The UK’s annoying hot crush on PwC continues as the firm has won the The Times High Fliers Top Graduate Employer of the year award.
This is the sixth year in a row that P. Dubs has won this award. They were also named top accountancy firm for the tenth year in row and won the top finance company award this year, the first time an accounting firm has won the award.
We know it’s a little late on a Friday to be asking our UK friends to participate but we’d really like to know how P. Dubs manages to win all these awards.
The vote early, vote often mantra immediately comes to mind but is it legitimately possible that PwC is really the best place to work in the UK year after year? Whatever the case may be, it’s just annoying.
If you’ve done some time across the pond and have stories of Google-esque cafeterias, rub n’ tugs, puppies for everyone and the such, let us know, otherwise, debunk.
PwC voted best place for graduates [Accountancy Age]
Category: Big 4
If it happens at a Big 4 accounting firm, we’re talking about it here.
Rumor of Morning: KPMG Layoffs September Edition
This isn’t how Klynveldians probably want to start their Friday but we’ve received a tip that conference rooms have already been reserved by HR for all of next Tuesday at the Radio Station in Kansas City.
If you’re throwing a birthday party that day, let us know, otherwise discuss.
Rumor of the Day: E&Y Considering Coal in Your Stocking
Possibly following the Radio Station’s lead, E&Y’s New York office is giving consideration to ix-nay on the Holiday Party-nay.
This really makes sense since 5 Times Square is in the middle of all the action, everyone can go to TGI Friday’s instead. Separate checks of course.
E&Y did not immediately reply to our request for comment.
(UPDATE) Rumor Mill: KPMG Making Pay Freeze Announcement?
There’s been rumors about pay freezes at all firms and E&Y came out last month to say it’s happening mostly because it’s fair.
Since many of you Klynveldians are probably anxious for some kind of “official” word, we’ll pass this along:
Rumor is the Radio Station will be announcing raises and bonuses on Monday/Tuesday in the Southeast next week (rates are loaded online on the self service connection next Friday for all to see, so talk about waiting until the last minute).
Firm leadership is saying KPMG will pay market and market rates are down when compared to the prior year… so here’s to no raises!
Ernstinites got a voicemail announcing the news which didn’t seem to go over well, so here’s hoping that some kind of live feed from Tim Flynn’s office will be KPMG’s approach for this announcement with Q&A to follow of course. More personal that way, don’t you think?
If you’ve got information on your city or region matching the market rates, drop us an email to us or discuss in the comments.
UPDATE, 2:57 pm: Apparently the offices in the Mid-Atlantic are willing to sit down with you to discuss this as we received a tip that “roundtables” were held by partners to explain the merit increases. Beats a voicemail. If you participated in one of these sit downs or had similar meetings in your region, discuss further.
KPMG UK Head of Audit Explains Rentokil Arrangement
KPMG’s new arrangement with Rentokil has brought some differing opinions amongst the firms, even prompting PwC to take a not-so direct jab at the Radio Station for scooping Rentokil.
Today, KPMG’s head of audit in the UK, Oliver Tant, wrote a piece for Accountancy Age explaining the firm’s new “extended assurance”:
Continued, after the jump
Under the service, those responsible for corporate governance may ask KPMG to perform work beyond that which is required for the statutory audit, for example by testing a larger sample of controls or additional transactions and balances of lower value than the materiality level set for the statutory audit.
This work does not replace, conflict with or undermine the independence of the external audit it simply extends our understanding of the business and its controls and hence the breadth and depth of insight we can offer. That is why we call it extended assurance.
Mr. Tant also cites the savings passed along to the client, which is so hot these days. He also explains what “extended assurance” is NOT:
The service is not about merging the external and internal audit functions. A company can continue to have its own internal audit function and those charged with corporate governance will still be responsible for assessing the overall adequacy of a company’s control environment and the need for skilled internal audit expertise.
Ethical standards do not prevent the auditor from doing more than the bare minimum to support the audit opinion. We will identify and plan the work necessary to support our audit opinion independent of any further work we may be requested to perform.
As we mentioned, PwC has already made their opinion known and E&Y’s head of assurance in the UK, John Flattery has stated that they will not be “mirroring the arrangement.”
It’s already been speculated that this type of arrangement would not be allowed in the U.S. but there has been no indication that the U.S. firm is pursuing such arrangements.
Since independence is kinda, sorta important for auditors, and many of you are ramming these rules into your brains as we speak (or just waiting to see if you learned anything) discuss in the comments how you feel about the arrangement. Would it pass the smell test Stateside? Is KPMG evolving to the market or are they on thin ice? Are P. Dubs and Ernie being self-righteous dicks since they didn’t think of it first? Feel free to get ugly about it.
