BearingPoint Inc. dropped almost 13% to $4.80 today in mid-day trading hitting a new all-time low. BE shares have traded between $5.49 and $9 in the past 12 months...
Monday, September 10, 2007
CapGemini Pushes Google's Office Suite - Takes Lead
Watch out Microsoft!
We see that CapGemini will start to push Google online office software (email & calendar management, word processing, spreadsheet) to its corporate clients. This happens to the first time that a large technology consulting (and Big Four) firm is partnering with Google for this set of services. Earlier we had blogged that BearingPoint had partnered with Google to apply its corporate search application to customers.
We see that CapGemini will start to push Google online office software (email & calendar management, word processing, spreadsheet) to its corporate clients. This happens to the first time that a large technology consulting (and Big Four) firm is partnering with Google for this set of services. Earlier we had blogged that BearingPoint had partnered with Google to apply its corporate search application to customers.
Friday, September 07, 2007
KPMG Sued in Canada
Here’s an interesting one….KPMG in Canada has been served with a class action lawsuit by former employees that it forced hundred of (mainly tax accountants and auditors) employees to work overtime without paying for such additional time. The lawsuit seeks at least $20 million in punitive damages...
Wednesday, September 05, 2007
PwC Pays $3 million to Justice to Settle Allegations
PricewaterhouseCoopers LLP and IBM are paying $5 million to settle allegations that both these firms made improper payments on government technology contracts. PwC’s share: $3.2 million, IBM’s share: $3.0 million...We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Tuesday, September 04, 2007
E&Y Has Big Growth Plans for China
Ernst & Young wants to increase its Chinese staff from 8,000 to a whopping 32,000 in ten years, a nearly 400% increase. The hot Chinese economy is creating terrific demand for Big Four services and Big Four personnel. Every Big Four accounting firm is bursting at the seams with demand and business, moreover job hopping is becoming common, and companies are complaining about the shortage of experienced audit personnel...
Monday, September 03, 2007
Deloitte UK Revenues Up 16%, Profit Soars 17%
Deloitte UK recently posted results, audit firms in the UK need to publish financials, unlike their counterparts in the US
Nonetheless, these profits are quite healthy and pleasant to disclose:
For the year ending May 31, 2007 profits available for distribution to partners and retired partners was £572 million, up 17% from previous year; and revenues grew to £1,802 million, up 15.6%...
Saturday, August 18, 2007
PricewaterhouseCoopers LLP UK turnover up 6%, profits grow 11%.
PricewaterhouseCoopers LLP United Kingdom recently reported a 6% increase for FY 2007 turnover to £2.1 billion. PricewaterhouseCoopers LLP FY07 financial year runs from 1 July 2006 to 30 June 2007...
Tuesday, August 14, 2007
BDO Seidman Ordered to Pay $521 Million Fine
We have a story about one of the Big Six, and it appears that the risks of doing business as Big Four auditors are not confined to them alone.
BDO Seidman has been ordered to pay $170 million in compensation and $351 million punitive damages. The charges: being negligent to show fraud in Bankest, a financial services company owned by a Portuguese bank, Banco Espirito Santo. A six member jury decided that BDO was guilty in one hour, having found it grossly negligent in June...
Wednesday, August 08, 2007
CapGemini CTO Ponders on Mass Collaboration
Open Source Innovation and Alumni Mass Collaboration
We have mentioned Big Four in-house bloggers earlier and in particular Andy Mulholland, CTO of CapGemini, and here is an interesting recent blog from him, where he notes that mass collaboration amongst a multitudes of experts can enable exponential advances in research frontiers (Wikinomics). Here is the link to the post. The rest of the blog is good reading too...
KPMG Finds Chemical Mergers On the Upswing
KPMG recently released a report on global Chemicals M&A activity, with a particular emphasis on Europe. World chemicals sales in 2005 were a whopping EUR 1,476 billion, with the EU accounting for 30% of this total. 13 of the top 30 companies in the world, accounting for 15% of chemicals sales have HQs in Europe...PricewaterhouseCoopers Involved Deeply in China Olympics
PricewaterhouseCoopers Audits 2007 Special Olympics World Summer Games
We are exactly one year away from a special date in one of the rapidly growing economies of the world.
