September 25, 2020

KPMG

FYI: One of the ‘KPMG 5’ Is Scheduled to Be Sentenced on Oct. 9 (UPDATE)

[Article updated with new sentencing date.] A Manhattan federal court judge will decide next month whether former KPMG executive David Britt should spend some time inside a jail cell for his involvement in a scheme to steal secret audit inspection information from the PCAOB. But if Britt, former co-leader of KPMG’s Banking and Capital Markets […]

RSM Poaches Someone From KPMG and Issues a Press Release, Part II

Back in the spring, right around the time the country was going to hell in a handbasket due to the Rona, Deborah Gordon had been wooed by RSM US to leave her job as leader of KPMG’s Federal Excise Tax practice to lead the Excise Tax practice at Really Still McGladrey. About four months later, […]

Uh-Oh, This Isn’t Looking Good for KPMG U.K.

From Reuters today: Britain’s accounting regulator said it has delivered its initial report into KPMG’s audit of builder Carillion, an indication that apparent rule breaches have been found. The construction company’s collapse in 2018 angered lawmakers who called on the Competition and Markets Authority to consider breaking up top accountants to increase competition and auditing […]

KPMG and Fidal Won’t Be Going to Court In France Over Lawyer Poaching

Remember back in February 2019 when about 130 lawyers fled France’s largest law firm, Fidal, to go work at KPMG France’s new legal practice, KPMG Avocats, and Fidal managing partner Yves de Sevin was pissed and said the firm was going to sue the pants off of KPMG for “unfair competition?” Well, we have an […]

KPMG Rocks signs held by a woman in a KPMG shirt

Layoff Watch ’20: KPMG Executive Assistants Were Given an Ultimatum This Week

We saw this being discussed on the chatter sites earlier this week, but because our website has been hot garbage (as I’m sure many of you noticed) off and on since last Sunday, we couldn’t post anything. However, now that GC is back online and we’ve gotten tips from two sources at KPMG within the […]

KPMG Rocks signs held by a woman in a KPMG shirt

KPMG Is #1 In Having the Poorest Audit Quality Among the Big 4 In the U.K.

Last but not least, we conclude our review of the Big 4 firms’ 2019-20 audit quality inspection reports from the U.K.’s Financial Reporting Council with the Shemp Howard of the group—KPMG. KPMG made headlines (not in a good way, natch) in June 2018 when the FRC said the firm’s five-year decline in audit quality was […]

Comp Watch ’20: Here’s What We Know About Raises This Year at KPMG (UPDATE)

[Updated on July 31 with additional information.] And we don’t know much at this point. We’ve seen and been told different things about what was said during a webcast on Thursday morning regarding raises at KPMG. But the one thing we do know is that KPMG is following in line with what the other Big […]

How Much Do You Think a KPMG T-Shirt Costs at Goodwill These Days?

A Goodwill in Lewisville, TX, is selling the KPMG T-shirt below for a whopping … $3.05. Seems a little pricey to me for KPMGwear, even for a thrift store. But if it was a buck and XL or XXL, I’d consider plopping down four quarters for it. I’d rather pay $3 dollars for a fancy-looking […]

Mazars Poaches Someone From KPMG and Issues a Press Release, Parts II and III

Those swashbucklers at Mazars are at it again, this time raiding KPMG U.K. for new partners in tax and transaction services in Manchester, England. According to media releases seen by Consultancy.uk, Steven Abbott recently joined Mazars after spending his entire 23-year career at the HofK in Manchester, where he progressed up the ranks from corporate […]

Pay Cut Watch ’20: KPMG New Zealand Ends Employees’ ‘Salary Sacrifice’ Early

Kiwi Klynveldians recently got some good news: Accounting firm KPMG has ended its Covid-19 salary sacrifice two months early, citing a better workflow than expected. In April, BusinessDesk revealed KPMG had asked staff to take a 15 per cent pay cut, calling it a “salary sacrifice”, because it didn’t qualify for the government wage subsidy. […]

Layoff Watch ’20: KPMG U.K. Is Cutting About 100 People Loose In Consulting

Sky News reported some unfortunate news today, as the Queen’s KPMG has reportedly told about 200 employees, including nearly a hundred in consulting, that their services are no longer needed: Sky News has learnt that the big four accountancy firm has decided to axe just under 200 jobs across its UK workforce, the latest sign […]

EY Poaches Someone From KPMG and (Not Yet) Issues a Press Release, Part II

In the About section of his LinkedIn profile, Charlie Simpson simply put down, “Delighted to have joined EY Parthenon to help grow our Advanced Mobility and Manufacturing business across Europe and globally.” It’s Simpson’s move to EY-P, the strategic consultancy located in the boiler room of the EY Global Battleship, that is the focus of today’s […]

