PricewaterhouseCoopers, Ernst And Young Become TARP Auditors

Just a few days ago, the Treasury Department of the United States Government announced it had hired two of the Big Four firms, PricewaterhouseCoopers and Ernst & Young to help the government implement the $700 billion bailout program aimed at Wall Street and the economy...

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KPMG Asia Pacific Chairman Becomes New Deputy Chairman of International Firm

KPMG just appointed John B. Harrison to a newly created and critical position in firm management. Harrison 52, will become deputy chairman of KPMG International. He was most recently chairman of KPMG’s Asia Pacific region and co-chairman of the KPMG China and Hong Kong SAR firm with Carlson Tong, 53. Harrison will continue to hold both positions through March 2009, when his terms expire. Harrison joined KPMG London in 1977 with a B.Sc. in Mathematics from Durham University...

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BearingPoint (NYSE: BE) stock price drops to 20 cents!

We blogged earlier that BearingPoint stock had touched its all time low of 50 cents a share in September. But that was before the current meltdown in the financial markets, with today’s (October 9, 2008) shocking drop in the Dow of ~ 700 points, BearingPoint’s stock has fallen further amazingly to an even lower all-time low of 20 cents, touching at one point an intra-day low of 17 cents.The entire company’s market capitalization is now only about $40 million, this for a consulting firm in annual sales in excess of $3 billion...

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Ernst and Young Revenues Rise 16%, Retains Third Place in Big Four

Another Big4 firm reports good performance.

Today, Ernst & Young reported that its worldwide revenues increased to US$24.5 billion for the fiscal year ending 30 June 2008, rising 16.2% in dollar terms and 9.5% in local currency terms from the previous year’s revenue of $21.1 billion. Major factors included gaining new clients, new services sales and ROI in emerging markets, offset somewhat by “audit efficiencies enabled by the new US internal control standard” (which we would assume are clients automating their processes and relying less on E&Y) and economic slowness in many markets...

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KPMG Holland Give “Green Light” to Join KPMG Europe

KPMG Holland reported today that its 208 partners had agreed to join KPMG Europe which was established in 2007 and contains the list of British, German, Swiss and Spanish firms. In 2007, KPMG Holland had voted against the merger. But now, the Dutch firm chairman Herman Dijkhuizen cited internationalization, specialization and seamless service as key drivers for this change of heart...

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PricewaterhouseCoopers 2008 Revenue Up 14%, Maintains Top Position

PricewaterhouseCoopers just released its 2008 revenue figures for the year ending June 30, 2008. Global revenues were US$28.2 billion, increasing at 8% at constant foreign exchange rates and 14% at variable exchange rates, since the US dollar plummeted against foreign currencies during this period. In USD reporting terms, 2008 revenues of $28.2 billion did grow 14% from 2007 revenues of $24.7 billion. With this, PwC remains the top dog among Big Four firms...

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Big Four Take Leadership Role in World Economic Forum

The Big Four firm Chairmen are key players in the World Economic Forum Annual Meeting of New Champions in Tianjin, China. Deloitte and Touche, Ernst and Young and PricewaterhouseCoopers are key Mentors of the program, while KPMG was noticeably missing...

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Accenture (NYSE: ACN) Q4-2008 Profits Shine, Stock up 6% in Down Market

And The Accenture Machine Keeps Rolling On!

Crisis? Slowdown?

What crisis? Where slowdown?

You would not believe your senses on Accenture’s results reported yesterday. Q4-2008 profits of 57 cents grew 34% from 50 cents from prior year quarter and actually beat analysts' expectations by a penny. The company forecasts further growth in the year ahead. According to Accenture, more clients are looking for its consulting and outsourcing services despite a weak economy and terrible financial markets...

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BearingPoint (NYSE: BE) Stock Price Hits All Time Low – 50 Cents

On September 19, 2008 just a week ago, BearingPoint (NYSE: BE) stock hit a new 52 week and all-time low of just 50 cents a share. Based on the 218 shares outstanding, the market capitalization on that day was only $109 million. Add this to about $650 million in debt to come to an enterprise value of $759 million...



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Nomura Buys Lehman Brothers Europe for $2, PwC Adminstrators

Earlier, we had blogged about Nomura of Japan buying the equities and investment banking business of Lehman Brothers Europe for an undisclosed amount. PricewaterhouseCoopers UK were appointed the administrators of this bankrupt firm to assure an orderly disposal...