08/08/08 marks the opening of the 2008 Summer Olympics in Beijing, China....
Deloitte Finds US Multinationals With Domestic Focus
A Deloitte study finds that US multinationals still have a domestic mentality regarding compensation despite their rapid globalization.
The recently released International Stock Plan Design and Administration Survey, released by Deloitte Tax LLP along with the National Association of Stock Plan Professionals, had a number of interesting findings...
BearingPoint Files 10-K for 2006, but Investors Wary
A few weeks ago, BearingPoint (NYSE:BE) filed its 10K for 2006, later than what the SEC allows for companies to file after the end of their fiscal year, but none the less good timing for BE given their past history. Most of the numbers were known to investors anyway so this was a formality. In terms of Q1-2007, BearingPoint indicated lower quarterly sales than the previous year, but mildly better than the previous quarter. Of concern is the voluntary turnover rate of almost 25%, indicating that one-fourth of the professional population is leaving each year, what is not reported is the turnover by managerial grade. Headcount was also lower in the quarter, which means that BE is hiring less than the turnover rate...
Sunday, July 29, 2007
E&Y on Global Venture Capital - Vibrant and Accelerating
Ernst and Young has just released its Global Venture Capital Report 2007 showing that the venture capital market around the world remains vibrant and accelerating. Global venture capital funding in US, Europe, Israel, China and India totalled $35 billion in 2006, with China registering the sharpest growth at 58%. India also grew sharply but from a small base...
Friday, July 27, 2007
PCAOB 2006 Report on KPMG - 7 Issues Cited
The Public Company Accounting Oversight Board today released its 2006 report on KPMG (the third Big Four firm report to be issued). Based on the Sarbanes Oxley Act, the PCAOB must review accounting firms that audit 100 or more public companies once a year...
Monday, July 16, 2007
PricewaterhouseCoopers Pays a Whopping Fine in Tyco Case
PricewaterhouseCoopers recently agreed to pay a whopping $225 million to settle a securities and accounting fraud class-action lawsuit brought by Tyco shareholders. This brings the total settlement amount in excess of $3 billion for investors.
Judge Kaplan Overthrows Case Against KPMG Employees
We have blogged earlier about Judge Kaplan and the government’s tax fraud case against 13 ex KPMG employees and all the twists and turns that the trial has taken over the past few months...We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Thursday, July 05, 2007
CapGemini Shares Rise on Potential Buyout from Infosys
Rumors are flying about that Big Four firm CapGemini could be acquired by Indian software giant Infosys. This would create a global behemoth of sales of $14 billion combining the $11 billion of CapGemini sales with $3 billion of Infosys revenue. CapGemini shares rose almost 8% last week, giving market credibility to these rumors...
Wednesday, July 04, 2007
Big Four Firms Dominate Professional Services Rankings
The Big Four Firms - PwC, D&T, E&Y, KPMG and Accenture have taken the top 5 revenue spots in a recent global professional services report released by Managing Partners Forum. BearingPoint is number 24 while we couldn't quickly spot CapGemini in this list.
Here are some impressive (rounded) numbers
PricewaterhouseCoopers
Rank 1, Revenue $22 B, Employees 142,000
Deloitte and Touche
Rank 2, Revenue $20 B, Employees 132,000
Ernst and Young
Rank 3, Revenue $18 B, Employees 114,000
KPMG
Rank 4, Revenue $17 B, Employees 113,000
Accenture
Rank 5, Revenue $17 B, Employees 146,000
BearingPoint
Rank 24, Revenue $4 B, Employees 18,000
Just the top 5 firms alone account for $84 billion of revenues, a good 16% of the total US$535 billion of all the professional services firms tracked. The Big Four accounting firms (PwC, D&T, E&Y and KPMG) totaled to $77 billion, 70% of the US$115 billion of accounting revenues.