KPMG Employees Won’t Be Returning to the Office Anytime Soon

By the time KPMGers in the U.S. are finally allowed to leave their home offices to get reacquainted with their cubicles, fashion rules stipulate they won’t be able to wear white to work. The new KPMG leadership team sent a message to employees on July 13 that maybe they’ll be able to return to their […]

Promotion Watch ’20: Let’s Give a Thumbs Up to KPMG’s New Tax and Audit Bosses

Lynne Doughtie’s five-year reign as chairman and CEO of KPMG US came to an end on June 30, and her successor, Paul Knopp, wasted no time today appointing some KPMGers to extra special positions within the firm. KPMG today announced the leaders of the U.S. firm’s Audit, Tax and Advisory businesses, as well as the […]

By the Numbers: $2.06 Billion

That’s how much General Electric paid its longtime external auditor KPMG in fees from 2000 to 2019, according to an analysis of GE’s proxy filings for each of the past 20 years. GE dumped KPMG on June 22, ending an 111-year relationship. Deloitte will be GE’s new external auditor beginning in 2021. Here’s a breakdown of […]

EY Poaches Someone From KPMG and Issues a Press Release, Part I

We’re going back to the U.K. for today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” where private equity specialist Jo Taylor is moving up from No. 4 to No. 3 in the Big 4 rankings. From a press release seen by the website TheBusinessDesk.com: EY’s transaction tax team in Manchester continues to […]

Layoff Watch ’20: About 40 People In KPMG’s Marketing Department Got Some Bad News to Start the Week

In addition to the 350 or so people who we were told lost their jobs in the KPMG Digital Nexus group on Monday, we learned from a source that at least 40 people in KPMG’s marketing department were also laid off that day. A KPMG spokesperson confirmed Monday’s marketing layoffs this morning but couldn’t comment […]

Layoff Watch ’20: Some KPMG IT Folks Were Told Their Services Are No Longer Needed

[Updated on June 23 with additional information.] Another person who will be leaving KPMG involuntarily told us on Tuesday evening that Monday’s layoffs affected more than 350 people in the Digital Nexus group. Fourteen people had over 25 years, I personally have been here for 19. The 350 number came from my manager and several […]

Auditor Swap: General Electric and KPMG Officially Call It Quits

A love affair that spanned more than 110 years is coming to an end. General Electric announced today that it and KPMG are going their separate ways after this year. And GE’s new external auditing paramour is Deloitte. Here’s the statement GE released on Monday morning: GE (NYSE:GE) announced today that, following a thorough and […]

Happy 50th Birthday to Walking KPMG Billboard, Phil Mickelson!

Everyone’s favorite blue-KPMG-hat-wearing, non-U.S.-Open-winning, left-handed duffer is turning the big 5-0 today. And the honorary Klynveldian was appreciative of the birthday wishes from the Mothership. Thank you @KPMG for the many years of support. I’m 50, time has flown by and I’ve loved every second of it! https://t.co/WMV8XYSRmO — Phil Mickelson (@PhilMickelson) June 16, 2020 […]

KPMG Rocks signs held by a woman in a KPMG shirt

At Least KPMG Won’t Have the Worst 2018 PCAOB Inspection Report

We’ve finally reached the end of the six-pack of 2018 inspection reports released by the PCAOB on June 1. And we saved our favorite four-letter Big 4 firm for last. Among the Big 4, KPMG’s inspection reports have been the most abysmal. Since 2010, Deloitte, PwC, and EY have not had an audit deficiency rate […]

KPMG Poaches Two More People From PwC and Issues a Press Release, Part VI

It’s pretty crazy that there have been so many new KPMG hires from around the globe lately who have come from PwC, because it wasn’t that long ago when KPMG was pretty much a playground for future PwCers. Big 4-on-Big 4 poaching is fun! Especially when it involves these two firms. So let’s head over to […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part V

Everyone’s favorite golf company just hired away a turnaround specialist from one of its biggest rivals in the U.K. Let’s take a trip to London for our latest edition of “Big 4-on-Big 4 Poaching From Around the World,” where we learn a little more about PwCer-turned-KPMGer Massimiliano Messina: Professional services firm KPMG has announced the […]

KPMG Pay Cuts Are Probably Not Going to Be Well-Received Outside of Australia

Not that long ago, I stuck a link to this story in a Friday Footnotes but just in case you missed it, let’s catch you up on the situation in my boy Roadhog’s esteemed home country. Back in late April, KPMG Australia used peer pressure relied on the strength of its team mentality to ease […]

Having a Lakehouse Makes KPMG the Most Diverse of the Big 4, According to Weird Ranking

For the third year in a row, KPMG was the only Big 4 representative on DiversityInc’s ranking of the top 50 companies for diversity, coming in at No. 12 in 2020. Congrats to KPMG. But one of the reasons why the Radio Station is the most diversitiest of the Big 4 firms left me scratching […]

