Category: Big 4

If it happens at a Big 4 accounting firm, we’re talking about it here.

Rumor of the Day: KPMG Freezes Hiring of Support Professionals

Earlier this week, we were tipped off about a hiring freeze of Client Service Support (“CSS”) professionals at KPMG. Our tipster also indicated that a “major reorg” was happening but did not elaborate. For those not hip to the House of Klynveld vernacular, this is your HR, Marketing, Ops, IT, Admins, et al. Regardless of their overhead status, they make your lives infinitely better. But for now, it sounds like the doors to any newbies is closed.


This rumor was confirmed by another source who simply “heard there was [a freeze in place]” but had no details. If you’re in the know, please email us. Emails to KPMG’s communications team were not immediately returned, most likely because they were immediately deleted (that is speculation on my part).

SO! Since we don’t have much to go on, we’ll take this opportunity to present some theories:

1. The response to the Early Career Investment Bonus program has been better than anticipated and there is concern that there won’t be enough money to pay these all-of-a-sudden loyal employees. Accordingly, “the help” won’t be getting any additional resources.

2. Settlement negotiations have begun in the sex discrimination lawsuit and things are not looking good.

3. John Veihmeyer is just toying with everyone because “This is Notre Dame’s year,” and plans to lift the freeze after the Irish win their first game.

4. Two words: Omaha Steaks.

5. Your ideas.

Big 4 Senior Wants to Know If Her Family Planning Scheme Is Crazy

Ed. note: Are you in the middle of a career conundrum that could use some third-rate advice? Email us at advice@goingconcern.com and we just surprise you with some sensibility.

Hi!

I work in audit at a Big Four firm in Europe. I’m starting my second senior year and I’ve received good evaluations so far (B+ on my first year,
and then A’s on my second and third years). I love the job, but I know I won’t stay forever (too many long nights, plus I just don’t think
I’d like to be manager). I’m 25, I’ve been married for 2 years and I want kids. I want to start trying, keep working through pregnancy, take the usual time off after birth (paid by government), and return to work part-time. Then after some time I’d probably look for a job elsewhere to work full time (but not Big Four hours).

I haven’t heard of anyone being pregnant during their senior years. How crazy is my plan? Will my senior manager have a heart attack when
I tell him I’m pregnant? Should I wait to try to get pregnant and look for another job with more normal hours?

Thank you!

Hi Europe,

Greetings from across the pond. I’ll do my best to help with your questions, but seeing that I am neither a) pregnant nor b) part of the busy season cycle, I hope the GC.com community can pitch in their own advice. My advice is based on a combination of what I’ve seen here in New York, my general knowledge of Big 4 firms, and what I think (or hope) is common sense.

EU: I haven’t heard of anyone being pregnant during their senior years. How crazy is my plan? Will my senior manager have a heart attack when I tell him I’m pregnant?

DWB: The timing of your pregnancy and pending childbirth will determine how your senior manager takes the news. Generally speaking (again, from what I see here in the States), it’s better from a career move perspective to be pregnant during busy season than to give birth and be out of the office during final reviews, sign-off’s, etc. So, conceiving in the next few months shouldn’t pose too much of an issue.

Let’s say your nine month clock kicks off in October; you’re looking at a July baby. Like the rest of your life, working through busy season will require an adjustment on your part and open communication with your team will be essential. Summer babies are a very common and oftentimes planned with busy season in mind.

EU: Should I wait to try to get pregnant and look for another job with more normal hours?

This question contradicts with what you said earlier in your email, so I’m going to say stay where you are for now. You’re doing well at your firm, and your job there might even act as a rock as you transition into parenthood. I suggest taking advantage of the support groups your firm has in place, and seek out the advice of senior employees who balance work and parenting already.

Good luck with starting your family! GC’ers – what kind of advice can you provide to our hopeful accountant-and-mother-to-be?

PwC, Crowe Horwath Sued for Colonial Bank Failure

Ed. note: Our permanently ink-stained wench is still struggling with Internet connectivity after a small storm swept through the DC area, so we now present the following post that is republished with permission from Jr. Deputy Accountant.

A-ha! I hate to say I told you so (no I don’t) but, uh, I told you so.

In August of 2009, I caught PwC digging around on my site to find out more about the Colonial Bank failure, a failure which PwC itself oversaw and maybe just participated in (if indirectly, naturally). The year before Colonial’s epic failure, PwC auditors gave the bank the all clear.

