November 21, 2018

KPMG

KPMG Adds Another Independent Warm Body to Its Board of Directors

KPMG has given retired Air Force General Janet Wolfenbarger a friend on its board of directors. KPMG LLP, the U.S. audit, tax and advisory firm, is pleased to announce the appointment of Linda L. Addison as an independent director to its U.S. Board of Directors. Addison is the second distinguished independent director the Firm has […]

Scott Vetere

University of Michigan to Ex-KPMG Recruiter: ‘Keep Your Horny Ass Off Campus’

Last month, we met Scott Vetere, a 39-year-old father of three from Michigan who made a name for himself in collegiate sports in the late ’90s and early 2000s before that legacy was trumped by a series of poor choices and a little bit of hot car sex this year. In case you need a […]

KPMG Gets One-Year Auditing Ban in Oman

2018 has been a no-good, rotten year for KPMG. The firm has been embroiled in accounting scandals in the United States and South Africa, was told by the United Kingdom’s accounting regulator that its audit quality sucks, defended an indefensible audit of the now-collapsed Carillion in the U.K., was fined £4.5 million in the U.K. […]

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Dear Slobs and Whores with No Fashion Sense, This KPMG Video is Just For You

Those of you who know me know it’s rare that I’m speechless. I have an opinion on everything from cat food to those little sensors attached to street lights that serve to give priority to approaching emergency vehicles at intersections. And while I have an opinion about the following video I’m about to share with […]

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KPMG U.K. Is Giving Up Non-Audit Work on FTSE 350 Clients. Will the Other Big 4 Firms Follow?

So, Sky News broke some pretty big news in the United Kingdom earlier this morning regarding the House of Klynveld: KPMG is to cease undertaking non-audit work for the FTSE-350 companies whose accounts it supervises, becoming the first of the ‘big four’ firms to make such a pledge in the aftermath of scandals surrounding the […]

Ex-KPMG Partner Pleads Guilty to Using Stolen PCAOB Inspection Information

The former national partner-in-charge of inspections at KPMG pled guilty on Oct. 29 for his involvement in a scheme in which the Big 4 firm repeatedly used stolen confidential Public Company Accounting Oversight Board information to cheat the regulatory inspection process. Thomas Whittle, 55, pled guilty to wire fraud and conspiracy charges, pursuant to a […]

Scott Vetere

(UPDATE) Married Ex-KPMG Recruiter and Gym Coach Busted For Banging Young Gymnast in a Car

Whew, you guys, this one is … awkward. Scott Vetere is a 39-year-old father of three from Michigan who serves as assistant coach for the University of Michigan women’s gymnastics team, or at least he did until he resigned Oct. 15. His resignation came after Vetere was caught getting it on with an 18-year-old female […]

Ex-KPMG Executive Director Admits Guilt in PCAOB Inspection Leak Scandal

A former Public Company Accounting Oversight Board inspector-turned-KPMG executive director, who was accused of obtaining confidential information on which KPMG clients’ audits the PCAOB would be reviewing so the Big 4 firm could improve its dismal inspection results, pleaded guilty in Manhattan federal court on Oct. 16 for her involvement in the scandal. Cynthia Holder, […]

KPMG Rocks signs held by a woman in a KPMG shirt

Here’s Your Open Thread for KPMG Compensation Discussions (2018)

So we might be a little late on this one, but who cares? Obviously you guys don’t, you’ve all but given up on these open threads come comp time. As such, this may be our last open thread of comp season, not just for this year but for good. It sucks we have to go […]

KPMG Adds Retired Four-Star Air Force General to Its One-Star Board of Directors

No, it wasn’t Pope Francis, Malala Yousafzai, or the ghost of Nelson Mandela, as Caleb suggested last April, but KPMG U.S. on Oct. 4 appointed retired Air Force General Janet Wolfenbarger as the firm’s first independent director to its board, nearly nine months after five former KPMG executives were indicted for their roles in an […]

BNY Mellon Client Asset Reports Were Seriously Bungled by KPMG, U.K. Watchdog Says

Oh jeez, KPMG U.K. is in trouble again with the Financial Reporting Council. Per Reuters: KPMG and one of its partners have admitted to serious failings in compliance reports for Bank of New York Mellon, Britain’s accountancy watchdog said, potentially leading to heavy fines as the auditor comes under unprecedented scrutiny. The Financial Reporting Council […]

Where, Oh Where, Is KPMG’s 2016 Inspection Report?

