/biz/ - Business & Finance

[Anonymous No.56804921]

What do these boomer companies even do? Vacuum up money and burn it?

[Anonymous No.56804944]

>>56804921
(((consulting))) aka the biggest scam besides taxes, insurance and "renewable" energy.

[Anonymous No.56805091]

>>56804921
pwc are parasites who hire incompetent faggots to audit people who do real work.
>t. forester

[Anonymous No.56805109]

>>56804921

They audit companies. Basically, they check if a given company's finances are really what the company says they are. It's obviously a very complicated process, not difficult but just tedious.

[Anonymous No.56805145]

>>56805109
Sounds like you work for one

[Anonymous No.56805238]

>>56804921
They parrot decisions management wants to implement and then when it goes wrong they get the blame and “consulting fees”

[Anonymous No.56805249]

>>56805109
Auditing is a retarded scam. How the fuck can an auditor have independence if they are paid by the client?

[Anonymous No.56805333]

Just the British scam

[Anonymous No.56805353]

>>56804921
deloitte narcissistic scam
they send new hires for all kinds of events so they feel like they're some sort of celebrity.
When I saw project of those niggers, I could believe. It's a plain, simple, stupid midwit move. Give them money for a PowerPoint presentation.

[Anonymous No.56805368]

>>56805249
They are paid by the auditor which is indeed a conflict of interest. Keep in mind, however, that they are also liable in case things turned out to not be as described so it kind of balances things out. See Arthur Andersen during the Enron scandal.
There's also the thing about other clients actually demanding professionalism because if it turns out or it's suspected to be an incompetent or corrupt auditor it may impact their ability to attract funding.

[Anonymous No.56805371]

>>56804921
They discombombulate and extrapolate consulting by leveraging synergistic paradigms and holistic frameworks that optimize value creation and stakeholder alignment.

Basically nothing of value.

[Anonymous No.56805428]

I work at a big 4.

We do shit that companies need to do, but don't want to or can't do themselves.

Audit: Did the company fuck up their accounting? Can't check yourself, so the Big 4 will check and vouch for you.

Tax: Gotta file taxes and the Big 4 are the biggest accountants around.

Consulting A: We've worked with a bunch of big companies so we know how they work. Wanna introduce some new ERP system? Yeah, our other client did it a year ago, we'll do it for you.

Consulting B: You already know what you want to do but the higher ups won't listen to you? We'll write a 20 page report about how you should do exactly what you've wanted to do, but this time your bosses will listen because the consultants said so.

[Anonymous No.56805453]

>>56805428
Did FTX pay any of these companies?

[Anonymous No.56805472]

>>56805428

kek burning money machine
https://youtu.be/LdcwY4LbjG8?feature=shared

[Anonymous No.56805532]

>>56805472
Insider here. They are rebranding to "BRAPPERS".

[Anonymous No.56805552]

>>56805428
How can someone land a job working at one of these companies?

[Anonymous No.56805605]

>>56805552
linkIn and networking from other big companies.
Pretty much psyco jerk circle

[Anonymous No.56805717]

>>56804921
I work at an accounting firm but not big 4. Can easily move to big 4 but decided not to based on how each of them handled the covid fiasco.
These companies have a huge range of niches. Pretty much can be a software engineer to Cyber Forensics to Consulting almost any subject to Audit and to tax. Some of these companies even have a small department for blockchain (or at least they used to (none of them actually use it more a marketing scheme))
They pay alright I make 6 figs after 2.5 years. The worst thing about these places is busy season and constantly having to stay "billable". The jobs in these places are soulsucking though. But most jobs are now. Its a good start to get your career going but understand the chance of you making partner at the big 4 is nearly impossible. They have a huge turnover rate as well.
The best thing is having the freedom to work when and where I want.

[Anonymous No.56805725]

they set up the globohomo infrastructure once an industry or business has been captured

[Anonymous No.56805730]

>>56805717
The best out of the big 4 is EY in my opinion.

[Anonymous No.56805731]

>>56805249
>>56805368

What you're describing is a "self-interest" threat to independence, which only comes into play if the audit fees are material to the CPA firms revenue. Most big 4 avoid this since the fees are not material, but small private CPA firms could be affected by this independence threat and would need to implement safeguards to mitigate the threat to an acceptable level, i.e., higher quality control procedures, partner rotation, increased substantive testing, etc.

>t.CPA

[Anonymous No.56805795]

>>56805731
>Most big 4 avoid this since the fees are not material
Do you mean fees from a single client? Because they earn billions in auditing revenue if I'm not mistaken.

[Anonymous No.56805824]

>>56805795
Yes, from a single client. Each audit engagement is treated separately. A 500k-1mil dollar auidt fee is immaterial to billions in gross revenue.

[Anonymous No.56805880]

R E P U T A T I O N L A U N D E R I N G

Are you an executive of a struggling company? You can't lose if you hire these guys because if your company recovers you can look like a genius for bringing in the right outside help. If your company fails then you can say Not Even Big 4 could solve it, must've been unavoidable!