“In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of The Colonial BancGroup, Inc. and its subsidiaries at December 31, 2008 and 2007 and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2008 in conformity with accounting principles generally accepted in the United States of America,” read the opinion.

Anyway, fast-forward two years and here we are:

Colonial Bancgroup Inc (CBCDQ.PK) and its trustee filed a lawsuit against former auditors PricewaterhouseCoopers LLC and Crowe Horwath LLP, charging them with accounting malpractice and professional negligence for not catching a fraud that led to the bank’s collapse.

The complaint was filed late on Wednesday in a Circuit Court in Montgomery County, Alabama.

It also accuses the auditors of breach of contract, saying that PwC’s independent audits of its financial statements violated generally accepted accounting standards and served to conceal the seven-year fraud that drained it of $1.8 billion and left it with hundreds of millions of dollars in worthless or nonexistent assets on its balance sheet.

Can someone please tell me why the PCAOB still has a job with this nonsense going on? Furthermore, why does PwC make $13 billion a year soaking its clients with audit fees? And why aren’t the people of the United States suing the shit out of these auditors too? Colonial was the 6th largest bank failure in U.S. history and cost taxpayers $3.8 billion.

Anyone else find it funny how they call the audit service arm “Assurance”? It has nothing to do with discovering fraud or giving investors actual peace of mind that the statements they are looking at are, in fact, prepared in accordance with GAAP. Rather it is a mafia-style pay-to-play protection ring that offers clean audit opinions in exchange for cash.

Vomit. All over Dennis Nally’s impeccably polished wingtips.

Ernst & Young Still ‘Flawlessly’ Tabulating Those Emmy Awards Ballots

For the past 23 years, Primetime Emmy® Award winners have remained television’s best-kept secret thanks to the efforts of Ernst & Young LLP, part of the global Ernst & Young organization that is a leader in assurance, tax, transaction, advisory services and strategic growth markets. “We are extremely proud to be continuing what has become a 23-year tradition for Ernst & Young by maintaining the integrity of the Emmy® Awards tabulation process and the accuracy of the results,” said Andy Sale, Ernst & Young LLP, lead partner for the 2011 Emmy® Awards engagement. “The Emmy® Awards have a far-reaching impact on the television industry and it is critical that the balloting and tabulation process be implemented flawlessly.” [E&Y]

Hurricane Irene Watch: PwC Encourages Employees to Prepare to Work By Candlelight

Directly from 300 Madison:

Caleb,

This is a ridiculous email, see below, that we received [Thursday] regarding the hurricane. I work at 300 Madison Ave and thought this was hilarious. Note how we are supposed to buy candles in case the power goes out but we also need to bring our laptops home so we can work from home on Monday. Sorry P Dubb but if I need plywood to protect my apt from hurricane winds, the client should understand why my deliverable is a day or two late.

Also, during the winter we constantly get emails informing us that the office ONLY closes if the governor declares a state of emergency. According to this article, Cuomo already did that but good ol’ [Metro Region Managing Partner] Brendan Dougher hasn’t sent me an email telling me to stay home.

Here’s the communiqué:

Hurricane Irene

Unfortunately it appears that hurricane Irene will make for a challenging weekend for our area and we wanted to share the following information and guidance with you. As always, the firm’s first priority is the safety and well being of its people.

US Security is in regular contact with a private weather service and will track the storm over the weekend and remain in contact with our local team. When you leave the office today and tomorrow, take your laptop with you as you may need to work from home on Monday. Please secure all work-papers and confidential information in a locked drawer, filing cabinet or in the Records Center. Depending on the damage and disruptions from the storm, we may need to adjust our office hours on Monday. Please check your e-mail or voicemail early Monday morning to obtain the latest information on the status of the office.

Actions Required

Update your personal and emergency contact information with your profile on myKcurve; this information is critical for our Crisis Assessment Team who may need to locate you after a disruptive event

Program the Emergency Hotline number [redacted] into your cellular phone and also provide the number to your family and other emergency contacts that may need to inquire about your safety and well being

Respond to any e-mails or voice messages from the Crisis Assessment Team or office contacts attempting to locate you after an event

Check your voice messages. Office announcements and crisis guidance may be shared with you through this medium

Secure all client or confidential information in a locked drawer, filing cabinet, or the Records Center before departing from work

Take your laptop and essential peripherals home with you.

