Category: Big 4

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

Let’s Speculate About: The Oddly Similar Logos of PwC and The Gap

Last month we learned about PwC’s new look to welcome that portrayed beauty and majesty of autumn. That and it reminded us something that Harry Pitfall might encounter if aliens landed.

Anyway, people have their opinions on the new look and Bob Moritz is okay with that as long as it doesn’t concern the color or shape.

The latest twist in this seemingly unending logo-mama drama was brough to our attention by a reader who saw an eery resemblance between PwC pwc’s new look at the new look of recently rebranded and ridiculed retailer The Gap.

Caleb,

Does is strike you as odd that soon after PWC changes their logo the GAP changes theirs to a similar style? Although Deloitte is currently GAP Inc. auditors, the company may be opinion shopping. Changing the company logo to look like their would be auditors’ is a surefire way to get the desired opinion.

This may be a total coincidence. However should GAP grab headlines in the style of the Universal Travel Group and hop over to PWC, at least now you won’t be surprised.

Our reader brings up an excellent point. We admit that the new logos aren’t identical but there’s more than a slight chance that they are brothers from another mother. So what’s the deal here? Maybe it is a coinky-dink. But then again, you would think that the cheap denim, khakis and plain t’s business would be thriving in this economy. If our reader is to be believed, Gap may be trying to find an auditor that’s willing to look the other way on [ideas on financial reporting chicanery are welcome]. And it just so happens that a certain professional service provider has also been recently taken some heat for their rebranding.

The only thing we can be sure of is that if Ernst & Young is serious about their makeover, they should resist the temptation to stick with squares.

Like we said, the motives here are not obvious and it’s imperative that we get to the bottom of this mystery, so that involves getting your ideas. Nothing is too crazy.

Will Ernst & Young Be the Next Firm to Get a Makeover?

[caption id="attachment_18945" align="alignright" width="150" caption="No more square?"][/caption]

It sounds like it!

Judging by the article over at Marketing Week ideas are being kicked around and since Audits the Emmys!” Perhaps, “Zitor works for us!” Or simply, “Our opinion indicated that Lehman’s financial statements for that year were fairly presented in accordance with GAAP!”

Even a more important questions – should they incorporate a mascot? Maybe an E&Y Phanatic? A live animal may do the trick. Or this.

Let’s hear some ideas.

Ernst & Young looks to stand out among “big four” [Marketing Week]

Jim Quigley Believes That ‘A Sustained Recovery Has Begun’

That’s what he told Fox Business Network anyway. He doesn’t stat it explicitly but Quigs is probably referring to his Big 4 and professional services brethren.


Not exactly sure why JQ thinks we aren’t headed for a double-dip after Team Jehovah gave the ‘fairly bad’ to ‘very bad’ outlook.

Is he still riding high on the biggest of the Big 4 news? Discuss.

PwC Partner Desperate for Courageous Pianist Has Prayers Answered

It was only yesterday that we learned about a PwC partner that was thrown a curve when their regular pianist up and cancelled for a Monday night fiesta. The partner, not wanting to disappoint/disgust his guests, challenged everyone he knew to find the stones to stand up and say, “Yes, I play piano and I am courageous and I will dazzle your guests and be ‘well fed’ in the process!”

Frankly, we had our doubts this would get pulled off. Fortunately for this partner and his guests, a small miracle occurred:

. . . and the answer is, we’re courageous and talented! I received quite a few offers from people willing to play or with ideas on friends or relatives who could possibly help us out. More importantly, we received a number of replies from people simply stating that they wish they could help out and that they wish they had maintained their piano studies. So, what should we make of this little episode in our lives here at PwC? First, it is a reminder that at PwC we act like family and help each other out.

Second, it is a reminder that we have many courageous people who are willing to step up to a challenge. In a later note, I will highlight some of the individuals who responded and volunteered. In today’s note, I simply want to highlight the contributions of Craig Wilderman, the individual chosen to play last night. Craig played beautifully despite the fact that he hasn’t been playing regularly in recent times. Craig displayed an ability to jump from music genre to music genre — he was actually quite impressive. Perhaps the final message I have for you today is that when you can steal a moment or two away, it is probably a good idea to rekindle old passions and hobbies. I believe that Craig found sharing his piano talent with us last night to be very personally rewarding as well.

First, how annoying would it be to read the emails from “people simply stating that they wish they could help out and that they wish they had maintained their piano studies.” Save it people. What you’re really saying is, “I can’t play a lick but I would if I could and I thought you should know that!” You’re wasting the man’s time. He needs talent, not your bullshit excuses about how you quit when you were a junior high.

But luckily there was a real hero in the mix. We did some snooping around and found a Craig Wilderman on LinkedIn who is in the vicinity but his keyboard talents are not anywhere on his profile. We felt confident that we had our man and we tried shooting him an email to get the scoop on 1) songs played – did he take requests? 2) the hottie situation 3) was he, in fact, “well fed” 4) what form the “external gratitude” has taken so far.

