Say hi to Ailira, everyone, aka “Artificially Intelligent Legal Information Resource Assistant.” She’s here to help with all your tax research needs. Well, in Australia, anyway: Ailira, or “Artificially Intelligent Legal Information Resource Assistant” is so clever at tax that her creator believes she could help prompt the end of human tax agents. And within […]
Last night we finally learned KPMG's revenue results for FY 2012 and they were…UGH. Leave it to my former employer to set me up and allow me to make a prediction that was DOOMED to be wrong. For whatever reason, I thought the House of Klynveld could pull off 8% global revenue growth, what with booming […]
E&Y Down Under is getting into the act, informing a number of people that their services are no longer needed and the word on the street is that some partners may be next: Big Four accounting firm Ernst & Young Australia has retrenched 89 staff amid rumours that partner performance is under review and will […]
More news from Down Under, as KPMG tries to ward off the litigious spirits related to Leighton Holdings, an international contractor who caught a few people off guard by springing bad news related to some of their projects. Maurice Blackburn, an Aussie law firm, is suing Leighton and their beef is that Leighton didn't disclose […]
If you've been following the Centro shareholder lawsuit against PwC, you know that the partner in charge of the engagement, Stephen Cougle, wasn't exactly jumping at the chance to take responsibility for any of the audit team's shortcomings. If you were to ask Mr. Coulge – and Centro lawyers did – he'd say the person responsible […]
Grant Thornton is officially picking up BDO's Victoria and New South Wales offices in Australia for $50 million, according to reports. [This] comes after BDO announced last month it had decided to terminate the BDO Victoria and New South Wales offices, citing “unreasonable risks”, following a strategic review of the business taken over the previous […]
Not sure how we missed this story but thanks to the random commenter who brought it to our attention. New KPMG Global Chairman Michael Andrew was recently interviewed by The Australian and it sounds like KPMG had a pretty kickass fiscal 2011.
We’re still waiting for the official revenue numbers (I’m guessing they’ll be out next week) but Drew kinda spilled the beans already:
New KPMG global chairman Michael Andrew revealed to The Weekend Australian yesterday that the company had recorded a 10.1 per cent increase in revenue in the past financial year, to $22.7 billion. The numbers are due to be released officially later this month.
“If we had not had the Japanese earthquake, I suspect we would have gone past Ernst & Young. Japan is a good market for us. We had really good growth in the Americas and really good growth in tax,” he said yesterday.
FUCKING JAPAN AND YOUR EPIC NATURAL DISASTER! You just cost one of the premier professional services firms on EARTH the chance to leave a rival in the dust. Since there was enormous death and destruction, I guess everyone at the firm will let this go but they’re trying really hard not to throw out some pro forma numbers just for the sake of argument. ANYWAY, for those of you scoring at home, the $22.7 bil puts the House of Klynveld slightly behind E&Y who racked up $22.9 billion for FY ’11. It will also make for the second straight year of a bumper crop of Omaha Steaks for the employees at the firm.
But despite earthquakes and actual hard numbers, Mike is calling it like he sees it:
“We are basically equal No 3. There is still a big gap to PwC and Deloitte, which have been buying large consulting practices in the systems implementation area.”
In other words, if all things were equal, KPMG would probably be the largest firm. They’re just keeping their heads about it.
KPMG grows to match rival Ernst & Young [The Australian]
From the land that brought you Michael Andrew:
KPMG is to push ahead with a round of voluntary redundancies following a slowdown in merger and acquisition activity. The privately-held firm launched the cost cutting program this week, offering voluntary redundancies and part-time working options for its 5000 Australian-based staff.
[…]”We’re seeing a tough, uncertain, challenging and patchy market,” KPMG’s Australian chief executive officer, Geoff Wilson, said yesterday. But he declined to say how many staff would be affected by the shake-up. “While we’re experiencing year-on-year growth, we’re seeing some softening in that growth. [We are trying to] create flexibility in response to the patchiness we’re seeing in the market,” he said.
Crikey. I guess by “create flexibility” Mr. Wilson means, “Your work-life balance is going to get a whole lot easier.”