Friday, May 29, 2009

KPMG Advisory Reorganizes From 9 Lines To 3 Groups

We see from KPMG’s website this morning that there is an internal reorganization of its KPMG Advisory Service Line with a new operating model and reducing its currently nine different service lines:

1. Accounting Advisory Services
2. Business Performance Services
3. Corporate Finance
4. Financial Risk Management
5. Forensic
6. Internal Audit, Risk & Compliance Services
7. IT Advisory Services
8. Restructuring
9. Transaction Services

into three larger service groups effective October 1, 2009:

1. Performance & Technology
2. Transactions & Restructuring
3. Risk & Compliance...

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

PwC Buys BearingPoint Commercial Services, Pays $19 MM More

Another development in the BearingPoint bankruptcy saga, after the finalization of the Federal Services unit sale to Deloitte for $350 million, the bankruptcy court has authorized the sale of the

North American Commercial Services business, including its Financial Services segment and
associated Global Delivery Centers, to PricewaterhouseCoopers (PwC), the highest bidder for this service line. Under the terms of its winning bid at an auction, PwC will acquire the majority of BearingPoint’s Commercial Services unit for $44 million, subject to contractual adjustments. Subject to customary closing conditions, the sale is expected to be finalized by the end of June...

Wednesday, May 27, 2009

Accenture To Leave Sunny Bermuda For The Emerald Isle

Yesterday, Accenture’s Board of Directors unanimously approved a plan to change its place of incorporation from Hamilton, Bermuda to Dublin, Ireland. This will be put to shareholder vote in the next four months...

Monday, May 25, 2009

BDO Seidman Vs Banco Espirito Case - Trial Begins Tomorrow in Florida Court

BDO Seidman Vs Banco Espirito Case - Trial Begins Tomorrow in Florida Court

In August of 2007, we had blogged about a large $521 million financial judgment against BDO Seidman in its audit of Banco Espirito Santo of Portugal. At that time, we said,

“Banco Espirito Santo claimed it partnered with Bankest Capital to form E.S. Bankest in late 1990s relying on (BDO Seidman's) faulty audits that Bankest Capital's income had nearly tripled from 1995 to 1996. The bank also relied on later audits from BDO Seidman, which certified audits for E.S. Bankest accounts totaling some $225 million, of which only $5 million represented legitimate income.The bank is understandably happy with this verdict, but BDO Seidman will appeal it vigorously, by posting a $50 million bail. As expected, the firm will argue that senior management at Banco Espirito Santo was aware of this fraud and was also complicit.”...

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

Tuesday, May 19, 2009

Deloitte Social Media Survey Results May Surprise You

Deloitte has just released its 2009 Ethics & Workplace Survey with some fascinating findings and implications for professionals, employers, social networks and internet behavior. It shows the stark differences between the views of employers and employees and the blurring lines between professional and personal lives, the tensions between the benefits from participating in social media, balanced against reputational risks of any missteps...

Thursday, May 14, 2009

Big4 Firm Surveys Uniformly Indicate Weak Sentiment, Some Recent Hope

We looked at some survey results from independently conducted surveys by the Big 4 firms in recent months as a gauge for the depth and breadth of the global economic crisis and any nascent signs of its ending...

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