But the most important question for Craig is, is he considering leaving the confines of his cube to go on the road to provide his talents for other partners desperate for in-home talent at a modest charge? It sounds as though he could make a run at it but maybe he just needs some encouragement. We say, go for it Craig. We can’t bankroll you but are more than happy to provide moral support.

Deloitte Is Officially The Biggest of the Big 4, Says Deloitte

Figuring that it couldn’t trust any of its direct competitors to call this one, Deloitte announced today that it is officially the biggest of the Big 4.

Deloitte Touche Tohmatsu Limited (DTTL) is proud to announce that its member firms have risen to become the largest private professional services organization in the world for the first time in the organization’s history. With this milestone, Deloitte surpasses all competitors in the private professional services category to become the market leader based on revenue and headcount. As of the fiscal year ended 31 May 2010, Deloitte had aggregate member firm revenues of US$26.578 billion (US$26.6B) and employed approximately 170,000 people worldwide, including nearly 35 percent in priority markets.

Even though it’s against our natural inclination, we decided to fact check this little stat. Jumping over to PwC’s newly official rebranded site we added up the aggregated revenues by region to discover total revenues for P. Dubs of US$26.569 billion. That’s a difference of $9 million and some change. The proverbial photo finish.

As you can imagine, Jim Quigley and crew are pretty amped about the situation, even though this was never their goal:

“When Deloitte Haskins & Sells and Touche Ross & Co. merged in 1989 to form our modern organization, we were the smallest of what was then the Big Eight. Over the years, our goal was never to be the largest—we have always aimed to be the best, to be the standard of excellence,” said DTTL Global CEO Jim Quigley. “Deloitte professionals have pursued that goal by consistently delivering high-quality, world-class client service and demonstrating a strong focus on responsible business practices. Their commitment and dedication to living our values-based culture have transformed Deloitte into the world’s number one private professional services organization. This is a defining moment in our history.”

In other words, “Shucks, guys. We weren’t trying to be numero uno, it just kinda worked out that way. But DAMN, does it feel good or what?”

And this momentous occasion wouldn’t be complete with a little twist of the knife. Apparently Deloitte got so close that they ended up just wanting it more than the rest of the firms out there:

Over the years, Deloitte has consistently closed the gap and widened the lead among its major competitors. In fact, over the last five years, Deloitte was the fastest-growing private professional services organization based on total revenue among the Big Four. During the period from 2005-2009, Deloitte outgrew its peers by 2.7 to 3.3 percentage points annually. The organization has achieved its leadership position through a combination of organic growth, strategic acquisitions, a focus on quality, and bold investments in priority and emerging markets.

Of course it helps that the consulting business is still in-house but hey, no need to mention how the sausage is made, amiright? And who knows, PwC could always bounce back in FY2011 or maybe E&Y and KPMG will start courting each other again to create a super-firm. Okay, that last one is a stretch but we’re hoping for some surprises.

Deloitte ascends to become the largest private professional services organization worldwide [Deloitte]

Big 4 Firms Score Perfect on 2011 Corporate Equality Index

Yesterday The Human Rights Campaign Foundation released their Corporate Equality Index for 2011. If you’re not familiar with the survey, it “assesses American workplaces on lesbian, gay, bisexual and transgender equality.”

We’re happy to report that the Big 4 are perfectly gay friendly which probably surprises no one (or not?). The firms go to great lengths to be inclusive, especially in public eye and a ranking like the HRC’s is a perfect opportunity to call attention to their efforts.

This is the ninth year for the survey and its largest – with 844 companies being rated. Scores are determined based on the following criteria:

Criterion 1a Prohibits Discrimination Baation (15 points)

Criterion 1b Provides Diversity Training Covering Sexual Orientation (5 points)

Criterion 2a Prohibits Discrimination Based on Gender Identity or Expression (15 points)

Criterion 2b Provides Diversity Training Covering Gender Identity OR Has Supportive Gender Transition Guidelines (5 points)

Criterion 2c Offers Transgender-Inclusive Insurance Coverage for at Least One Type of Benefit (5 points)

Criterion 2c+ Offers Transgender-Inclusive Insurance Coverage, Including Surgical Procedures (4 )

Criterion 3a Offers Partner Health Insurance (15 points)

Criterion 3b Offers Partner Dental, Vision, COBRA and Dependent Coverage Benefits (5 points)

Criterion 3c Offers at Least Three Other “Soft” Benefits for Partners (5 points)

Criterion 4 Has Employer-Supported Employee Resource Group OR Firm-Wide Diversity Council (15 points) Would Support ERG if Employees Express Interest (half credit)

Criterion 5 Positively Engages the External LGBT Community (15 points)

Criterion 6 Responsible Citizenship Employers will have 15 points deducted from their score for a large-scale official or public anti-LGBT blemish on their recent records (-15 points)

Big 4 spin-off Accenture also scored a perfect 100 while Capgemini scored a 60, receiving no points for any of the #2 criteria or criterion 5. We took a quick glance through and didn’t notice any more accounting firms, although McGladrey parent H&R Block is on the list, scoring at 65, missing on criteria 2a, 2c and 5.

