04/03/2025

Well, hi there! Sit back, enjoy, and relax as you’re currently on the Daily Accrual.

Every day, I sift through the accounting noise so you don’t have to. I share to you the most relevant, juicy accounting insights that really matter – nothing phony, just some good, accounting testimony! 

📊 Accountants Gone WILD

The private sector went beyond expectations of 115,000 and improved from February’s revised 84,000, according to ADP. Professional and business services led with 57,000 new jobs, followed by financial activities (38,000), manufacturing (21,000), and leisure and hospitality (17,000). However, trade, transportation, and utilities lost 6,000 jobs, while natural resources declined by 3,000. Annual pay growth slowed to 4.6%, in comparison to last year.

Large businesses added 59,000 jobs, mid-sized firms hired 43,000, and small businesses contributed 52,000. The ADP report precedes the Labor Department’s nonfarm payrolls data, expected to show a 135,000-job increase for March. Despite economic uncertainty, ADP Chief Economist Nela Richardson described the report as a positive sign for the broader economy.

Source: Fox Business

🧮 COOL AF! (Cool Accounting Facts!)

What’s the cost of a small accounting slip-up? For Tesco, it was a £250 million overstatement in profits, an 11% stock price plunge, and £1.6 billion wiped from market value. The retail giant mistakenly booked supplier income too early, making its financials look greater than reality. 

Tesco isn’t alone — JPMorgan Chase lost $6 billion in 2012 due to spreadsheet errors, and Fannie Mae once had a billion-dollar error due to a simple formula mishap. 

So, next time you're reviewing accounts, bear in mind that accuracy isn’t just good practice; it’s what keeps businesses (and accountants) out of hot water!

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🔢Numbers Don’t Lie

Audit quality improved in 2024, with the PCAOB reporting deficiency rates changes from 46% to 39%. The Big Four firms reduced their rate to 20%, with Deloitte at 14%, PwC at 16%, KPMG at 20%, and Ernst & Young at 28%. Global network firms improved from 34% to 26%, while BDO USA and Grant Thornton saw notable drops to 60% and 48%, respectively. 

However, non-affiliated U.S. firms portrayed a slight decrease from 53% to 52%, and triennially inspected non-affiliated network firms remained high at 61%. PCAOB Chair Erica Williams urged continued improvements while highlighting faster report turnaround, with 2024 results released five months earlier than before.

Source: Thomson Reuters

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