The Tuesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

KPMG Sues Air Force Over $1B Deloitte Contract

KPMG has filed a lawsuit against the U.S. Air Force, alleging that over $1 billion in audit remediation contracts were awarded to Deloitte without proper competitive bidding, violating federal procurement laws.

KPMG claims that despite expressing interest and capability to fulfill these contracts, the Air Force extended Deloitte's contracts through noncompetitive means since 2018, leading to significant delays and unmet objectives in achieving auditable financial statements. The case is currently pending in the U.S. Court of Federal Claims.

Source: USA Herald

💎 What’s poppin in accounting

Eide Bailly keeps growing and grabs Traner Smith

Eide Bailly just added Traner Smith, a small Washington firm with two partners and 16 staff, as it keeps expanding in the Pacific Northwest. This gives them a new office in Edmonds, right near Seattle, and adds more tax talent focused on wealthy families and small businesses.

It’s the fourth merger in just a few weeks. After selling off its wealth unit to Sequoia Financial, Eide Bailly is flush with cash and doubling down on accounting.

Source: Accounting Today

 📊 Weekly Trend Chart

YouTube Is Taking Over TV

YouTube is now pulling in almost as much ad money as Netflix makes in total revenue. At its big Brandcast event this week, it pitched new AI-powered ads that show up right after the most engaging moments in a video and shoppable ads you can scan mid-show.

With more NFL content coming and creator channels turning into bingeable TV shows, YouTube now owns 12 percent of all TV viewership. At this point, it is not just part of TV, it is leading it.

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