A little under a month ago (May 14, 2009) we blogged about a number independently conducted recent surveys by the Big 4 firms as a gauge for the depth and breadth of the global economic crisis and any nascent signs of its ending...
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:
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“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 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...
March 25, 2009
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...
When do the legendary game of golf and great Big Four firms meet on equal ground?
Last month KPMG UK introduced a scheme where all of KPMG UK's 11,000 employees could as a group take a voluntary pay cut through either a 4 day work week or a sabbatical in order to avoid any job cuts for employees selectively affected by the global economic crisis...
The upcoming 81st Annual Academy Awards, popularly known as the Oscars will be held in Los Angeles on Sunday, February 22, 2009.
KPMG just announced today its 2008 revenues, which have increased 14.5% from US$19.8 billion to US$22.7 billion for the year ending September 30, 2008. In local currency terms growth was only 8.4%, the difference of 6.1% being attributable to the declining US dollar against all major world currencies in this period...
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