November 20, 2018

KPMG

KPMG’s U.S. Chairman and CEO Upgrading to KPMG Global Chairman

Congratulations are due to John V. for reaching 97% completion on his world domination plans: KPMG International today announced that John B. Veihmeyer has been selected by its board of directors as KPMG’s next Global Chairman, to succeed Michael Andrew who is retiring after serving as Global Chairman since May 2011. Andrew has recently been […]

KPMG Wants to Be Sure Its People Know They Are Appreciated

While we here at GC are taking the day easy (sorry to all of you who are working your fingers to the bone, truly), KPMG is busy showing its people thanks according to this report from SoCal: KPMG may be well behind the salary curve in the Pacific Southwest (see here) but where else are you […]

The Best Way to Follow Up Two Gold Medals Is a Career at KPMG

Canadian gold medal winning skier Alexandre Bilodeau is no stranger to KPMG, his dad is a longtime tax partner in the Montreal office and he's got a sponsorship deal from KPMG Canada. So it completely makes sense that he's retiring from competitive sports to focus on his career in accounting. I mean, when you've already […]

Caption Contest Tuesday: Underwater KPMG Banner

Stumbled across this while… well, never mind what I was doing, just know I found this on accident. Come up with the best caption to this and I'll feature you in Between the Spreadsheets as well as possibly get in the kitchen and make you a sandwich if you make your way to Richmond.

KPMG To Keep Phil Mickelson in Blue Hats and Heavy Taxation For at Least Two More Years

Hopefully he will learn to keep his tax bitching to himself this round: KPMG LLP, the U.S. Audit, Tax and Advisory firm, today announced that it has renewed the sponsorship of 5-time Major golf champion Phil Mickelson. The global sponsorship, which originally began in 2008, will keep Mickelson in a KPMG branded hat on the […]

Protip: Double-Check What You Wrote Before You Confirm Your Interview By Text

Anyone who has taken Roger for CPA review knows his tired old joke in partnerships about the partner he went home with — he is still telling that joke, isn't he? — but this is not that. Awkward. via Pinterest

Potential Firm-Jumper Wants To Know Just How Bad is KPMG Anyway?

Guys. Guys. GUYS. Clearly this joke has gone way too far, and this isn't the first time someone has asked us this: Hi GC and Happy Busy Season to all. I am currently starting my 4th busy season with D&T in an East Coast office and have recently been approached by KPMG about a senior […]

KPMG Upgrades Its Female Interns From Necklaces to Camisoles

If you recall, KPMG hooked up its summer interns last year with gift cards to Men's Wearhouse and Ann Taylor depending on gender, natch, as well as ties or necklaces, again based on gender, again natch. That was so nice of them to help the newbs build their professional wardrobe, wasn't it? Winter intern training […]

KPMG Generously Distributes Kool-Aid and Questionable Numbers to Winter Interns in Orlando

So we've been stalking the KPMG winter intern training album on Facebook and came across this: Which naturally got us wondering… #1 in the Big Four for what? Partners who are awaiting sentencing on insider trading? Jokes made on Going Concern? Kuddling? Kool-Aid distribution? Logos that look like they were made in MS Paint? WE […]

KPMG’s Holiday Card is Like the Video Version of Wordy Wall Decals

Well, KPMG has officially thrown this year's holiday video card into the ring and our tipster calls it "somewhere between EY & Withum on the awful scale." As with a few other firms, it's not embeddable. I'd like to think this is some genius plan on the firms' part to keep themselves from appearing here […]

KPMG Achieves Record Revenues In FY13, Still Behind the Other Three Big 4 Firms

Colin linked to KPMG's celebratory tweet in the roundup this morning but he failed to point out the best part. The celebration at KPMG was short-lived when they realized even if they made more money than ever, they still aren't making as much money as everyone else: KPMG International (KPMG) today announced record-high aggregated revenues […]

Former Madoff CFO Claims Madoff Faked Documents For KPMG Audit Using a Refrigerator

This just in and developing, we will keep you posted: BREAKING: Former Madoff CFO says Madoff Securities forged documents during KPMG audit and cooled newly-printed documents in refrigerator. — CNBC (@CNBC) December 2, 2013

One of These Things Is Not Like the Other, And It’s This Big 4 CEO’s Head

Quick shot of Lefty and @KPMG_US CEO John Veihmeyer on the set of @GCMorningDrive. Tune in now! pic.twitter.com/XRVDuReR8x — KPMG Mickelson (@MickelsonHat) November 15, 2013 Here is a far better shot of the close up: They won't let us embed the video here (admit it, you spent 2 full minutes clicking on the "play" button […]

