Archive for the ‘PricewaterhouseCoopers’ Category

Veteran’s Day In PwC Advisory: Say Auf Wiedersehen

By Francine • Nov 2nd, 2009

New US Advisory Leader, Dana McIlwain laid out the bad news: The time has come to cut. Average utilization is hovering at 69%. Cash collections are millions short. Campus recruiting for Advisory has been stopped cold. Business sucks and then there’s the 800+ BearingPoint folks to absorb. On November 11th the rank and file partners, fortified after training and coaching by HR via a webcast in the next few days, will chop 300+ professionals from PwC Advisory…


Auditor Independence: Will “Crisis” Cause Compromise?

By Francine • Aug 13th, 2009

Given the pressures on costs and the longstanding ties some finance, audit, and accounting executives have with the accounting firms, it is not surprising that the weakening of the independence commitment may come from the companies themselves. What’s the downside for them? The potential for scrutiny by corporate governance experts and journalists? You can’t argue with a recession. And in the event of an accounting scandal or restatement, plaintiff’s lawyers will have an uphill battle to penetrate the impenetrable auditor liability shields and caps.

What’s lost in all of this discussion of efficiency and cost cutting?

Independence protects shareholder’s interests.


It’s A Race To The Finish – But There Are No Winners

By Francine • May 11th, 2009

Not so long ago, Dennis Howlett and I went public with a bet:

Which Big 4 audit firm is the next to fail?

Dennis believes that I’m betting on PwC as next to fail. I don’t honestly remember committing to that, but I’m willing to go with it for the sake of argument. This is in spite of the fact that the other Big 4 have plenty to worry about and the next tier firms are in no way ready for prime time.


PricewaterhouseCoopers Case Is A Game Changer

By Francine • Mar 19th, 2009

No, I’m not talking about the BDO International case or the Deloitte Parmalat case, although those two are game changers too. In those cases, the audit firms may lose their ability to hide behind the “global network” model as a way to avoid liabilty for what happens to one of their satellites…What I’m talking about is a case that has been lightly publicized, except in its own world and in the local California environment. That case is Campbell v. PricewaterhouseCoopers. …the pattern and precedent, both legal and moral, that will be set will have a ripple effect throughout the accounting industry – all the firms, everywhere in the US.


If It’s Not One Thing, It’s Another – Auditors Getting Sued Over Madoff

By Francine • Dec 18th, 2008

The “victims” of the Bernie Madoff scandal are not taking their losses laying down. Why are so many suits suddenly being brought against the auditors of the funds that invested on behalf of their clients in the Madoff funds?


Deloitte – Tolerant And Forgiving of Bad Accountants

By Francine • Nov 10th, 2008

It’s been an interesting few days.  I’ve finally stopped receiving poison pen letters from PwC apologists because of my doubts about their bandwith and qualifications for the TARP work.  All last week I pondered the implications of the Deloitte insider trading scandal before events overtook me and I finally had to post something more than [...]


A Question Of Value – Why So Much Ado?

By Francine • Oct 21st, 2008

What we have we prize not to the worthWhiles we enjoy it, but being lacked and lost,Why, then we rack the value, then we findThe virtue that possession would not show usWhiles it was ours.
William Shakespeare (1564–1616), British dramatist, poet. Friar Francis, in Much Ado About Nothing, act 4, sc. 1, l. 218-22. We do [...]


What The Auditors Saw – An Update on Société Générale

By Francine • Oct 14th, 2008

Prentice: It’s a fascinating theory, sir, and cleverly put together. Does it tie in with known facts?Rance: That need not cause us undue anxiety. Civilizations have been founded and maintained on theories which refused to obey fact.“What The Butler Saw”Joe Orton, 1969

Kerviel’s lawyers question Société Générale accountants
PARIS: Jérôme Kerviel, blamed by Société Générale for the [...]


Latest Updates: My Clients Are Failing, My Clients Are Failing

By Francine • Oct 7th, 2008

Update:
Chicago’s John “Dr. J.” Najarian co-founder of OptionMONSTER on the need for transparency when the assets bought by the US government are eventually sold.
On YouTube.

Part 2 from Jon Najarian is here.

 
I have been updating this information throughout the weekend as other banks failed and other deals have been done.
A summary of “the mother of all [...]


Squeeze Is On When Becoming A Partner

By Francine • Jul 7th, 2008

I’ve drawn comparisons between law firm management and audit firm management many times before.  
Forgive me one more indulgence.
Audit professionals are making a significant investment in their firms when they become a partner, according to the report provided by the Center for Audit Quality to ACAP in January of this year.  In addition, the firms have [...]


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