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Comp Watch ’13: At Least One Grant Thornton Dynamo Is Optimistic

Posted on by Caleb Newquist
On Monday, compensation kvetching season officially kicked off with PwC. Papa Whisk(e)y Charlie generally sets the tone for the rest of the summer and we see some firms adjust their plans accordingly. Of course there are plenty of firms that don't adjust their plans, but probably do so at their own peril.
 
ANYWAY. The PwC news also has the tendency to get other people anxious to discuss the early chatter about their firm. Here's a recent request from the mailbag:
This purple rose picker has heard that comp at the Casa de Chipman will be pretty solid this year due to the fact that raises will likely contain a market adjustment premium (and due to the fact that raises last year were pretty weaksauce).

Grant Thornton historically gets in things rolling in mid/late July to get the new adjustments in place for August 1st, but the tipster does bring up an excellent point worth remembering — last year's increases were NOT well received. It stands to reason that GT would like to avoid a second straight year of firm-wide bellyaching.

So if you have good reason to be hopeful as our tipster here or information to the contrary, email us or share below.

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Chinese companies certainly have had their share of problems with financial reporting in the U.S. but I had no idea that it would come to this.

The Audit Committee of the Board of Directors of Weikang Bio-Technology Group Co., Inc. (OTC Markets: WKBT.PK – News) (“WKBT,” “Weikang” or the “Company”), a leading developer, manufacturer and marketer of Traditional Chinese Medicine (TCM), Western prescription and OTC pharmaceuticals and other health and nutritional products in the People’s Republic of China, today announced that Grant Thornton (“GT”), one of the world’s leading organizations of independently owned and managed accounting and consulting firms, has verified that the cash amounts listed on the Company’s SEC filings for 2010 and the first quarter of 2011 are consistent with account statements obtained from WKBT’s banks directly by GT.

“Given the recent change in auditors and my new chairmanship of the WKBT Audit Committee, we authorized the Grant Thornton review to take place last week, and are now releasing the results,” said Jeffery Chuang, independent director and Chairman of the Audit Committee of WKBT. “Weikang continues to advance as a U.S. publicly-traded company and we are committed to high standards in the thoroughness of our financial information,” said Mr. Chuang, a U.S. CPA who is based in Southern California.

Obviously this is completely harmless compared to, say, threatening to take auditors hostage but as far as giant wastes of time go, it’s right near the top.