Yesterday we had all but given up on Fill. At +4, he was in serious danger of missing the cut. Well, the golf gods obviously felt that Fill deserved to spend his weekend working (along with many of you, we’re guessing) as the cut fell right at +4 and Fill gets to keep playing.
Now some might call that luck, we’d call it…well, luck. Nevertheless, we’ll continue to follow Fill’s progress in Lake Wobegon or wherever this thing is being played.
He’s already +2 for his round today after nine holes so he better get his act together on the back nine or he’ll be doomed to the NI9 slot and he’ll most certainly be part of next week’s RIF (which we heard started yesterday in NYC and Dallas).
So keep up with us as we track Fill this weekend, we’ll have his latest 9 box update later today after he finishes up.
Category: Uncategorized
Accenture, Feeling Left Out, Gets Our Attention
Since Andersen went the way of the dodo almost ten years ago, Accenture has been moseying along just doing whatever it is they do. They’ve done a pretty decent job of getting people to forget that they were once part of the Big 5 4.
Since we’re pretty sure there are plenty of you out there that have friends, former colleagues, sworn enemies, and booty calls at Accenture we thought we’d pass along that they are rumored to be getting into the pay freezing spirit.
Get some details, after the jump
Apparently an email went out today stating that “Most individuals will not receive an increase in base pay.” But if you’re one of the lucky few getting a promotion you’ve got a shred of hope, “People being promoted will receive an increase in base pay only if they are below the minimum salary range for their new career level.” Awesome.
This seems very curious because at least Accenture’s super star golfer sponsoree is playing well while someone else is screwing the pooch and risking a RIF.
So if you know some Accenturites pass this along and see if they know just WTF is going on in the Haunted House of Andersen. If you ARE an Accenturite, get us the info on this whole sitch at tips@goingconcern.com. Their PR has apparently checked out for the weekend already and we’re not probably going to hear anything until Monday but we’ll update accordingly.
Fill to be Part of a RIF at the PGA?
Continuing our coverage of Fill’s quest to not finish second in the PGA Championship, our hero has finished up his second round and he shot another round of +2. That puts him at +4 for the tournament and in serious danger of missing the cut and possibly being included in the rumored upcoming reduction in force.
Check out the latest 9 box, after the jump
Fill, this is going to be a difficult conversation. Obviously this isn’t where we’d like to see you. We had high expectations for you. Maybe too high. We have to make a lot of hard choices when there are so many talented people out there. Fill, we don’t want you to wear the Radio Station hat any more.
While there are several hackers out there the projected cut is currently at +2, so we don’t like the chances of seeing the Radio Station hat on the weekend. Got anything you want to say Fill? Tell us in the comments.
It’s Hard Convincing People to Use Lame Internal Social Networking Sites
We’ve covered the whole social networking thing on a couple of different occasions, including the new kid on the block, HubStreet, which will allow you to keep yourselves isolated from the bottom feeders in your professional social scene (at least virtually).
A reader who was a former Green-dotter informed us about that firm’s attempt to develop an internal social network known as Dstreet. This was clearly a priority within the Firm, according to our source:
More, after the jump
When I was wrapping up my sentence there, they were trying to get everyone to join up to their internal social networking site – Dstreet. As if that is what we wanted to do after working there 12 hours. After I got my third email asking me to update my profile for my promotion to manager (I hadn’t even set up a page yet and already I have to update it!), I set up a joke profile complete with picture of myself with huge 80s hair…I told people about it at my going away party and no one had seen it (it had been posted for 2 months)…complete waste of time!!
Apparently the Big 4 Horsemen of the Apocalypse are hell bent on trying to re-invent the Facebook-wheel because to our knowledge, all the firms have some form of an internal social networking site it sounds like they all suck.
At the very least, we would suggest that status updates be allowed so that all your connections can get real time updates on how close you are to quitting for the umpteenth time.
If your firm is failing miserably at developing an internal social network or has developed anything else that seems to be of little use, let us know in the comments.
Do You See What Happens?
The PCAOB was kind enough to issue a couple of examples this week of what happens when you don’t take your role as auditor seriously.
We wouldn’t dream of putting them both in one post so we’ll give you one in the morning to ponder and save the second for later right about the time you’re ready to flip out, so hang in there.
We’ve also done you the courtesy of reading (sort of) both of the orders so that you can remain fully chargeable (not counting the time you take to read this post of course):
Thomas Linden was a partner in the Chicago office of Deloitte and lead engagement partner on Navistar Financial Corporation (NFC). At the 11th hour, prior to filing the fiscal year 2003 10-K, the engagement team realized that assets, revenues, and net profits were overstated by $19.7 million.
Check out the rest, after the jump
Having a typical over-confident management team, NFC had already taken the liberty of announcing the fourth quarter earnings prior to filing the 10-K.
Because Tom Linden was a Big 4 Partner and thus impervious to any challenge he encounterd, he took the following action (all our emphasis):
• Initiated an increase of approximately 50 percent in Deloitte’s planned tolerance for misstatements in NFC’s reported financial results
• Authored, with the assistance of a member of the NFC engagement team, an NFC auditwork paper that inaccurately characterized the reasons for and circumstances surrounding the increase
• Failed to evaluate adequately the risk that NIC’s financial statements were materially misstated due to error or fraud
• Otherwise failed to act with the requisite due professional care and professional skepticism
Okay, so the last two are boring but the first two kinda, sorta give us this impression of what happened:
Dude finds out the numbers are bunk, client isn’t cool with telling their analysts (who NFC told that they had a kick ass quarter) that said numbers are bunk, so Dude up and decides to ABBACADABRA make the tolerance for misstatement 50% higher than it was for the entire audit (read: that’s a lot).
