Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘cost comparison

Another metric for measuring major settlements

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For future reference, I’m accumulating reference points for illustrating the magnitude of the huge bank settlements we are seeing.

Previously mentioned the annual billings of Big 4 accounting firms. Here are two more reference points –

Election cost in U.S. – $4B / $6B / $10B – According to this site (which was the first one I found that had the info I wanted so I stopped looking), the cost of congressional elections was $3.6B in 2010. The cost of congressional and presidential elections in 2012 was $6.3B. So the federal elections in 2010 and 2012 cost $9.9B.

Cost to build a new aircraft carrier – $13B – Construction cost of the newest aircraft carrier, the U.S.S. Gerald Ford, is estimated at $12.8B per Wikipedia.

Written by Jim Ulvog

March 30, 2015, 8:45 am at 8:45 am

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A new metric for measuring the size of bank fines

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After reading the data for the 100 largest accounting firms, I realized the CPA industry can provide a frame of reference for the magnitude of fiascos we are seeing in the banking industry. Discussion of that article is here.

My wild guess is here for the total fines for manipulating forex rates: a range of $11B to $16B with point estimate of $13B.

Sixteen billion is just a number with lots of zeros. Let’s look at that number in relation to revenue in the CPA profession.

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Written by Jim Ulvog

March 20, 2015, 8:19 am at 8:19 am

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