PwC and KPMG Have the FRC Breathing Down Their Necks

The U.K.’s audit cops are curious as to why Eddie Stobart Logistics’ 2018 profits were overstated by £2 million, which resulted in shares of the company being suspended last August, a delay in publishing its 2019 interim results, and Eddie Stobart nearly going out of business. So the Financial Reporting Council is now breathing down […]

Three Former KPMG Partners Charged by SEC For Being Dirty, Dirty Cheaters

Just when KPMG thought maybe everyone had forgotten about that whole cheating scandal debacle, the SEC announced Monday it settled charges with three more dirty cheaters who once called the firm home. The Securities and Exchange Commission today announced settled charges against three former KPMG LLP audit partners for improperly sharing answers to internal training exams […]

KPMG Poaches Someone From PwC and Issues a Press Release, Part IV

In our latest installment of “Competitive Poaching From Around the World,” we travel to Scotland for some Big 4-on-Big 4 action. And it involves our favorite poaching rivalry: PwC vs. KPMG. This time KPMG of the Scottish variety did a little shopping at PwC. While not a press release, here’s an excerpt from a post […]

Wells Fargo Continues Bromance with KPMG

A bromance that began in 1931. Wells Fargo & Company (NYSE: WFC) announced today [April 28] that its shareholders elected as directors the 12 nominees named in the company’s proxy statement and approved the 2019 compensation of the company’s executives named in its proxy statement. Shareholders also ratified the appointment of KPMG LLP as the […]

BKD Poaches Someone From KPMG and Issues a Press Release, Part I

Before BKD CPAs & Advisors did a little housecleaning a week or so ago, the firm hired a guy from KPMG to be its newest director in the International Tax Services division. Josh Zellerman was a four-year vet of the Radio Station before jumping to the St. Louis office of BKD earlier this month. He […]

voluntold accounting firms

Some KPMGers Got Voluntold to Work Overnight Processing PPP Loan Applications

KPMG staffers who have some idle time on their hands won’t for much longer. This KPMG communiqué was emailed to our tipline this morning: We are pleased to share that we have won an important engagement to support a large US bank processing loans as part of the Paycheck Protection Act. The work begins immediately […]

KPMG US Update: Partners Taking Pay Cut, No Variable Compensation, No Omaha Steaks

[Updated with additional information.] OK, here’s what we were told today about the video message from KPMG CEO Lynne Doughtie that was posted internally last night. What we know is pretty much the same as what has been posted so far to Reddit and Fishbowl. Basically what we were told by a source was Lynne […]

Even In This Bizarro World, KPMG U.K. Still Gets Fined For Bad Auditing

I don’t know about you guys but in this weird and depressing time we’re living in, I take a little bit of comfort in finding some shred of pre-coronavirus normalcy in my day-to-day life. And I found something this morning, thanks to Reuters: KPMG U.K. was fined by the Financial Reporting Council for piss-poor auditing. […]

Layoff Watch ’20: KPMG Australia Slashes a Couple Hundred Jobs

First it was KPMG Canada earlier in the week, now Edmund Tadros of the Australian Financial Review is reporting some grim news regarding job cuts at the Australian House of Klynveld: Professional services firm KPMG will cut 200 roles and slash the pay of equity partners by almost 17 per cent in response to the […]

Layoff Watch ’20: KPMG Canada Seems to Be Going On a Pink Slip Frenzy

[Updated with additional information.] We’ve heard from a couple people on Tuesday morning who confirmed what we saw on Reddit last night about layoffs that have occurred at several different KPMG locations in Canada. Unconfirmed reports put the number of layoffs at around 200 throughout the country. Here’s one message we got on the tipline […]

KPMG U.K. Chairman Diagnosed with COVID-19

The Financial Times reported this afternoon that Bill Michael, chairman of the Queen’s KPMG, has tested positive for COVID-19 and has been hospitalized. Mr Michael, who took over the Big Four accounting and advisory firm in 2017, has been in hospital for one week after becoming unwell but was only diagnosed with the Covid-19 virus […]

KPMG CEO Lynne Doughtie Assures Employees No Layoffs Are Coming

We got a tip this morning which we were able to confirm with two other sources that in an internal firm video we think was sent to employees last night, KPMG CEO Lynne Doughtie said protecting KPMGers during the crisis caused by the COVID-19 outbreak was her first priority and that layoffs would be an […]

EisnerAmper Poaches Someone From KPMG and Issues a Press Release, Part I

News of new hires in public accounting has pretty much dried up since the COVID-19 outbreak in the U.S. led to many firms turning off the lights and going into work-from-home mode for the foreseeable future. Earlier this week we posted about KPMG recently hiring 10 senior tax professionals, including three from EY and two […]