KPMG Portland Gave a Bunch of Books To Kids

There is nothing terrible to say about this because it's just so darn heartwarming: The Portland office of KPMG LLP, the U.S. audit, tax and advisory firm, has donated 375 children's books to the library at Lowrie Primary School in an effort to promote literacy, inclusion and respect. Volunteers from KPMG's Diversity and Inclusion Council […]

Reminder: Insider Trading Turned Out Badly for Ex-KPMG Partner Scott London

UPDATE: See update below regarding sentencing timing. It's been quite awhile since we've been on the Scott London beat, but something interesting was brought to our attention late last week that's worth sharing. In a court filing from last month, London's attorney Harland Braun laid out the arguments against a Presentence Report by the United States […]

Word to the Wise, You Don’t Have to Pay KPMG To Work at KPMG

As far as scams go, I have to say these kinds of scams are pretty bad. Preying on desperate people who have nothing left to live for and therefore are applying at KPMG job applicants with high hopes of Big 4 employment and bilking them out of untold sums of money with fake offer letters […]

KPMG Auditors with Federal Clients Affected By Shutdown Urged to Keep Busy, Take a Little Vacay (But Only as a Last Resort)

As you all know, our government is kaput for the foreseeable future and since all of the Big 4 and many other DC-area firms serve the federal government, it stands to reason that a few of you might not have a lot to do today.    Last night, we were forwarded the text of an […]

Comp Watch ’13: Happy New Year, KPMG!

As we watch the hours, minutes, and seconds tick away to the shutdown of the federal government, it'd be inappropriate if we did not mention that KPMG's fiscal year also ends tonight. Unlike the feds, everyone at the House of Klynveld will be reporting for duty tomorrow (previously arranged PTO, excepted); however, the latest comments on […]

Here’s Your Open Thread for KPMG Compensation Discussions (2013)

UPDATE: Hopefully by putting this post front and center, this will eliminate any confusion. But try to use your inside voices. Some of us are trying to work.  UPDATE 2: It's been nearly week so we're moving this post over to the margin. Instructions re: inside voices still applies. It has been a year of […]

Where in the World Is John Veihmeyer?

By way of the always interesting tip box, we've been alerted to the KPMG CEO's alleged whereabouts. Since we have a classic case of "pics or it didn't happen" we'll refrain from reporting his precise location: I am pleased to report that John Veihmeyer, our Chairman and CEO, will be coming to [our city!] on Wednesday, […]

PwC and KPMG Inspection Reports Make Us Wonder: Are Shoddy Big 4 Audits Here to Stay?

Have we mentioned how much we enjoy the PCAOB releasing inspection reports and/or making big announcements the week leading up to a major holiday? No? Oh yes, it's right up there with root canals and saddle sores. But it's their labor of love so we'll share the news with you. Today, the Board released the 2012 […]

Young Woman’s Dreams of Being Hired by KPMG Are Shattered by Possibly Being Hired by KPMG

This young lady wanted a job as a KPMG auditor so bad, she wrote a song and made a video about it. Unfortunately, while KPMG admitted her attempt shows that accounting is more than just number-crunching, the firm is in talks with the songwriter to bring her on in a marketing capacity. A far cry […]

After His Open Victory, It Appears Phil Mickelson Is Doing Some Tax Planning at the PGA Championship

Rough start for Lefty. Bogey on 3, double on 4. +3 thru 4. Let's turn this around! — KPMG Mickelson (@MickelsonHat) August 8, 2013

HSBC Dumping KPMG for PwC as Auditor

Alright, alright, alright. We knew this was possible. Let's try to keep things civil. HSBC Holdings Plc (HSBA), Europe’s largest bank, appointed PricewaterhouseCoopers LLP as auditor, dropping KPMG LLP after more than two decades. PwC will audit the 2015 fiscal year for the lender, subject to approval from shareholders at the bank’s annual meeting in May, […]

Bonus/Comp Watch ’13: KPMG Advisory

Sometimes on a hot summer day there's nothing better to do than talk about but money.  A recent memo from KPMG's advisory leadership entitled "Outlook for 2013 Compensation" is happy to share the news that FY 2013 has been motoring along and that they are cautiously optimistic the last quarter will round out nicely:  We […]