Very impressive figure, and testimony to the enormous clout of these firms in the professional services arena.
For the full report see here...http://www.mpfglobal.com/campaigns_global500.htm
Here are some impressive (rounded) numbers
PricewaterhouseCoopers
Rank 1, Revenue $22 B, Employees 142,000
Deloitte and Touche
Rank 2, Revenue $20 B, Employees 132,000
Ernst and Young
Rank 3, Revenue $18 B, Employees 114,000
KPMG
Rank 4, Revenue $17 B, Employees 113,000
Accenture
Rank 5, Revenue $17 B, Employees 146,000
BearingPoint
Rank 24, Revenue $4 B, Employees 18,000
Just the top 5 firms alone account for $84 billion of revenues, a good 16% of the total US$535 billion of all the professional services firms tracked. The Big Four accounting firms (PwC, D&T, E&Y and KPMG) totaled to $77 billion, 70% of the US$115 billion of accounting revenues.
Very impressive figure, and testimony to the enormous clout of these firms in the professional services arena.
For the full report see here...http://www.mpfglobal.com/campaigns_global500.htm
Wednesday, May 23, 2007
PricewaterhouseCoopers Reports on Record Internet Advertising Revenues
PricewaterhouseCoopers LLP (PwC) and The Interactive Advertising Bureau (IAB) just released the Internet Advertising Revenue Report demonstrating the strong growth in US internet advertising. For the fourth quarter of 2006, US internet advertising revenues was $4.8 billion, a quarterly record and 35% over the same quarter in 2005. For the full year 2006, revenues were a record $16.9 billion again up 35% over 2005...
Saturday, May 12, 2007
Canada's Number 5 and 6 Accounting Firms Call Off Merger Talks
We had blogged earlier that the number 5 and number 6 accounting firms in Canada, namely BDO Dunwoody LLP and Grant Thornton LLP had started talks to merge their practices to become one of the largest accounting firms in the country and a clear alternative to the Big Four firms. Culture clash and amicable settlement of monies/rights between partners were two potential risks which we thought could put a spanner in the works.
Now the Big Four firms can rest with some ease.
Yesterday we see news reports that these firms’ Boards announced plans to end their merger discussions. There was no specific reasons stated which led to cessation of discussions. While the advantages of merger were clear, so it appeared did the challenges of coming together.
The press release says,” The due diligence process had proceeded amicably and with the cooperation of both firms, but despite best efforts the two firms were unable to overcome the challenges, and therefore were unable to complete the process to the satisfaction of all
involved.”
Somehow we believe that the parties could not fully put their heads together on how power, organization and profits were going to be shared. We look to our readers to see if they have any insights on why this merger did not go through as planned.
Now the Big Four firms can rest with some ease.
Yesterday we see news reports that these firms’ Boards announced plans to end their merger discussions. There was no specific reasons stated which led to cessation of discussions. While the advantages of merger were clear, so it appeared did the challenges of coming together.
The press release says,” The due diligence process had proceeded amicably and with the cooperation of both firms, but despite best efforts the two firms were unable to overcome the challenges, and therefore were unable to complete the process to the satisfaction of all
involved.”
Somehow we believe that the parties could not fully put their heads together on how power, organization and profits were going to be shared. We look to our readers to see if they have any insights on why this merger did not go through as planned.
Saturday, May 05, 2007
PCAOB Moves Up Calendar: Issues E&Y Inspection Report
The Public Company Accounting Oversight Board following its mandate required by the Sarbanes Oxley Act recently issued its 2006 inspection report for Ernst & Young. This appears to be a major shift in timing and the release is much ahead of its normal timetable of August. More so, the inspection was done between May and November of 2006. Ernst and Young is the only report issued for 2006, the other Big Four firms' reports have yet to be issued...
Thursday, April 26, 2007
CapGemini Blows Away Expectations in Q1-2007
Capgemini SA (CAPP.PA) just reported excellent Q1-2007 resutlts. Sales grew 18.5%, driven by consulting, growth in outsourcing business and the Kanbay acquisition. Results were far ahead of analyst expectations. CapGemini also raised full year guidance from current level of 8% to 9%...
