What are some public accounting horror stories?

There was a case where an accounting firm made a major error in a company's tax filings. They miscalculated the tax liability by a huge amount. As a result, the company received a massive tax bill from the IRS along with penalties. The company had to scramble to find the funds to pay it, and it also damaged their reputation with investors and partners. It all started from a simple mistake in the accounting department.

There was a case where a taxpayer received a notice from the tax authorities saying they owed a large sum. They had used a tax software that had a glitch. It incorrectly calculated their deductions. They spent months trying to sort it out, dealing with piles of paperwork and numerous phone calls to the tax office.

Another horror story is about the pressure to meet unrealistic targets. A friend in the Big 4 was given a project with a very tight deadline. The client kept changing requirements, but the firm still expected her to finish on time. She had to cut corners in her work, which made her very worried about the quality of the output. In the end, she managed to get it done, but it was a nerve - wracking experience.

Long hours are common. People often have to sacrifice their weekends and evenings. For example, during audits, they might start work at 8 am and not finish until midnight or later. It's really tough on family life.

Well, a major consequence is the damage to a company's reputation. When accounting horror stories surface, customers may start to doubt the company's integrity and take their business elsewhere. Suppliers may also become reluctant to do business with the company, fearing non - payment or instability. Another aspect is the internal chaos. Employees may become demotivated as they see the company in financial turmoil due to accounting issues. There may be a high turnover rate as people look for more stable employment. And for the management, they have to deal with the stress of trying to fix the accounting problems while also trying to keep the company afloat.

Sure. There was a case where an accountant was asked to prepare financial reports for a company in a hurry. The company provided incomplete data, but still pressured the accountant to finish on time. When the reports were finally done and submitted, there were major errors due to the missing data. The accountant was then blamed for the mistakes, even though it was the company's fault for not providing all the necessary information.

Once I was on a crowded bus. A man was so sweaty and smelled really bad. He was standing right next to me and I couldn't move away because it was so packed. It was a horrible journey.

One horror story is finding a huge cockroach crawling on the wall. It was so disgusting and made me feel really uneasy while using the bathroom.

There was a situation where a public adjuster misinterpreted the insurance policy. A business owner had flood damage, and the adjuster wrongly told him that certain types of damages were not covered. As a result, the business owner didn't get the full compensation he deserved. Later, when he got a second opinion, he found out that the adjuster was wrong, but by then it was a big hassle to get the insurance company to re - evaluate the claim.

There are cases where public housing is overrun by pests. In certain areas, rats are a huge problem. They chew through wires, which is a fire hazard, and they also contaminate food. Families living there are constantly worried about their children getting bitten or getting sick from the diseases these pests carry. It's really a nightmare for the residents.