We just received word that Crowe’s CEO, Chuck Allen left a firm-wide voicemail announcing that the firm was having layoffs.
According to our tip, CH had “a lot of forced time off during the summer” and that “Oakbrook assurance has seen some movement.” Also, our source indicated that “Firm isn’t announcing specifics besides that its happening.”
So far, our calls and emails to Crowe Horwath have gone unreturned. We’ll update you with any comment or further information they may provide. If you have details on Crowe Horwath layoffs from any office, send the details to tips@goingconcern.com and discuss in the comments.
Category: Uncategorized
Job of the Week: Is Visa Where You Want to Be?
Why not? They’re not going anywhere for awhile. Slowly dying dollar and all. Get the details for a Senior Financial Analyst position in the Bay Area, after the jump.
Company: Visa
Location: Foster City, CA
Title: Sr. Financial Analyst – Controller Business Operations
Responsibilities: Responsible for analyzing, interpreting, and recording financial transactions, as well as and reporting this information and proactively research and document conclusions on accounting issues with appropriate references to relevant GAAP pronouncements.
Qualifications: Must have a BS in Accounting or related field, CPA, at least five to seven years of progressive professional accounting experience in a medium to large international company or public accounting firm, and proficiency in Microsoft applications. In-depth knowledge and recent experience with application of SOP 98-1.
Check out the entire description over at the GC Career Center and jump over to the main page for all your job search needs.
BDO Announces Global Revenues, Reminds Everyone of the Entity Structure
BDO International Global Coordination B.V. announced their global revenue results today of just a smidge over $5 billion. This represents a drop of 4.5% compared to the firm’s prior fiscal year end of September 30.
Newman:
“Our revenues have been affected by difficult market conditions – particularly in the economies of our largest member firms – and the significant reduction in transaction-based activity. Our results have also been affected by currency movements and, in particular, the weakening of many currencies against the US dollar and the euro. We are therefore extremely pleased that overall revenues in euro have grown and that there is only a modest reduction in overall fees when expressed in US dollars,” said Jeremy Newman, CEO of BDO International. “It is particularly pleasing that at a time when many other accounting networks are showing a decline in fee income that our underlying revenues, excluding the effect of currency movements, have increased by almost 5 percent.”
A little less spin from J. New than other Global Chiefs but still the standard optimism. We can’t wait for his blog post. Hopefully he gets more candid but we’re not holding our breath.
On more of a liability note, we were especially impressed with the firm’s “about” section:
BDO International is a world wide network of public accounting firms, called BDO Member Firms. Each BDO Member Firm is an independent legal entity in its own country. The network is coordinated by BDO Global Coordination B.V., incorporated in The Netherlands with its statutory seat in Eindhoven (trade register registration number 33205251) and with an office at Boulevard de la Woluwe 60, 1200 Brussels, Belgium, where the International Executive Office is located. BDO is the brand name for the BDO International network and for each of the BDO Member Firms. The combined fee income of all the BDO Member Firms was $5.03 billion in 2009. The global network has 1,138 offices in 110 countries and more than 46,000 people provide advisory services throughout the world.
Of the six sentences in this paragraph, four seem to be meant to remind everyone that the U.S. firm is on the hook for the $521 million owed to Banco Espirito. Any chance the non-U.S. firms are passing around a basket to help the good old US of A? Anybody? Maybe they’ll think about it? It’s the holidays for crissakes.
Anyhoo, we’re just waiting on KPMG for last major firm to give us the BIG NEWS about their 2009. Maybe it drops tomorrow during the bear manufacturing? Stay tuned.
BDO International Network Announces Revenue Results for 2009 [Press Release]
Earlier GC Coverage of Firm Revenue Results:
The Grant Thornton ‘Global Six’ Campaign Has Hit a Snag
PwC Global Revenue Was Down or Flat, Your Choice
E&Y Revenue Results: ‘Flat revenues certainly don’t tell the whole story’
Deloitte Is Super Proud of Their Presence on Linked In
This Would Never Happen to Phil Mickelson*
*Although that sweater vest might be a nice gift for TF.
Moss Adams Does Some Ribbon Cutting
Moss Adams dusted off the freakishly giant scissors yesterday, as the firm opened a Santa Clara office, according to the San Jose Business Journal.
This is positive news seeing how office closures (and rumors of others) seem to be more prevalent than offices opening.
Rick Anderson, the Seattle-based company’s chairman an ms has “long served clients in the area and it makes sense to have a physical presence in the local market. Moss Adams is a firm that is growing and expanding to meet client and market demand.”
We couldn’t tell you if Rick was actually on hand for the festivities, we’ve been unable to run anyone down and so far there isn’t a press release on the firm’s website. So if you’re in the know, get in touch or discuss in the comments.
Moss Adams opens Santa Clara office [SJBJ]
UPDATE: We’ve just heard back from a MA spokesperson who will be forwarding us the release. We’ll give you the additional particulars when we have them.
UPDATE 2: You can see the entire press release after the jump.