Monday, April 16, 2007
Number 5 and 6 Audit Firms Merge in Canada
In Canada, we hear of consolidations below the Big Four level. Canada’s Number 5 and 6 accounting firms, Grant Thornton LLP and BDO Dunwoody LLP have recently agreed to discuss a merger. The motive: to become larger and stay competitive with the Big Four firms. Yet the road is long: Grant Thornton audits only 3 of the top 100 TSE companies, while BDO Dunwoody audits none of those companies...
Wednesday, March 28, 2007
Accenture's Terrific Results: Stock Zooms Up
Accenture Ltd. (NYSE: ACN) today announced terrific Q2-2006 results, and boosted fiscal third quarter and full years earnings outlook.
Net income increased to $296.7 million, for an EPS of 47 for the quarter ended February 28, 2007. Net income was $69.7 million, or 11 cents EPS in the same quarter a year ago. Revenue rose 15% to $5.17 billion from $4.49 billion a year ago...
Saturday, March 24, 2007
PricewaterhouseCoopers Lets Out Family Secret!
We see from David Reilly from the Wall Street Journal that PricewaterhouseCoopers has revealed one of its longest and best-kept secrets?
How much money do PwC partners really make?
This happens to be a WSJ and a Big Four first!...
Wednesday, March 21, 2007
PricewaterhouseCoopers in Hot Russian Tea
PricewaterhouseCoopers Russia seems to be in some hot Russian tea!
Just a few weeks ago, PwC offices in Moscow were raided by police and prosecutors. The charges: irregularities in auditing of Yukos and evasion of taxes...
Friday, March 16, 2007
KPMG Europe Expands into Netherlands
KPMG sent shockwaves through the accounting industry when they merged the UK and German practices some months ago to create the largest accounting firm in the continent. Even at that time they made it clear that they would be interested in expanding their reach to include other KPMG European firms...
Tuesday, March 13, 2007
Is Sarbox Hurting American Competitiveness?
This was the key topic in front of a star-studded panel called by Treasury Secretary Hank Paulson in Washington DC today. Invitees included Warren Buffet, Jeff Immelt, Alan Greenspan and others. The event was covered in great detail by CNBC business television...
Friday, March 09, 2007
Accenture (NYSE: ACN): $1.5 Billion Back to Shareholders
Accenture continues to suffer from an embarrassment of riches!
The ACN Board of Directors today approved a $1.5 Billion share repurchase.
Shares of Accenture rose 62 cents to close at $35.74 on the New York Stock Exchange.
Thursday, March 01, 2007
Deloitte and Touche LLP Shuffles Top Ranks
Big top executive changes at Deloitte
Barry Salzberg becomes the new chief executive of Deloitte and Touche USA, replacing James Quigley
James Quigley moves on to become global CEO of parent firm Deloitte Touche Tohmatsu, replacing William Parrett...
Tuesday, February 27, 2007
Stocks Routed: ACN, BE, CAP.PA Slide Down Big
Stocks got whacked globally today, from a 9% drop in China to a 414 drop in the Dow Industrials. There was just a sea of red with really no place to hide, except in cash or shorts...
Monday, February 26, 2007
PricewaterhouseCoopers Delivers the News:Less Welcome Than Usual
Sunday, February 25, 2007
Accenture (NYSE: ACN) Match Play - Stenson Wins Today
Henrik Stenson today beat Geoff Ogilvy the reigning champion to capture the World Golf Championships-Accenture (NYSE: ACN) Match Play Championship.
Along the way Stenson defeated Zach Johnson, K.J. Choi, Aaron Baddeley, Nick OHern, Trevor Immelman, and finally Geoff Ogilvy
Deloitte to Pay $130 Million to Parmalat Shortly
We earlier blogged that Deloitte had settled with Parmalat to pay US $149 million for its role in the bankruptcy of the Italian dairy company.
Now we understand it is time to pay....Parmalat SpA says that Deloitte have a few days to come up with the money, and apparently Deloitte will pay $130 million as a first installment...
