Scandal-hit subprime lender Cattles is suing PwC, alleging negligence over its audit of two years of financial statements. PwC intends to contest what it called the “inflated and misguided claim” in the High Court in London. […] A supervisor representing Cattles’ creditors asserted that PwC should not have signed off the 2006 and 2007 financial statements of the group, which once had a £1bn market capitalisation. “As a consequence, the financial statements fundamentally mis-stated the financial position of the group. In particular, if the impairment provisions had been properly audited, it would have revealed that the group’s business, over 90 per cent of which comprised a loan book, was not financially viable,” it added. [FT, Earlier, Elsewhere]
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As you may have heard, there was a wedding today in London. It just so happened that this little event landed smack-dab in between Easter and May Day which has resulted in a lot of extra time off for our friends across the pond. While the majority of people are using this alignment of holidays to take long vacations or extended benders, a few people still have to get some work done. The good news is that with so many people away you can enjoy elevator music in solitude, whistle in the john and lose the pants behind the desk in one’s office and not feel anxious that someone could walk in at any time.
The bad news, as one PwC partner explained to the Journal, is that the lack of subordinates can sometimes hinder productivity:
“I am being super efficient while everyone is away, but I keep running into the fact that people I need to get a hold of are not here,” said Hemione Hudson, a partner in the banking division of PricewaterhouseCoopers LLP in London.
PWC’s London offices would normally have more than 2,500 people passing through on a given day, says Ms. Hudson, but this week, there have been far fewer. Many employees took the opportunity to get away after a busy audit season, she says. That’s meant quicker elevators and no lines for coffee, she says.
Among those remaining behind are her boss, PWC Senior Partner, United Kingdom Ian Powell and “many of the executive board.”
Still, “it’s not so great for business’ bottom lines,” Ms. Hudson points out. April has felt like a very short month, even for those working throughout, she says.
Makes you wonder why people feel pressure to work so much, doesn’t it?
U.K. offices find pros, cons to holiday week [WSJ]
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