KPMG’s 2016 inspection report has still not been published by the Public Company Accounting Oversight Board, and the PCAOB won’t say why—or if the report will ever see the light of day. Compliance Week reports: The Public Company Accounting Oversight Board published its 2016 inspection results for Deloitte in December 2017 followed by reports for EY […]

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Federal Judge Strikes Down Ex-KPMG Partners’ Request for SEC Evidence Search

If you’re dying to know what’s going on with David Britt, David Middendorf, and Thomas Whittle, the former KPMG partners who are accused of participating in a scandal in which confidential Public Company Accounting Oversight Board inspection information was leaked to the accounting firm, Law360 has an update: A group of former and would-be KPMG auditors […]

Stop Me If You’ve Heard This One Before: FRC Reprimands KPMG U.K. for Crappy Audit

When it comes to the Financial Reporting Council and KPMG audits, it must be like shooting fish in a barrel. This time, the U.K. accounting watchdog fined KPMG £2.1 million ($2.7 million) on Aug. 20 following the Big 4 firm’s admission of misconduct on the audit of fashion company Ted Baker Plc’s financial statements in […]

Another Former KPMG Employee Gets Into Trouble for Insider Trading

You can add Daniel Senn to the list of current and not-so-current KPMG employees and representatives, such as Scott London, Andrei Postrado, Thomas Avent, and Phil Mickelson (but not his KPMG hat), who have either been accused of, or found guilty of, insider trading. Senn, a Klynveldian auditor from 2007 to 2013, was convicted of […]

KPMG Rocks signs held by a woman in a KPMG shirt

25,000 Students Voted For the Top Internship and the Results Will SHOCK You

Alright so twice now I’ve been called out for writing clickbait headlines now that the comment section is reopened, but whatever, what do you guys think I did in the years between getting laid off from this website last time and coming back? I WROTE CLICKBAIT. I’m not joking. One time I paid my rent […]

Judge Allows Class-Action Suit to Proceed Against KPMG Over Shoddy Miller Energy Audit

A federal judge in Tennessee on Aug. 2 declined to throw out a securities class-action lawsuit against KPMG, in which investors are accusing the Big 4 firm of screwing up the audit of now-defunct oil and gas company Miller Energy Resources Inc. In Lewis Cosby et al. v. KPMG L.L.P., the investors say they got […]

Do KPMG’s Summer Employee Perks Put All Other Summer Employee Perks to Shame?

This Accounting Today article on the perks KPMG is offering to its 30,000 U.S. employees this summer got me thinking about the summer employee perks, or lack thereof, I’ve received during my career. And I’m not just focusing on my last 19 years as a writer and/or editor. I’m going all the way back to […]

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KPMG U.K. Lawyers Up Because Not Breaking the Law is Hard, You Guys

The Financial Times did not hold back in its headline announcing the news on KPMG U.K.’s latest hire earlier this week: KPMG appoints risk management chief after accounting scandals. Ouch. Here, KPMG, you might need this. So just who is this brave individual willing to take on a brand-new role at a scandal-plagued accounting firm? […]

Setback in Court For Ex-KPMG Execs, As Judge Refuses to Toss Out Counts in PCAOB Inspection Info Leak Case

As Mick Jagger sings, “You can’t always get what you want.” What three former top KPMG executives and two former employees of the Public Company Accounting Oversight Board—who are accused of participating in a scheme in which confidential PCAOB inspection information was shared with the accounting firm—wanted was for their conspiracy and wire fraud counts […]

KPMG U.K. Chairman Taking Heat for Defending Carillion Audit

An article published today by The Times in which KPMG U.K. Chairman Bill Michael defended the firm’s audit of Carillion is getting some reaction on Twitter—good for the newspaper, bad for Michael and KPMG. The article states: The chairman of KPMG has hit back at MPs in charge of the inquiry into the collapse of […]

Does the ‘P’ in KPMG Stand For ‘Probes?’

Because we have two new probes into KPMG to tell you about. First, two weeks after the quality of its audit work was called “unacceptable” by the Financial Reporting Council, KPMG is being probed by the United Kingdom’s accounting watchdog over its audit of British beverage wholesaler Conviviality’s financial statements, according to the Financial Times. […]

KPMG Used Confidential Inspection Info to Snatch BBVA Away From Rivals, Report Says

If you missed this late last week, Francine McKenna of MarketWatch detailed how KPMG used access to confidential Public Company Accounting Oversight Board inspection information to poach a client from its Big 4 rivals. The client, Spanish bank BBVA, was one of nearly a dozen KPMG clients caught up in the audit inspection scandal. Others […]