KPMG Poaches Someone From PwC and Issues a Press Release, Parts II and III

Back about seven or eight years ago, there was no bigger rivalry among the Big 4 than PwC vs. KPMG. The House of Klynveld was constantly trying to steal P. Dubs’ audit clients and KPMG pretty much became PwC’s personal farm system for partners and directors. Between 2011 and 2013, there were at least nine […]

KPMG Poaches Someone From EY and Issues a Press Release, Parts I, II, and III

With nearly all of the top public accounting firms in the U.S. closing their offices and sending their staffs home to work for the time being because of the COVID-19 pandemic, hiring has pretty much come to a standstill. But over the course of a few months before all of this happened, KPMG hired a […]

Whaddaya Know, KPMG Is Going Full-On Work From Home Too

Honestly, I didn’t think we’d get an announcement until later this morning from KPMG about going mandatory work from home due to the COVID-19 outbreak in the U.S. But at around 10:45 p.m. CT Monday night, this message came in through the tipline: Kpmg has announced mandatory work from home starting 3/18 They r shutting […]

Rumor of the Day: Some KPMG Auditors Are Getting a Break From Clients Because of Coronavirus Panic

So, some audit clients have allegedly told KPMG auditors not to come to their offices because of coronavirus concerns, according to a post on Fishbowl. We don’t know if these KPMG audit clients legitimately have COVID-19 concerns or, as one Fishbowl poster says, they just want the auditors off their backs for a bit. Anyway, […]

KPMG Selects Paul Knopp to Succeed Lynne Doughtie as U.S. Chairman and CEO

KPMG announced this afternoon that Paul Knopp will become the new U.S. chairman and CEO and Laura Newinski the new deputy chair of the firm on July 1. Both will serve five-year terms. KPMG partners gave their blessing to the promotions in a vote completed yesterday. Knopp and Newinski seem pretty happy with the outcome […]

KPMG U.K. Won’t Have to Deal with Deal Advisory Partner Anymore

The whole Sanjay Thakkar bullying saga at KPMG U.K. has mercifully come to an end. The Financial Times reported on Feb. 28: One of KPMG’s most senior partners who was at the centre of a bullying dispute has left the firm eight months after widespread scrutiny of his conduct that led to a crackdown on […]

The Fortune 100 Best Companies to Work For: KPMG #32 (2020)

First off, congrats to KPMG for actually beating Deloitte and PwC at something. And congrats, Klynveldians, for your favorite firm moving up four spots from last year’s Fortune 100 Best Companies to Work For list. KPMG celebrated KPMG by putting out this over-the-top KPMG video on social media: Our ongoing commitment to our #culture, strong […]

Arthur Andersen & Co.

Andersen Poaches Someone From KPMG and Issues a Press Release, Part I

Oh look, Andersen hired someone from a Big 4 firm who didn’t work for Arthur Andersen earlier in their career, unlike this guy. Andersen welcomes Edward Schulte as a Managing Director in the San Francisco office as part of the Alternative Investment Funds (AIF) practice. Edward has 18 years of experience in public accounting and specializes in […]

Plante Moran Poaches Someone From KPMG and Issues a Press Release, Part I

Who knew KPMG would become a factory for cranking out future accounting firm chief marketing officers? Earlier this week we told you guys about Dixon Hughes Goodman recently hiring ex-KPMGer Danielle Cimato as its new CMO. And then yesterday, Plante Moran announced that former Klynveldian Marten van Pelt was hired to succeed partner Jeff Antaya […]

Life at KPMG Will Consume Your Mind, Body, Soul, and Stomach

Is this what y’all at KPMG are being fed during these long busy season days/nights? If so, I’m sorry. View this post on Instagram We hope this isn’t too cheesy but we hope you have a slice on National Pizza Day! 💙🍕 A post shared by KPMG U.S. Careers (@kpmg_us_careers) on Feb 9, 2020 at […]

DHG Poaches Someone From KPMG and Issues a Press Release, Part II

You gotta hand it to Dixon Hughes Goodman. I don’t know what they’re offering—decent compensation packages, a big enough commitment to work-life balance that it moves people to tears, a perk better than Omaha Steaks—but they sure have been landing a lot of ex-Big 4 lately, including former KPMGers. While it’s not a glitzy hire […]

Aprio Poaches Someone From KPMG and Issues a Press Release, Part I

When your accounting firm is hovering around the 50th largest in the U.S. and you lure someone away from a Big 4 firm like KPMG, not only will you get a write-up in Going Concern but that news might be big enough to be featured in a local business publication. That’s what happened recently when […]

