My company is really getting fed up with the CPA firms we use for audits and tax returns for our large partnerships that have hundreds of investors. Missed deadlines, broken promises, etc.
I like the work I'm doing, i.e. partnership returns for the properties we own and operate. It's my last rodeo, as I'll be 70 within the next 18 months.
Allow me an observation: Gen Z produces lousy accountants, I don't know what they're being taught in college today. I had the benefit of learning from one professor, for 30+ semester hours. He never used numbers, always taught the theory behind an accounting problem. Nothing but essay questions, they were legendary.
My two supervisors are top notch CPAs, who really care about getting it right. The newbies we deal with rarely ask questions, because they think they know it all. Uninquisitive to a fault, they'll ask me why they aren't getting the right answers, rather than look for it themselves.
Work extra time during tax season? LOL, that ain't happening, either. I know my reward is coming after April 15th, whether it be comp time and/or a cash bonus. There's something wrong with me, because I don't care which way they go. However, I do remember a generous Christmas bonus when I had been there only two months. It's not too bad, between 50-55 hours a week.
Sorry, rant off.
Thanks for your comments and the comments by others who have actually spent time in the audit trenches.
When a bank borrows billions in short term demand deposits and then lends those billions in 30 year bonds and mortgages, that is a major red flag to me.
I have heard that the US banks are in the range of $2 to $3 trillion under water when their bond/mortgage portfolios are marked to market.
It sure looks like the FED will be doing another multi-trillion dollar quantitative easing where they buy these underwater bonds/mortgages from the banks.