We cover fashion from time to time here on Going Concern primarily because so many of you are in desperate need of help in that department. Look, I know it's hard to pick out clothes when you don't live with mom anymore (or she has finally refused to do it) but like we've said before, […]
In the past, we've called attention to some of the brutally boring interviews that Deloitte bigwigs have done with various outlets. Joe Echevarria. Barry Salzberg. Deb DeHaas. We read these so you didn't have to. You're welcome. Today, however, we read an interview with Deloitte Chairman Punit Renjen that wasn't half bad. It was done […]
Earlier today we were informed that Deloitte CEO Joe Echevarria was a commencement speaker at the University of Miami, his alma mater, this morning. A quick search confirmed Joe E's gig, however, our tipster had this to add: Said he had just come from a meeting with SEC, didn't mention what it was about, lol. This could […]
Yesterday we shared a travesty of a farewell email that defies all professional etiquette and common decency. Later today we'll give you some pointers for crafting a farewell email that doesn't annoy everyone, but for now we have Exhibit B for self-serving, over-sharing accountants who seek greener pastures: Hello Everyone, After five and a […]
Perhaps I'm wrong about this, but announcing the application for a Top Level Domain seems a bit unnecessary. I'm sure Deloitte will obtain the TLD without any problems, but they seem overly enthusiastic about some of the benefits, saying that it will "[improve] site accessibility and usability to Deloitte member firm clients, recruits, and others […]
It's been 26 days since Deloitte resigned as the auditor of Daqing Dairy, which is an impressive streak considering the number of days between the previous two resignations was seven. This time around, the Green Dot is walking on SouthGobi Resources Ltd.: Deloitte & Touch LLP has resigned as an auditor “on its own initiative” […]
Okay, maybe I'm getting ahead of myself. Vivian Wei is currently vying for the Miss California crown, so let's not get too excited just yet, but sure, it's a possibility! Right now, Ms. Wei is reigning Miss San Francisco which is pretty good, I guess. She's a graduate of UC Berkley's Haas School of Business […]
Ahhhh, the Olympics. Competition, national pride, inspiring life stories, a bunch of young athletes swapping bodily fluids for two weeks. It's really a time-honored tradition. A time-honored tradition that needs a professional services firm to guide it through the complexities of international business. Deloitte is that firm and to celebrate its renewal of sponsoring the […]
Not exactly the best way to start a new job: Deloitte said the chief executive of its Dutch arm had stepped down with immediate effect after breaking internal rules on owning stakes in companies whose books are audited by the accountancy firm. Deloitte Netherlands CEO Piet Hein Meeter, who took up the job on Jan. 1, […]
Courtesy of lawyers representing The Iowa Public Employees’ Retirement System, who are suing the Green Dot over WG Trading Co., a firm allegedly used in a Ponzi scheme: Deloitte “acted in willful blindness of the scheme, and its auditing practices were so deficient that the audits amounted to no audit at all, or an egregious refusal […]
Earlier today we learned that Deloitte resigned as the auditor of Daqing Dairy Holdings Ltd, a Hong Kong-listed Chinese company. It was notable because this is the second resignation for Deloitte in [counting on fingers] seven days! That's not good! The other one was "baby products maker" and licenser of Harry Potter and Bob the […]
Barry Salzberg demonstrates the art of the dodge: Are the Big Four audit firms too big to fail? There is no evidence that would indicate that there is a lack of choice by business to pick up a firm to work with, so I don't agree with the premise of that question. Good lord. […]
Who knows?!? Four years studying the debit and credit arts at UCLA along with five months at Deloitte is more than enough time to accelerate a drinking problem or weight gain, but lay the groundwork for a viral exposure of human rights atrocities? That remains debatable. It's certainly a better result than some people who […]
Weren't we just talking about child pervs the other day?! We were! Well lo-and-behold, a tipster enlightens us to the sordid tale of 41 year-old Jeffrey R. Bainter of St. Louis who – according to his LinkedIn profile [ed. note: which has been pulled as of Monday but appears below]- has worked as an audit […]
Communications teams at accounting firms, particularly the Big 4, have a difficult job. And for the most part, they're nice people. I've talked to plenty of them. NO! I'm being serious. They work for private companies that are notoriously secretive, newly regulated, but still have come under heavy scrutiny as capital market servants, thus, leading nosy […]
Wage and hour lawsuits against Big 4 firms have been part of our coverage since the launch of Going Concern. Campbell v. PricewaterhouseCoopers has been big news in California and was the first case we covered. Lately, Pippins v. KPMG has been getting quite a bit of ink, thanks to a very proactive PR campaign by […]