FOR IMMEDIATE RELEASE
Contact:
Amy Esary
360.685.2232
amy.esary@mossadams.com
Amy Esary
360.685.2232
amy.esary@mossadams.com
Moss Adams LLP is Expanding its Service in the Silicon Valley with the Opening of its Fifth Northern California Office
(Seattle, Washington – December 1, 2009) – Moss Adams LLP, the nation’s 11th largest accounting and consulting firm, is expanding its existing service in the Silicon Valley with the opening of its fifth northern California office in Santa Clara on December 1, 2009.
With expertise in an array of industries–including technology, life sciences, and manufacturing and distribution–Moss Adams’ teams serve companies ranging from venture-backed start-ups to fully mature public companies, delivering solutions to complex financial and business challenges. In addition to providing assurance and tax compliance services for domestic and international operations, the office will offer a full suite of consulting services, including tax, mergers and acquisitions due diligence, valuations, and internal control consulting.
Rick Anderson, Chairman and CEO, states “We have long served clients in the area and it makes sense to have a physical presence in the local market. Moss Adams is a firm that is growing and expanding to meet client and market demand.”
According to Derek Dowsett, one of the lead partners transferring to the new office and the regional leader of the Firm’s Technology and Life Sciences Practice, “I look forward to expanding our presence in the region as one of the team members based in the new office. Many of our current technology and life science clients are located in Silicon Valley and a local office will increase our availability to them and allow us to get more involved in the community.”
About Moss Adams LLP
Moss Adams LLP (www.mossadams.com) provides accounting, tax, and consulting services to public and private middle-market enterprises in many different industries. Founded in 1913 and headquartered in Seattle, Washington Moss Adams has 21 locations in Washington, Oregon, California, Arizona, and New Mexico.
Moss Adams is the 11th largest accounting and consulting firm in the United States, and the largest headquartered in the West. Its staff of over 1,800 includes more than 240 partners. Moss Adams is also a founding member of Praxity, a global alliance of accounting firms. This alliance is an association of independent firms in the major markets of North America, South America, Europe, and Asia.
You’d Think that Once You’re Knighted You Wouldn’t Get Hassled by Non-Knights
Does there happen to be a law in the EU that says that if you’re not a knight you have to keep your piehole shut when it comes to accounting rules? Because if there isn’t, there needs to be. We may give Sir David Tweedie a hard time here (mostly because we’re jealous of the prefix) but we hardly think that he needs pressure from anyone on double-entry accounting.
Despite the knighted one keeping his promises, Eddy Wymeersch, chairman of the Committee of European Securities Regulators (CESR) has made it known that the IASB isn’t floating his boat and he would like to go back to the bureaucratic drawing board.
Reuters:
Wymeersch questioned whether there was adequate accountability at the IASB, a London-based body that has already made several changes to its governance, such as setting up a new monitoring group.
“I can remind you the CESR thought it should be in the monitoring group but that did not take place. In my view, this has to be drawn up again and start from scratch,” he said.
Please, non-knight Eddy Wymeersch, remind us that you suggested that you should be allowed to stick your beak into the IASB’s business. We have trouble remembering that politicians all across the blue marble so desperately want to be involved in the oversight of accounting rules.
EU regulator calls for accounting overhaul [Reuters]
Will Tim Flynn and Phil Mickelson Have to Cancel Their Sweater Vest Exchange?
Who knows if there is such a glorious event but if there is would TF put the kibosh on it to set a good example?
Since Deloitte is opening up the cafeterias and training rooms (Boston is up Friday!) and E&Y FSO is getting down at TOTG this may inspire the less fortunate of you to take matters into your own hands.
If, that is, your firm doesn’t wag their finger at you first. According to John Carney over at Clusterstock (via JDA) Team Jehovah has explicitly told (via voicemail) its angels to NOT have Christmaskuh parties in their homes:
The firm has canceled its annual holiday party, just as it did last year. It also instructed the smaller business units that they should not organize their own smaller parties, which had been a long tradition at the firm. The parties are banned even if no firm money goes to pay for them.
But Goldman employees were surprised to hear that even parties within private homes fall under the ban. The firm apparently believes that it would be inappropriate for its employees to be seen partying while the economy is still so shaky and unemployment is so high.
We realize that accounting firms aren’t quite as high on Heaven’s org chart but it’s entirely possible that your office could follow suit. Celestial hierarchy and all.
We’re inclined to believe that TF will do what’s best for the firm but canceling a time honored exchange of sweater vests — with a golfer that can keep it in his pants — would be a tough decision.
Thanks to This Week’s Advertiser
A quick word of thanks to this week’s advertiser on Going Concern:
• Verizon Wireless
If you’re interested in advertising on Going Concern, email us at advertising@breakingmedia.com. Thanks!
Hertz Has Second Thoughts About Suing Audit Integrity
Turns out Hertz doesn’t have the stones to follow through on its lawsuit against Audit Integrity, as the car rental company has dropped its libel suit against the independent research firm.
Audit Integrity issued a report back in September that stated that Hertz was one of several companies that “face[d] ‘the greatest risk of bankruptcy’ in the next 12 months.” Hertz took the high road, suing Audit Integrity for saying such mean (and untruthful) things.