Report: Court Documents Name KPMG Audit Clients Caught Up in PCAOB Leak Fiasco

MarketWatch reporter and friend of Going Concern’s, Francine McKenna, wrote an outstanding article today after digging through court documents obtained by MarketWatch that name the audit clients caught up in the KPMG audit inspection conspiracy. And there are some pretty big names. The Justice Department in January brought criminal charges against five former KPMG executives […]

U.K. Accounting Regulator Chides KPMG For ‘Unacceptable’ Decline in Audit Quality

And here I thought Phil Mickelson’s meltdown on the 13th green at the U.S. Open on June 16 would be the worst thing to happen to KPMG this week. From Bloomberg: KPMG’s audit work in the U.K. is of an unacceptable standard, Britain’s accounting regulator said, fueling calls to reform the industry, including dismantling the […]

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Recently Axed KPMG South Africa Employee Slams Firm for Mismanagement, Lying

You may have seen earlier this week that KPMG South Africa is planning to lay off 400 workers and close some regional offices, as the embattled firm tries to save face following the Gupta and VBS Mutual Bank scandals. If you haven’t been paying attention, here’s a nice synopsis of what’s going on, via Reuters: […]

kpmg pcaob conspiracy

Clearly Not Everyone at KPMG Got the Memo About the ‘Raise-Your-Hand Culture’ at the Firm

Photo: A higher proportion of hand raising than at KPMG.

Lynne Doughtie KPMG

A Massive Scandal, the Likes of Which the Accounting Profession Had Never Seen, Got KPMG to Consider Outside Directors

In an effusive, buzzy word salad published in Accounting Today, KPMG Chairman and CEO Lynne Doughtie announced that the firm would be adding independent directors to its board. Why, might you ask? I’ll let Lynne tell you unabated: In today’s complex and fast-moving global business environment, successful organizations regularly reassess their mission and responsibilities to […]

KPMG South Africa VBS Mutual Bank

KPMG South Africa Calls in Reinforcements, Is Dumpster Fire

Uh oh: KPMG LLP’s South African unit is flying in trouble shooters from around the globe and hurriedly meeting clients to stem any further loss of business after becoming embroiled in three evolving scandals. Let me jump in here to say that I think I’d make a fine accounting firm troubleshooter. A Big 4 Mr. […]

KPMG master's accounting data analysis

KPMG Master’s Degree Program Admits 135 into Indentured Service in 2018

As a Big 4 alumna, when I saw the KPMG master’s degree program, I immediately thought, “What’s the catch?” But before we get to the catch, let’s look at the program itself a little more. The KPMG Master’s Degree Program Per Accounting Today, the cohort of 135 program participants for the 2018-2019 start class will […]

bdo kpmg deloitte zimbabwe

Foreign Affiliates of Big Audit Firms Screwed Up Some Stuff

The Securities and Exchange Commission fined foreign affiliates of BDO, Deloitte, and KPMG for skirting oversight of the PCAOB. Here’s the skinny: According to the SEC’s orders, the Zimbabwe affiliates of Deloitte & Touche and KPMG improperly audited the majority of assets and revenues of a publicly traded company without registering with the PCAOB. The […]

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KPMG Employees Seeking Help with Audit Software Might End Up With Phone Sex Instead

One of the best things about working at a Big 4 firm is that for virtually every problem you encounter, you can dial up an internal hotline and get some help. Computer acting up? There’s a hotline. Forget the basic accounting equation? There’s a hotline. Partners passing along illegal information about PCAOB inspection plans? Um, […]

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Report: Ambac Was One of the KPMG Clients That Got a Second Peek Thanks to Stolen PCAOB Info

Francine McKenna did some expert sleuthing and reports at MarketWatch that Ambac Financial Group was one of the unnamed issuers in the indictment of former KPMG employees and one former PCAOB inspector. There were enough clues to piece together that “Issuer-2” was Ambac, one of the companies that were allegedly subject to a re-review by […]

Lynne Doughtie KPMG

What Do We Think Is Going Through KPMG CEO Lynne Doughtie’s Mind During This Interview?

