• Archive for the ‘Deloitte’ Category

    Deloitte – The Worst May Be Yet To Come

    By • Sep 30th, 2008

    A post about the layoffs in Deloitte last August/September became a collection of not only spontaneous and real-time updates on the ongoing cuts at that firm and others but a great repository of insight about firm structure, the business model, audit vs. advisory and a host of other topics. Take a look.

    Update: Deloitte Statement on Layoffs

    By • Aug 29th, 2008

    As I have said before, in particular with regard to the layoffs at PwC in February that have continued since, the Big 4 do not like to talk about cuts. They have a habit of reducing staff surgically, in a thousand little cuts, across practices, geographies, offices, so that each person thinks they are unique. Those cut are often made to feel inferior and a failure, as most often the cuts are characterized as performance related and a result of forced ranking techniques. I also see the survivor rationalization too – when survivors dis’ those cut by saying they just “couldn’t make it in the Big 4” or they were “dead wood.” Helps cut down on ongoing morale problems when the remaining staff feel more secure, safe, because they think they are superior.
    Ms. Harrington made it clear on the phone, and in her statement, that the vast majority of cuts were based on the negative economic reality the firm is facing. What’s frustrating to professionals, both those cut and those left behind, is why the firms are not better at planning and forecasting.

    And The IRS Has What Leverage Over The Firms?

    By • Jul 7th, 2008

    I laughed out loud when a Google Alert pointed me to the FT article excerpted below.  I find this solicitation by the US Internal Revenue Service quite ironic given that four of the six firms mentioned have had serious, and I mean serious, issues with the IRS related to their aiding and abetting the development […]

    In Any Other “Profession…”

    By • Jul 1st, 2008

    In any other kind of firm, in any other profession, what these guys did would be cause for termination.  Why are they still working for Deloitte? Do you want them on your audit?  At the Compliance Week Conference earlier this month, I asked Tom Ray about the push on the part of some “activist accountants” […]

    Deloitte and Litigation – Ya Win Some, Ya Lose Some

    By • Jun 20th, 2008

    Deloitte is in the news for some significant litigation issues.   First the winner. This ruling, I think, will have a big impact on the auditor subprime cases to come.  Many of these cases, when it comes to the auditors liability, will be based on whether auditors should have been more diligent, thorough, and hard on […]

    Approved! All Together Now – EY To Be One Firm (Except US, Of Course)

    By • Jun 3rd, 2008

    Ernst & Young Completes Groundbreaking Globalization Move EY Partners Overwhelmingly Approve the Creation of EMEIA LONDON–(BUSINESS WIRE)–Ernst & Young today announces that its partners across Western and Eastern Europe, the Middle East, India and Africa have overwhelmingly approved the proposed integration of its country practices into a single EMEIA Area. The new Area will be […]

    SocGen And PwC – They Still Don’t Know Jack…

    By • May 26th, 2008

    As those of you who follow my Twitters know, last Wednesday I had the good fortune to have dinner with our Governor and a few other State of Illinois executives and local entrepreneurs. Most were in the technology arena, as is my client, who I was there to support, cajole, nudge and share a rib […]

    Deloitte – Good Corporate Citizen, Good Soldier

    By • Apr 30th, 2008

    Photo Source All the firms spend a lot of time and money publicizing their good works.  Between time spent on volunteerism and donations by their offices and foundations and all the diversity crapola, it’s a bucketful of money they spend to erase the fact that they’re otherwise sucking money out of the economy for a […]

    The Big 4 And Their Travel Card Relationships – Comfy And Cozy

    By • Apr 9th, 2008

    This blog has recently been reminding you of the independence standards imposed on the audit firms with regard to their relationships with their vendors.   Don’t get me wrong…  It’s not easy for anyone to keep it all straight.   In my previous post on PwC’s relationship with Aramark as a vendor for its cafeteria, […]

    Subprime Litigation – Round Two, Bear Stearns Style

    By • Apr 8th, 2008

    Picture Source First, it was KPMG and New Century.  Now it’s the Bear Stearns hedge funds.   Who wants to bet which Big 4 firm is next? Looks like Jake Zamansky is going to stay very , very busy… Bear Stearns, Deloitte sued over hedge fund losses The liquidators of two Bear Stearns Cos mortgage hedge […]