Well now Hertz has decided that it’s not worth the time and money. That very well may be, although were more inclined to think that they came to their senses that suing an independent research firm for their opinion wasn’t such a hot idea.
Hertz’s aborted suit joins the pantheon of other unsuccessful legal efforts by companies to silence disagreeable analysts. Those that brought such actions include BankAtlantic Bancorp, retailer Overstock.com and drug-maker Biovail.
Overstock suing an analyst for saying not-so-nice things? There’s a shocker. BankAtlantic went after DB’s favorite woodland creature, Dick Bové (which is sort of embarrassing since he’s so cuddly), and Biovail’s lawsuit caused the SEC and DOJ to launch investigations which resulted in the company paying millions in fines and pleading guilty to criminal charges. Not exactly pristine company.
Audit Integrity — not being one to just bend over for some a company that once was endorsed by a certain acquitted murderer — called on the SEC to investigate Hertz for this dodgy lawsuit and now Hertz seems to have seen the light.
Press Release.pdf
Hertz puts brake on libel suit against analyst [Crain’s New York]
See also:
Hertz caves [Felix Salmon/Reuters]
Patrick Byrne Misses Golden Opportunity to Solicit Potential Auditors
Just when we thought the hubbub around shareholder servant Patrick Byrne had gone on hiatus, we came across a post from Gary Weiss telling us that Patsy bailed on a CNN appearance for State of the Union with John King.
According to the website, “Patrick Byrne, Chairman & CEO of Overstock.com, looks at how consumer spending will fare this holiday season during a global recession.”
As Weiss notes:
Seriously, though, CNN’s bookers had no choice. What other CEO of any retail outlet bigger than a pushcart would be available during the busiest retailing weekend of the year? Byrne was scheduled to appear from studios in San Francisco, not Salt Lake City, where the corporate headquarters is located.
Here he was, while his company teetered on ruin, either flying into San Francisco for the chance to get his puss on national TV, or living it up on Telegraph Hill or wherever, far from his beleaguered and SEC-investigated company.
Apparently Byrne was late and dropped from the show. There is no transcript available for his appearance but if his smiling mug (hopefully posing on a Segway) made an appearance, by all means let us know.
In all likelihood, he was on the hunt for Friehling & Horowtiz’s San Fran office but an open plea on national television seems like a better way to find his company’s next auditor. Oh well. Next time!
“Economic Expert” Patrick Byrne Dumped by CNN [Gary Weiss]
More GC Coverage of Patrick Byrne/Grant Thornton saga:
Patrick Byrne: Noooo, Grant Thornton, You’re Lying
Grant Thornton: Patrick Byrne’s Pants Are on Fire
The Latest Solution to Your State’s Fiscal Troubles
CNN, who sometimes puts out pure and utter crap, has issued a 50-state ranking of potential tax revenues that could be earned if marijuana was legalized and taxed.
The ranking is based on “state-by-state marijuana consumption, from Jeffrey Miron (Harvard University, Department of Economics), Budgetary Implications of Marijuana Prohibition,” according to Paul Caron at TaxProf Blog. The total tax revenue projected by the study is $778 million.
Shockingly, California would benefit the most (especially since they won’t get additional money from Ahnuld), earning an estimated $105 million. A couple of notable states in the top twenty include Colorado and Oregon who both jumped considerably on the list as compared to where they rank in population. In other words, ganja use per capita is higher there (yes, that’s an intentional pun).
What the study fails to incorporate is the increase in sales tax revenues that would result from the surge in junk food and movie ticket sales. Despite this omission, the study demonstrates that all states would earn money that they would otherwise gone to some weird dude that only has black lights in his apartment.
Since this partial solution makes entirely too much sense, we expect the majority of states to continue to cut education and public service jobs to meet their budget goals.
Projected Revenues From Marijuana Tax [TaxProf Blog]
Accountant Steals from Toys ‘R’ Us, Buys Hookers Bentleys
Before we get started, we just want to kindly request that you keep any thoughts or comments you have about Geoffrey masks to yourselves, okay? Thanks.
Anyhoo, an accountant in the UK has pleaded guilty to 18 counts of theft of £3.7 million from Toys ‘R’ Us that he spent on hookers and other necessities including said hookers’ mortgages and their transportation needs.
[Paul] Hopes encountered most of the call girls while touring the country on business, drinking in the bars of luxury hotels. He spent about £500,000 of the money on “food, drink and entertainment”, according to one source. He also gave thousands of pounds to call girls and bought one a Bentley.
“He developed an infatuation with at least a couple of the girls,” said one investigator. “Sometimes thousands of pounds in cash were passed over in envelopes and they could do what they wanted with it.”
He paid off the mortgage of at least one escort — although he failed to do the same for the loan on his own home. According to the economic crime unit of Thames Valley police, there is no suggestion that Hopes’s wife or his two children benefited from the fraud in any way.
Yes, the man was married with children. And yes, the man was willing to make sure that a lady of the evening had a roof over her head before his own family. So, mild-mannered, grey-haired, double-chinned number crunchers that are leading double lives. Consider this your warning. Everyone will be looking at you differently.
Quiet Paul from accounts in £3m secret life of fast cars and call girls [Times Online]