Workers Are Bad at Filling Out Timesheets, and It Costs Billions a Day [HBR] A recent study from AffinityLive found that professional service sector loses 50 million hours, $7.4 billion a day, tracking time.
How to Escape the "Demise of Accounting" [MACPA] Among other things, Maryland Association CEO Tom Hood cites an Oxford study that found accounting and auditing as "the second most likely profession to be disrupted with a 94% probability."
Deloitte could face fine over Aero Inventory audit [FT] The UK's Finance Reporting Council says that the behavior of the firm, one its partners and Aero Inventory's ex-finance director all "fell 'significantly short' of the ethical and professional standards expected of members of the Institute of Chartered Accountants in England and Wales."
Former SEC Chief Accountant Jaime Eichen rejoins EY [EY] Mr Eichen served as the CA of the SEC's Division of Investment Management.
Ethical Questions of Investing in Pot [DealBook] Or providing it with exceptional professional services.
Democrats, in a stark shift in messaging, to make big tax-break pitch for middle class [WaPo] Maryland's Chris Van Hollen has a tax plan that will most definitely go nowhere.
EU Crafts $962 Billion Show of Force to Halt Euro Crisis [Bloomberg]
With the Euro under pressure, the European Central Bank has hatched a plan to “offer financial assistance worth as much as 750 billion euros ($962 billion) to countries under attack from speculators.” EU countries are chipping in 440 billion in loans, the EU’s budget throws in 60 billion, and 250 billion from the International Monetary Fund.
The funds will be available to those countries that experience a financial crisis similar to Greece. Portugal and Spain have debt to GDP ratios of 8.5% and 9.8% respectively, exceeding the EU’s mandated limit of 3%. package approved last week, receiving 110 billion euros “after agreeing to unprecedented austerity measures,” triggering riots in the country.
Dubai Holding Hires Debt Advisers [WSJ]
Dubai Holding Commercial Operations Group, a part of Dubai Holding (not to be confused with fellow Dubai conglomerate Dubai World) has hired PricewaterhouseCoopers to help them with a teenie debt restructuring project. DH’s debt issues come about after Dubai World is still working to restructure the $14 billion in outstanding debt that it has with its creditors after a slight panic late last year.
UPDATE: KPMG and Deloitte are getting in on the fun as well, as the Financial Times reports that they have been engaged to advise Dubai Group and Dubai International Capital, respectively.
You Complete My Audit [CFO]
Had your auditor for awhile? If you want to crack the top 100 of longest auditor-client relationship, you’d have to be putting up with the same firm for over 50 years. According to the CFO’s analysis of Audit Analytics data, the longest auditor-client relationship belongs to Deloitte and Proctor & Gamble who have been together since 1890. PricewaterhouseCoopers’ longest relationship is with Goodyear Tire & Rubber, starting in 1898; Ernst & Young with Manulife Financial, 1905; KPMG and General Electric go back to 1909.
Of the 100 companies that have stuck with their auditors the longest, 97 of those companies were with Big 4 firms:
• PricewaterhouseCoopers – 34
• E&Y – 25
• Deloitte – 24
• KPMG – 14
Straight Talk about Brutality of White Collar Crime from a Convicted Felon [White Collar Fraud]
GC friend and forensic sleuth Sam Antar recently had some a two part interview produced that from his recent speaking presentations at Stanford Law and Business Schools. Part one is below and you can see part two over at WCF.
