Monte A. Jackel, Lecturer/Principal, Jackel Tax Law, was quoted in the Wall Street Journal regarding the breakup of Ernst & Young (EY) — one of the big four accounting firms — and the tax rules applicable to the accounting firm with respect to its audit clients.

Wall Street Journal
Date: September 20, 2022
By: Jean Eaglesham
EY Faces Knotty Split of Its Lucrative Tax Business

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“Rules in many countries restrict the tax advice that accounting firms can give to companies whose books they audit. In the U.S., ‘the tax advice given by the big accounting firms to audit clients is a big problem, with a ton of conflicts of interest,’ said Monte Jackel, a tax adviser who teaches at Catholic University Law School and has worked at three of the Big Four accounting firms, the Internal Revenue Service and the Treasury Department.

The U.S. audit watchdog, the Public Company Accounting Oversight Board, appears to have limited in-house tax expertise, Mr. Jackel said, and may well just be rubber stamping the accounting firms’ approach."

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