KPMG Poaches Someone From Deloitte and Issues a Press Release, Part II

Let’s start this week with a little Big 4-on-Big 4 poaching action, shall we? Yes, we shall. And once again, KPMG is raiding its Green Dot rivals. Joseph Fisher is the latest Big 4 partner to switch his colors from green to blue, leaving Deloitte & Touche’s Investment Management Audit & Assurance practice, which he […]

SEC Takes Away Privileges From Another Felon In KPMG/PCAOB Scandal

David Middendorf’s trial buddy, Jeffrey Wada, the now-former PCAOB inspections leader who fed confidential information about upcoming audit inspections to some folks at KPMG, including Middendorf, in the hopes of landing a job at the Big 4 firm, is now prohibited from appearing or practicing before the Securities and Exchange Commission as an accountant. Wada’s […]

Kamp KPMG’s Head Counselor Is Running the Winter Interns Ragged

Lynne Doughtie is building up the KPMG recruits’ stamina for those marathon, 16-hour days during busy season. View this post on Instagram When you’re an intern who just started and the Chairman and CEO joins you for a morning run!! Proof we really live and believe in our core value, #Together. #kpmgfamily #leadership #KPMGLakehouse #kpmgnit […]

Convicted Ex-KPMG Partner David Middendorf Suspended By the SEC

Another “KPMG 5” executive who will be serving prison time for his role in a scheme to steal confidential audit inspection lists from the PCAOB was suspended today from appearing or practicing before the Securities and Exchange Commission as an accountant. The SEC released the following two-page order of suspension against David Middendorf, former national […]

What Do You Guys Think of the KPMG Lakehouse Logo?

I don’t know about you but I’m pretty sure I’ve seen Kamp KPMG’s logo on a park district aquatic center or on some flood safety brochure. View this post on Instagram Introducing KPMG's BRAND NEW learning, development and innovation center, Lakehouse! Join us for National Intern Training as we explore our new digs! #KPMGLakehouse #KPMGNIT […]

Kamp KPMG Puts Out a Welcome Mat

Konstruction on KPMG Lakehouse is finally komplete, and the first group of kampers will descend upon the Orlando community of Lake Nona, FL, next week. New York-based Big Four auditing firm KPMG LLP will bring its first round of “learners” to the $450 million, 780,000-square-foot KPMG Lakehouse in Lake Nona starting on Jan. 6, company […]

Whitley Penn Poaches Someone From KPMG and Issues a Press Release, Part I

As 2019 winds down, we’d be remiss not to tell you guys that another KPMGer has recently left the House of Klynveld for the greener pastures of an accounting firm outside of the top 25. Earlier this month it was David Roberts leaving KPMG for Mauldin & Jenkins. Now we have Michael Pham who left […]

See If You Can Stomach Watching All Six Minutes of This Horrible KPMG Denmark Video

Honestly Adrienne bailed out after watching only a minute and I tapped out after watching about three minutes of this KPMG Denmark video. So if you made it through the entire six minutes, congrats! You have more mental fortitude than we do.

Oh No, KPMG U.K. Senior Executives Might Not Be Able to Afford Christmas This Year

I’m sure all you KPMG U.K. grunts are heartbroken over this news: After all that’s gone wrong at KPMG over the past year, its UK leadership probably didn’t expect big bonuses. Still, after the hard graft of trying to engineer a turnround, a £6m pay cut is going to hurt nonetheless. The 25 senior managers […]

KPMG Is the Cockroach of the Big 4

“KPMG is obviously such a vast business that it could probably survive nuclear war.” — Daniel Sutherland, a partner at the U.K. business law firm Fox Williams, when asked if a large decline in profits and recent layoffs at KPMG U.K. will eventually lead to an existential crisis.

Let’s Kongratulate KPMG For Getting *This* Close to $30 Billion of Global Revenue In 2019

Coming off the heels of a better-than-expected 2019 financial year at its U.K. firm (revenues, anyway), puffy-chested KPMG announced today that its global revenue increased 6.2% in local currency terms (or 2.7% using actual mathematics) for the year ended Sept. 30. The three other Big 4 firms posted global revenue of at least $30 billion […]

Mauldin & Jenkins Poaches Someone From KPMG and Issues a Press Release, Part I

Last night me and my wife watched an episode of the Netflix series The Toys That Made Us about professional wrestling figures and how popular those toys were in the 1980s and ’90s. In that episode, it talked about Vince McMahon committing the ultimate sin when he took over the World Wrestling Federation from his […]

KPMG U.K. Shocks the World by Having Somewhat Decent Revenue In 2019

When reports from across the pond started surfacing in September about the cost-cutting frenzy (you know, Project Zebra) going on at KPMG, accounting blabbermouths (like us) were salivating at the thought of how bad the firm’s 2019 revenue would be when the numbers were released in December. Well, that day has finally come, and believe […]

KPMG Poaches Someone From Deloitte and Issues a Press Release, Part I

Competitive poaching of PPMDs among midtier accounting firms has been rampant lately, whether they are taking people away from the Big 4 or from other midtier firms. Even the FASB isn’t immune from being poached. While watching the hiring games these firms are playing is fun and all, we’ve been patiently waiting for some Big […]

Jailed Ex-KPMG Executive Director Barred By the SEC Because Why Not?