Guidance to Consider at Home

Have candles and/or battery operated lighting readily available; hurricanes typically result in power outages

Have a battery powered radio available to receive weather reports and evacuation advisories

Stock food supplies that do not require cooking

Stock 2-3 days of water; one gallon per person per day

Purchase a First Aid Kit for the appropriate number of members in your home; consider liquid soap that does not require water

Identify a secure location in the home away from windows where you can locate during the storm; consider storing blankets in this area

Have plywood or shutters ready to cover windows

Remove all objects in your yard that are not secured or could be damaged by the wind

Be prepared for flooding and heavy rains

One of the best preparedness items is to stay informed. Follow news reports and read office communications. Many websites also provide comprehensive coverage and are a great resource for all of us. Should you have any questions or concerns, please contact security@us.pwc.com or call the Emergency Hotline.

So while the rest of Manhattan is bailing itself out by bucket, be sure you’ve taken the necessary precautions to hit the ground running on Monday. And take it easy on the weekend. If the electricity is out, you’ll need plenty of battery to get through the day.

Hurricane Irene Watch: Deloitte Edition

As you may have heard, there’s a bit of a storm coming to the east coast. Since the DC area got the brunt of the earthquake, those in charge of the weather figured the Northeast got a bit short-changed in the natural disaster department. As is typical in these situations, firm leadership sends out some talking points to make sure everyone knows what to do in case worst happens (e.g. client are unable to pay, FOBs stop working). Deloitte’s message came out late yesterday and our tipster was not impressed:

Here’s our token disaster update from Uncle D. Not even one reference to being careful and staying safe??? Our disaster plans include taking work home with us and backing up our laptops in case we’re killed. That’s a new low, even for the Big 4.

Northeast Update

Hurricane Irene

To all Northeast professionals:

As you are likely aware, Hurricane Irene is gaining momentum and officials have issued watches for the Northeast area starting on Saturday, August 27.

This email contains important information for you to do and consider:

· While our office is currently scheduled to be open on Monday, use your own judgment regarding your personal safety and coordinate with your direct Supervisor or Manager to advise them of your plans.

· Take your laptop, related accessories, and any files that you may need home with you.

· Be sure to complete a back-up on your laptop prior to the weekend in case of any power outages.

· If you are in an office with a window, clear all articles from the window ledge and remove any boxes from the floor.

· If you are using an airport in the region, check your flight status before leaving for the airport. The Deloitte Travel Center [redacted] can help with any necessary re-scheduling.

· For ideas on making a family plan, visit Ready America, and go to the National Hurricane Center website for detailed storm updates.

We will continue to monitor the storm and its path over this weekend. If there is a change to our office’s status, we will issue an email before 6:00 a.m. Monday morning with further instructions.

Stay safe,

[redacted]
Northeast Regional Operations Leader

Well, “Stay safe” as a valediction could be understood as “be careful/be safe” but our tipster sure didn’t take it that way. If you find your firm’s Irene information email to be hysterical, indifferent or if your firm seems to be blowing the whole thing off, we’d love to see it. Send it our way.

All of the Big 4 Land on This Year’s Vault Consulting 50 List (2012)

Back with more lists that include your favorite accounting firm. Today’s edition is the Vault Consulting 50. Mostly this list consists of firms that you wish you could work for but you can’t because you either have no pedigree or are dumber than a sack of hammers. That said, all the Big 4 are represented with Deloitte Consulting breaking into the top 5 (2011 ranking in parenthesis):

1 (1) Bain & Co.
2 (3) McKinsey
3 (2) Boston Consulting Group
4 (6) Deloitte Consulting
5 (25) Monitor Group


6 (8) A.T. Kearney
7 (7) Oliver Wyman
8 (5) The Cambridge Group
9 (4) Analysis Group, Inc.
10 (16) Booz & Company

This is a pretty fun list mostly because there was a lot of jumping around by the firms (*ahem* Monitor Group, where did you come from?). Other notables that you’re probably curious about include:

11 (32) Accenture
12 (13) PwC
21 (19) PRTM (who PwC just purchased)
36 (44) Navigant Consulting
42 (45) Capgemini
45 (42) FTI Consulting
47 (NR) Ernst & Young
50 (NR) KPMG

Jump over to the full list if you’re interested to see the rest of the Top 50 and here’s Vault’s methodology for those curious about that sort of thing.

