I’m a CPA at a small firm in AZ, and I want to move to Vegas by the end of May. As such, I have 2 questions:

1. How long will it take me to find a job in LV?
2. When should I start looking?

like

Does anyone know how the ease or difficulty of moving from business services tax (partnerships, private equity etc) to transfer pricing?

like

Seniors: a managers best punching bag.

like

FAANG is now MAMAA (Meta, Apple, Microsoft, Amazon and Alphabet)…Whoa Mama! As if there weren’t enough acronyms in our lives. Happy Friday All!!!

funnylike

Just crafted a wonderful email to the client detailing information on how much tax they aren't gonna pay, all I get is "thanks".

like

Anyone in PwC's CMAAS practice care to share their experience. Thinking about transferring from audit.

like

Got 3 weeks to study both Far and reg before NTS expires. 😞 should I cram for both and take them? Or give up on 1. Would prefer to pass in 1 window & not retake

like

If minimum wage is increased to $15 dollars, what else do you think will be affected? Do you think other salaries will increase, do you think there will be a jump in prices, or will there be no changes besides less people in poverty?

like

I’m a third year associate who is planning on putting in my two weeks on Friday... accepted a job at a regional firm in the same LoS. Should I hand a physical letter of resignation to my lead partner?

like

Is a big deal if the background check agency can’t verify one of my employers? They have been trying to reach HR and my manager previously but no response from that company. It was a job I had in 2015

like

Hey KPMG how is life in the FRM advisory? Got a job offer from them

like

When you're pretty sure it would be easier to survive Game of Thrones as a main character for 6 seasons than to rewrite the 40 page walkthrough correctly. 🙄🙄💀💀

like

Any lawyers in big 4 trying to get out? What are our options other than big law?

like

How much are EY experienced hire sign bonus?

like

Had 2 hours of billable work today 💀

likeupliftinghelpfulfunny

Will Hurricane Irma cause a greater need for companies to hire consultants?

like

Will internal transfer to Deals as A3 (2 busy seasons under belt)

standard promo in new group is 2 years staff.

Possible to make senior next year? (3 years at firm) or stuck staff lvl for 4 years?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal