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...

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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...


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Capgemini Q1-2009 Results Stable, Investors Push Shares Up 3 Percent

Capgemini released its Q1-2009 results with revenues of €2,205 million, up 0.9% compared to Q1-2009 of €2,205 million but down 0.3% at constant exchange rates.

Outsourcing Services increased 1.1% and Technology Services edged up 0.4%;
Sogeti declined 0.7% while newly-formed Consulting Services dropped 9.8%.

By geography, United Kingdom & Ireland rose strongly at 7.0%, France and Benelux revenues dropped 0.8% and 0.6%, respectively. North America sales had the worst results, falling 6.9% than Q1-2008.

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NVCA Wants to Broaden Big Four to Global Six

The National Venture Capital Association (NVCA) has come up with four key recommendations to help US venture-backed companies, to kick start the IPO market, which decreased in 2008 to only 6 IPOs in the United States. Taking recommendations from capital market leaders, the NVCA focuses on the venture capital industry, investment banking, accounting professions, law firms, stock exchanges and the government to to restore a vibrant IPO environment once the economy comes back.

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Big4 Firms Make Top 250 in Latest Fortune 500 List

Fortune Magazine just released its Fortune 500 list of top US companies by revenue for the year 2008. Not surprisingly, the top companies in this list were oil giant Exxon at a staggering $443 billion, followed by ubiquitous Walmart at $406 billion, multinational oil companies Chevron at $263 billion & Chevron Phillips at $231 billion and international conglomerate GE at $183 billion. After the top ten, there is a steep drop with number 11 Bank of America at $113 billion and then down the list, number 50 Safeway with $44 billion, and then number 90 Alcoa with $28 billion.

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Capgemini Has New SBU – Consulting, Largest in Europe, 4,000 Consultants

Capgemini just announced a new Strategic Business Unit, Capgemini Consulting Services with revenues of EUR 700 million (8 % of Capgemini 2008 revenues of EUR 8.7 Billion) and over 4,000 expert strategy and management consultants in more than 30 countries as part of a corporate reorganization.

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EY Report Shows Q1-2009 IPO Activity Completely Stalled – Only 50 Worldwide

As widely expected, exit strategies through initial public offerings to investors took a beating in the last three months, testimony to a slow capital market and unenthusiastic investors. Ernst & Young confirms that in its just-released Q1-2009 Global IPO update. There were just 50 IPOs worldwide in Q1-2009 raising about US$1.4 billion in capital, with only 2 deals over US$100 million...

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Mark-to-Market Accounting Moves to Center Stage

FAS 157, the FASB rule which determines how financial institutions evaluate the value of their financial assets on their balance sheets has been brewing as a hot topic for a while and today moved to center stage based on a meeting of the Financial Standards Accounting Board which relaxed some of the guidelines on how this rule can be applied in the illiquid credit markets that we are now operating in now...

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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...

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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...

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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...

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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...

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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...

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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...



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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...

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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...

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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...

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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...

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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....

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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...

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