If you’re a Big 4 CEO, part of your job includes bopping around lavish business events like the World Economic Forum. KPMG U.S. CEO Lynne Doughtie is no exception, but given this week’s events, you can’t help but wonder if she’s doing so with a raging fire atop her head. Not that you would know […]

questions kpmg pcaob conspiracy

A Running List of Unanswered Questions About the KPMG Audit Inspection Conspiracy

Updates appear below If we learned anything from yesterday’s indictment of six accountants — five of whom were employed by KPMG — it’s that there are even more questions that remain unanswered. Some of these questions are simple and some of them are complicated, but it seems worth the time to list them here. Is […]

kpmg auditors pcaob partners conspiracy

All the Gory Details From the Indictment of Former KPMG Partners

If you’re not one of the six accountants who was criminally or civilly charged today, then you’re having a good Monday. And if you’re still not convinced, let’s peruse the details from the criminal indictment so you can feel better about yourself. The allegations paint a pretty sad picture of some prominent audit professionals at […]

KPMG partners criminal charges pcaob sec

Former KPMG Employees Learn That Using Confidential PCAOB Inspection Info Has Its Drawbacks

Six former employees of KPMG have been arrested and charged “with conspiring to defraud securities regulators and misuse of confidential auditing information.” These charges stem from the leak of confidential PCAOB inspection information that we learned about last year. The Securities and Exchange Commission also filed civil charges in a parallel action. The 54-page indictment lists […]

kpmg auditors pcaob partners conspiracy

Reminder: KPMG Fired a Bunch of People for Mishandling PCAOB Inspections Details They Weren’t Supposed to Have

KPMG released its global revenue results today and its the standard self-congratulatory Big 4 flimflam that we love to hate around here. The Wall Street Journal and Financial Times both covered the results in earnest; the Journal noted that KPMG’s growth lagged its BIG peers, while the FT mentioned a couple of the firm’s “huge […]

accounting news kpmg south africa

Accounting News Roundup: KPMG South Africa, Intuit Loans, Paid-to-Click Scams | 11.08.17

KPMG South Africa I linked to this yesterday, but it’s worth discussing this Financial Times article that notes an important development in KPMG’s South Africa snafu: Barclays Africa has […] put KPMG’s role as its auditor under review in response to the Gupta controversy, pending the outcome of a regulatory investigation. However, one person briefed […]

kpmg south africa

South African Central Banker Not Hitting the Panic Button Re: KPMG

Despite the firm losing clients left and right up to and including today, one guy remains chill: Addressing a monetary policy forum public meeting in Cape Town, deputy governor Kuben Naidoo said the troubles at KPMG, which audits several South African banks and lost a number of local clients recently, will not pose a financial […]

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Here’s Your Open Thread for KPMG Compensation Discussions (2017)

KPMG celebrated its new year on Sunday, which means compensation discussions are starting. We’ve received several tips in recent days, and a couple of them not expecting much: Firm is pushing out information that results have been disappointing, overall seeing raises and [variable comp] substantially lower than in prior years. And: I was already told […]

Lynne Doughtie KPMG

KPMG CEO Lynne Doughtie Knows Your Golf Game Sucks

Here’s another insufferable profile of a Big 4 executive that we dutifully read on your behalf. This one features KPMG CEO Lynne Doughtie and, sure, go ahead and read it if you have nothing better to do. She has a nice story; believe it or not, she “loved being an auditor”; she wanted to become […]

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KPMG Settles With SEC Over a Giant Failure of an Audit

KPMG has settled SEC charges for $6.2 million due to a shoddy audit of an oil and gas company. The partner in charge of the job, John Riordan, also settled to charges, agreeing to a $25,000 fine and a suspension to practice before the SEC. He can re-apply in two years. KPMG did not admit […]

KPMG-career-choices

Recruit Shuns KPMG for a Football Team, Surprising No One

Hell hath no fury like an accounting firm shunned, the old saying goes. Except that’s not an old saying, it’s something silly I just made up. Anyway, we stumbled across this article about a recently graduated Texas A&M football player, Connor McQueen, who is opting for a job on the team’s coaching staff rather than […]

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Would You Rather: Volunteer at the KPMG Women’s PGA Championship or Work at KPMG?

At first glance, the headline may sound like a silly question but hear me out! Deadspin’s Samer Kalaf pointed out that volunteers for the KPMG Women’s PGA Championship must pay $130 for the privilege for whatever it is volunteers at a major golf tournament do. Here are the details from the tournament website: If you […]

KPMG Breaks Ground on “Don’t Mishandle Leaked Info, Or Else” Training Center

I’m sure future visitors to KPMG’s now-under-construction training center will learn things aside from the fact that not turning over leaked PCAOB info in a timely manner is a bad career move, but it is an old lesson that recently became important again. Anyway, here’s your Twitter photo op: Breaking ground at KPMG’s #learning, development […]

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Accounting News Roundup: Complicated Simplification; McLaren Dumps KPMG for Deloitte | 05.15.17

Accounting is complicated Here’s a New York Times column by William Cohan on FASB’s Accounting Standards Update 2016-01, aka “Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” This rule, besides having an awful name, will change how fluctuations in equity investments valuations will be reported. My favorite sentence is this one: Like […]