KPMG Can’t Control the Scott Londons of the World, Says Scott London

Scott London pleaded guilty in Los Angeles court earlier today, but prior to his appearance, he gave an interview to the Wall Street Journal where he admitted that after he had given his watch guy/co-conspirator Bryan Shaw material, non-public information about KPMG clients 14 times, the two men decided that their little insider trading scheme […]

KPMG Is Going To Like the Way You (Interns) Look

Not only is KPMG trying to help their interns dress better at this year's National Intern Training in Orlando, they've got to brag about it on Facebook: "To make things even better for our Summer 2013 Interns, KPMG gave each male a $200 giftcard to Men's Wearhouse and each female a $200 giftcard to Ann […]

Let’s Ponder Scott London’s Potential Future in the Service Industry

Late yesterday, Scott London appeared in court to be arraigned on charges of securities fraud and afterwards he gave an interview to CNBC. In that interview ScoLo reiterated his statement that he had never passed material non-public information to a golfing buddy — or anyone else for that matter — prior to this incident. "I […]

KPMG Gives Employees Just the Thing to Pick Up Their Spirits

The first half of 2013 took an unexpected turn for Klynveld Peat Marwick Goerdeler back in April when we all learned that former partner Scott London had shared material non-public information about the firm's audit clients with his watch-concert ticket guy/golfing buddy. While there has been almost no client backlash — the firm hasn't lost […]

Bryan Shaw’s Lawyer Has a Perfectly Good Explanation for His Client’s Guilty Plea in KPMG Insider Trading Case

For once, we have a lawyer who is of very few words: "He pled guilty because he is guilty," [Nathan] Hochman said. "Mr. Shaw, as he's been heard saying, made some incredibly stupid decisions."  We can expect a similar explanation from Scott London on May 30. Stay tuned. [LAT]

Bonus Watch ’13: KPMG’s “Early Career Investment Bonus” Payouts Start This Week

Remember back in 2011 when KPMG announced a loyalty compensation program called the Early Career Investment Bonus? It was a pretty creative plan on the firm's leadership to entice senior associates to stick with the firm for the better part of a decade. For that commitment, a person could hypothetically accumulate a $36,000 payout through […]

Former KPMG Partner’s ex-Golf Buddy/Co-conspirator Pleads Guilty in Insider Trading Case

Bryan Shaw, the man who provided ex-KPMG partner Scott London with Springsteen tickets, discount Rolexes, and black paper bags filled with cash in broad daylight, pleaded guilty to one count of conspiracy to commit securities fraud today.

Ex-KPMG Chairman Tim Flynn Still Has Some Game Left

According to Institutional Shareholder Services, TFly is only member of JPMorgan's risk policy committee who is meeting expectations:  An influential shareholder advisory firm has recommended that investors withhold their support for three JPMorgan Chase directors, citing “material failures of stewardship and risk oversight” in the wake of a big trading loss last year. The firm, Institutional Shareholder Services, […]

Herbalife’s Surprise Be-Our-New-Audit-Firm Sweepstakes Will Have a Winner Soon

Herbalife Ltd. is making progress in its search for a new accounting firm, executives said during a conference call with analysts Tuesday. The Los Angeles nutritional products company was forced to hire a new accounting firm after KPMG resigned earlier this month because one of its senior partners was accused of insider trading in Herbalife stock. The […]

(UPDATE) KPMG, in the Midst of Grief, Is Reminding the Academic Community of Their Business Success and Enthusiastic Employees

The KPMG apology tour continues. Well, maybe it isn't an "apology tour." It's more like, "KPMG: We can explain," tour. Actually, no, it's not that either. It's more of a "KPMG: Can you believe what this guy did?" tour with support from "This is NOT what we stand for." That has been the message to both […]

John Veihmeyer Has a Friendly Message To New Associates In the Wake of KPMG’s Insider Trading Scandal

A tipster has sent us this lovely email from the Veihz that basically shows when in a crisis, it's best to face it head on and make sure your new associates do not regret their decision to join your firm. Since they're working for KPMG already, it's probably a good idea to reassure them as […]

KPMG Global Chairman Doesn’t Consider a Partner at His Firm Passing Material Non-public Information About Audit Clients to a Golf Buddy to Be All That Newsworthy

I mean, really. The chairman of KPMG has dismissed as a “one-day wonder” the insider trading scandal involving the former head of the firm’s Los Angeles audit practice. Michael Andrew downplayed the global prominence of the controversy involving Scott London, a senior audit partner who has admitted leaking client secrets to a golfing partner who traded […]

Scott London Won’t Be Making Flirty Comments on the Facebook Page of Bryan Shaw’s Wife Anytime Soon

It was nearly two weeks ago when we learned that ex-KPMG partner had dabbled in insider trading of several KPMG clients, including two — Herbalife and Skechers — that were audit clients of London's. It set off quite a firestorm, however when the criminal complaint against London came out, we discovered that the manner in which he and his golf buddy/watch guy Bryan Shaw conducted this little conspiracy was not too sophisticated. Phone calls. Meetings in parking lots. Black paper bags filled with cash. The Boss. It's what you might expect from a couple of middle-aged bros who had plenty of laughs together at the 19th hole. 

