Yesterday was the tenth anniversary of 9/11 and memorials were held all over the country. Thousands of KPMG employees volunteered at over 200 non-profits to mark that tragic day including over 100 at PS 161 in New York and 70 at the wreath-laying ceremony at the Pentagon in Washington, D.C. Nothing more really needs to be said other than kudos to KPMG for their “Service of Remembrance.” Drop your own remembrances in the comments and if your firm marked the 10th anniversary in some way (aside from t-minus 4 days until the corporate tax filing deadline), let us know below or email us. [KPMG]
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Bonus Watch ’10: More Evidence That Promotions at KPMG Don’t Pay Like They Used To
From somewhere deep in the heart of Texas:
KPMG Dallas senior associate promotion bonus: $650 before tax. That’s down from $800 last year. Bullshit.
For those of you that don’t have a 10-ky handy, that’s a 19% drop. This correlates with the news from last month that the 1.25% for the summer bump and then a little follow up at fiscal year end.
Another source is seriously unmoved and makes an interesting point, “The bonus hardly pays for the charcoal so we can cook our Omaha Steaks.”
And just for the record, the freshly minted SAs get their new titles officially on July 1 but they should be comfortable correcting colleagues, family and clients for the next two weeks. Keep us updated.
UPDATE: Advisory out of NY chimes in:
KPMG NY Advisory Senior Associate announcements are being made by performance managers. Bonuses are a staggering $150 more then Dallas, thats $800 or 5.3% of the average salary here when annualized. I don’t dare think of what that comes to hourly with our SAS70 and Audit support busy season coming into swing.
(UPDATE) Friendly Reminder to TierOne Bank: Today Is the Last Day to Get Your Act Together
Catch up, we covered this on Sunday night: In a bizarre piece of auditing news released late on a Sunday night, KPMG has verbally resigned as Nebraska-based TierOne Bank’s independent auditor, withdrawn its audit opinion for 2008 and taken back its review of TierOne’s financials for the quarter ended March 31, 2009. Citing risk of material misstatement, KPMG has also warned the audit committee that TierOne’s financials are not to be relied upon by investors.
Well today is April 30th and that means TierOne has run out of time to get its shit together to please the OTS. Meanwhile, KPMG is still paddling away in the lifeboat before the ship sinks but with a week’s head start, we’re sure they’ve gotten far enough away from the scene of the crime to be entirely unaffected by the outcome, whatever it may be.
In a textbook case of he said/she said, TierOne is a little butthurt that KPMG would suddenly change its tune and bail on the bank so close to such an important deadline. Adding insult to injury, KPMG claims that TierOne destroyed a document on specific reserves required by the OTS, even though the auditors had requested the document more than once. TierOne claims that it gave the document to both the OTS and KPMG as requested. TierOne also enthusiastically states that not once did KPMG express any concerns about the bank’s condition until just before bailing on the bank and resigning from the audit.
We’ll update if the FDIC moves in later this afternoon and takes down TierOne.
UPDATE: TierOne tried to sell itself to Great Western Bank but the deal was shot down by the OTS. The $2+ billion bank is sort of just sitting there exposed in the open without an auditor and no real plan, you can pretty much guess what happens from here. Meanwhile, it was a busy Bank Fail Friday but TierOne was not among them. See you next week?
TierOne sale plan due today [Lincoln Journal Star]