Well folks, it looks like Reno is officially dead. Last I saw it in 2010, it was a ghost town compared to the Reno I knew in the late 90s (ah, good times) so it's no surprise to hear Silver Legacy auditors at Deloitte have some concerns about the Silver Legacy's long-term financial health. Here's […]
This is Barry's first Davos as the big cheese at Deloitte, so of course he's sitting down for an interview or two or twelve. This one (sans a snowy backdrop) is with Reuters and includes all the talkyiest talking points you could imagine but for whatever reason, it includes the oddest cut to his enormous […]
Remember Longtop Finanical? That's the Hong Kong-based company that Deloitte kicked to the curb last May for a number of sketchy reasons that included the "the unlawful detention of DTT's audit files." We came to learn later that not only were the precious audit files taken hostage but that Deloitte auditors were thisclose to becoming hostages themeselves. […]
Yesterday, the regulatory love child of Paul Sarbanes and Michael Oxley, the PCAOB, issued its 2010 inspection report for Deloitte. Deloitte was the third Big 4 firm to have their report issued this year with PwC and KPMG being issued just before Thanksgiving. While the reports for both PwC and KPMG were of the "we're […]
After our post on PwC’s credibility crisis we received a number of emails regarding the other firms’ initiatives and programs (keep the hacked love coming). We started breaking it all down for your enjoyment but stopped dead in our tracks when we came across the following slide: Deloitte – Women PantsIt was from a 2010 […]
You might have read this morning that Avon's CEO Andrea Jung is being forced out. Okay, so MAYBE earnings are down more than 42% on the year. And suuuuure, the SEC is investigating the door-to-door crew for “bribing foreign officials and improperly disclosing information to Wall Street analysts.” But forget the investment story here. This is a […]
We here at GC received the following email in our inboxes this Moanday morning:
Finally!!! See below 🙂
Direct Pay makes managing your expenses easier
With the implementation of Direct Pay, managing your business expenses just got simpler. Direct Pay is the process where Deloitte pays American Express directly, on your behalf, for your business expenses that have been imported into DTE.
There is no change to billing dates, the point rewards program, or the way you enter your expenses.
Direct Pay will begin for U.S. professionals with expense reports dated December 17 (U.S. India professionals are not part of Direct Pay at this time.)
The process is simple:
• Use your American Express corporate card for business expenses
• Import your expenses into DTE
• Deloitte pays American Express for the imported expenses
Professionals will still be responsible for paying American Express directly for any minor non-business corporate card charges, or any American Express business charges that are manually entered into DTE. To help you with this process, there is a new tool in DTE that reconciles your monthly American Express charges to what you have imported.
Sweet Baby Jesus, it doesn’t take much to excite the Green Dots these days, does it? It’s impossible for us to tell whether or not our contributor is a traveling worker bee or the executive assistant of some traveling Big Wig (Joey E!), but it doesn’t really matter because they are SUPER PSYCHED. Is this what it’s come to for us? Forget about holiday bonuses or even some free schwag; filing expense reports just got only slightly marginally sorta kinda maybe better. No word yet on a charge code for the strip joint, errrr “Big Ben’s Steakhouse.” Continue to pay those charges with your excess per diem.
So this got us thinking. What other kinds of techy improvements would improve your lives at work? Some off-the-cuffers:
1. Partner calls sent straight to voicemail.
2. Starbucks, delivered.*
3. The ability to work from home and have a work/life bal…oh wait. Nevermind.
Who is else in a dizzy tizzy about Big D’s technological advancement? Spill your joys below.
*Interns do not count.
You don’t have to be Bob Woodward to recognize the formulaic nature of the CEO interview. Reporter goes to CEO’s office, asks loaded questions about the issues of the day, describes the view from the office, elaborates on the person’s exercise regimen, humble (or not so humble) beginnings, people they admire, yada yada yada. Cripes, reading these things makes you want to shave with broken glass but hey! editors get in ruts just li we’re stuck with the puff. By extension, interviews with Big 4 CEOs are worse because they typically occur with General Counsel sitting in the next room zapping their genitals every time a question is asked that necessitates “I can’t comment on that.”
Today’s example comes courtesy of Reuters who interviewed Deloitte’s Joe Echevarria. What prompted this little chat was the PCAOB’s release of Part II of the firm’s 2008 inspection report. It wasn’t exactly a flattering portrayal of a firm who, when asked to brush up on their audit skills, basically told the PCAOB to drop dead.