The second side of this grift is that the consultancies can't lose either! If their projects fail, they can just claim the situation was already distressed and beyond salvation. If they get a win, they can claim all the credit for a miraculous turnaround.

It's that simple, diffusion of responsibility.

[Anonymous No.56805916]

>>56804921
apart from "audit", they do glorified bodylending

all shit that e.g. banks dont want to do, that is non-relevant for their business (e.g. bullshit compliance stuff etc) gets outsourced to them, they suggest a framework, implement, etc etc and when finished they hand it over to the bank.

[Anonymous No.56806060]

>>56805731
Do you work for Deloitte or something?
Yeah I know about materiality. However
>Firm starts to actually look at shit
>Firm starts issuing disclaimers and adverse opinions when company can’t actually tie out their balance sheets like they should
> audit committees (who own large shares of the companies being audited)start thinking “yeah I’m not using this firm they actually look at shit”
>firm loses a shit ton of money

Being “material” doesn’t mean shit if your whole organization is fucked. Why can’t you audit dweebs just admit this shit is a scam

>t.CPA

[Anonymous No.56806080]

this will all be disintermediated by chainlink in time

[Anonymous No.56806221]

>>56804921
> i work at top left
> 160K per annum

its not bad. i own 2 properties and some nice things. wish i had more link though. only reason i own two properties and nice things is because of the wife. she's my biggest expense desu.

[Anonymous No.56806278]

>>56805353
this has to be ai

[Anonymous No.56806459]

>>56805249
>>56805145

No I do not work for one of these, I will say I work in finance though.

I like to delude myself into thinking finance is marginally more interesting, but honestly that industry is filled with the most insufferable people I've ever met. 95%+. Eecs and trades are where its at anons do NOT do finance

[Anonymous No.56806515]

What do they do?
What DON'T they do?!
Oh, they do so many things they never stop!
Oh, the things they do there, my stars!

[Anonymous No.56806690]

>>56806278
it's not.

they have all this propaganda about women as well. "behind every cyberthreat, there's a deloitte woman cybering it away" and #womenindeloitte plastered all over the place.

It's a hellscape. just sticking it out as resume padding before i get a real job at google or somewhere actually good.

[Anonymous No.56806718]

>>56804921
big 4 is a fucking scam pyramid scheme

audit is a joke all of it is done by fresh college grads who slave for 14 hours a day and just copy paste from last years documenation, because actually finding something wrong would cost you the client

[Anonymous No.56806828]

>>56806718
>behind every cyberthreat, there's a deloitte woman cybering it away


Kek, I bet they could find a botnet on their computer.


https://www.deloitte.com/global/en/about/people/people-stories/deloitte-women-in-cyber.html

[Anonymous No.56807633]

>>56805552
They used to hire at my college

[Anonymous No.56807679]

>>56804921
They do audits, but make most of their money from "consulting". I.e., they give you retards who parrot back the work the companies staff has already done. Boomers love them, because they feel like since they're paying so much, they must be knowledgeable.

Also, its one giant ponzi, where the low rung staff get trash wages, and all the money funnels up to the partners.

>t. Ex Deloitte.

[Anonymous No.56807680]

>>56804921
>Big 4
>literally don't know any of them
kek, soooo big

[Anonymous No.56807722]

>>56807680
Try leaving your mothers basement and getting a job, son.

[Anonymous No.56807991]

>>56806060
That's why CPA firms get into multiple year contracts with their auidt clients for shit you just mentioned. Big 4 CPA firms don't give a fuck about losing a client if it means they have to omit thier objectivity. Do you know how much shit you can get into if you get peer reviewed by the PCAOB and find out you didn't perform due diligence? Or if there's a fraud whistle-blower and you get subpoenaed to release audit documentation in court? Massive fines, loss of license, criminal negligence penalties, etc.

Yes, there are slapdash CPA's that only care about money and less about being objective, but usually something comes back to bite them in the ass. Auditing is a risk-based approach at the end of the day, so you're delusional to think every CPA does this. There's just way too much risk when new clients come in every day.

[Anonymous No.56808014]

>>56806459
Commercial credit analyst reporting in. I could have done this fucking job at 12 years old. Why the fuck was college forced on me just to do this work.

[Anonymous No.56808362]

>>56807722
(((Consultants))) are always so fragile about their job and company. Probably a psychological defense mechanism to them being absolutely irrelevant.

[Anonymous No.56808382]

>>56805731
i worked in EY assurance. saw a partner sweep material amounts of misstated revenue under the rug (after she threatened to get legal involved, which caused the CFO to literally get into a screaming match with her.) this was a large privately held client so the fee was definitely immaterial.

[Anonymous No.56808403]

>>56807991
>Do you know how much shit you can get into if you get peer reviewed by the PCAOB and find out you didn't perform due diligence

dude like 20-40% of B4 audits fail PCAOB inspection. kek. it's an accepted casualty rate at this point.

