We just received word that Crowe’s CEO, Chuck Allen left a firm-wide voicemail announcing that the firm was having layoffs.
According to our tip, CH had “a lot of forced time off during the summer” and that “Oakbrook assurance has seen some movement.” Also, our source indicated that “Firm isn’t announcing specifics besides that its happening.”
So far, our calls and emails to Crowe Horwath have gone unreturned. We’ll update you with any comment or further information they may provide. If you have details on Crowe Horwath layoffs from any office, send the details to tips@goingconcern.com and discuss in the comments.
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Respect the Expense Reimbursement Policy Or…
With the firms cracking down on expenses of every sort, including canceling the Holidays prior to the autumnal equinox, hopefully the following story doesn’t occur to any of you. At the very least, it can show what can happen when you have blatant disrespect for your firm’s expense reimbursement policy:
More, after the jump
A former Deloitte Consulting manager who disappeared on the day of her sentencing for bilking her employer out of more than $500,000 was found dead in a Costa Mesa park Saturday morning, authorities said….[Jamie] Watkins, a former operations manager for the Santa Ana office of Deloitte Consulting LLP, faced up to 10 years in federal prison after abusing the company’s expense reimbursements to steal about $550,000 to pay for things including property taxes and furniture.
As tragic as this story is, it serves as example to those of you that find yourself regularly explaining to an HR rep the $500 lunches you had at Bobby Vans and the theatre tickets that ended up on your last expense report. This may be where you are headed if you don’t shape up.
Deloitte manager hangs self [Orange County Register]
Baker Tilly Virchow Krause Merges with Beers & Cutler
Chicago-based Baker Tilly Virchow Krause announced today that they are merging with Beers & Cutler, a firm based Vienna, VA.
This latest acquisition by BTVK — its twelfth this decade — is part of the firm’s “national expansion” and will add to its presence on the East Coast with the Vienna office acting as the hub in addition to its New York City location.
The Washington Business Journal reports that BTVK’s expansion goals include doubling its revenue to $400 million by 2012, which CEO Tim Christen calls ‘conservative.’
From the press release:
“When we look for merger partners, we focus on the quality of the people and the reputation of the firm. There are many synergies between Baker Tilly and Beers + Cutler, and we see Washington, DC as a critical market as we continue to develop the Baker Tilly brand in the U.S.,” said Tim Christen, CEO of Baker Tilly. “As independent members of Baker Tilly International, we have been colleagues for many years, and together, we believe in the power of the network and the value it brings to our clients around the world.”
Beers & Cutler had been expanding their practice rapidly over the past four years, increasing its number of employees from, 202 in 2005 to 319 in 2008. In 2009, B&C cut 55 employees — 17% of their total headcount — however, managing partner Ed Offterdinger insists they were not related to the merger:
“[These layoffs] were not at all a factor in the decision to merge,” said Ed Offterdinger, Beers & Cutlers’ managing partner. “We’re doing this from a position of strength.”
The downturn is easing, and the firm is seeing increased demand for its services, and “the merger will help accelerate that,” he said.
The Washington Business Journal does report that the merger will lead to an additional ten layoffs, but that the firm will be adding staff “in the near future.”
Our understanding is that Mr. Christen and Mr. Offterdinger are meeting with Beers & Cutler staff today and were not available for interviews or additional comment. If you work at either of these firms and have any additional details (especially if you were in the B&C “meeting”) on this story, get in touch with us.
Beers & Cutler to merge into Baker Tilly Virchow Krause [Washington Business Journal]
BTVK_Press Release.pdf
Life in Public Accounting: Expectations vs. Reality
You are here reading this very website because at some point, it dawned on you that this whole thing is kinda bullshit. So, in that spirit, let’s take a look at the soul-crushing reality that is made only more depressing due to your unrealistic, pre-public expectations.