Vault Consulting 50 [Vault]
Last year’s coverage:
Big 4 Have Big Presence on Vault’s Prestige List, Less So in Top 50

Today in Spineless Audit Committees: Morris Publishing

As we’re all aware, the Audit Committee is supposed to be one of the key tools in corporate governance. If management is messing around with financial reporting, disclosures or there’s trouble with the auditors, the audit committee should be all over it like stink on a monkey. The audit committee also is in charge of appointing/firing the auditors to prevent management from throwing out auditors who tell them things that they don’t like.

Apparently this is not the case with Atlanta-based Morris Publishing. In a recent 8-K, the company explained that they fired Deloitte and more or less admitted that their audit commorthless:

Dismissal of Auditor.

On August 17, 2011, Morris Publishing Group, LLC (“Morris Publishing”, “we”, “our”, “us”) dismissed Deloitte & Touche LLP (“D&T”) as its independent registered public accounting firm.

The decision to allow our management, at its discretion, to change auditors had been unanimously approved by our Board of Directors and its Audit Committee on July 18, 2011. [this is my emphasis]

The audit reports of D&T on our consolidated financial statements as of and for the years ended December 31, 2010 and December 31, 2009, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles, except:

(A) The audit report as of and for the year ended December 31, 2009 included the statements, “As discussed in Note 6 to the consolidated financial statements, on January 19, 2010 the Company filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. On February 17, 2010 the Bankruptcy Court entered an order confirming the plan of reorganization which became effective after the close of business on March 1, 2010.”

(B) The audit report as of and for the year ended December 31, 2010 included the statement, “As discussed in Note 10 to the financial statements, the accompanying 2009 financial statements have been restated to correct a misstatement.”

During the two fiscal years ended December 31, 2010 and December 31, 2009, and during the subsequent interim periods through June 30, 2011, there were no (1) disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to the satisfaction of D&T would have caused D&T to make reference in connection with their report to the subject matter of the disagreement, or (2) “reportable events” as defined in Item 304(a)(1)(v) of Regulation S-K; except as follows:

(A) We reported in April 2011 that management discovered errors in the accounting treatment for debt extinquishment such that our financial statements as of and for the year ended December 31, 2009, and the interim periods ended March 31, 2010, June 30, 2010 and September 30, 2010, should no longer be relied upon, and that the correction of these errors will be reflected within our Form 10-K for 2010 and subsequently filed interim reports; and

(B) as reported in our Form 10-K for the year ended December 31, 2010, we identified a material weakness in our internal control over financial reporting with respect to the operational effectiveness of controls in the area of accounting for complex non-recurring transactions. As a result of this material weakness, we concluded that our disclosure controls and procedures were not effective as of December 31, 2010.

We provided D&T with a copy of this Current Report on Form 8-K, and requested that D&T furnish us with a letter addressed to the Securities and Exchange Commission stating whether D&T agrees with our statements made in response to the disclosures required by Item 304(a)(3) of Regulation S-K. We subsequently received the requested letter, and a copy of such letter is filed as Exhibit16.1 to this Current Report on Form 8-K.

So it appears that Morris Publishing is definitely one of those clients. The kind that makes you wish that you had chosen a career that’s less likely to make you want to jump out of a window. Anyway, the aforementioned letter from Deloitte states the following:

We have read Item 4 of Morris Publishing Group LLC’s Form 8-K dated August 16, 2011, and we have the following comments:

1. We agree with the statements made in paragraphs 1 and 3 through 12.

2. We have no basis on which to agree or disagree with the statement made in paragraph 2.

In other words, Deloitte is saying, “Yes, we agree that your financial reporting is a mess and that your internal controls are awful. And if you want to admit that your audit committee is a bunch of lackeys for management, we’re not going to stop you.”

8-K [SEC]
Deloitte Letter [SEC]

Tax Intern Wants to Know What Job Opportunities Exist After a Three Year Stretch at a Big 4 Firm

Ed. note: Willing to take some advice from three strangers and peanut gallery full of overworked, underpaid paper pushers (aka spreadsheet jockeys)? Email us at advice@goingconcern.com with your problems.

Hi!

First I just want to say that this website made all the down time during my Big 4 internship bearable!! Seriously, there are no words to express my gratitude!