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Accounting News Roundup: When Good KPMG Auditors Go Bad and Brazen Tax Scams | 04.17.17

It’s hard to watch when auditors make bad decisions. When good auditors go bad The Wall Street Journal published a profile of Scott Marcello over the weekend, the now former Vice Chair of Audit for KPMG who was fired for his role in a ring of employees who received a leak of confidential information from […]

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Accounting News Roundup: Bad Press for KPMG and Revolving Doors | 04.14.17

Bad press for KPMG Last month we noted how PwC had become the Big 4 firm of ridicule and abuse after a series of bad publicity. We all knew that one day another firm would take PwC’s place on the dunk tank and, yes, as you might’ve guessed, that firm is KPMG. And it was […]

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Accounting News Roundup: Fired KPMG Partners and Tax Return Selfies | 04.12.17

Fired KPMG partners By now you’ve probably heard that six KPMG employees, including the head of audit and 4 other partners, have been fired for receiving confidential information on the PCAOB’s plan for its inspection of the firm’s audits. The Wall Street Journal reported yesterday that Scott Marcello, the firm’s Vice Chair of Audit, as […]

kpmg auditors pcaob partners conspiracy

Six KPMG Employees Fired After Leak of PCAOB Inspection Info

Updates to report that individuals were terminated appear throughout. Welp, this looks bad. The Wall Street Journal reports that six KPMG employees, including four partners and the firm’s head of audit, have been fired after a PCAOB employee leaked confidential inspection details to the firm. The departing KPMG employees include four partners and Scott Marcello, […]

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KPMG Chicago’s Hiring Picking Up (Just Not for Auditors)

Claire Bushey reports in Crain’s that KPMG Chicago plans to hire 500 people over the next 3 years after hiring 500 people over the past 5. In my vivid imagination, Rahm Emanuel told them, “Quit fucking sandbagging.” In any case, the House of Klynveld’s growth doesn’t match a couple of its local Big 4 peers: […]

KPMG Officially Chooses Orlando for Its Mega Training Center

The 2nd bluest Big 4 firm is now also the 2nd Big 4 firm to commit to a gargantuan ‎training facility. KPMG announced today that it would be building "a state-of-the art learning, development, and innovation facility to further enhance the world-class training capabilities it offers to its partners and professionals," in Orlando's Lake Nona […]

KPMG Planning a Training Center That Will Surpass Deloitte University in Ridiculousness

Here's a report out of the Orlando Sentinel that KPMG is considering Orlando as a site for a mega training facility and conference center. The location isn't so much of interest as is the fact that KPMG is planning a $430 million, 800,000 square-foot campus. If you're wondering if that's bigger than Deloitte University, the […]

Elizabeth Warren Has Questions for KPMG Re: Wells Fargo

Last month we wondered aloud if KPMG would get dragged into this Wells Fargo kerfuffle. It took awhile, but it appears that Massachusetts Senator Elizabeth Warren has some fire leftover from her roasting of former Wells Fargo CEO John Stumpf for the bank's auditor, KPMG:

Here’s Your Open Thread for KPMG Compensation Discussions (2016)

Now that it’s fall, many public accounting professionals have been rewarded for all the hard work they put in last year. Some people are happy, some people are sad and everyone is still thinking, “I don’t get paid enough for this shit.”

KPMG Drops an Annoying, Dysfunctional, Possibly Corrupt Client

An editorial from the Orlando Sun-Sentinel has some wonderful details about the fallout between KPMG and Broward Health, one of the largest health systems in the country. Broward announced on Monday that KPMG was resigning as auditor. This came about, according to the Broward chairman, due to a misunderstanding: In a Friday letter to the […]

KPMG UK Succumbs to Millennials’ Bellyaching on Slow Recruitment Process

Millennials detest many things. This list of things would include: slow wifi signals; conventional produce, talking on the phone, check books, high fructose corn syrup, cars, shopping in a physical store, albums, coal, gluten, movies that don't stream on Netflix, being called a Millennial, and Millennial stereotypes, just to name a few. But perhaps one […]

SEC Accuses KPMG Partner, Two Others With Insider Trading

Thomas Avent, KPMG's Southeast region partner-in-charge of mergers and acquisitions is in a bit of trouble. The Securities and Exchange Commission filed a lawsuit against Avent, his stockbroker Raymond Pirrello and Pirrello's friend, Lawrence Penna of insider trading. The allegations are simple enough: Avent had access to material, non-public information through his KPMG's work of […]

Swiss Regulator Investigating Whether KPMG’s Audit of FIFA Is Worth Investigating