This seems like a pretty easy diversity win for most firms. Prohibiting discrimination is a piece of cake (enforcing it is another discussion) while providing training and benefits is simply good business. Likewise, if a company has an “employer-supported resource group” or “diversity council,” engaging the LGBT community should be a natural progression.

Where firms may get tripped up is the “Responsible Citizenship Employers” criterion. “[A] large-scale official or public anti-LGBT blemish” consists of the following:

Scores on this criterion are based on information that has come to HRC’s attention related to topics including but not limited to: undue influence by a significant shareholder calculated to undermine a business’s employment policies or practices related to its LGBT employees; directing corporate charitable contributions to organizations whose primary mission includes advocacy against LGBT equality; opposing shareholder resolutions reasonably aimed at encouraging the adoption of inclusive workplace policies; revoking inclusive LGBT policies or practices; or engaging in proven practices that are contrary to the business’s written LGBT employment policies.

While it isn’t likely that any firm would fall victim to this, law firm Foley & Lardner was dinged for representing clients that opposed gay marriage even though they provided many services to many LGBT causes.

As much as we don’t like it, bigoted, well-funded nonprofits need professional services and they pay accounting firms lots of money to provide them with services. As of now, the HRC doesn’t seem to be holding that against professional services firms but this is a divisive issue, not matter how you slice it. And until total equality is achieved, the HRC will likely keep a close eye on companies that assist groups it opposes.

Workplace Equality Takes Center Stage with Record Number of Companies Rated in HRC’s 2011 Corporate Equality Index [HRC]

Decision Time for One Recruit: Deloitte or KPMG?

Returning again with another edition of accounting career therapy, a recruit has two offers – one from Deloitte, one from KPMG. Rather than speak to their friends, family or flip a coin, they emailed us.

Need help making your next career move? Been taking a beating at work and need inspired? Need help deciding if you’re too hot for accounting? Send us your query (and pictures) to advice@goingconcern.com and we’ll be happy to help/judge.

I have an offer from Deloitte and KPMG. Where I reside, the local Deloitte is almost twice as large than the local KPMG, but is also known to work longer hours. Of course, rankings will say that Deloitte is better than KPMG and seemingly pays more according to my research done on this very site. I don’t want to seem shallow, but I am at the moment. Should I go for the money/prestigious name or the shorter hours?

On a side note, I’m honestly only looking to a 5- to 6-year plan in public accounting (hopefully to make manager). With that in mind, what route would you take between Deloitte and KPMG?


Ahhh, the firm versus firm debate. One of the oldest and stupidest to be had. But it’s fun, so let’s indulge, shall we?

Regardless of the back and forth you might read in the comments, judging the firms collectively is a waste of time. There are “good offices” and “bad offices” at each firm. How you choose to define “good” and “bad” is up to you but it sounds like you’ve painted yourself into a corner, saying “Big prestigious firm = good,” “Money = good” and “Long working hours = bad.” Choosing a firm based on this perception is futile exercise. The difference in money won’t be life changing and “shorter hours” probably won’t feel shorter. Trust us.

And you know who agrees with us? DWB.

Clearly in this situation, the KPMG recruiters did a better job managing (i.e. bullshitting) the “long hours” argument. Long hours are a simple fact of life. Unless you want to work at the Post Office, you’ll be hard pressed to find 9a-6p. Also, remember that regardless of where you start your career you will find yourself at the bottom of the food chain. Welcome to the Big 4, kid.

Try this on for size – forget money, prestige and long hours. What about – gasp – choosing the firm that seems like the best fit for you? Did you like the Deloitte people or were they snooty two-shoes? Did the KPMG people seem like a fun bunch or were they all work and no play, thus a bunch of dull mofos? You’re going to have to work with these people EVERY. SINGLE. DAY. And many nights. And weekends. Do you want to be around people that you think you’ll enjoy working with or that you’ll consider suffocating with pillow or poisoning their late-night food?

With that in mind, make your choice. Hell, maybe it won’t be either firm but forget about money, perception and hours. If that’s your measuring stick for choosing a firm, then you may have bigger issues on your hands.

