October 18, 2018

Firm Watch

Firm Watch: Deloitte

DTa.jpgThe last of the Big 4 Horsemen of the Bean Counter Apocalypse is Big D-period. Catch up on the rest of the usual suspects: Radio Station, P. Dubya, and E&Y to get the gist of this little exercise.
Deloitte’s got a pretty similar list as the rest of the firms but with a couple twists so let’s get down to brass tacks:
Get the details, after the jump


Losing Clients – We’ve heard that firms are low-balling their RFP’s so it’s no surprise that some clients are switching but Deloitte seems to have had worse luck than others. UAL, Heelys (for the kids), Bear Stearns, Merrill Lynch, and Washington Mutual have all disappeared from D-period.
Lawsuits – Believe it or not, the Parmalat debacle is not a done deal, as some lawsuits against the US and Internationalfirms are still out there as a judge ruled in January that the agent/agency issue was worth a closer look.
Madoff Exposure – All week we’ve been referring you to the list of Feeder Fund Lawsuits over at D&O Diary. In a small water into wine moment, Deloitte does not appear on the list once. Nice bullet dodge Big D.
Overtime Lawsuits in California – Deloitte is listed as the defendant in three of the cases.
Layoffs, performance reviews, etc. – So, as we saw yesterday, this is where Deloitte’s sitch gets, pret-tay, pret-tay, pret-tay ugly. Layoffs were reported in both December and March nationwide. The performance stealth cuts are common here too and more may occur. All this is going on while an out-going CEO is talking to the press about how bad things have been in the last five years and the UK CEO is having Scrooge McDuck pool parties.
Miscellaneous – The worst drug dealers in the world used to work for Big D.
So that does it for Deloitte, God bless ’em. And that does it for the Final Big 4. We’ll throw in GT and BDO in for good measure but if you want to throw some more jabs at the big boys, email us at [email protected]. You’ve got until around high noon tomorrow before we’ll start coming up with our completely unfair and unscientific ranking.

Firm Watch: KPMG

KPMG_chair.jpgSo after dissecting opining on sliming P. Dubs and E&Y, we’re moving on to KPMG in round three. We’ll dispense with the pleasantries and get right to the list:
New Century Lawsuit – This is the ball buster for KPMG. A $1 billion lawsuit filed back in April that alleges “grossly negligent audits”. This tale also includes a smoking gun quote from an email sent from New Century engagement partner to a specialist, “As far as I am concerned, we are done. The client thinks we are done. All we are going to do is piss everybody off.” We’re not sure if it’s possible to take that out of context.
Check out the rest of the Radio Station’s list, after the jump


Madoff Exposure – Per D&O Diary, the Radio Station is named as a defendant in at least ten lawsuits as a result of auditing the Madoff feeder funds.
Overtime Lawsuits – Listed as a defendant in five lawuits.
Layoffs, Pay Freezes, etc. – Allegedly, the word that pay was being frozen was slowly leaked from the top on down. Layoffs have been pretty steady for the last twelve months including rounds in November and March in the audit and advisory practices. In addition, the ubiquitous trend of performance rating cuts is in full effect, and we just learned that by the this time last year, audit interns had heard yay or nay on receiving a full time offer. That probably makes for some nervous intoxicated co-eds.
Miscellaneous – Phil Mickelson, the Radio Station’s walking billboard, was a bridesmaid at the U.S. Open for a third fourth fifth time.
Done-zo. Anything else you want to see tacked on? Drop us the dirt at [email protected] and we’ll get it in for the final tab.

Firm Watch: PwC

pwclogo.thumbnail.jpgThis week we’re putting together a series of posts on the six largest accounting firms to give you an idea what their latest image seems to be based on the latest news and rumors we’ve read or heard about them. At the end of the week we’ll wrap up with a completely unscientific and probably unfair ranking which you will be allowed expected to take exception with.
We’ll start with P. Dubs because they seem to have had the uncanny ability to attract bad news lately:
Get the gory details, after the jump


Satyam Fraud in India – $1b fraud, two auditors rotting in jail, Satyam throwing the Firm under the bus every chance it gets. This is the story that will definitely not go away.
Discrimination Suit in London – GBP 40 million lawsuit, including alleged sexual harassment. P. Dubs is saying the lawsuit is “without merit” but at the very least there are a number of bigots working there.
• Rumors of PwC interns working 60 hour weeks in the New York office. Might as well give them an idea of what they’re in for, right?
• Chosen to take a suicide mission contract in Somalia to monitor the incoming aid
Wage and hour lawsuits in California – Listed as defendant in three cases
Huron Consulting Restatement – P. Dubs isn’t mentioned in this debacle. YET.
Madoff exposure – listed as a defendant in over a dozen lawsuits.
As for layoffs, we haven’t heard much lately. There was a rumor that the PwC Denver office had let some associates go in the past few weeks but we don’t have any more details than that. Layoffs that have occurred in the past year at PwC we’re rumored to be of the stealth variety and not related to the recession which nobody really believes.
So, that does it for P. Dubya for now. What are we missing? Whatever office you work out of, send us the latest scoop on layoffs, performance reviews, promotions, pay raises, bonuses, juicy gossip, scandalous stories, etc. to [email protected] and we’ll update the posts appropriately throughout the week.