Connect with us

Accounting

Deloitte rower earned gold medal at Paris Olympics

Published

on

Oliver (Olli) Zeidler, a full-time specialist and consultant for Deloitte Germany, earned a gold medal in the men’s single sculls rowing event at this year’s Paris Olympics, marking Germany’s first gold title since 1992 in the event and the first medal overall since 2000. 

As a former competitive swimmer who turned to rowing late in his career, Zeidler continued a family tradition of rowing success by following in his grandfather’s and aunt’s footsteps, both of whom are Olympic champions.

This year, 15 elite athletes, including 10 Deloitte professionals, competed as part of Team Deloitte at the 2024 Olympic and Paralympic Games. So far, they have earned seven medals (gold, silver and bronze) but are likely to earn more now that the Paralympic Games are underway this week.

“I come from a very sporty family,” Zeidler told Accounting Today. “As a child I tried a lot of things. I played basketball, I did athletics and also swimming. At some point, swimming became more and more competitive, and I needed to train more and more. That’s why I became a professional swimmer. And it went pretty well. I was successful at the German championships — European junior champion in the relay — and then in 2016 I unfortunately missed the qualification for the Olympics in Rio de Janeiro.”

“After that, there was not that much fun left. That was mainly because a lot of people on my team retired,” he continued. “It was a bit hard to push myself, so I decided to retire from swimming as well in November 2016.”

Oliver Zeidler of Deloitte training for the Olympics.jpg
Oliver Zeidler of Deloitte training for the Olympics

SIMON HOFMANN

He spent four to six weeks doing nothing until his body started sending him signals that he needed to be doing some kind of sport, he said. That was when he decided to take up rowing.

“I started rowing on the rowing machine in the basement of my parents [home],” said Zeidler. “At some point, I asked my dad then if he could teach me how to row on the water because it can be pretty dull to only row in the basement looking at a wall. And that’s how the journey started.”

He had been working for one and a half years already at Deloitte up to the time when he changed from swimming to rowing. 

“I did a traineeship in Germany and started a bachelor’s degree supported by the company and a master’s degree as well, supported by the company,” said Zeidler. “I was always aware that in Olympic sports you will not have those big sponsors once you retire. I knew that the time would come when I would need to stop with rowing or with sports. When the professional area took over, I didn’t want to start in my 30s. I wanted to start earlier, building a base, and Deloitte allowed me to do so with their programs.

“I didn’t need to take holidays for my competitions or the training camps,” he added . “That was super helpful because before it was really difficult to do the 40-hour job, but they supported me.” 

Deloitte started to support the German Olympic team after the 2021 Olympics with a collaboration, as well as the International Olympic Committee partnership in the last two games. Internationally, it signed a 10-year partnership with the IOC in 2022 through 2032.

Zeidler prepared for this Olympic rowing regatta for three years, which included two trips to Paris. “In total, we spent five to six weeks on the lake, already in training camps to be really prepared for the adverse weather conditions we sometimes find there. It was definitely one of the keys for success that I knew already the course and everything.”

His race plan was designed to peak in the semifinal and the final. “It worked out perfectly,” said Zeidler. Whereas he had struggled in the Tokyo Olympics three years ago and only made the B final in the end, he was proud of his performance during the semifinal in Paris. 

“It was an amazing race in the end,” he said, even though the lineup in the semifinal was similar to the one in Tokyo. “I was really happy when I was able to finally put my boat on the water and do something. Before, the wait was terrible. But I set an Olympic record in the semifinal in front of my mom watching. It was a very emotional moment. And after the semifinal during the cooldown, I really took one or two minutes to say goodbye to the demons of Tokyo.”

Oliver Zeidler of Deloitte specialist and rower.jpg

Oliver Zeidler of Deloitte

After that, his mind felt freer. “I was really looking forward to racing the final, and the Olympic final was the race I wanted to have,” said Zeidler. He had made it to the point where he felt he was at the peak of his abilities and was able to really enjoy it. 

“Even if you think that the Olympic finals are the biggest thing you can achieve in rowing, there was no pressure anymore,” he added. “The semifinal was a lot of pressure, but the final was just going out having fun and executing the race plan. I knew that if I execute the race plan, I will win a medal today. … In the end, it was the gold medal. I had a perfect race in the final, and I was super happy after that. It became very emotional for friends, family and also for myself, and I think that’s what the Olympics are known for,”

The fans were very supportive during the medal ceremonies. “The grandstands in Paris, this was also amazing to see,” said Zeidler. “Even at the heats we had grandstands, and when I just watched the racing, I had shivers all over my body. Sometimes my knees became a bit soft. But when I heard the crowd cheering, it was such a cool atmosphere on the rowing course.”

He hopes to compete in the next Olympic Games in Los Angeles. “I’m aiming for 2028 and my goal is to become as successful as my grandpa and my aunt,” he said. “They both won one gold and one bronze medal at the Olympic Games, so I hope to manage to win at least a silver, if not another gold medal.”