I’ve learned a lot from your site, and I’m kinda hoping you can give me some advice…

Right now I have a full time job offer in Tax, but lately I’ve been questioning if this is the right move for me.

Honestly, I don’t think I can handle more than 3 years of public accounting, so I was wondering what job opportunities there are in the private sector for tax professionals with only two to three years of public accounting experience? (I feel like the focus is usually on audit, so I’m finding I don’t really know a lot about the tax world outside of the Big 4).

Also, I would eventually love to work for a nonprofit…would I have better luck at finding a job in this sector with an audit or advisory background, as opposed to tax?

Thanks a million!!!!

Clueless

Dear Clueless,

Thanks for stopping by GC this summer and squeezing us into your “busy” internship days. (Shameless plug – remember to talk about this site when you return to campus this fall. We’ll be talking about recruiting on a regular basis).

Let’s assume that you are going to accept the offer for Big 4 tax. Maybe you have an MS in tax. Maybe there are not any audit positions available for campus hires. Maybe you have a crush on the lead engagement partner. Not my biz. Whatever your situation, you should be focusing on making yourself as merlo-rounded as marketable as possible. A few ideas:

1) CPA – Not even a question. Get it done immediately.

2) Request an audit rotation – As you experienced this summer, there are times when things get a bit slow for tax professionals. Request short term rotations into audit where you can receive additional exposure. This will be marginally easier to do if your CPA is already completed.

3) Seek out non-profit clients – It does not matter if your experience is on the audit or tax side; the goal here is to receive client exposure for a look at the culture/business model/workplace environment at some of your local NFP’s.

4) Volunteer – If NFP clients are not an option, try to find time in your schedule to volunteer. Like any new job possibility, you should research what life is like at a non-profit before jumping into the career move.

As for private sector jobs, with 2-3 years tax experience you’ll have little trouble, as many businesses are trying to do more tax work in-house as opposed to contracting it out to their CPAs. I’d encourage you to stick it out until Senior Associate if you can, since this will give you ample opportunities outside the firm (and maybe a nice get-away). Good luck.

GCers – your thoughts?

Today in Sketchy Chinese Company News: Ernst & Young Suspends Audit of Zungui Haixi

It’s been quite the year for the Chinese-based, reverse-merger clients of accounting firms. There have been curious press releases, audit workpapers held hostage, and the run-of-the-mill blowing off of auditor recommendations among other things. With all that, you probably figured the fun was over.

Not so! The latest in China-doesn’t-really-know-what-the-hell-it’s-doing news is the report that Ernst & Young has walked out on Zungui Haixi, an athletic footwear and apparel company listed in Canada. Why? Well, it’s not really clear but it sounds like Zungui has some explaining to do:

Zungui said auditor Ernst & Young LLP has advised its board that its has suspended its audit for the year ended June 30, 2011, until the company “clarifies and substantiates its position with respect to issues pertaining to the current and prior year”.

Ernst & Young recommended that the issues identified be addressed by an independent investigation, the company said in a brief statement that did not provide any details on the issues.

As we all know, “issues” could be just about anything from missing cash, to a CFO resigning. Hopefully it’s nothing quite so serious and the crack squad of investigators assigned to the task will get to the bottom of it and not wait for Roddy Boyd to pick it up.

Zungui Haixi shares tumble after E&Y suspends audit [Reuters]

Let’s Congratulate the New Deloitte Partners and Directors

Perhaps it’s no accident that Joe Echevarria’s Q&A dropped in the Journal today because we also had the good fortune to have the list of new partners and directors forwarded to us earlier today. We still waiting for confirmation of the details from various Deloitte PR folks so we won’t give you names but we’re sharing a number of cities and practices after the jump.

Altogether there are 144 new partners and 190 new directors for fiscal year 2012. These numbers vary a little bit with our first report of the new partner numbers from a few weeks back. In that post, our tipster informed us that had there were 146 partners and 180 directors. These differences, for our purposes, are deemed immaterial, although we’re sure anyone directly affected would disagree.

Partners

AERS: 55 Total. Cities with the largest numbers of promotees: New York – 12; Chicago – 4; Wilton, CT – 4; Los Angeles – 3; Dallas – 3; San Francisco – 2; Orange County -2.

Consulting: 48 Total. Big winners: Atlanta – 5; Chicago 5; San Francisco – 5; Los Angeles – 4; New York – 3; Orange County – 3; Kansas City – 3; Boston – 3; Arlington – 3.