PwC Partner, Not Wanting to Disappoint Guests, Has Open Call for Courageous Pianist

When you become a partner at a Big 4 firm, there are many unexpected challenges that you will face. You may have a trusted senior manager quit in the middle of busy season. You may discover that someone who you thought was your best friend is actually primo inventory from the jerk store. And if you’re really unlucky, you may get bombed at a happy hour (allegedly!), then slug a couple people (allegedly!), kiss a couple more (allegedly!), not remember a thing, claim that you were roofied and have a stranger call you up out of the blue and ask you about it.

Anyway, we’ve been informed of another bitch of a situation that can arise when you become partner – when the entertainment for your little soiree cancels on you at the last minute:

From: [redacted]
To:
Cc: [redacted]
Date: 10/04/2010 01:24 PM
Subject: Are you courageous or just talented?

All —

I am having an event at my home tonight and my normal pianist has canceled on short notice. This is a test of the courage of you as a group of people.

I know someone is out there in our midst who in their spare time is a really good pianist. I would be eternally thankful if those of you to whom this note applies, would volunteer to help me out tonight. I know we hire people with many talents — the question is — do you have the courage to display them? The event is from 6:00 – 9:00 PM in McLean. You will be well fed. If you are interested, please contact [redacted]. Hopefully we’ll get more than one taker, and we will figure out who we should use.

The fact of the matter is, my event this evening will survive the lack of a pianist. What I am really trying to figure out is what we as a people at pwc [Ed. note: nice usage of the low caps!] are made of.

Thank you,

Jesus. Talk about a conundrum. And since Big 4 partners don’t pull down the kind of dough that could afford them a short-notice call to Elton, Harry Connick, Jr., or even a cheap Liberace impersonator, throwing a line out into the employee talent pool was the only option this partner had.

Unfortunately, since this opportunity was on such short notice, anyone with the necessary skills that is now just learning about it is SOL. With any luck however, you can volunteer your services as a solid pinch-hitter for future reference. God knows how that comes in handy.

Presumably you don’t have to be the next Mozart but if you can pull off some singalongs such as “Piano Man,” “Friends in Low Places,” and “Sweet Caroline” that will go a long way to nailing down that “eternal” gratitude (for a future event of course).

Official New PwC Logo Launch Day: What Are You Doing with Your Old Business Cards?

Just in case you forgot gang, today is the official launch date for PwC’s new brand and logo. Despite the fact that everyone knew about this weeks ago, early October seems like the perfect time to remind people of how lovely it is to play Pong amongst the fall foliage, .

The other significant event of this day also reminds us of trees but not in a good way. You’ll remember that Bob Moritz stated in his FAQ (that don’t address color or shapes) that today would mark the day that new stationary would be put into use. This means that metric asstons of old PwC stationary, business cards, pens, tchotchkes, undies and so forth would be rendered completely useless.


This is especially awkward since P. Dubs just got done slapping themselves on the back for getting greener faster than a Whole Foods employee at sustainable living festival.

It’s entirely possible that the firm has undertaken various ideas to stem the amount of waste such as:

1) Encouraging everyone to use letterhead en masse running up to the logo launch
2) Having yard sales at offices nationwide to cut losses
3) They’re talking to the Met about a major donation to a future “Historical Corporate Crap” exhibition.

OR maybe they’re just having a giant weenie roast followed by s’mores for dessert (which we admit, would be pretty fun). If you’re engaging in a ritual of some sort and feel compelled to document the event, do get it touch with us and enjoy your fresh business cards.

Earlier:
Just in Case You Didn’t Think the PwC Rebranding Was Actually Happening

More KPMG Comp News: For Some In Chicago, Expectations Are More or Less Met

Some of you may have heard enough KPMG compensation news but judging by traffic patterns, most of you have not. And reports are still coming in, so it’d be a disservice to keep you in the dark.

The latest news out of Chicago:

This info is for Chicago, Audit. Most of us had our talks Thursday or Friday, however I hear that some are still continuing into Monday.

A2 to SA1, SP+ rating, received 10% raise and 2% bonus. Same level, EP rating, received 13% raise and 5% bonus. I am also finding out that SP vs. SP+ has no difference at all. This is based on a salary of $56,000 which was our original starting salary (also included a $5000 sign on bonus) as we received no raise last year. This is pretty much in line with what the now S2’s received over the past couple years, as they got 5% raise after their first year and 5% raise for being promoted to senior last year when everyone’s salaries “stayed flat” as my partner put it. What I would really like to know is what A1’s to A2’s received, as last year they had the same starting salary and bonus as what I began with, so they were essentially making more than A2’s for an entire year due to the bonus.

SA 2 to SA3, EP rating, 8% raise and 5% bonus. My managers also don’t seem to excited, but I obviously did not ask them what their actual numbers are.

I believe everyone on my team feels this is what they expected raise wise, but are rather disappointed with the bonuses. Some additional information, raise numbers are consistent across all business units within the office.

It’s also our understanding that convos are still going on in New York this week, so continue to keep us updated.