Well, this is something? Switzerland's Federal Audit Oversight Authority ("FAOA") will be kicking the tires on KPMG's audit of corruption factory/sports organization FIFA. "The FAOA is monitoring developments related to FIFA, and has selected for evaluation aspects of KPMG's work in connection with the auditing of the financial statements of FIFA," the FAOA, which helps […]

KPMG’s PCAOB Inspection Report Is Out and It’s Not Good

Oh boy, KPMG's PCAOB inspection report is finally out. Michael Rapoport at the Wall Street Journal has the lowdown:

Hiring Watch ’15: KPMG ‘Lou Wants You

KPMG plans to hire 175 IT professionals in St. Louis. The positions "will range from entry level to management, will be part of KPMG’s national technology organization." So if you know anyone looking for an internal IT job, with an accounting firm, who wants to live in St. Louis, then I guess you should let […]

Here’s Your Open Thread for KPMG Compensation Discussions (2015)

Aka: KPMG Kompensation Konversations or KKK for short.

KPMG ‘Members Only’ Club’s Sole Drawback Is That You Might End Up Talking to an Accountant

Whether you're a captain of industry, a titan of finance or a scion of a mysterious fortune, an appropriate venue in which to conduct business is crucial. Having coffee at a Starbucks with a bathroom queue snaking around you isn't just distracting, it's undignified! The always-eager-to-please capital market servants at KPMG are sensitive to this […]

KPMG Gives Employees Enough Ice Cream to Last Them a Week

Ice cream is the best. If you don't enjoy a cone now and then, you have no soul. Sure, 90% of the companies that produce it don't follow the rules that would prevent foodborne illnesses, but it's ice cream! If we can't enjoy ice cream, then the terrorists have won. Oh, and don't bitch to […]

Take It Easy, KPMG Didn’t Pass GAAS in Its Audit of FIFA

Everybody leave KPMG the fuck alone. Sure the Department of Justice busted FIFA for taking more than $150 million in bribes and kickbacks after KPMG gave them 16 consecutive years of unqualified opinions. But KPMG’s hands are clean. That’s my unqualified opinion.   It’s clear that FIFA was a shitty client full of shitty people. […]

Lawyer: KPMG Not Much of a Keeper in FIFA Scandal

Francine McKenna gets in on KPMG’s flop as FIFA auditor today, and Jerry Silk, a lawyer who has represented investors in lawsuits against Big 4 firms, suggests that the firm may have been ball watching:  “With all the prior allegations of corruption and bribery leveled against FIFA and some of its member associations over the […]

Did KPMG Flop as FIFA’s Auditor?

The FIFA scandal is increasingly ridiculous as was so deftly shown by John Oliver last night. But now a Big 4 firm appears to be caught in the tentacles of it, which further demonstrates its depth and reach. A tipster dropped us a link to very interesting post from Matt Scott, a journalist who has […]

How’s KPMG’s Early Career Investment Bonus Program Working Out?

This month we've received a couple of tips wondering about the KPMG Early Career Incentive Bonus, something we initially covered way back in 2011. We also did a follow-up in 2013 when the first payouts were made.   For those with foggy memories, here's how it works: If you are a current CSD senior associate with […]

#FBF: The Time Bernie Madoff’s CFO Fooled a KPMG Auditor With a Refrigerated Trade Ledger

The Madoff scandal crept back into the news recently, as Frank DiPascali, a key figure in the both the Ponzi scheme and the trial his of former associates, died of lung cancer last week. Since speaking ill of the dead is typically frowned upon, it makes sense to pick on an auditor instead.  Lucky for […]

Allegations Against KPMG Exec Make Him a Contender for Worst Boyfriend of the Year

Quoting our tipster, "Wow. Just wow." The New York Post has the scoop: A TV meteorologist claims her millionaire ex-boyfriend forced her to abort their baby — and choked her while she was recovering from the procedure, Manhattan court papers show.   “I will kill you and our unborn child if you don’t have an […]

Ex-KPMG Partner Convicted of Insider of Trading Will Hit the Streets This Summer

Courtesy of James Ulvog, we learn that Scott London, convicted passer of material non-public information to a golf (former) buddy, is laying his head somewhere new: The Bureau of Prisons inmate locator shows that Scott London is currently under supervision of the Long Beach Residential Reentry Management office. His scheduled release date still shows at […]

What Should Lynne Doughtie Do First as KPMG’s CEO?