KPMG audit head defends controversial Rentokil role [Accountancy Age]
Deloitte Will Not Hold Your Hair Back While You’re Worshipping the Porcelain God
Overheard today at the Business Development Institute’s B2B Social Communications Roundtable via the Twitterverse:
“[Deloitte] is a potential employer, not a BFF”
We’re a little shocked. We really thought mega-bureaucratic professional service companies had genuine feelings. Guess we were wrong.
PwC Is Sick of You Not Passing the CPA Exam
Studying for CPA exam got you down? Tired of choosing between sleeping and listening to Peter Olinto’s melodic voice talking about partnership basis calculations?
Luckily P. Dubs feels your pain. We’ve heard from a couple of sources that PwC is pushing sabbaticals for those of you that are scoring just slighty better than Tiger Woods.
We’ve heard that San Jose is offering tax associates 20% of their salary through the end of the year to get their act together. We also hear the same offer has been made to audit associates in New York. We would assume it’s on the same time frame since both offices will need every warm body available come 2010.
We kindly requested some details from PwC but they haven’t gotten back to us.
If you’ve got more details on this offer from Dubs or are considering participating so you can strike the Pedro and T. Gearty from your gray mass, discuss in the comments.
(UPDATE) E&Y Is Making Good on its Promise to The 2nd Year Associates
News from E&Y in SoCal is that those second year associates that were getting raises to put them at a pay level above the newbies are getting a 1% increase to put them there.
Personally, we’d rather be in pay raise Siberia with the rest of you than get 1% but a firm’s word is its bond. If Zitor has given you similar good news for your office, discuss in the comments or shoot us the details to our tips mailbox.
UPDATE, September 21st, 12:20 pm: Another tip out of Chicago confirms Uncle Ernie’s promise-keeping ways, giving the new 2nd Years, a 1% bump.
Rumor Mill: KPMG Layoff D Days
A little follow-up from our request for the latest on highly anticipated post-September 15th layoffs. Here’s what we’re hearing:
Sources and some comments have indicated that the dates to be wary of are today the 16th, tomorrow the 17th, next Monday the 21st, and next Tuesday the 22nd. The word is that these will be tax and advisory practice cuts only.
KPMG did not immediately respond to our request for comment on these dates. If you have specific information on your anything going down at your office send us the scoop at tips@goingconcern.com.
Recruiting, Week 2 Thread
We hear that both KPMG and Deloitte are on campus this week so we’ll start […]
KPMG Director Who Must Have Really Loved His Wife Gets Four Years in Prison
The KPMG Director who rammed about £500,000 expenses back to the firm was sentenced to four years in jail in London today.
Andrew Wetherall, claimed that “when his wife’s previous partner tried to reduce maintenance payments, he was worried her lifestyle would suffer. Her spending sprees came to about £15,000 a month, the court was told. The court heard he was desperate to avoid marital tension or a divorce so made bogus expense claims.”
Four years in jail over marital tension or divorce? This was the dude’s second marriage. That’s about average these days so we’re not sure about his decision making ability.
Is this true love, stupidity, or enjoying a loose expense reimbursement policy at play here? Discuss.
Finance director jailed for fraud [BBC]
What if Everyone Sued Their Employer for Being Made to Feel Like a Prostitute?
In, if first you don’t succeed suing your former employer news, a London Employement Tribunal opened yesterday for a former PwC forensic accountant who is suing P. Dubs for £40 million after the firm was exonerated in a similar suit she brought in 2007.
More, after the jump
Mihaela Popa claims that while she worked at PwC in London, the following allegedly happened:
• She was made to feel like a prostitute
• She was told ‘Eastern European women are whores’
• She was known as ‘Mihaela and porn’
• During the initial swine flu hoopla, she was told ‘this Romanian bird will have a slow death’
• She also claims that some co-workers thought she was a Communist spy
For all this alleged name calling and accused espionage, Ms. Popa is suing PwC for “£40 million in compensation for loss of earnings and hurt feelings”. That tidy sum wasn’t just pulled out of the air, mind you. This is because she “previously claimed that she was given promises she could become a £750,000-a-year partner.”
Since being made to feel like a whore is common at accounting firms many of you have referred to yourselves as such, we’re not sure that “being made to feel like a prostitute” really flies with us.
As for the Communist spy charge, we can’t barely recall a time when this actually mattered, since the Cold War effectively ended 20 years ago.
P. Dubs “strenuously denies the allegations” but we could probably all agree that there are a few bigots working at PwC in London. On the other hand, this could said about any firm, in any city in the world.
Discuss your thoughts on the case, and if you feel more like a whore at your job then Ms. Popa, in the comments.
Accountant claims £40m from PricewaterhouseCoopers [Telegraph via Accountancy Age]