(UPDATE) KPMG Has Been Without Email Most of the Day; Yes, Some People Are Freaking Out

We've confirmed with a number of people at KPMG that the firm's email service has been down pretty much all day, with the outage starting somewhere around 11 am ET. We first learned about it just about an hour ago when a tipster sent us a text saying: No post yet about KPMG email being […]

KPMG Insider: Partners Feel Betrayed By Scott London’s Actions

Ed. note: This post was written exclusively for Going Concern by a KPMG veteran employee that wished to remain anonymous. 

Let me start by saying I barely know Scott London. I emailed him a couple of times. I may have met him once in person (obviously it didn’t leave much of an impression). That was the extent of my interaction with him. In that limited time he seemed like a nice enough guy but that’s all I know about him. That statement was echoed by a few people I know who did work with him when this story broke. The general consensus was that it sucks that this happened to a nice guy.

Kaption Kontest Friday: Say Kheese!

Via the New York Times, ex-KPMG Partner Scott London (right) leaves court with his attorney, Harland Braun yesterday in Los Angeles.

(UPDATE) Complaint Says Scott London Admitted to Tipping Bryan Shaw About Five KPMG Clients

~ Update below includes details from the criminal complaint, including Springsteen tickets!

From the Journal:

Mr. London was charged with one count of conspiracy to commit securities fraud through insider trading, according to the criminal complaint. He faces up to five years in prison and a $250,000 fine. The complaint said the trades generated a profit of more than $1 million for his friend, Bryan Shaw. The complaint also says Mr. London tipped off Mr. Shaw about five KPMG clients, more than was previously known.

KPMG’s Official Statement Meets Mystery (Bachelor of) Science (in Accounting) Theater

When a giant insider trading turd hits the fan of independence, KPMG spokesman Timothy Connolly is there with a Clorox wipe to sanitize the minds of the American public. Here's what he said. Be careful, it'll probably sting your amygdala. Late last week, we were informed that the partner in charge of KPMG’s audit practice in […]

Despite Entering a ‘War Zone’, the Next Auditor of Herbalife Should Find Solace in All the Fees They’ll Earn

Part of the reason this KPMG resignation is such a conundrum for both Herbalife and Skechers is that the firm withdrew its audits back to 2010. The clean-up crew for each company will have its work cut out, and according to Georgetown professor James Angel, Herbalife's new auditor, especially, will "be walking into a war […]

Lessons From L’affaire Scott London: Don’t Talk About Your Clients While Quoting Caddyshack

I love Peter Henning's suggestion that ex-KPMG partner Scott London was swapping Caddyshack quotes with his golfing buddy. Everyone having few drinks after playing a round inevitably sees someone walk by with a hideous headpiece and says, "When you buy a hat like this I bet you get a free bowl of soup." I think it's a law in Florida that you have to recite that line. 

Would You Rather: Have Part II of PCAOB Inspection Report Released or Find Out an Audit Partner Passed Along Inside Information?

Oh, to be a Big 4 firm these days. Yes, billions of dollars flow in from every corner of the world thanks to your professional services, but thanks to the audit practice, there's peril around every corner!  The news that former KPMG audit partner Scott London passed along inside information to someone outside the firm […]

(UPDATE) KPMG to Resign as Herbalife’s Auditor; Who’s Next? A: Skechers

~ Several updates below including the name of the partner fired by KPMG and statements from Herbalife and Skechers. That was fast. The New York Times reports that the KPMG will be resigning as the auditor of Herbalife:   Herbalife is poised to disclose on Tuesday that KPMG will have to resign as the company’s […]

The South Dakota Retirement System Has Dumped KPMG

So far, KPMG has not been posting passive aggressive status updates on Facebook in revenge: The trustees for the South Dakota Retirement System have replaced its auditor, who is being sued by the Securities and Exchange Commission for the way he handled TierOne Bank's audits. The system's trustees chose the Eide Bailly firm, which has […]