As you know, KPMG has elected Lynne Doughtie as its next Chairman CEO, the first woman to lead the firm.  She is only the second woman to lead a Big 4 accounting firm, the first being Cathy Engelbert, who took the helm at Deloitte just last month. SO! This is all very exciting. LD will […]

KPMG Saves Employee’s Bowling Career

Not kidding! This will be one of the weirdest headlines you'll read today: “Without KPMG’s support, I could possibly have ended my bowling career.” Jasmine Yeong-Nathan won the AMF World Cup in 2008, was Singapore's Sportswoman of the Year in 2009, has been that country's woman's national bowling champion twice ('09 and '14).   But like all […]

Plaintiff Who Filed Gender Discrimination Suit Responds to KPMG’s Women’s Leadership Campaign

Back in 2011, a former KPMG Senior Manager named Donna Kassman filed a $350 million class action lawsuit against the firm alleging "relentless gender discrimination and harassment." In addition, she claimed that despite speaking up, "the Company had no interest in remedying the situation." Since the story broke, we've followed developments including that 9,000 women […]

#TBT: The Failed Merger of Ernst & Young and KPMG

In the late 1990s there were 6 major accounting firms serving our capital markets with gusto. Then, in September 1997 the firms of Price Waterhouse and Coopers & Lybrand — #4 and #6 respectively — announced they would merge, creating the largest and integritiest firm in the world.  Not to be outdone, #2 Ernst & Young […]

Does KPMG Even Meme, Bro?

Apparently! From Fortune: As the stereotype goes, accountants are a species of professional often seen as spiritless human calculators—and not as indispensable visionaries. “‘Taxes must be boring.’ I get that all the time,” says Kirt Bocox, senior tax manager at KPMG, one of the firm’s many employees who dispute—indeed refute—that pre-conception. “People get the stereotype […]

Ladies, You Have Another Week to Lean In to This KPMG Gender Discrimination Lawsuit

The window to join the KPMG gender discrimination class action suit hasn't yet closed, but today we've learned 1,000 women have joined so far. Here's the update from Katherine Kimpel of Sanford Heisler Kimpel LLP, the law firm representing the class action,: With only one week left in the opt-in period, more than 1,000 women have joined […]

KPMG Concerned Employees Can’t Resist Banging One Another

According to a tipster, KPMG distributed this the other day, because apparently sleeping with your coworkers is a serious problem over there.

Nearly 900 Female KPMG Employees Have Joined the Gender Discrimination Lawsuit

As you may remember, in October of last year, 9,000 female Klynveldians were welcomed to join the class action lawsuit brought against KPMG in 2011 by former senior manager Donna Kassman. The suit alleges "systemic discrimination in pay and promotion, discrimination based on pregnancy, and chronic failure to properly investigate and resolve complaints of discrimination and […]

Just How Many People Did KPMG Recruit This Year Anyway?

KPMG just proudly declared they've welcomed a record 54,000 Klynveldians into the Church of KPMG in FY14, 18,000 of those new graduates. That's a pretty big number. Just how big? Well, let's put it into perspective. The Pimbwe of Tanzania The entire population of the Pimbwe people, who call Sub-Saharan Africa home, is 54,000, according […]

Comp Watch ’14: KPMG Variable Comp is Out and Some Folks Aren’t Pleased

This just arrived in our inbox this morning, let's skip the formalities and get right to it: FY15 variable comp ranges for us behind-the-scenes slaves were announced today, 12/11. Who are they kidding? Don't they realize nearly everyone at Manager and below gets a 3 rating no matter how much they do, how much they […]

PCAOB Inspection Report Hands KPMG Its AS5

Oh, man. The last remaining Big 4 inspection report of 2013 was released by the PCAOB today and we are proud to be the first to tell you, KPMG did not come in last as the haters might have expected. For two of the 50 audits inspected, KPMG was not the primary auditor but just […]

Some Current and Former Ladies of KPMG Can Expect Extra Special Mail Very Soon

If you're interested in keeping up with Kassman, et al. v. KPMG, the lawsuit alleging pay discrimination against current and former KPMG employees, this press release has some items of note: Today, approximately 9,000 women who work or worked at KPMG between October 2008 and the present should begin receiving in their mailboxes a Court-ordered […]

KPMG Is Looking for Volunteers to Receive More Thorough Audits

Yes, you read that correctly. After all, in changing the value of audits, KPMG doesn't want to force anyone to do it because that just wouldn't be cool. In a piece written for economia, Tony Cates, UK head of audit at KPMG writes: Earlier this year we field tested an innovative form of report that […]

KPMG Offering Expanded Audit Reports Because Regular Audit Reports are Useless

As part of its campaign to restore trust in audit in the wake of the financial crisis, the firm experimented with increasing the amount of useful information provided in the new long-form audit report, way beyond the minimum regulatory requirements. As well as reporting on the risks and the auditors’ response to them, KPMG also […]