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Big Four Make Working Mothers Magazine Best Companies List

Three of the Big Four firms have made the Top 10 of the latest Working Mother magazine rankings for Best Companies for Working Mothers. Ernst and Young, KPMG and PricewaterhouseCoopers made it into the elite group of 10 best companies which provide mom-friendly part-time career paths for working mothers. Deloitte and Accenture didn’t make the top 10 but surely made in the top 100. BearingPoint was conspicuously missing, and Capgemini didn’t make the list either, more so since it didn’t fall into the covered US company universe...


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PwC Administrators Help Sell Lehman Europe to Nomura

As we blogged earlier, PricewaterhouseCoopers LLP are the joint administrators to Lehman Brothers International Europe (‘Lehman Brothers’), and today’s announcement on the PwC UK website and over all financial newswires generally is that the investment banking and equities businesses of Lehman Brothers are being sold to Nomura of Japan. The deal covers investment banking and equities in the Netherlands, Qatar, Dubai, Kuwait, the U.K., Italy, Germany and Sweden, but excludes trading assets or trading liabilities...

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US Financial Crisis Impacts Big Four Firm Audit Fees

The current financial crisis in the US has taken a big toll on some storied companies in the recent few months, with unimaginable consequences for the entire financial sector. Consider this:

FannieMae (NYSE:FNM) and FreddieMac (NYSE:FRE) are now under US government conservatorship

Bear Stearns (NYSE:BSC) was purchased for a pittance by JP Morgan (NYSE:JPM)

Merrill Lynch (NYSE:MER) sold itself to Bank of America (NYSE:BAC)

Lehman Brothers went bankrupt recently (NYSE:LEH)...

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PricewaterhouseCoopers Winds Down Lehman Brothers UK

Following the still-surprising collapse of Lehman Brothers over last weekend, PricewaterhouseCoopers LLP was appointed as joint administrators to Lehman Brothers International (Europe) the following Monday, September 15, 2008. Specifically, four PwC partners Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis have been appointed as leaders of this effort to wind down the business in an orderly fashion...

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Deloitte USA to Layoff 900, 2% of US Staff, Impacted by Economy Slowdown

We are a little late on this, but WebCPA and Wall Street Journal report that Deloitte USA plans to layoff 900 staff or about 2% of its 45,000 US employees, according to their spokesperson Deborah Harrington. There seems to be no official statement that at least we can find on the Deloitte.com website. But we finally did personally see the Wall Street Journal article...

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Big Four Firm Get Top Spots in Business Week Best Career Companies Ranking

Great news for Big Four Alumni! You made the right choice for your career.

Business Week Magazine just came out with its list of “100 Best Places to Launch A Career in 2008.” And all four of the Big Four firms this year are in the top 5 of that list, the only other is the ultra prestigious investment banking firm of Goldman Sachs...

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KPMG’s World Job Fair on September 24th – Attend Right from Your PC!

We were browsing KPMG’s website and came across the upcoming KPMG World Job Fair, virtually available on the internet from 24 to 26 September 2008, and an interesting event for all Big4 alumni who wish to learn more about KPMG people and career options...



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PricewaterhouseCoopers Reorganizes into Clusters, Hints at Structural Changes

PricewaterhouseCoopers recently announced a structural change in their organization structure, with network firms being organized into three major geographic “clusters” starting as early at October 1, 2008. PwC’s intent for this change is “to increase further its focus on emerging markets, which it believes will be the engine of much of its future growth - allowing greater flexibility and speed when making both investment and acquisition decisions.”...

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SEC Fines Ernst and Young $2.9 Million for Independence Violations

The SEC has sanctioned Ernst and Young $2.9 million for being “engaged in improper professional conduct” and in violation of several rules and acts, specifically the Exchange Act § 4C and Rule 102(e) of the Commission’s Rules of Practice. Rule 102(e) and Exchange Act Section 4C. E&Y shall pay the SEC $2.9 million, composed of disgorgement of $2.4 million and prejudgment interest of $0.5 million...

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Accenture Furthers Its Green Initiatives – Getting on Company’s Agendas Through IT

Accenture recently announced its Accenture Green Technology Suite, which is a comprehensive set of tools focused on helping companies assess its environmental standing, provide recommendations to better manage its carbon footprint through effective IT management and supporting the entire organization’s green agenda...

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