Monday, March 30, 2009

PwC Finds 2008 Internet Advertising Robust, Growing and Resilient

An industry survey conducted by PricewaterhouseCoopers and sponsored by the Interactive Advertising Bureau (IAB) just released today shows that US internet advertising revenue is strong, growing and fairly resilient to the economic slowdown...

Friday, March 27, 2009

Accenture Indicates Profound and Dramatic Shift At Clients, Shares Swoon

Accenture had its Q2-2009 conference call yesterday at 4:30pm and we summarize for you the key points of that call. Accenture’s stock fell 11% upon release of Q2-2009 earnings, although they beat the Q2-2009 EPS estimate by 1 cent (actual 63 cents versus consensus 62 cents), the revenue was less than expectations and the outlook for the third quarter and the year was lowered quite significantly. We were anticipating a Q2 beat, but certainly not expecting such a sharp decrease in out-quarters, and this we found was equally surprising to the company, analysts and investors. ACN dropped its revenue and EPS guidance for the year, citing uncertainty, FX headwinds and lack of visibility, which did not sit well with investors...

Thursday, March 26, 2009

The Big Four Blog Is On Alltop

Yes, our blog has been selected to be featured on the Accounting topic of Alltop, an aggregator of the top blogs on the internet.

We’re excited to be part of Alltop, along with other related leading blogs on this subject, such as CPA Trendlines, Re:The Auditors, Skeptical CPA, Alex Malley, Deloitte and others...

Grant Thornton Finds Sobering Outcomes for 2009 Executive Pay

We step beyond the Big Four firms for this blog post, going to the home page of Grant Thornton (GT) for an interesting and very relevant study on executive compensation. This is fresh off the press as it captures sentiment as of February 2009. The findings are quite sobering and the ultimate impact of the slowing economy is being felt where it hurts the most – the executive wallet...

Wednesday, March 25, 2009

BearingPoint Breakup Imminent, Business Parts Sold to Multiple Buyers

BearingPoint is very likely to break apart very soon, and sell all its businesses to either other Big4 firms or to local management teams. According the company’s press release on March 23, 2009, all parts of BearingPoint have been sold / in the process of being sold / likely to be sold in different parts to different parties as below...

Successful Growth At True Partners Consulting In Just 3 Years

March 25, 2009

Three years ago, almost to the day (March 22, 2006), we blogged about True Partners, a a niche tax and advisory consulting firm in Chicago, with 25 Andersen alumni and CEO Cary McMillan, who was head of Andersen’s Chicago office and then CFO of Sara Lee. At that time, the start-up had 25 personnel and offered an alternative to SOX-restricted Big Four firms...

We've moved. Click here to go to the full post at the new Big Four Blog at!

Tuesday, March 24, 2009

Tough Q2-2009 Bar for Accenture, but Likely to Match Expectations

Accenture is reporting its Q2-2009 (for the three months from November 2008 to February 2009) results on Thursday March 26, 2009, and the consensus Wall Street analyst estimate for earnings is 62 cents per share compared to year-ago 64 cents per share in Q2-2008, 3% lower. This is the average estimate from 18 analysts who follow the stock and have varying estimates between 58 cents and 67 cents per share...

Thursday, March 19, 2009

Deloitte’s Employability Initiative Gets New Boost in the UK

Deloitte has been supporting the Employability Initiative since 2001.

In London it called again for major UK employers to “help champion skills training and tackle the chronic shortage of “employability” skills.”

In an event, attended by senior business leaders, government and education providers, and who will join the firm in championing and supporting this type of training for all young people...

Sunday, March 15, 2009

Want to Recession-proof Your Job Search? PwC Shows How-To

We recently came across a very interesting and useful resource PricewaterhouseCoopers has recently provided on its website. It is a free new career toolkit to give college students a competitive advantage in their job search, and has short video vignettes with career tips, a video Q&A for students' career questions and downloadable worksheets for career planning...

Monday, March 09, 2009

KPMG Is Number One Best Big Company to Work For in the UK

KPMG is the “Best Big Company to Work For in 2009” in the United Kingdom according to The Sunday Times of the UK. It beats 2nd place Bourne Leisure and 3rd American Express. This is from one of the most respected newspapers in the island and widely quoted list, so kudos to Big Four firm KPMG for securing this top honor...

Friday, March 06, 2009

GM Defends Viability Plan Against Deloitte Doubts on Going Concern

In the recently issued March 4th financial year 2008 10-K annual SEC filing for General Motors Corporation, Deloitte & Touche, its public auditors surprised everyone by expressing serious doubt about GM’s ability to continue as a going concern in their auditors opinion to GM’s financial statements. Not that the auto industry’s woes are not publicly known, but a definitive statement on “substantial doubts” on a “going concern” are strong words to place in a public document. This can immediately trigger a number of covenants and provisions in bondholder contracts to potentially lead to repayment of principal and eventual bankruptcy. However, GM has been able to negotiate with its lenders to forgive at least this breach of covenants....

Monday, March 02, 2009

Capgemini Posts 2008 Revenue Growth of 5pp and Increase in Operating Margin

Capgemini recently posted its full year 2008 financial results, creditable performance given the heavy economic global turmoil that has affected every country and industry all over the world.

2008 revenue at EUR 8.7 billion was up 5% on local currency terms versus 2007 revenue, but was flat on Euro terms to the reported 2007 revenue of EUR 8.7 billion, as the Euro and GB Pound had appreciated against the US dollar at least for the first ten months of 2008. Operating profit as a percentage of revenue actually increased from 7.4% in 2007 to 8.5% in 2008, and operating profit in EUR terms increased from 493 million to 586 million. Capgemini decreased somewhat its cash position, holding EUR 774 million of cash at end of 2008 versus EUR 889 million of cash at end of 2007. Consulting and Outsourcing bookings rose to EUR 9.3 billion in 2008, up 4% from 2007...

We've moved. Click here to go to the full post at the new Big Four Blog at!