• Archive for the ‘KPMG’ Category

    Canada and Overtime

    By • Apr 29th, 2008

    Go here for an exhaustive summary of the overtime pay situation in Canada.  Krupo has even posted the links where you can file your claim.  Hey Krupo, what about all those US staff being imported to Canada to do audit and SOx work for multinationals because the dollar is so weak?  Do they get overtime […]



    Fannie and Freddie – Incorrigible

    By • Apr 24th, 2008

    Fannie Mae’ s external auditor was KPMG but now KPMG is suing Fannie. Didn’t seem to bother Deloitte, who jumped at the chance to get close to Fannie. Freddie Mac’s external auditor is PwC, who hates to abandon a sinking ship. PwC inherited this mess from Arthur Andersen. Fannie Mae, Freddie Mac Warned on Accounting […]



    GE – Will Somebody Please Look Really Hard Under Their Hood?

    By • Apr 21st, 2008

    Picture Source Update GE’s Annual Meeting is this Wednesday. Looks like Immelt will have some explaining to do… But take a look at this report fresh from the Associated Press. Can you believe accounting professors are talking about earnings manipulation by GE as if it were expected and par for the course? Makes you wonder […]



    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 […]



    The Big 4 and A Living Wage

    By • Apr 4th, 2008

    Photo Source There’s an ongoing dialogue related to my Big 4 Blind Items post.  Specifically, someone added a comment regarding outsourcing/off shoring work by the Big 4 to India and other lower wage countries.  My comment, regarding my experiences while a Managing Director for KPMG Consulting/Bearing Point in Latin America, is there, too. However, that […]



    The FT’s April Fool’s Day Column

    By • Apr 3rd, 2008

    Picture Source As many of you, I hope, have deduced by now, my April 1 post on the naming of the new US regulatory agency was an April Fool’s Day post. The idea came to me in a dream…   So you can imagine my exciting life if I’m dreaming about parodies for my blog. […]



    KPMG Has Had Tough Weeks Before

    By • Mar 28th, 2008

    Michael David Thomas of the Daily Caveat reminds me that the hits just keep on coming for KPMG this week.  Their decade old issues with Xerox bit them in the ass again.   That’s the problem, if there is one, with the securities litigation approach to bringing justice and exposure regarding the roles played by […]



    KPMG Canada Settles Overtime Suit – Or Do They?

    By • Mar 28th, 2008

    Lots of updates on this and other Big 4 overtime suits in the comments.  Take a look.  Or go here for more. Go here for Dennis Howlett’s take on the settlement. And that’s in Canadian dollars, real money these days! Chicken livers… What does this mean for all the rest of them? Thanks for subscribing […]



    KPMG And New Century – The Deed Was Done

    By • Mar 26th, 2008

    And this dispatch from an Australian blogger , who makes the connection between KPMG/New Century and KPMG and some recent failures amongst their clients down under…. …According to the report, one of the reasons for KPMG’s apparent gross failure to adequately undertake its responsibilities was due to it being intimidated by the forceful nature of […]