Barbara Adachi, a principal in Deloitte Consulting’s human capital practice, started creating a stricter separation between vacation and work when she was in Patagonia on vacation several years ago. Her BlackBerry didn’t get reception there, she said, “and I had no choice but not to check it — it was very freeing.” [NYT]
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Deloitte Is Doing a Much Better Job Lately of Not Screwing Up Audits
While PwC waits with bated breath for the PCAOB to release the firm’s 2020 inspection […]
Jefferies Follows Select Comfort’s Lead, Dumps KPMG for Deloitte
So this makes two SEC clients lost for KPMG in as many days. Again, Jefferies had no disagreements with KPMG yada yada yada. Jefferies didn’t even receive a GCO like Sleep Number. However, KPMG did include this language for this year’s (i.e. December 31, 2009) audit opinion:
“As discussed in Note 1 to the consolidated financial statements, in 2009 the Company retrospectively changed its method of accounting for noncontrolling interests in subsidiaries and earnings per share due to the adoption of new accounting requirements issued by the FASB.”
BFD, right? Could Jefferies really be so bent of shape over that to make the auditor switcheroo?
The other point is — and maybe we’re making a mountain out of a molehill here — this is the second example of a non-standard auditor opinion from the House of Klynveld followed by clients kicking them to the curb for the clean scalped, mustachioed comfort of Deloitte.
One thing is for sure and that is that Deloitte is clearly on the offensive here after losing so many SEC clients last year. Still, we’re curious about a few things: 1) Is Big D going after KPMG clients specifically? 2) Is there a secret weapon being employed to woo these clients (e.g. Barry does a dead-ringer Dr. Phil impression during the presentation)? 3) Are KPMG clients upset about Tim Flynn stepping down as chairman? OR are they upset that the Radio Station is still camping out in Iran?
If you’ve got concrete knowledge, crackpot theories or just want to take a shot in the dark (since most of you are probably drinking by now) on this new and emerging (?) trend, fire away.
8-K [Jefferies]
10-K [Jefferies]
Jefferies Announces the Engagement of Deloitte & Touche LLP as the Company’s Independent Registered Public Accounting Firm [Business Wire]
In More Accounting Firm-Terrorism Related News, Some Taxi Driver Really Had It Out for Deloitte
After a sun-adverse family man tried to blow up the Viacom Building (and was close enough to E&Y to evacuate the area) and a former PwC Senior Manager was charged yesterday for supporting terrorism, now a taxi driver whose company serviced Deloitte in India has been arrested for attempting to set off a bomb in Hyderabad’s HITEC City:
Pakistan-based Lashkar-e-Taiba was planning bomb attacks on the HITEC City, a major IT township here, and the office of a multinational auditing firm.
Mohammad Zia Ul Haq, who was arrested yesterday following a tip off by the National Investigation Agency, was directed by his LeT handlers to bomb the Hyderabad office of Deloitte Touche Tohmatsu, one of the four largest auditors in the world, and was in the process of carrying out the plan, government sources said.
Interestingly, Haq works as a driver for a taxi service hired by Deloitte Touche Tohmatsu.
What kind a-holes do they have working at Deloitte in Hyderabad? Bad enough that this guy concluded that bombing a company that puts food in his mouth was an action that needed to be taken. Thankfully, they caught the guy.
Obviously the question now is, when does KPMG get its little terrorist related news?
LeT planning to attack Hyderabad’s HITEC City [Economic Times]