Cynthia Holder, one of the “KPMG 5” who was sentenced to eight months in federal prison in August for her role in a scheme to steal confidential audit inspection information from the PCAOB, was “denied the privilege” of appearing or practicing before the SEC as an accountant, the commission announced on Nov. 29. The SEC […]

Auditor Swap: It’s Curtains For KPMG as AMC Theatres’ Outside Audit Firm

AMC Entertainment Holdings put out a casting call for a new external auditor, and EY got the role. Kansas City Business Journal reported: AMC Entertainment Holdings Inc. will switch its accounting firm at the end of the year. The Leawood-based theater chain picked Ernst & Young, replacing KPMG LLP. AMC paid KPMG more than $12.7 million in audit, audit-related […]

KPMG Rocks signs held by a woman in a KPMG shirt

KPMG Takes Victory Lap In Merrimack College Financial Aid Fraud Case

Merrimack College suffered two defeats on/in court yesterday. Its men’s basketball team got blown out by the Providence Friars 93-56. And it lost a case in a courtroom in Massachusetts to KPMG, although the jury found that KPMG wasn’t completely blameless in the student loan fraud case. Law360 reported: A Boston jury said negligence by […]

Tweet of the Day: On KPMG U.K. Pulling Its Sponsorship of Prince Andrew’s Pitch@Palace Event

Actually, this tweet was sent yesterday, but it’s too good not to share today. It’s regarding KPMG and the news that broke across the pond on Monday that the firm decided not to renew its sponsorship of Prince Andrew’s networking initiative for young entrepreneurs called Pitch@Palace. The news that KPMG had backed out came following […]

RSM Poaches Someone From KPMG and Issues a Press Release, Part I

Scott Wilson has more than 15 years of professional experience “helping businesses innovate, transform, and grow.” RSM US was in need of a new audit innovation leader. So it was a match made in heaven, or the cloud, or whatever. RSM US LLP (“RSM”) – the nation’s leading provider of audit, tax and consulting services […]

Apparently Some KPMG U.K. Employees Were Pissing or Pooping (or Both) In a Work Bathroom Sink

So yesterday the BBC posted an article about the shitty bathroom etiquette of some employees at the Financial Conduct Authority, the regulator of the financial services industry in the U.K. And I’m not trying to be funny when I use the word “shitty.” People were “defecating on the floor in toilet cubicles,” according to FCA […]

Promotion Watch ’19: KPMG Admits 138 New U.S. Partners

We’re about T-minus 30 days until KPMG releases its global revenue for fiscal year 2019. In the meantime, we got word on who the newest rainmakers in the Americas region will be for FY 2020. KPMG gave 266 lucky boys and girls in the Americas keys to the partnership. Of those 266, 138 are from […]

Layoff Watch ’19: KPMG U.K. Reportedly Will Cut an Entire HR Division

“Project Zebra” strikes again. The London Evening Standard has the latest about the bloodletting going on at KPMG. Apparently some people in HR are being told to hit the bricks: The Evening Standard can reveal that KPMG is taking the knife to its internal training team – which it calls Learning Deployment Operations – who run […]

Layoff Watch ’19: KPMG U.K. Partners Fear the Zebra

KPMG U.K.’s better-late-than-never belt-tightening endeavor called “Project Zebra” is leaving carnage in its wake almost on a weekly basis. First, about a third of the firm’s 630 administrative assistants are losing their jobs. Then, employees had to give up their work-issued mobile phones. Next, average pay per partner is reportedly being cut by 10% over […]

Even the Hearing Impaired Will Know How Cheesy KPMG’s Latest Lakehouse Video Is

Here are some screenshots from the latest over-the-top KPMG Lakehouse video to illustrate what we mean:   Here’s the actual video. If you’re not hearing impaired, you might wish that you were while watching it, not only because of the cheesy music but for the “how we can stress right across our organization what it […]

KPMG Heads to Court Next Week to Defend Itself for Being KPMG

Merrimack College in North Andover, MA, is trying to get some of that Klynveld money, alleging in a lawsuit that KPMG committed professional malpractice, breach of contract, negligence, and negligent misrepresentation. From Courtroom View Network: Accounting giant KPMG heads to trial next week in Massachusetts state court in a malpractice lawsuit filed by Merrimack College […]