Then, after probably putting the proverbial (or possibly literal) gun to head of the “member of the NFC engagement team”, they wrote a workpaper that supposedly explained why the tolerance was all of sudden 50% higher but the rationale was something to the effect of “because we said so”.
So for all that tomfoolery (snap!), Linden gets fined $75,000 and can’t be associated with a registered accounting firm for two years and which point he can petition to be to be reinstated. Yow-za. To better times, Tom.
ORDER MAKING FINDINGS AND IMPOSING SANCTIONS In the Matter of Thomas J. Linden, CPA, Respondent. [PCAOB]
Gentlemen, Your Life is Now Complete
Apparently some suit had their headphones ripped out of their ears that caused their iPod to go flying one too many times because Thomas Pink is now presenting the commuter tie for your mp3 device.
Maintaining a stoic demeanor regardless of the circumstances thrown at you on your commute is crucial for any straphanger. The new commuter tie will now guarantee that you’ll be able to listen to Shakira uninterrupted while maintaining your Blue Steel that puts the rest of your fellow commuters to back the F off because I have headphones in and must be respected.
Thank God There’s a Facebook Specifically for Accountants Now
Social networking has reached new heights people. Now there’s a professional networking site that is specifically for “accountants, lawyers, and lenders”. HubStreet.com allows you to network professionally without that guy in IT trying to add you as connection because god, he’s such a geek.
No, HubStreet is here to make sure that those lesser beings out there can’t impose upon you in the virtual networking universe because you must enter your license number to even be allowed to register with the site*.
Get more details on this new method of wasting time at work, after the jump
HubStreet also claims “Take the Work Out of Networking” because God forbid you talk to anyone face to face or leave your home or office to meet other people. Or actually call them on the phone. THE HORROR.
HubStreet just finds people that thinks you’ll interact well with professionally and puts you in contact with them. Unfortunately, there doesn’t appear to be any sort of physical attraction widget implemented yet so you will probably most certainly continue to fail hooking up with your chosen “connections”.
Accounting Social Network Launches [Web CPA]
*Okay, not really
Madoff CFO Used a Spork for Breakfast Today
A quick correction:
We mentioned yesterday how nice a lady Frank DiPascali’s sister was for putting her house up for bail. We’re sure she is very nice but the judge wasn’t convinced that DiPascali wouldn’t bolt so he didn’t let him out on bail regardless of the agreement prosecutors had with defense attorneys.
SEC Would Like the Stanford Receiver to Relax a Little
Ralph Janvey, the court appointed receiver in the Allen Stanford “where’s the f’n money Lebowski” case is what some people might call, shrewd.
Janvey is fighting to have certain brokerage accounts held by investors frozen because the holders of said accounts made principal withdrawals prior to the uncovering of the fraud.
The SEC kinda, maybe thinks that this is a little overboard and filed papers opposing Janvey’s suing of what the Commission calls “innocent fraud victims”.
We’re thinking that since Janvey is on the wildest of wild goose chases, he has had to resort to suing regular people that had the fortunate dumb luck to pull their money out of a Stanford Bank Institution garbage bag prior to the poop + fan.
SEC Opposes Motions in Stanford Case [WSJ]
Guilty Madoff CFO Update
It’s offish. DiPascali pleaded guilty to all ten counts against him and faces 125 years in prison, just quarter century short of Boss Ponz. However, because he is cooperating with the U.S. Attorney, DiPascali may be lucky enough to get a sentence under the century mark.
The bright side for Frank DiPascali is that he gets to spend his last few days as a free man courtesy of a very nice sister who put up her house for the $2.5 million bond. Sentencing is tentatively set for May 2010.
DiPascali was the man that many Madoff investors corresponded with directly so it’s clear to us that he was LYING A LOT.
Per the WSJ:
The former chief financial officer for Bernard Madoff says he helped the disgraced financier and others “carry out a fraud that hurt thousands of people”…Mr. DiPascali said at the plea hearing that the transactions were “all fake. It was all fictitious. It was wrong, and I knew it was wrong at the time.”
Okay then, nothing really new there but we will be waiting patiently to hear the other names. Next bean counter up for book throwing is David Friehling, who was kind enough to rubber stamp the Madoff financial statements for around $14k a month. Bright side for Friehling is that he’s looking at 50% less time in jail then Bernie.
Let’s Get Right to the Heart of this Thing
And by that we mean money. We’ve started hearing rumors about the starting salaries for new associates and we don’t know what the hell to believe, so we need your help to set us straight.
We’ve heard $50k in Atlanta, $52k in Houston, $57k in DC and $61k in New York. Nothing yet from the left coast, so help us out. Sounds like signing bonuses are either significantly reduced and in some cases completely eliminated. Nothing has been firm specific but we’re guessing they’re all pretty close.
Talk to your fellow newly minted bean counters and find out the sitch on this year’s salaries and how it compares to last year’s newbies for your respective city. Also let us know if your start date has been pushed back. Discuss in the comments or send us the deets at tips@goingconcern.com.
Huron Consulting Has a New Problem
Huron Consulting, after cleaning house, admitting to some book cooking, and having multiple class action suits filed against it, now has a brand new SEC investigation to look forward to. This new investigation is in addition to a separate investigation the SEC was conducting related to its chargeable hours.
The new investigation relates to the accounting hocus-pocus that led to the announcement that three years of financial results were being restated. On top of all this, the 10-Q, due yesterday, has yet to be filed. The company said everything is cool though and that it will be filed…who the hell knows as soon as possible.
Huron crossed its heart and hoped to die that it would cooperate with the new investigation. After all, they’ve won new business since the scandal dropped, so not everybody thinks they’re crooks.
SEC investigating Huron accounting errors [Chicago Tribune]