The FT reports that the average partner in the UK took home £763,000, up 1% from last year. Ian Powell, the Chairman of the UK firm, took home £3.7 million. The average take home at P. Dubs puts Deloitte partners to shame who only managed to scrape together an average of £758,000, down from £873,000. What does the mean for the partners in the States? Probably nothing but it could indicate that Deloitte’s reign as the biggest of the Big 4 could be a one year wonder. [FT]
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Satyam: Does Anyone Mind if We Take Another Three Months to Finish Our Restatements?
With just a couple weeks until the June 30 deadline for the company to issue its restated financial statements, Satyam is requesting just a little more time to get this mulligan nailed down. Three months to be precise.
Yes, they’re completely aware that it’s been nearly 18 months since the shit hit the fan. And yes, this is the third time they’ve asked India’s Company Law Board (“CLB”) for an extension on the filing but at this point they figure expectations are so low, no one will get too worked up over it.
Except for an “analyst with a leading brokerage house.” who is quoted in the Business Times, “There is no clarity on what is happening within the company. They should have at least provided the current sales figure or the bench strength. How is the shareholder supposed to rate their stock?”
Since more than a few people might be caught up in “sales figures” and whatnot, Satyam went to the trouble to let everyone know that they’re working hard, ordering in, etc. etc. so you can rest your pretty little heads:
A Satyam official said, “The records have been under the custody of investigating agencies and we recently got a court clearance. Also, our auditors (KMPG and Deloitte) told us they need some more time for the restatement. It’s only a matter of a quarter.”
See? It’s just a matter of a quarter. Plus, you can’t really blame them – KPMG and Deloitte are the ones saying they need more time. Satyam has likely been bugging them for months about wrapping up but KPMG and Deloitte are probably complaining, saying things like, “we can’t find any documentation to supports these numbers” and “this doesn’t add up.”
So, TFB if some whiny analysts don’t like it. We’ll just find out just how big of nightmare these financial statements will be in due course.
EY Poaches Someone From Deloitte and Issues a Press Release, Part II
In today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” we head to […]
Compensation Watch ’10: Early Returns from Deloitte Are In
The first reports of Deloitte raises for audit professionals have come in from the Mid-America Region:
I’m surprised to see absolutely nothing posted about Deloitte raises. We have had the raise discussions in my office for staff and seniors, no double digit raises in sight. AIP (bonus) for Seniors and above. Managers- TBA.
Mid America Region- it’s looking like 2-9% for staff/seniors. AIP is supposed to be in the range of 2-12%, but that is the range for both seniors and managers. I spoke with a friend in another office in my region and their raises are looking pretty consistent, if not lower. Starting salaries are frozen- start classes from fall 09, 10, 11 will all at the same rate.
This is the earliest word we’ve received and comments have suggested that more news would come early next week. The tax practice still has their town halls next Tuesday but that could be to explain the numbers if in fact they are similar to audit’s.
So this could be a John Kerry-esque exit polls effect or maybe this is a sign of things to come. Either way, if you’ve gotten word, discuss below and keep us updated with any developments.