Talent-Strapped Down Under Deloitte and EY Are Importing Staff
We all know outsourcing is big these days — accounting firms might be sending a third of their work overseas and some seniors are overseeing an entire team of offshore associates — but what about insourcing? Oh wait, that means something different. We’re talking about talent-strapped Big 4 firms bringing the offshore talent to them. […]
Grant Thornton is Trialing a “Nine-Day Fortnight” Schedule to Ease Burnout in Australia
In a profession already notorious for burnout, staffing crises continue to wreak havoc on the personal lives of accountants everywhere much to the detriment of firms that refuse to turn down work yet lack the warm bodies to get it done. Grant Thornton has a crazy idea to alleviate at least a little of that. […]
EY Poaches Someone From PwC and Issues a Press Release, Parts IV and V
In today’s edition of “Big 4-on-Big 4 Poaching From Around the World,” we’re focusing on the strategy consulting arms of PwC and EY in Australia, as Miles Tam recently left PwC’s Strategy& as a director to join the partnership at EY Port Jackson Partners. In addition, EY Port Jackson Partners lured Chris Paxton away from […]
Number of the Day: $9.14 Billion
That is the combined FY 2020 revenues for the Big 4 firms in Australia, an increase of 6.2% over FY 2019. According to reports from the Australian Financial Review, here’s how each firm fared this past fiscal year: 1. PwC ($2.6 billion) PwC’s revenues didn’t budge much at all in FY 2020, as its results […]
Socially Inept Accountant Held Responsible
Here in good ol' US of A, if someone says mean things about you on the internet, you don't call a lawyer to get the offending comment taken down, you threaten them and their entire family with violence! It's the American way. Down Under, things are a bit different. An accountant in Perth sued a […]
If You’re Engaging in Insider Trading, You Probably Shouldn’t Connect With Your Insider On LinkedIn
Two guys in Australia have been arrested for insider trading, money laundering, corruption and abuse of public office. Australian Federal Police allege the offenses went down between August 2013 and May 2013 to the tune of $7 million AU (about $6.5 million US). How did they get caught? Funny you should ask. An astute foreign […]
Layoff Watch ’11: KPMG Asking for ‘Voluntary Redundancies’ Down Under
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.”
KPMG calls for redundancies amid slowdown in mergers [SMH via Francine McKenna]
Australian Accountant’s List of Items to Spend Stolen Money on Pretty Typical with the Exception of Sequined Gloves, Autographed Thriller Albums
Rajina Rita Subramaniam seemed to be Down Under version of Sue Sachdeva until I got to “Michael Jackson memorabilia.”
A Sydney accountant is set to plead guilty to defrauding her employer of $45 million [USD 47.9 million] before spending the money on several beachside apartments, champagne, diamond jewellery and Michael Jackson memorabilia.
Rajina Rita Subramaniam was working as a senior accountant with the financial group ING Australia in October 2009 when she was arrested for allegedly siphoning tens of millions of dollars from the company into a number of private accounts.
Police allege that a search of ING’s Kent Street office uncovered a cache of luxury items, including 600 pieces of jewellery from Tiffany & Co, Tag Heuer, Bulgari and Paspaley Pearls, 200 perfume and make-up items from Chanel and a bottle of Dom Perignon champagne.
Court told of $45m shopping spree [Sydney Morning Herald]
Paul Hogan Returns to Australia to Bury His Mother and Now Australia Won’t Let Him Leave
And you thought the IRS was a bunch of cold SOBs.
To be fair, the Aussies are pretty bent out of shape over the long-running dispute over taxes owed on Mick’s $37+ million in earnings. Hogan has responded to all the Australian Taxation Office’s requests with a consistent “blow me” which probably hasn’t gone over to well Down Under.
Actor Paul Hogan, best known for playing an outback hunter in the “Crocodile Dundee” movies, has been stopped from leaving Australia until he pays a multi-million dollar tax bill, according to his lawyer.
The Australian Taxation Office (ATO) served U.S.-based Hogan with a departure prohibition order when he returned to Sydney last Friday for the funeral of his 101-year-old mother Florence, his lawyer Andrew Robinson said in a statement.
This prevents the 70-year-old actor from leaving Australia until any alleged tax debts are paid or arrangements made for the tax liability to be discharged.
Taxman bars Crocodile Dundee from leaving Australia [Reuters]