KPMG U.K. Gives Its Cost-Cutting Plan a Stupid Codename

If Adrienne and I decide to do a second annual Going Concern Green Eyeshade Awards or Something Like That for 2019, I think we’ve found a winner of the “Dumbest Codename From a Big 4 Firm” award. From the Financial Times: KPMG has drawn up plans to save £100m in costs in a profit-boosting exercise […]

Ex-PCAOBer Jeffrey Wada Gets Prison Time For Being a Blabbermouth In KPMG Scheme

Being passed up for a promotion can cause a person to do really dumb things in a fit of anger. For now-former PCAOB inspections leader Jeffrey Wada, the really dumb thing he did was illegally tip off executives at KPMG—not once but twice—about which KPMG audits the PCAOB would be reviewing so the firm could […]

Did Bands Play When KPMG U.K. Asked Employees to Hand Over Their Work Phones?

After Tabby Kinder of the Financial Times broke the story on Sept. 30 about KPMG U.K. taking back all the mobile phones that it had issued to hundreds of employees to cut costs, she shared a text on Twitter she got from an accountant that I found humorous because the accountant found the topic of […]

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Another One of the ‘KPMG 5’ Has Pleaded Guilty In PCAOB Scheme

David Britt is the latest former KPMG partner who has admitted guilt for participating in a scheme to steal confidential audit inspection information from the PCAOB. Britt, 56, who was a co-leader of KPMG’s Banking and Capital Markets Group, pleaded guilty to one count of conspiracy to commit wire fraud on Oct. 3. His trial […]

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KPMG U.K. Is Getting Stingy

Today is New Year’s Eve in KPMG’s Universe, as fiscal year 2020 begins tomorrow. We won’t know KPMG’s global revenue for FY 2019 until mid-December, and the Queen’s KPMG doesn’t release its profit and revenue numbers until early December, but based on all this pound-pinching going on, we can speculate that KPMG U.K.’s 2019 results […]

Layoff Watch ’19: A Bunch of KPMG U.K. Administrative Assistants Will Soon Have a Lot of Time on Their Hands

So sayeth the Financial Times: KPMG UK plans to make redundant about a third of its 630 administrative assistants in a wave of cost-cutting. Between 200 and 250 administrative support staff are expected to leave in the savings drive at the Big Four accounting firm. Those who are lucky enough to remain at the House […]

Mazars Poaches Someone From KPMG and Issues a Press Release, Part I

When Mazars USA isn’t getting subpoenaed for Donald Trump’s tax returns, it’s snagging people away from the Big 4, in particular, KPMG. Olga Blyweiss is one of the newest members of Club M, recently joining the firm as a tax partner in its Fort Washington, PA, office. In a previous life, Blyweiss was the managing […]

Ex-KPMG Partner David Middendorf Was Spared a Lengthy Prison Sentence

A second member of the “KPMG 5” will serve jail time for his involvement in an information-stealing scheme to cheat the PCAOB inspection process. David Middendorf, former national managing partner for audit quality and professional practice at KPMG, was sentenced this morning in Manhattan federal court to one year and one day in federal prison, […]

Ex-KPMG Partner’s Request to Have His Wire Fraud Conviction Thrown Out Gets Shot Down, Crashes, Burns

Welp, so much for that. David Middendorf, former national managing partner for audit quality and professional practice at KPMG, is scheduled to be sentenced in Manhattan federal court tomorrow, according to Law360, for his role in an information-stealing scheme in which PCAOB insiders fed KPMG executives secret plans on which of the Big 4 firm’s […]

KPMG U.K.’s WhatsApp Fiasco Claims Two More Partners

Let’s take a look and see how things are going in KPMG U.K.’s financial services consulting business now that two more partners are leaving the firm after their boss was fired last month over messages he apparently sent on WhatsApp: The KPMG financial services consulting practice is now “a bit of a disaster zone,” a […]

Ex-KPMG U.K. Partners Start Consulting Firm Devoid of Any Big 4 Bullsh*t

Remember Maggie Brereton and Ina Kjaer, the two KPMG U.K. partners who quit earlier this year because the firm protected a male partner who was accused of being a bully? Well, the two women have launched their own consulting firm that they say will be everything the Big 4 is not. The name of their […]

Meanwhile, In Canada: Rich Guys Are Still Fighting the Tax Man Over Their KPMG Offshore Tax Shelter

KPMG is in the news again this week, and again it’s for something they probably wish would go away. Now, I combed our extensive archive going back 10 years (read: spent five minutes Googling) and wasn’t able to find any coverage of this case save for an ANR link here and there, which means either […]

Let’s Speculate About Why Lynne Doughtie Is Leaving KPMG

When we got a tip Friday mid-morning that Lynne Doughtie had told KPMG U.S. staff in a video message that she wouldn’t seek another term as chairman and CEO, I wasn’t all that surprised. I figured she’d be one and done. Doughtie seems like a nice, hardworking, intelligent woman. I don’t think KPMG would have […]

