atans1

Accountant lower life form than PR person

In Accounting, Corporate governance on 12/03/2018 at 5:29 am

When I started work in the late 70s, PR practioniers were the lowest of the low in the business social pecking order: they were the pariahs. Accountants were the Brahmins of the caste system.

But accountants are no longer the Brahmins after the repeated scandals involving int’l accounting firms,

Things are so bad that according to the International Forum of Independent Audit Regulators accounting lapses were identified at 40% of the 918 audits of listed public interest entities they inspected last year. Worse they report that 41% of the problems identified by audit regulators last year related to independence and ethics.

So nowadays PR people are valued more highly than accountants.

Don’t believe me?

There’s a takeover battle going on in the UK. Melrose has made a hostile bid for GKN.

GKN’s advisory fees are to set include £60m to its bankers; up to £12.3m for lawyers;  £1.83m on accountants; and as much as £6.4m on public relations advice.

Melrose is paying its accountants £2m. It’s PR adviser £1 to £5m depending on whether it wins.

Money talks, BS walks.

  1. PR persons work with models and stars; of course they are more important than accountants, who work with numbers and moldy ledger books

    50 years ago reporters went to John Lennon to ask about world peace – they think a singer is more expert than politicians, diplomats, professors; americans even think Trump would make a good president – after all, he can afford to pay $130K to sleep with a porn star; I doubt he would pay $13K to interact with a professor …

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