KPMG Criminal Indictment Dismissal Remains
Another bit of news on KPMG
KPMG's escape as a firm from ciminal indictment remains as U.S. District Judge Loretta A. Preska dismissed objections of ex partners who have been charged criminally with promoting illegal tax shelters...
Michael Rake, KPMG Chairman Switches to BT
Sir Michael Rake, KPMG International's current chairman will be succeeding Sir Christopher Bland as British Telecom chairman in September 2007. Sir Michael is 59 years old and been with KPMG for 33 years.
Now, the interesting part of this transition is that Sir Michael will take a huge pay cut from £3.6 million in 2006 down to Sir Christopher's basic salary of £500,000 plus pension contribution of £32,000. That's almost a 75% decrease...
Sunday, February 18, 2007
PwC Auditors Defend Oscar Secrets - James Bond Style
Variety.com, the Hollywood magazine and website has a very interesting article on PricewaterhouseCoopers' role in all the secrecy and glitz surrounding the Oscar Awards. Here is a summary with our twist, the original article from Andrew Barker is an excellent read at ...
Saturday, February 17, 2007
Deloitte Head to Become Governer of Hungary Central Bank
A Deloitte Partner makes headlines in Hungary.
We hear that Andras Simor, country head of Deloitte and Touche LLP since 2002 will be appointed as the next governor of Hungary's central bank. He will take the job in March 2007 when Zsigmond Jarai, the current governor's term expires. Mr. Simor is a non-political appointee, thus somewhat immune from partisan plays plaguing Hungary.
We’ve moved. Click here to go the full post at the new Big Four Blog at Big4.com!
We’ve moved. Click here to go the full post at the new Big Four Blog at Big4.com!
Friday, February 16, 2007
KPMG on WSJ's Front Page: Continued Fascination with the Big Four
David Reilly has a fascinating article on KPMG LLP which featured yesterday on the home page of the Wall Street Journal. It is heartening to see Big Four firms getting top coverage (some good and some bad) on the nation's most widely read business newspaper...
Wednesday, February 14, 2007
CapGemini on Buying Spree
CapGemini is on an acquisition rampage, especially in the US
After acquiring Kanbay for 1.25 billion, it recently announced the acquisition of Chicago-based Software Architects which has sales of 68 million...
Accenture Match-Play Golf Next Week, Kicks off Golf Season
The Accenture Match Play Championship starts next week in Tuscon AZ, the first time it is going to be played in the state after the decision to move the championships last year from Carlsbad, CA. 64 of the world’s top golfers, from 18 countries and 6 six continents will tee off at the South Course at The Gallery Golf Club at Dove Mountain in Marana, Ariz.
Saturday, February 03, 2007
BearingPoint Gets New COO, Ed Harbach
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Pricewaterhouse LLP Behind Oscar Award Glamour
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Tuesday, January 30, 2007
KPMG LLP's Mike Rake Writes from WEF in Davos
It is a mixture of personal observations, attendances at keynotes, pining for a greener world and his misgivings about the true nature of the gathering....
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Monday, January 29, 2007
Accenture to Have More Indian than US Employees
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Friday, January 26, 2007
PricewaterhouseCoopers Values Mr. Ban Ki-Moon's Assets
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Monday, January 22, 2007
Sir Michael of KPMG at Davos, A Blog for the Common Reader
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Sunday, January 21, 2007
Deloitte's WIN Blog Goes Public
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Thursday, January 18, 2007
Europe Takes the Lead in Setting Auditor Liability Caps
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Sunday, January 14, 2007
5th Person Pleads Guilty in KPMG Tax Case
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
PricewaterhouseCoopers In Global Spotlight
Ban Ki Moon, the new Secretary General at the United Nations has made early history in his nascent tenure. He recently announced that he will make public his financial disclosure report. And this will be audited by PricewaterhouseCoopers, one of the Big Four firms.
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
Deloitte Leads Big Four in Women Partners
We've moved. Click here to go to the full post at the new Big Four Blog at Big4.com!
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