Somehow I Found the Source of All Bad KPMG Merch…

Don't ask what I was doing when I "accidentally" came across this, I think I was trying to figure out why Greendotlife.com is down and took a wrong turn at the story about the guy who left KPMG 6 months before he was issued a brand spanking new corporate card from his former employer. The […]

Southern National Bancorp Not Ashamed to Admit That They’re Dumping KPMG to Save a Hundred Grand

Southern National Bancorp is swapping out KPMG as its auditor for Dixon Goodman Hughes Goodman. Perhaps this development isn't surprising since the firm had, what some might call, a significant restatement last year. But if you were to ask the SNB's President Rod Porter, as one Washington Business Journal reporter did, this isn't about accounting […]

KPMG Is at the Top of Someone Else’s Game

Literally. Sorta. Oh god, I don't know. We all have headaches. What I mean is, KPMG happens to be on the hat that is on top of Stacy Lewis’ head and Stacy Lewis is now the #1 female golfer in the world. That has to count for something, doesn’t it? "We are so happy to […]

Accountant Hopes Bankers Will Have the Integrity of Accountants One Day

Sir Michael Rake is currently the Deputy Chairman of Barclays. and, from 2002 to 2007, he was the Chairman of KPMG International. Last night, Sir Mike did quite the impressive thing — that is, he got all Dad on accountants and bankers by telling the former how proud he was of them while telling the […]

PwC Poaches a KPMG Partner* and Issues a Press Release, Part IX

*By partner, in fact, it's technically a "national leader in Conflict Minerals Center of Excellence" which was a Director role. At least from what I can tell on Greg Szczesny's LinkedIn profile. Anyway, Mr. Szczesny (I'm going with suh-seez-NEE) will be a Managing Director in PwC's Risk Assurance practice focusing on…yes, conflict minerals services. And […]

Are Some U.S. Companies Preparing to Trim Their Tax Department Fat?

When I first saw this KPMG press release, I figured it was the same old insufferable tripe. I mean, read this shit:  Amid continuing economic and political uncertainty, senior management at US-based multinational companies are relying on their tax departments, now more than ever, to provide guidance and expertise on complicated regulatory and compliance issues, […]

KPMG Is Spreading the Love With This Kuddling Kampaign

Thank you to the understandably skeptical individual who provided the following via the tip box: I received this informative health postcard in my work mailbox this morning.  No word yet on whether they will provide a cuddle partner for me.  HR must be looking for job security as I'm pretty sure cuddling in the audit […]

Boston Media Still Disrespecting KPMG

Three weeks ago, the Boston Business Journal asked its readers to vote on the most admired accounting firm in the area, just so long as it wasn't KPMG. Whether the omission of the House of Klynveld as a choice was an intended slight or a mere oversight was never learned, but today a new development may […]

Layoffs Watch ’13: Is KPMG Going To Trim a Few Auditors?

From the tip box: Just got out of a manager meeting and it looks like KPMG is going to thank a good chunk of their staff for their hard work during busy season with pink slips. Confirmed audit practice only. Advisory and tax are safe. For now. As cryptic as this tip is, our tipster […]

KPMG Appears to Have the Same Eligibility for Admiration in Massachusetts as the New York Yankees

A tipster came across the following poll from the Boston Business Journal in their LinkedIn feed: Intepret as you see fit. We're trying to get in touch with someone at BBJ to get some insight. In the meantime, the results, so far, are as follows: I guess this makes E&Y the Orioles? Discuss.

Here’s an Unconfirmed Account of a KPMG Auditor That Walked Off the Job and Never Looked Back

From the mailbag: There was an Audit Staff 2 in the Silicon Valley KPMG office that walked out of his audit room during busy season and just did not return. Everyone is talking about it, even here at another big 4. He is our hero. We all want to celebrate him. We don't have any further details at […]

Is the Big 5 Returning to California?