KPMG Scores a Major Victory in the War Against Overtime

This just in, your dreams of collecting overtime for all your hard work have been summarily crushed in appeals court. We've been following Pippins v. KPMG for quite some time, as its outcome could have been a real game changer for everyone. Well, too bad, the game shall hereby remain the same. The idea, in […]

Guy Leaves KPMG, Can’t Resist the Urge to Write a Sappy Farewell Email

There are basically three types of farewell emails: rambing, angry, expletive-littered rants (also called the Bridge Burner — a GC favorite) clever bro fist goodbyes that read like press releases dry, try too hard missives written like whatever you wrote in your best friend's yearbook the year you both graduated and went off to college […]

KPMG Not Sure If It Should Sue Itself Over Spectacularly Failed Client

Back in 2011, the 138-year-old Irish Nationwide Building Society failed due to really crappy loans in a really crappy economy. It was nationalized at a €5.4 billion ($7.35 bil USD) cost to taxpayers and unlike other "victims" of sloppy loans and irrational exuberance, everyone involved knew things were bad: From the start of the millennium […]

KPMG Congratulates KPMG On the Rothstein Kass Acquisition

Becoming number one in the hedge fund space wouldn't be an impressive achievement without a masturbatory press release celebrating it. KPMG delivers! KPMG LLP, the U.S. audit, tax and advisory firm, has completed its acquisition of certain assets of Rothstein Kass and the admission of most of the former Rothstein Kass principals and employees. The […]

Here’s Your Open Thread for Omaha Steaks at KPMG

This is a really exciting time of year for some people at KPMG, if for no other reason than FREE MEAT. Yes, it's Omaha Steaks time again. Says one tipster: Surprised I haven't seen a post about this yet- my Omaha Steaks arrived today thanks to the house of Klynveld. Weiners, steaks, chicken and burgers […]

KPMG Leads the Way in Telling Interns What Not to Wear

KPMG loves to give its interns a hand when it comes to dress, handing out gift cards and goodies at summer and winter intern training to give them a head start on their business caj wardrobe. The winter intern situation got a little awkward this year when KPMG decided the ladies needed camisoles while the […]

Is KPMG Secretly Worried About This Phil Mickelson Insider Trading Situation?

There is an interesting article in BloombergBusinessweek today about some of Phil Mickelson's sponsors turning their backs on him due to Phil's insider trading probe. As we already know, KPMG has expressed their utmost faith and support for Phil, saying "We have had a very strong relationship with Phil for a number of years, and […]

KPMG Plans to Stand By Their Man Phil Mickelson

Our buddy and fellow accounting enthusiast Michael Rapoport shared the good news via Wall Street Journal last night: KPMG LLP indicated Monday it continues to support golfer Phil Mickelson, with whom the accounting firm has a long-running sponsorship agreement. In a statement, KPMG said, “We have had a very strong relationship with Phil for a […]

KPMG Is Holding a Live Facebook Chat on Branding Tonight

Personal branding, not the kind cows get with a hot poker on their round steak. Here are the details: How will YOU stand out? Branding yourself is a great way to discover things that make you who you are, develop key messages about your strengths and abilities, create a consistent look and voice, and market […]

Scott London Sentenced to 14 Months in the Can and a $100k Fine

Let this serve as a reminder of what can happen when you meet shady looking dudes in a Starbucks parking lot.

(UPDATE) Some KPMGers and Their Kin a Tad Outraged They’re Missing Out on a Billion Dollars

We've put out a call for a copy of the email, which appears to be internal (hey, maybe YOU can share with the class), but until then, let's take a look at what has Klynveldians all worked up this time: WTF!! KPMG employees cannot enter in the Billion Dollar Bracket Challenge 🙁 "Quicken Loans has […]

KPMG Was Never Out of the Consulting Business, FYI

As we all know, the period of time circa 2001-2002 were not the best of times for the ol' auditing firms. Accounting scandals were aplenty, Arthur Andersen went down for the dirt nap and Heineken even got a holiday commercial out of it. And of course, we got Sarbanes-Oxley. A big sticking point from those […]

John Veihmeyer Not at All Ashamed to Talk Scott London to Business Students

Too bad I didn't hear about this sooner or I totally would have tried to crash this party. Freshly christened KPMG Global Chairman and still KPMG US CEO and Chairman John Veihmeyer schooled the kids at University of Richmond’s Robins School of Business this week, and he wasn't at all afraid to say the L […]