His grandfather, Hans-Johann Färber, became Olympic champion in 1972 and won a bronze medal four years later. His aunt, Judith Zeidler, won gold in the Seoul Olympics and then bronze in Barcelona.

“It’s the third generation of Olympic gold medalists in the family now,” said Zeidler.

Over the years, he had been inspired by the stories of his family members. “Rowing is a very traditional sport,” said Zeidler. “That’s something I really love, and the Olympics were just something very special. But I think back to the days when my grandpa showed me the books of the Olympic Games where it was captured, and that’s how my dream developed to become an athlete and an Olympian one day as well. It’s a nice family story, but in total, the Olympics, the values they share, is just something I can really connect with.”

He had many opportunities to connect with other Deloitte athletes at the games, including a fellow rower, Jan van der Bij, who hails from the Netherlands and won a silver medal in the men’s eight.

“In total, we had 15 Deloitte athletes in Team Deloitte, and 10 of them are actually Deloitte professionals,” said Zeidler. “Of the Deloitte professionals, we have a lot of rowers. That is very cool. We are like a family in rowing, so we know each other. Even after racing, we caught up and celebrated together in the different houses of the nations. For example, I met Jan from the Netherlands, who won the silver medal in the eight, and it’s cool to not only have the same sport you’re in, but also the same employer and a similar professional background within the firm.”

The athletes attended parties to celebrate the victories with other Deloitte professionals. “If you think about the Olympics, all the nations have their houses, but also the sponsors have their houses where they make little parties,” said Zeidler. “Every evening you can attend two or three parties, and one morning, Deloitte invited us to their house. We met a lot of Deloitte professionals there, a lot of volunteers who were there for the games.”

“It was a nice atmosphere, and it felt a bit like coming home, as well, because it was not really screaming ‘Deloitte.’ It was a bit of a hidden place there in the middle of a park, and it was cool to see. Catching up with the colleagues was also nice — so not Olympians, but the colleagues were into the IOC partnership and into the sports business groups.”

The celebrations continued in Paris and on the flight home as well.

“After the games, after winning the gold medal, I was already in completely another world,” said Zeidler. “For example, one evening, my girlfriend and I got invited to the top of the Eiffel Tower. We went up there in a private elevator. All the other people needed to wait, and I think they were wondering, ‘Who are these guys? Why are they allowed to go up there in a private cabin?’ And then the Eiffel Tower guys even let us one floor above all the others, so we had a clear view over the city.”

“And on the way back, the pilots let me sit in the cockpit for 40 minutes, including the landing,” he continued. “And then arriving here, there was a big reception at the airport with friends, family, a lot of media. They brought me to a little place here in a convertible where I was waving to former teachers, to friends, to a lot of families who are living here close to Munich in the same village. And the celebration continued. Then I went to Deloitte, to the office. There was also a reception. Then the next day at my rowing club in Frankfurt, there was also a reception with a lot of people showing the medal around. It was a crazy world.”

He has already been scouting out the next Olympics venue. “I actually fly to L.A. on holidays, so I think I will definitely have a look at the rowing course there and see.”

Continue Reading

Accounting

AI-Driven Automation and Continuous Accounting Frameworks

Published

on

The accounting profession is undergoing a fundamental structural transition as enterprise finance departments shift from periodic month-end closes toward automated continuous accounting models. By integrating specialized machine learning algorithms directly into enterprise resource planning (ERP) platforms, chief accounting officers are transforming financial reporting from a retrospective exercise into a real-time operational asset.

The Shift from Periodic Close to Continuous Financial Reporting
Traditional accounting workflows heavily relied on manual data reconciliation, spreadsheet calculations, and multi-week closing cycles at the end of each fiscal period. In contrast, continuous accounting frameworks utilize automated software agents to process, validate, and post transactional data in real time as business activities occur.

Automated bank reconciliation tools cross-reference incoming bank feeds, invoice records, and purchase orders automatically. By resolving transactional variances instantly throughout the month, corporate accounting teams eliminate the traditional workload spikes associated with quarterly and annual closes.

Machine Learning in Audit Trails and Anomaly Detection
Advanced natural language processing (NLP) and machine learning tools are redefining internal audit and financial control environments. Automated systems analyze 100% of general ledger entries, identifying anomalous transactions, duplicate payments, and unauthorized journal entries in real time.

Rather than relying on random statistical sampling, corporate internal auditors can focus their attention on high-risk flags automatically surfaced by algorithmic monitoring platforms. This continuous risk assessment strengthens internal controls over financial reporting (ICFR) and significantly reduces fraud risk.

Evolving Roles for Accounting Professionals
As routine data entry and manual reconciliation tasks become fully automated, the skill set required for accounting professionals is shifting toward data analysis, system design, and strategic business advisory.
– Systems Governance: Accountants are increasingly responsible for monitoring algorithmic accuracy and managing data integration pipelines.
– Business Partnership: Finance professionals leverage real-time financial dashboards to advise operational leaders on margin management and working capital allocation.
– Regulatory Compliance Management: Accounting teams utilize automated platforms to ensure compliance with dynamic tax codes and international accounting standards.