Hahahahaha. No, of course not. HOWEVER, Moss Adams is getting close to usurping one of the Big 4 in number of CalCPA members and that may give some people the impression that a regional firm is making waves in California.  A reader sent us the following: According to CalCPA and some number crunching, as of […]

KPMG Finds That If You Count Twitter, the World Economic Forum Isn’t Such a Brofest

Earlier this week, we made mention of the Big 4's precise efforts to meet expectations re: bringing women to the World Economic Forum in Davos, Switzerland. As "Strategic Partners" of the WEF, the firms are asked to include one woman for every four men in their delegation. According to a recent-ish study, that ratio is […]

KPMG CEO Will Take Some of Penn State’s Questions

KPMG CEO John Veihmeyer — Notre Dame alum, dedicated steward of an employer of choice — is on the guest list at the World Economic Forum in Davos, Switzerland this week. We don't have his itinerary in hand but it stands to reason that he'll have a hectic schedule of interviews, networking, and general CEO-y stuff on […]

KPMG Doesn’t Need You, FORTUNE; It Has Plenty of Other Employer Rankings That Say It’s Still a Great Place To Work

Oh Christ, the FORTUNE1 100 Best Companies to Work For came out today, which means marketing and PR teams all across Corporate America are on high alert. Who went up? Who went down? Who’s new on the list? Who’s off the list? Who gives a shit? That’s my take. If you’re not Google, then you suck. I want an employer who has a cafeteria that serves the most obscure cuisine on the planet (e.g. BBQ Tasmanian devil short ribs with poached platypus eggs) and I want it for FREE. If you can’t make that happen, then I might as well be working for the Taliban as the Womens Initiative coordinator.

SEC Charges Two KPMG Auditors with Something We’re All Accustomed to Auditors Doing

Way back in April 2010, KPMG resigned as the auditor of TierOne Bank. You see, TierOne was in a bit of a mess with its regulator, the Office of Thrift Supervision; the House of Klynveld risk gurus finally had enough, pulled everyone out of there, withdrew their 2008 audit, and told everyone they wouldn't touch […]

PwC Poaches a KPMG Partner and Issues a Press Release, Part VIII

An alternative title for this post would be "PwC Poaches a KPMG Partner and a Deloitte Partner and Issues a Press Release, Part I." John Tantillo and Farah Faruqui are proud new partners in PwC's Risk Assurance Services practice; they both specialize in internal audit. Tantillo spent 27 years at KPMG prior to trading in for […]

And So the “Drunk KPMG Daddy’s Girl” Remixes Begin…

Thank you, young lady, for making my Friday. And the Friday of many plegs (? sorry, I don't speak Irish) around the world. Except for your dad Jimmy, who is probably mortified and can't delete the YouTube uploads fast enough. No worries, we've all saved a copy!

UPDATED: [VIDEO] This Drunk Irish Chick Might Be Her KPMG Partner Daddy’s Biggest Fan

Video description says it all: girl with no money for pizza eating scraps from table in drunken rage. she has no shoes on and has urine on her feet!! very funny It goes without saying based on that description that the language in this video is enough to make even me blush. As the tongue-ringed […]

KPMG Chairman: Auditor Rotation Is a ‘Terrible Idea’

It's more or less understood by everyone, with a few exceptions, that pursuing mandatory auditor rotation is a giant waste of time. There has been much discussion of the issue — from the hallowed walls of a PCAOB open meeting to the slums of the Going Concern comment section — and while there has been […]

KPMG’s Audit Business Is Back on Life Support

Last night we finally learned KPMG's revenue results for FY 2012 and they were…UGH. Leave it to my former employer to set me up and allow me to make a prediction that was DOOMED to be wrong. For whatever reason, I thought the House of Klynveld could pull off 8% global revenue growth, what with booming […]

Layoffs Watch ’12: KPMG Has Good News and Bad News

With regard to the aforementioned cuts, the good news is that some of you got to keep your jobs. The bad news is many still did not: KPMG lost 275 staff following a restructuring exercise to streamline the business. Earlier this year the firm announced it would reduce its headcount by 3% equal to about 330 […]

KPMG’s New York Office Is Getting a Little Festive Today

While things in Chicago are still being sorted out, a source at the HoKNYC has been filling us in about tonight's soirée and the news that Klyveldians would be allowed to bring non-Klynveldians was welcomed enthusiastically:  New York Office town hall and Holiday party today. We finally get to bring dates this year! About that townhall […]

KPMG Chicago Still Suffering with Kramped Konditions

The new space at the AON Center had cause some previously rumored krankiness and unfortunately that has yet to subside: The new office space layout at Chicago KPMG (AON Center) is leaving many without a work space and people have to work in the kitchen areas.  We moved in August and the are still "working" on it. Obviously, anyone […]

KPMG Says Meg Whitman Doesn’t Know What She’s Talking About

Earlier today we learned that the rest of the Big 4 joined in PwC's November to remember, by getting named in mega lawsuits. Good times all around. HP investors are suing, among others, KPMG for its part in allegedly missing the "accounting improprieties" that were at HP acquisition Autonomy. When HP CEO Meg Whitman had […]