Exclusive: Lynne Doughtie Is Not Seeking a Second Term as KPMG Chairman and CEO

Another Big 4 firm will soon have a new person residing in the corner office. First, Cathy Engelbert was not renominated late last year for a second four-year term as Deloitte CEO. She was succeeded by Joe Ucuzoglu and took over as the new commish of the WNBA. Then Mark Weinberger announced last December that […]

Ex-KPMG Partner’s Broker Probably Won’t Be Doing Any Insider Trading For a While

The last man standing in the KPMG insider trading case (the one not involving Scott London) has finally fallen. From the SEC: Today [Aug. 14], jurors in Atlanta federal court returned a verdict finding New Jersey securities broker Raymond J. Pirrello, Jr. liable for insider trading in advance of three merger and acquisition transactions. Pirrello […]

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It Looks Like KPMG Is Being Sued By Shareholders of CannTrust Holdings

A press release sent today by Toronto-based law firms Thornton Grout Finnigan and Rochon Genova caught our attention: Thornton Grout Finnigan LLP and Rochon Genova LLP have together commenced a class action in Ontario on behalf of shareholders of CannTrust Holdings Inc. who acquired their CannTrust common shares between October 1, 2018 up to and including July 8, 2019. The […]

WhatsApp, KPMG? U.K. Partner Given the Heave-Ho Over Messages He Sent

More hijinks going on at KPMG U.K., as reported yesterday by the Financial Times: KPMG has forced out the head of one of its core businesses in Britain after an investigation into his conduct involving messages sent on WhatsApp. Tim Howarth, head of financial services consulting at KPMG, is the third senior partner to be […]

Ex-KPMG Executive Director Who Was Major Player In PCAOB Cheating Scandal Sentenced to Eight Months In Jail

The first prison sentence was handed out today in Manhattan federal court to one of the five former KPMG executives indicted in a scheme to steal confidential audit inspection information from the PCAOB. Cynthia Holder, a former PCAOB inspections leader who later worked as an executive director at KPMG, was sentenced to eight months in […]

DHG Poaches Someone From KPMG and Issues a Press Release, Part I

It’s been quite the summer for Dixon Hughes Goodman. The firm promoted seven individuals who oozed out the most DHGness to the partnership in early June, joined some lame alliance with Mazars in July, and was recently named the 17th top accounting firm in the U.S. by both Accounting Today and INSIDE Public Accounting. The […]

Ex-KPMG Partner Will Be Giving the SEC a Bag Full of Money

We have an update on one of the members of Caleb’s fantasy KPMG insider trading golf team. From Law360: With a trial looming, a Georgia federal judge has granted approval of the U.S. Securities and Exchange Commission’s settlement with a former KPMG LLP partner accused of tipping off a stockbroker about the upcoming acquisitions of […]

Here’s Your Scorecard For KPMG U.K. Fines So Far In 2019

While I was vacationing in South Carolina last week, word officially came down from across the pond about the highly anticipated fine KPMG U.K. would be receiving from a Financial Reporting Council disciplinary tribunal for bungling reports on Bank of New York Mellon Corp. The tribunal let KPMG off the hook, deciding on a fine […]

KPMG: Where Former College Athletes Go to Die

And a two-time Winter Olympic gold medalist too. From the Wall Street Journal: Accounting firm KPMG hires 3,500 college students each year in the U.S., and although the firm doesn’t target or track specific sports in its hiring, James Powell, national partner in charge of campus recruiting, says that he’s noticed that baseball, softball, swimming and diving […]

What Price Wrong-Doing? Sanctions Against KPMG Are Complicated

“Sell in May and go away” was an investors’ adage invoked as vacation strategy in a more genteel era. Returns in the summer were said to lag the rest of the year—and in any event, that’s how brokers justified their holiday cottages on the eastern seaboard. This year the maxim has twice failed my attempt […]

Ex-KPMG Australia Senior Partner Avoids Prison For Being Too Stabby with a Campaign Volunteer

Even though he was convicted of two counts of common assault in court on July 4, former KPMG Australia partner Stavros “Steven” Economides was given a get-out-of-jail-free card. Economides, 62, who spent more than 30 years as a partner at KPMG, was sentenced to a 12-month good behavior bond after admitting to thrusting a corkscrew […]

Survey Finds That Nearly a Third of KPMG Employees Aren’t Surprised by Latest Cheating Scandal

In the competitive world of Big 4 recruiting, sometimes reputation is everything. Oh who are we kidding, the firms are all mostly the same — from work-life balance, pay, and even prestige — regardless of what PwC recruiters may tell you. At the end of the day, Big 4 firms are in a constant race […]