FAS: Six total: New York – 3; Dallas – 2; Los Angeles – 1.

Tax: 32 Total: New York – 6; Chicago – 5; Houston – 3; Washington – 3; Atlanta – 2.

USA: Three total: Atlanta, Washington and New York each had one.

Directors

AERS: 56 total. Show-off cities: New York – 14; San Francisco – 3; Cleveland – 3; Salt Lake City – 2; Princeton – 2; Philadelphia – 2; Parsippany – 2; McLean – 2; Chicago – 2.

Clients & Industries: Six total: New York – 3; Philadelphia, Charlotte and San Francisco all had one.

Consulting: 53 total. Notables: San Francisco – 6; Chicago – 6; New York – 5; Atlanta – 3; Boston – 3; Minneapolis – 3; McLean – 3; Washington – 3.

FAS: Four total – Washington 2; New York and Chicago – 1.

Field Operations: Two – Atlanta and Hyderbad

Finance: A pair in Hermitage, TN.

Markets & Offerings: Two in Chicago and nine cities with one each.

Other Shared Services: One lonely soul in Wilton, CT.

PR/Communications: One in New York and one in Wilton.

Research/Innovation: Hermitage and Wilton with one each.

Strategy, Brand and Innovation: One happy camper in Los Angeles.

Talent: One each for Chicago, Parsippany, Boston and Indianapolis.

Tax: 38 total: Chicago – 7; New York – 5; San Francisco – 4; Atlanta – 2; Boston – 2; Los Angeles – 2; Philadelphia – 2.

Tech: One each for New York, Camp Hill, PA and Hyderbad

USA: One soul in Stamford, Rosslyn, Arlington, Richmond and Wilton.

So congratulations to all the new partners and directors. Leave them some well wishes in the comments. The only question now is, which one of these rainmakers is buying Joe’s house?

Deloitte CEO Joe Echevarria Has Been Listening to a Lot of Bellyaching

The Wall St. Journal published a little Q&A with Deloitte CEO Joe Echevarria today to get an idea of what’s been going on since he took the reins as the head of the U.S. firm. It’s been nearly 100 days since JoeE got the nod and the flaks at Deloitte probably felt as though it was as good of a time as ever to roll out their new man.

Oddly enough, it’s been about 30 days since we told you that JE’s Westchester home was up for sale and since none of you cheapskates have bothered to help him out, this gives us the opportunity to remind you that it’s still up for grabs.

Anyway, this Q&A. It’s about what you might expect – but we’ll try to jazz it up for you.

For starters, did you know Joe worked at gas station in the Bronx? Yes, he’s already tougher than you’ll ever be. But while he was washing windows and filling up the locals, he noticed that the accountant didn’t seem to do diddly squat and made WAY more money than he did:

What stood out to me was I worked all day and I was making whatever minimum wage was at the time. The accountant came into the gas station once a month, did something, and walked out with a lot more money than I made in a week.

Back when Joe started at the firm, things were a lot different. For example: email. What is this fancy crap?:

I started at Haskins & Sells, the predecessor to Deloitte. I started in the audit practice. All the tasks were hierarchical in those days, so you had to work your way up. We weren’t in an environment where everything is electronic. We had to get mail. It didn’t just come over some laptop.

In his first 100 days, what’s been Joe’s biggest accomplishment? Making important leadership appointments? Overseeing the consolidation of regions? Nope. Listening to partner complaints:

One of the goals we’re beginning to accomplish is having a conversation. We opened up a communication vehicle with our partners and our directors that I call Social CEO. It gets the partners to engage, open dialogue, ask survey questions and ask questions of me or others. I get every comment.

How about this economy? We might be looking at a double-dip which could have some Green Dotties a little worried. But have no fear, Joe & Co. are all over it:

Once upon a time there was a view that there would be a rebound. I would say now the probabilities of a rebound are diminishing and the probability of a double dip is increasing. We have a set of plans that we would undertake for any of those scenarios. This isn’t new for us.

And if those plans don’t go as they should, there won’t be too many sad faces:

The first thing is we look at the costs that we incur and how much ahead we’re hiring. Maybe 18,000 [new hires] becomes 17,000.

See? No cause for concern.

For Deloitte CEO, Hard Economic Times Are Nothing New [WSJ]