Check Out the Mo-Grow In This KPMG Office

Ah, November. The one month out of the year when it is acceptable for professionals to sport creepy crumb catchers in the name of men's health, or something. We've already addressed the Movember movement so here is your feel-good 'stache story of the month. KPMG audit assistant Dan Le Huray works on the Channel Islands, […]

The IASB Poaches a KPMG Partner and Issues a Press Release, Part I

You know, losing a partner to a larger, more prestigious rival is one thing; losing a partner to an international rulemaking body that has spent the past few years trying to convince everyone to join their cool accounting club but can't manage to convince the coolest kid on the block to join is quite another. The […]

A Famous Psephologist Hated Working at KPMG, Just Like Us!

In this election cycle, Nate Silver may be the most talked about person that isn't running for political office. He runs FiveThirtyEight, a blog that uses data to determine the probability of a particular outcome in an election, most notably the presidential election. In 2008 he predicted 49 out of 50 states correct, so he […]

KPMG UK Chairman Causes a Panic, Confuses the Meaning of “Looking Cool”

Today in DERP news: Back in September, the fire alarm rang out at KPMG's London office as UK Chairman Simon Collins was "dashing off to a high-end dinner." In a recent email sent to staff, he had to explain that in his rush to leave the building, his briefcase hit the alarm, sending everyone into […]

Q: Scooby-Dooby-Doo Where Are You? A: In an Audit Room (Allegedly)

Halloween is one of those holidays that auditors don't often get to celebrate at work. The general consensus being that you can't provide exemplary client service while dressed as Captain Jack Sparrow, a contestant on The Price is Right, or Sexy Heinz Ketchup. This is even more unfair due to the fact that the entire tax […]

KPMG Plants the Flag in Myanmar (or Burma or Whatever)

It's really a shame that there are so many countries that don't have a Big 4 member firm to call their own. However, with so many opportunities to provide exemplary professional services across the globe, firms must make tough decisions about where they would like to build a prosperous local firm while maintaining the image […]

Layoffs and Compensation Watch ’12: KPMG

KPMG has made good on its promise to send over 300 of its UK employees packing, but, reportedly, there's a bit of a surprise for everyone who remains: Some 340 jobs were cut at KPMG following its headcount reduction plan, and a pay freeze has been implemented across KPMG. An internal email to staff said that […]

KPMG’s #2 in the U.S., Henry Keizer, Is Stepping Down

We've confirmed that Henry Keizer, KPMG's Deputy Chairman and Chief Operating Officer, is retiring later this year due to "personal reasons." A number of anonymous sources alerted us to the news and we were able to confirm it with a trusted source as well as obtain a screenshot of CEO John Veihmeyer's message to the […]

A Bunch of Jerks in San Diego Booed Phil Mickelson and His KPMG Hat for Donating Money That Will Buy Books for Kids

In today's there's no way we could completely mock this and feel good about ourselves news, Phil Mickelson and his hat did something awfully nice at last night's Monday Night Football game between the Chargers and Broncos, even if things didn't quite go as smashingly as the post-game press releases made it seem. You see, […]

Layoff Watch ’12: Some Dude’s Friend at KPMG

This just in: KPMG just laid off a friend of mine in Rochester, NY. Sources familiar with the situation say that it's "unfortunate this happened" but claim that the friend was a "good guy" and "hard-working" although he had been "having a tough time lately" and "was talking about quitting anyway." The friend was not […]

Are KPMG Chicago’s New Digs a Little Kramped?

Last week, we learned that KPMG was the latest accounting firm to be apple of Rahm Emanuel's eye. The House of Klynveld is hiring 500 new employees over the next 5 years in Chicago and they also unveiled their new digs and plans to invest $165 million at the Aon Center. It was a pretty […]

Hiring Watch ’12 and Beyond: KPMG Chicago Wants You

It's obvious that Rahm Emanuel loves accounting firms (certainly more than teachers). Either that, or he knows he can curse them into submitting to his policies for job creation in the city. KPMG is the latest firm to make announcement in coordination with the Mayor's office; The HoK will be hiring 500 new employees over […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part I

Over the last year or so, we've noticed a tug o' war between KPMG and PwC in the "competitive poaching" arena with PwC doing most of the tugging. Some people might go so far to say that KPMG is the training ground for future PwC starters – a Triple-A for CPAs, if you will. The news of […]