Core Implementation Recommendations
1. Deploy Automated Reconciliation Tools: Integrate continuous transaction processing modules into existing enterprise ERP architectures.
2. Establish Algorithmic Governance Controls: Implement strict internal testing protocols to ensure automated accounting rules comply with GAAP/IFRS standards.
3. Reskill Accounting Teams: Invest in training finance staff on data analytics, workflow automation, and predictive financial modeling.

Continue Reading

Accounting

Global ESG Reporting Standards and Double Materiality Compliance

Published

on

Corporate accounting departments face expanding reporting expectations as international sustainability disclosure standards achieve regulatory enforcement across major global jurisdictions. Chief Accounting Officers (CAOs) and corporate controllers are establishing rigorous internal accounting controls to treat Environmental, Social, and Governance (ESG) metrics with the same data precision, auditability, and governance as traditional financial statements.

Regulatory Harmonization Under Global Sustainability Frameworks
The implementation of standardized sustainability reporting frameworks—notably rules established by international sustainability accounting boards—has created unified expectations for public and large private enterprises. Corporations must report standardized metrics covering greenhouse gas emissions (Scope 1, 2, and material Scope 3), energy utilization, workforce demographics, and supply chain governance.

In Europe and other participating international jurisdictions, double materiality principles are mandatory. Under double materiality, organizations must report both how external sustainability risks impact corporate financial performance, and how internal corporate operations affect surrounding environmental and social structures.

Integrating Sustainability Metrics into Core ERP Systems
To provide auditable non-financial data, enterprise organizations are integrating specialized carbon accounting and ESG management platforms directly into core ERP systems. Automated data collectors capture energy utility invoices, logistics fuel consumption metrics, and vendor compliance records in real time.

Establishing automated, traceable data pipelines ensures that non-financial reporting is supported by clear audit trails. This structured approach allows external financial auditors to provide reasonable assurance on sustainability disclosures during annual corporate reporting cycles.

Financial Impacts and Capital Market Disclosure
Accurate ESG reporting directly influences corporate cost of capital and institutional credit ratings. Commercial lenders and institutional asset managers systematically incorporate sustainability metrics into risk pricing models. Companies that demonstrate transparent, verifiable progress in operational energy efficiency and climate risk mitigation benefit from expanded access to green bond markets and lower debt pricing.

Action Steps for Accounting Leadership
1. Implement Double Materiality Frameworks: Conduct comprehensive assessments to identify material financial and operational sustainability metrics.
2. Build Auditable Non-Financial Data Pipelines: Automate ESG data collection within core accounting software to ensure data integrity.
3. Align Sustainability with Annual Financial Filings: Prepare non-financial disclosures concurrently with financial statements to satisfy regulatory audit expectations.

Continue Reading

Accounting

Modernizing Internal Controls: Machine Learning and Continuous Monitoring in Auditing

Published

on

Internal audit departments and corporate risk managers are modernizing internal control frameworks by shifting from periodic sampling techniques to continuous monitoring and machine learning analytics. As operational data volumes increase across enterprise organizations, automated control testing ensures financial integrity, prevents corporate fraud, and streamlines annual audit engagements.

The Limitation of Periodic Audit Sampling
Historically, internal and external auditors evaluated internal controls by reviewing random samples of financial transactions—often analyzing less than five percent of total ledger entries. In complex enterprise environments, periodic sampling methods carry inherent risks of overlooking localized financial misstatements, unauthorized disbursements, or operational control breakdowns.

In 2026, progressive internal audit functions are utilizing automated continuous monitoring platforms that evaluate one hundred percent of financial transactions in real time. Continuous control auditing systems continuously monitor general ledger entries, procurement approvals, and expense reimbursements across all operating subsidiaries.

AI-Powered Fraud Detection and Anomaly Identification
Machine learning models trained on historical corporate financial data excel at identifying subtle transactional anomalies that indicate potential fraud or operational error. Automated systems instantly flag duplicate invoice payments, unapproved vendor creation, unusual journal entry timing, and unauthorized override of authority thresholds.

When an anomaly is detected, the automated auditing platform generates an instant risk alert, allowing internal audit teams to investigate root causes immediately. Early detection prevents minor operational errors from escalating into material weaknesses in financial reporting.

Streamlining External Audit Preparation
Continuous internal control monitoring delivers significant benefits during annual external financial audits. External audit firms can review continuous audit logs and automated control testing documentation, reducing the time required for manual field testing.

This integrated approach lowers overall audit compliance fees, reduces administrative burdens on corporate accounting staff, and provides senior management and audit committees with real-time visibility into the organization’s overall risk profile.

Core Implementation Guidelines
1. Transition to 100% Data Testing: Replace legacy sampling methods with automated continuous audit monitoring systems.
2. Deploy Anomaly Detection Algorithms: Implement machine learning models to identify unauthorized transactions and operational control overrides.
3. Align Internal and External Audit Workflows: Coordinate continuous control testing protocols with external auditors to optimize annual compliance cycles.

Continue Reading

Trending