[Anonymous No.56808424]

>>56805249
Auditing is used to prevent getting fined by the administration later down the line.

[Anonymous No.56808911]

>>56805428
Pretty much this, but you forgot:

Law: Big 4 has a lot of lawyers, especially good with corporate and business law.

Consulting C: Company doesn't care what kind of consulting you do for them, you can send them 100 pages of lorem ipsum and they'll pay you anyway because all they care about it to get "big 4 seal of approval" logo in their own sales materials.

Also the current trend in big4 is to make internal software house and just create custom software for corporate clients. It's becoming really profitable.

t. worked at 2 out of 4

[Anonymous No.56809000]

>>56805552
There seems to be prevalent myth that getting hired into big4 is some kind of difficult challenge and only the best of the best can work there. I guess it's intentionally perpetuated by big4 HR departments to make them seem like elite workplaces. It couldn't be further from the truth. Getting hired, especially at entry level positions, is easy as fuck. Usually it's enough if you know MS Excel and are not autistic sperg. Also you need to be ready to work overtime, so do not apply if you care about "work-life balance".

[Anonymous No.56809150]

>>56808911
Yeah, those are all pretty big businesses as well. In fact I'm in one of those "technology" teams where we try to make buzzwords like AI/ML/cloud into actual shit that works and makes/saves money.

It's actually comfy as fuck compared to audit and tax having done both in the past.

[Anonymous No.56809360]

>>56805880

This. We hired some Accenture New York yuppies to create an excel monstrosity instead of fix things properly in our ERP system.

[Anonymous No.56809444]

>>56806718

they will bitch and moan but they will always mark 'Certified Fresh' at the end of the day

[Anonymous No.56809534]

>>56805353
you're saying i will meet lots of cute blonde girls if i work there?
brb applying at deloitte

[Anonymous No.56809608]

>>56804921
Most western economies are made up of people staring at a screen and sending a few emails a day. Don't think too much about it

[Anonymous No.56809630]

>>56809534
Lots of sharply dressed cute girls (both 20something and milfs) is one of the best perks of working at big4.

[Anonymous No.56809642]

>>56804921
I work for Accenture and today my day consisted of doing nothing but shitposting.

[Anonymous No.56809648]

>>56809630
more

[Anonymous No.56810225]

>>56808403
These numbers are higher recently due to the PCAOB board being completely replaced. They are going overboard in some areas due to the pressure from the SEC, reasonable assurance has tuned into absolute assurance, etc. I expect that to come down in the next decade as firms get adjusted. The slapdash, ghost-ticking CPAs will be weeded out in the process.

>>56809630
This is true. Earlier in my career, I worked with an office babe and banged her when we would travel to clients for fieldwork and stay at hotels. Protip: always bang someone in a position higher than you, not lower.

[Anonymous No.56810331]

>>56805249
federal law nigger

sarbnes-oxley requires an "independent" audit committee (chosen by the definitely not independent board kek)

[Anonymous No.56810338]

>>56810225
did you ask her what position does she have?
sounds funny

[Anonymous No.56810343]

i wish i could work there
they probably give some retarded advice and get shitload of money from businesses for that

[Anonymous No.56810517]

They basically collude with government officials in a way where the big 4 charge ridiculous prices for "consulting" because the government official is spending others people's tax money so he doesn't care, and then after that the governent official himself gets an excellent review by showing the consultants PowerPoint full of buzzwords, because no one in government cares whether the officials actually do anything worthwhile because they are all spending endless supplies of others people's money

[Anonymous No.56810560]

>>56810338
She was in a lower position than me and it turned into a toxic working relationship. Long story short, that's why you always want to bang up the food chain, not down.

[Anonymous No.56810640]

I did consulting but not for Big4.
It's this really weird pseudo work where you are basically giving your client some sort of written precedent to do the thing they want to do, but you have to word it in a way that makes you appear to be unbiased and basing your judgement on previous legal precedents or rulings.
Pretty much every project I worked on was the client heavily hinting at the conclusion they want us to arrive at and getting pissy at any kind of deviation.
For instance I might say in a report "client X should do Y to be more economical" and my boss would say "no we can't suggest they're doing X for economic because that would imply disregard/negligence of public/customer safety" so I'd word the report to say the same thing but perform this weird mental gymnastics to not imply certain things but also say them in a way that the client's ass is covered. Basically we are a legal shield in that the worse scenario is that the consultant is sued for a much lesser amount than the client ever would be.

[Anonymous No.56810855]

>>56810640
If you're not performing an attest engagement and are in an advisory role, you're pretty much at the whim of the client.

[Anonymous No.56810876]

>>56805353
Imagine the smell of estrogen in that room

[Anonymous No.56811062]

>>56804921
those are the kind of "bs jobs" that if they all disappeared tomorrow nobody would notice, parasites benefiting from the keynesian wasteful inflationary system

[Anonymous No.56811241]

>>56806278
It's SDU Odense, i went there.