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KPMG Poaches Someone From PwC and Issues a Press Release, Part XIV

Posted on by Jason Bramwell

Andrew Yates has put together a squad—six men (including Yates) and six women—who will act as his right hand when he takes over as CEO of KPMG Australia on July 1. One of the members of KPMG Australia’s new National Executive Committee is a recent refugee of PwC, according to a press release:

External hire, Dorothy Hisgrove, joins KPMG as National Managing Partner – People & Inclusion. Her most recent role was Partner and Chief People Officer at PwC Australia, and she has held previous executive positions at organisations including AFL [Australian Football League], Australia Post and NAB.

Here’s what she had to say on LinkedIn about joining the Australian House of Klynveld:

Hisgrove spent about four and a half years at (non-iconic firm, apparently) PwC Australia as partner and chief people officer, calling herself a “values-led leader who brings a deep understanding of core business drivers and is passionate about building great teams to enable organizations to transform” and who “consistently delivers strong results across profitable growth, customer, and people.”

Besides Hisgrove and Yates, the other 10 members of the new KPMG Australia NEC are:

Tanya Gilerman National Managing Partner – Risk Management, Chief Risk Officer
Ian Hancock National Managing Partner – Management Consulting & Investments
David Heathcote National Managing Partner – Deals, Tax & Legal
Amanda Hicks National Managing Partner – Client Experience & Brand
Eileen Hoggett National Managing Partner – Audit, Assurance & Risk Consulting
Paul Howes National Managing Partner – Enterprise
Karen Parkes National Managing Partner – Firm Transformation
Martin Sheppard National Managing Partner – Client Growth & Markets
Damian Templeton  Chief Operating Officer and Chief Financial Officer
Sarah Vega National Managing Partner – Innovation, Solutions & Ventures

[KPMG Australia]

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KPMG Can’t Get Rid of the Countrywide Rash

As you probably remember, Countrywide Financial once owned a lot of shitty mortgages. This wasn’t clear to many of the company’s investors so when the things turned sour, lots of those investors lost boatloads of money and then Bank of America came in to pick up the scraps. KPMG was the auditor of Countrywide and the shareholders sued both companies because, gosh, that’s basically what happens when a bunch of money is lost for no good reason and you had a front row seat for the action. Accordingly, the two firms settled with CTW shareholders last year for $624 million. KPMG, for its part, chipped in $24 million. That’s rumored to be in the ballpark of what John Veihmeyer spends every year on Notre Dame gear, so the firm was probably thinking it got off pretty easy. Unfortunately, things are just getting started since other countries hadn’t had a chance to jump into the mix.


From Zero Hedge:

Norway’s Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM [sic], the auditor on the Countrywide transaction, and, drumroll, ole’ Agent Orange himself [That’s former Countrywide CEO Angelo Mozilo for those of you not up to speed].

So what, you say? Norway is just some Scandinavian wasteland with a lot of blondes and the occasional psychopath? Not the point!

[J]ust like the US lawsuit spigot opened ever so slowly at first, it is now gushing, and is absolutely certain that every company (ahem insolvent German banks) that ever bought a mortgage from Countrywide, Merrill and Bank of America will serve the local branch of the bank with a summons over the next month.

In other words, this little breakout may turn into a full-fledged epidemic.

Bank Of America’s Legal Woes Go Global After Norway’s Sovereign Wealth Fund Sues For Mortgage Fraud [ZH]
Also see:
The Fund suing large bank in the U.S. for fraud [DN.NO (Beware, the translation is brutal)]

Operation Bear Hugs Debrief

Thumbnail image for Tim_Bear_King_jpeg.jpgSeriously Kylnveldians, we were hoping for a stellar report on last Friday’s nationwide Bear Hugs but so far we’ve heard nothing (other than some people were bolting early to get their drink on).
We’ll take your radio silence as admission that you had an awesome time and that not having an open bar rager wasn’t so bad after all. Besides, it’s for the kids.
There’s video of the New York Office’s get-together over CBS2 where we learn that there was actual sewing involved and a dancing bear to keep everyone entertained.
Share your thoughts on the experience including if your bear’s head ended up on its ass, if you couldn’t resist spiking the punch, or if you were MIA and what your punishment is.

Can a KPMG Audit Intern Pull the Switch to Advisory?

Welcome to the tax-day-tease edition of Accounting Career Emergencies. In today’s edition, a young Brit has an audit internship with KPMG but would wants to pull The Switch and work in the advisory practice. Proposing a ménage à trois probably isn’t going to work so what’s the alternative?

Are you tired of being tired? Trying to build a celebrity client practice? Need some gift idea for your new overlords? Email us at advice@goingconcern.com and can recommend something other than a fondue set.

Back across the pond:

Dear GoingConcern Team,

Firstly I have really enjoyed reading your articles and as a budding/ aspiring accountant I was hoping you could help me. I got a internship offer for KPMG in audit which is great, but I think its likely I would feel more comfortable going into Advisory, probably Transactions and Restructuring branch of the Firm. Obviously I have to stick it out in audit for the internship, but is it possible to switch between service lines after, and probably location too?

I know that in the KPMG selection process I still need to go through the Partner Interview, so would you say I am potentially blowing my chances if I switch from Audit to Advisory, or should I play it safe, stick it out with Audit, and the ACA, and then transfer, assuming I passed and survived?

Thank you!

Dear Flip the Switch,

In the words of another, “Well, if I hear you correctly–and I think that I do–my advice to you is to finish your meal, pay your check, leave here, and never mention this to anyone again.”

Now maybe things are a little different in the UK but what you’re proposing is almost impossible to pull off and I’m not sure how you got in this situation in the first place. If the revelation that you’re more interested in advisory just came to you recently, that’s one thing. Your desire to pull a switch may be understandable but that doesn’t make it any more feasible. If, on the other hand, you accepted an audit internship with the knowledge that in reality you wanted an advisory internship, why didn’t you apply for an advisory internship?

On top of that you are also wanting to inquire about a moving to another office before you start full time? Let me see if I understand this correctly: you took an internship in a service area where you have no interest, in a location where you don’t want to live. Do you see why I’m confused? I’m not suggesting that you can’t ask but expect some side-eyed looks after you broach the subject. In other words, you could be “blowing your chances” because you sound like a person who doesn’t know what they want. These firms want people who are ready to hit the ground running, not someone who can’t seem to choose a path. If you can sit still for a year or three, then maybe you can start to inquire about a transfer of service line or location but as an intern-about-to-become-first-year, you’ll just sound like a lost puppy.