PricewaterhouseCoopers, Ernst And Young Become TARP Auditors

Just a few days ago, the Treasury Department of the United States Government announced it had hired two of the Big Four firms, PricewaterhouseCoopers and Ernst & Young to help the government implement the $700 billion bailout program aimed at Wall Street and the economy...

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KPMG Asia Pacific Chairman Becomes New Deputy Chairman of International Firm

KPMG just appointed John B. Harrison to a newly created and critical position in firm management. Harrison 52, will become deputy chairman of KPMG International. He was most recently chairman of KPMG’s Asia Pacific region and co-chairman of the KPMG China and Hong Kong SAR firm with Carlson Tong, 53. Harrison will continue to hold both positions through March 2009, when his terms expire. Harrison joined KPMG London in 1977 with a B.Sc. in Mathematics from Durham University...

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BearingPoint (NYSE: BE) stock price drops to 20 cents!

We blogged earlier that BearingPoint stock had touched its all time low of 50 cents a share in September. But that was before the current meltdown in the financial markets, with today’s (October 9, 2008) shocking drop in the Dow of ~ 700 points, BearingPoint’s stock has fallen further amazingly to an even lower all-time low of 20 cents, touching at one point an intra-day low of 17 cents.The entire company’s market capitalization is now only about $40 million, this for a consulting firm in annual sales in excess of $3 billion...

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Ernst and Young Revenues Rise 16%, Retains Third Place in Big Four

Another Big4 firm reports good performance.

Today, Ernst & Young reported that its worldwide revenues increased to US$24.5 billion for the fiscal year ending 30 June 2008, rising 16.2% in dollar terms and 9.5% in local currency terms from the previous year’s revenue of $21.1 billion. Major factors included gaining new clients, new services sales and ROI in emerging markets, offset somewhat by “audit efficiencies enabled by the new US internal control standard” (which we would assume are clients automating their processes and relying less on E&Y) and economic slowness in many markets...

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KPMG Holland Give “Green Light” to Join KPMG Europe

KPMG Holland reported today that its 208 partners had agreed to join KPMG Europe which was established in 2007 and contains the list of British, German, Swiss and Spanish firms. In 2007, KPMG Holland had voted against the merger. But now, the Dutch firm chairman Herman Dijkhuizen cited internationalization, specialization and seamless service as key drivers for this change of heart...

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PricewaterhouseCoopers 2008 Revenue Up 14%, Maintains Top Position

PricewaterhouseCoopers just released its 2008 revenue figures for the year ending June 30, 2008. Global revenues were US$28.2 billion, increasing at 8% at constant foreign exchange rates and 14% at variable exchange rates, since the US dollar plummeted against foreign currencies during this period. In USD reporting terms, 2008 revenues of $28.2 billion did grow 14% from 2007 revenues of $24.7 billion. With this, PwC remains the top dog among Big Four firms...

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