Today’s Groupon: A Chief Accounting Officer Courtesy of KPMG

Chronically accounting challenged coupon* carrier, Groupon, has found a new Chief Accounting Officer and they've followed the methodology most notably employed by PwC – poaching a KPMG partner: Groupon Inc said on Monday it appointed Brian Stevens chief accounting officer as the online daily deal company grapples with a string of accounting controversies. Stevens will step […]

Layoffs Watch ’12: KPMG Cuts Have Some People Spooked

Last month we learned that KPMG's UK operation announced its "regrettable" plans to tell 300 of its people to hit the bricks. While there hasn't been any other Big 4 firms in the Queendom, the news out of the House of Klynveld has people concerned: The job cuts announced by KPMG could be the start […]

KPMG’s PCAOB Inspection Report Shows Firm’s Audit Quality Was Consistently Meh with Last Year

Late yesterday the PCAOB released the first Big 4 firm inspection report with none other than KPMG (in full on page 2). Compliance Week reported that the House of Klynveld more or less stayed consistent with last year's findings, which basically amounts to everyone shrugging with indifference:  In its first published report from the 2011 […]

Where Is Phil Mickelson’s KPMG Hat Taking You?

As you know, this past year living, breathing, walking billboard Phil Mickelson donned a brand new KPMG blue cap and, sensing contemporary society's completely reasonable demands, it started a Twitter account. It wasn't the most shameless of promotions since for every hat sold (YOURS FOR ONLY $29.95!), KPMG's Family for Literacy would donate three books […]

Layoffs Watch ’12: KPMG

Meanwhile, across the pond, a few hundred Klynveldians will have to find something else to do with their time in the very near future: Staff at the auditor and consultant’s UK arm were told on Thursday that it was conducting a review of several business units after reducing its growth expectations. KPMG said just under […]

(UPDATE) Layoffs Watch ’12: A Lone Wolf in KPMG Forensics

The aforementioned forced rankings appear to still be taking effect. A tipster laments: I just got laid off from KPMG's Forensic practice in Los Angeles [and] there were a few other associates in my group that got laid off as well. Our tipster claims that this is only happening at associate level although the layoffs in […]

Where Does a KPMG Risk Consultant Go From Here?

If you're tired of listening to your stupid friends and co-workers try to give you professional/life/style/dietary/love/major purchase advice, why not turn to your friends at Going Concern for a little wisdom? You'll get the brutal honesty you're craving and if you don't like it, just write us a nasty email blaming us for all your […]

Compensation Watch ’12: KPMG

This summer has not been the most stellar at the House of Klynveld. The news of forced rankings has overshadowed the ice cream screams, and with no Omaha Steaks in sight, many are in need of something to get them through the rest of summer. Perhaps this is the week that it all turns around: […]

Layoffs Watch ’12: Forced Ranking Hitting KPMG Tax Groups

Following up on the news that forced rankings were hitting auditors across the country and rumors that it would be coming to the IT advisory group, the latest word is that various tax groups within the House of Klynveld are also getting into the act: There was definitely chatter in my group (M&A Tax) about […]

KPMG Won’t Let A Silly Electrical Fire Get In The Way of Party Plans

If you were walking around Midtown yesterday, you might have smelled something not-so-ordinary-even-by-NY-standards in the air. There was an electrical fire at the Hilton Hotel on West 53rd Street and 6th Avenue, the planned location for KPMG’s Biennial Alumni Reception. Naturally, GC turned to the NY Post for the full story: Several people were working […]

KPMG Seeks Benchwarmers

For the past year or so, we've noted the efforts of PwC to stack up its talent via "competitive poaching," mostly at the expense of its smaller rival, KPMG. During this time, people familiar with the situation have informed us that this trend has been noticed by people at KPMG with slight agitation. In one […]

Sometimes Being Fired for an Independence Snafu Isn’t That Hard of a Pill to Swallow

Late on Friday, TransMontaigne Partners, L.P.*, "a terminaling and transportation company," issued a press release announcing that they had successfully filed its 10-K for 2011. Not a big deal really, but reading further one discovers that the company had very recently fired KPMG as its auditor: As previously disclosed, the audit committee of our general partner […]

Let’s Just Say You’re an Ex-KPMG Employee Who Mistakenly Received a Corporate Card in the Mail…

Need ideas for working off those busy season pounds? Do you find yourself in a slightly more than average professional predicament? Wonder who would win in a Royal Rumble of Top 10 accounting firm CEOs? We've got answers. Email us.  So, yesterday, I’m opening my mail and am thrilled to find an envelope from Diners […]