Accordingly, the firm is running damage control and that involves getting Joe E. in front of some friendly reporters (read: not Jon Weil or Francine McKenna).
Recently faulted by the main U.S. auditor watchdog, Deloitte has told its professionals that skepticism should be the No. 1 focus during the upcoming auditing season for annual financial reports, CEO Joe Echevarria said.
“I know there’s a heightened awareness about professional skepticism in the firm,” he said. “It’s going to take a while for heightened awareness to manifest itself in actions and documentation because humans are involved here.”
The natural follow-up question here would be, “But Mr. Echevarria, the PCAOB asked you to fix things in 2008-2009, are you saying that you’re now just ‘manifesting itself in actions’?” but that brings out the zapper. That’s okay, we’re all used to it. You know what else we’re used to? Talking about the “expectations gap”:
There is an “expectations gap” between what auditors do and what the public expects, but auditors do have an obligation to detect and report material fraud, Echevarria said.
Echevarria is also asked about auditor rotation, IFRS and (for some odd reason) its settlement over the Adelphia fraud in 2005. Why not ask about the swinging insider trading scandal? What about Taylor, Bean & Whitaker? What about associates sneaking bloggers into the downtown W? WHAT ABOUT THIS FAUX TARA REID MARRIAGE? People want these all-important questions on the record and yet it never happens. Sigh.
By the way since it’s obvious that some of you care about these details, Joe is from the Bronx and his office is in Midtown.
Deloitte pressing for more skeptical audits (God, the headline is even awful) [Reuters]
[caption id="attachment_51784" align="alignright" width="260" caption="Source: NYP"][/caption]
As you know, a number of people in Lower Manhattan have spent the last two months Occupying Wall Street by way of camping out in Zuccotti Park. While September and October proved to be unseasonably warm, thus allowing Occupiers to exercise their 1st Amendment rights in relative comfort, November has brought cooler temps which has caused some relative discomfort among the campers. Oh, and Mayor Bloomberg was sorta sick of the mess and had everyone’s tents forcibly removed.
While many protesters have had to seek less squalid accommodations, other supporters of the movement have been able to find quarters that are more suitable for their tastes. This includes Deloitte associate Brad Spitzer who has been traveling to New York from California for work and has taken the opportunity to get his occupy on. And while he’s enthusiastic about the cause, Spitzer isn’t exactly down for park living:
“Tents are not for me,” he confessed, when confronted in the sleek black lobby of the Washington Street hotel where sources described him as a “repeat” guest.
Spitzer, 24, an associate at financial-services giant Deloitte, which netted $29 billion in revenue last year, admitted he joined the protest at Zuccotti Park several times.
“I’m staying here for work,” said Spitzer, dressed down in a company T-shirt and holding a backpack and his suitcase. “I do finance, but I support it still.”
You guys understand. There are just certain comforts that a Green Dot employee gets accustomed to – a soft mattress, a hot shower, room service – no matter how good of a drum circle you find.
This just in:
Zuccotti Park Evacuation
As a result of the evacuation of protestors in Zuccotti Park early this morning, there will be limited access into 1 and 2 WFC until further notice.
Currently, the walkway bridge that connects 1 and 2 WFC will be closed. All building tenants must present identification to gain access. For visitors, the name of the tenant and person visiting will need to be provided to building security.
Access restrictions are subject to change, as information and updates from building management are changing rapidly.
We appreciate your cooperation and will continue to keep you informed through this mailbox. If you have any questions or concerns please do not hesitate to reach out to myself [redacted email] or [redacted].
[Guy who gets to deal with these sorts of things]
Area Operations Manager
Deloitte Services LP
Sounds like the aforementioned rumored layoffs have begun.
Yes they are occurring and I know as I am one of the individual’s impacted. There was no advance warning. I know one other individual in Philly that was also laid off. We are both in the tax practice. My understanding is that it is nationwide and mostly impacts senior managers.
Keep us updated if cuts are going down at your office.
Last week the bane of Big 4 auditors existence, the PCAOB, broke their cherry on releasing Part II of an inspection report for a Big 4 firm. The honor went to Deloitte, who sufficiently blew off the Board’s recommendations for 12 months, which led to the release of Part II.
Bloomberg‘s Jonathan Weil, who usually sits back with popcorn while these things go down before chiming in, got to it today but with a twist that you probably weren’t expecting: