Tag: PwC

External Recruiter Posing as PwC Staff Is ‘Very Convincing,’ Well Versed in Firm Jargon

This is a new one.

We found out about an external recruiter impersonating PwC late yesterday and apparently it’s gotten on the nerves of the brass that they sent an email to let everyone know that you shouldn’t talk to strangers, even if they say they’re from PwC and know a bunch of internal acronyms.

External Recruiters Impersonating PwC Staff

There have been recent reports of an unethical recruiter attempting to collect PwC staffing information by presenting themselves as a PwC employee. This individual has proven to be very convincing and knows some of the PwC terminology to support their deceptive practices. One of PwC’s best defenses to this type of activity is to protect our information and to not readily disclose it without verifying the requestor and their need for the information.

What to do if you receive a request for staffing information

If you should receive a call from an individual requesting staffing information, e.g., names, staff levels, phone numbers, etc. , do not provide this information by phone and do not send it to an external e-mail address. Politely obtain the caller’s information and inform them you will look into the their request. Do not be fooled by the information displayed on your phone. The caller typically blocks their caller id and the firm has also experienced instances of phone spoofing where the phone displays a false PwC extension from a call originating from outside of the firm. You can verify if it is a legitimate caller by contacting the individual through their PwC office phone number or e-mailing their PwC account. If you determine the call did not originate from the PwC individual, please report the situation to your HR representative or e-mail the call information to security@us.pwc.com and a US Security representative will respond to you.

We’ve contacted the firm about this sly impostor and are waiting to hear back. In the meantime, if you’ve heard from this crafty character, send us the email or voicemail.

PwC Picks Up Thomas Henry from KPMG; Will Lead Global Incentives Practice

This could be what PwC’s Talent Leader was talking about she said that poaching, “[Has] always been a place we like to stay competitive.”

Mr. Henry, a tax partner who has spent more than 25 years in public accounting, most recently at KPMG, has extensive experience in all areas of state and local taxation. He is best known for his work in the credits and incentives space, both domestically and worldwide. His experience in maximizing global incentives for large multinational corporations in the United States, Europe, Asia and Africa will enable both US-based and non-US-based multinational companies to benefit from his counsel when entering into economic incentives negotiations.

Thomas Henry Joins PwC US To Lead Global Incentives Practice [PR Newswire]

PwC Report Shocker: Consumers Who Pirate Video Are ‘Enticed by Free Content’

If you can believe that.

[A]ccording to a report by PriceWaterhouseCoopers (PwC), those lessons don’t relate well to a generation of broadband mobile users who still prefer to go searching for free content rather than pay even the smallest price.

“Many consumers who say they commit online piracy are enticed by free content” despite having access to “an astonishing variety of movies videos and television shows–on multiple platforms–faster than ever before,” the report concludes.

The report’s key findings are topped by the fact that 81 percent of surveyed consumers say they will continue pirating video despite concerns about computer viruses, the legality of their actions and inferior quality/fidelity of the content. It also reported a crossover effect in that “40 percent of those who report pirating content via traditional methods said they will probably also pirate on mobile devices within the next six months.”

PwC: Video pirates “enticed by free content” [FierceCable]
The speed of life [PwC]

Oral Arguments Heard in Campbell v. PricewaterhouseCoopers

~ Update below with link to audio of the proceedings

Last month we caught you up on Campbell v. PricewaterhouseCoopers, the wage and hour lawsuit filed by employees of the firm, claiming to be non-exempt and thus available for overtime. Oral arguments were heard today at the 9th Circuit Court of Appeals in San Francisco and it marks the most recent step in a case that could have wide repercussions in California. Francine McKenna has a good rundown over at Forbes, including sta��������������������rshaw, the plaintiffs’ attorney. PwC and their lead counsel, Dan Thomasch of Orrick, have declined to comment at this time.

In today’s proceedings, both sides were allowed to make their arguments and answered questions from a three-judge panel. We’ve obtained the briefs for both sides and we’ll give you a taste of each. First, from the plaintiffs:

PwC argues that Attest Associates satisfy the Professional Exemption because—notwithstanding the routine and nondiscretionary nature of their work—PwC claims that they are functionally indistinguishable from fully licensed accountants, doctors, lawyers, and engineers. As a matter of law, however, the text, structure, and drafting history of the Professional Exemption limit its application to licensed accountants, and Associates are not licensed. Second, PwC argues that Attest Associates satisfy the Wage Order’s Administrative Exemption because they work “under only general supervision” despite up to six layers of managers who are responsible for Associates’ work. That argument fails, however, because PwC has not pointed to sufficient evidence to create a triable issue of fact that Associates “work along specialized or technical lines”—much less that they do so “under only general supervision”—as required by the Administrative Exemption.

The argument goes into detail from there addressing three key arguments: 1) The Professional Exemption Does Not Apply to Attest Associates; 2) The Administrative Exemption Does Not Apply to Attest Associates; 3) The Rules Governing Professions Other Than Accounting Do Not Help PwC. You can see the brief in its entirety on the next pages.

PwC addresses all three arguments in their brief; this is a portion from the brief’s introduction:

Put simply, nothing in the Wage Order precludes unlicensed accountants from being shown to be exempt under subsection (b) of the Professional Exemption. Plaintiffs’ argument that the “drafting history” of the wage order at issue shows an intention on the part of the [Industrial Welfare Commission] to prohibit unlicensed accountants from being professionally exempt should be rejected, because the language and structure of the Professional Exemption are not ambiguous, and contain no such prohibition. Even the District Court did not accept Plaintiffs’ tortured reading of the text of the Professional Exemption, or claim to find unambiguous intent on the part of the [Industrial Welfare Commission] to exclude from eligibility for the Professional Exemption all unlicensed members of the accounting profession — and inevitably by extension, all unlicensed lawyers, doctors, dentists, optometrists, architects, engineers, and teachers. Doing so is flatly contrary to the overriding principle governing application of exemptions from overtime provisions, which is to consider individual employees’ work duties.

And their brief outlines a direct counter to the plaintiffs’ brief: 1) Plaintiffs’ Argument That Accountants Can Only Qualify for a Professional Exemption Under Subsection (a) Is Unsupportable 2) PwC Is Entitled to Show That Its Attest Associates Satisfy the “General Supervision” Requirement of the Administrative Exemption; 3) The Impact of the District Court’s Order Is Not Limited to the Profession of Accounting.

So what we’ve got here is…failure to agree on how the ambiguous (or not) California law is and how it applies specifically to unlicensed audit associates. Are they really just cogs in the wheel, bowing to their superiors as the plaintiffs argue? Or are they responsible professionals who are engaged in a challenging occupation that warrants exemption? The 9th Circuit will have transcripts and audio from the proceedings available on its website at some point tomorrow and we’ll update this post with them when they’re available. As for a resolution, it will be several months before we find out what the 9th Circuit rules and then, there’s still a trial to be had. Stay tuned.

UPDATE: Audio is now available for those interested. You can listen to the proceedings here.

2010 01 29 Br of Appellees

Efiled Reply Brief

PwC Talent Leader Talks 2011 Hiring Spree, ‘Competitive’ Poaching, Autumnal Hues

As we’ve discussed, Big 4 firms are doing their part to marginally improve the frightening national unemployment number by embarking on epic hiring bonanzas in the coming years. FINS reporter Kyle Stock ran down Paula Loop, PwC’s Global and U.S. Talent Leader to find out the details on the firm’s plans and here are a few highlights:


Starting off – if unemployment doesn’t improve by 2012, Obama won’t be able to blame PwC:

KS: It seems like the firm is always hiring, how does that 45,000 compare with 2008 and 2009?

PL: It’s certainly higher than it has been in recent years. For the US, we’re hoping to hire around 10,000 this year. Those numbers are about 60% higher than they were for 2009 or 2010. About 6,000 of those are campus hires and 4,000 are on the experienced side.

Rumors of our acclimating to social media at a snail’s pace have been greatly accurate but only because we were waiting for The One:

KS: When PwC announced the LinkedIn [partnership], some articles said PwC has been slow to embrace social networking — is that accurate?

PL: Well, we were waiting for the right place at the right time. LinkedIn was a really good match for us.

Poaching, on the other hand, we’re all over that:

KS: I always try to ask about poaching. Is PwC hiring from competitors much these days?

PL: Because I think we are hiring more people, there’s more activity there. That’s always been a place we like to stay competitive.

Once you land those people, how do you keep them? Well, it helps if you come to grips with the fact that the last week of the year is pointless and you tell everyone to stay home. Secondly, you replace the old swag:

KS: Is PwC doing anything new to increase retention?

PL: We’ve had some great stuff on the retention front. We had an annual shutdown between Christmas and New Year’s where we closed our firm. That’s a terrific thing for us. I can tell you, you really get a chance to disconnect. Not only are you on vacation, but no one else is working. It gets people rejuvenated.

And we’re always doing stuff. Our new brand was a really great and exciting thing. We all have new bags for our computers that have our new colors for the new brand.

Right, the new brand! That was exciting. Sure, there might have been some kvetching at first but now that everyone has calmed down it’s really what makes us different from other firms:

KS: So how does the culture differ from a company like Deloitte?

PL: It’s hard for me to say on that, because I haven’t been a part of their culture, but I would say our new brand launch this fall really defines our culture. The colors are really vibrant and warm. We took that really long name and shortened it up. Our new logo can be really animated. I think that’s really what we’re trying to bring out in our culture.

PwC’s Paula Loop on Hiring 45,000 and the Firm’s Big Change [FINS]

PwC’s Humor, Laughter and Sanity Preservation Group to Keep Employees in Stitches During Busy Season

Not sure if this is the beginning of something great or not but with lyrics like, “Gonna sit and eat time ta-cos,” we’re hopeful for more and P. Dubs employees are lucky to have so much talent in their midst. And now that Steve’s American Idol run is over, he can record this for the HLSP Group’s future presentations.


Btw, this should be sung to the tune of Ke$ha’s “Tik Tok.”

The real lyrics:
Wake up in the morning feeling like Tim Ryan,
Read my FASs, I’m out the door, I’m gonna vouch this Citi.
Before I leave, grab my keys with my secure ID
‘Cause when I leave for the day, I ain’t coming back.

I’m talking 10-keys and our phones, phones
Freshly laundered clothes, clothes
Ready to confirm loan, loans
Fast-talking, requestin’ our PBCs,
Staff barely in their twenties,
Bookin’ forty – workin’ sixtyy+

Don’t stop, Aura locked
GADM please just hurry up,
Fortnight, it seems like
Since I’ve seen the sunlight,
Tick tock, on the clock,
But the audit don’t stop, no

(Repeat)

Ain’t got a friend in the world,
But the ones that are here.
Ain’t got no money in my pocket
Cuz I’m not non-exempt.
Now the work is piling up,
But now we know better,
And we’ll keep it till the end
Until we get that Rep Letter.

I’m talking about errbody workin’ through lunch, lunch.
Fluxes due to credit crunch, crunch.
Gonna sit and eat time ta-co’s

Now, now we work until they kick us out, out.
But my XP won’t shut down, down,
XP won’t shut down, down,
XP won’t shut down.

Don’t stop, Aura locked
GADM please just hurry up,
Fortnight, it seems like
Since I’ve seen the sunlight,
Tick tock, on the clock,
But the audit don’t stop, no

DJ, you build me up,
You break me down,
My heart, it pounds,
Yeah you’ve got me.
P-Dub’s Help Sucks
Book Vaycay now,
If you’ve got free time,
Yeah, book Vaycay.

Look my ARMS up,
Look your ARMS up,
Look your ARMS up.

(And the Senior says, “Nobody can leave ‘till I say so…”)

Don’t stop, Aura locked
GADM please just hurry up,
Fortnight, it seems like
Since I’ve seen the sunlight,
Tick tock, on the clock,
But the audit don’t stop, no

Women Partners at PwC: It’s Not About Numbers

PwC UK Chairman Ian Powell would like to see more women around the office (obviously he hasn’t been to the San Francisco digs lately) but is taking this new stance slow. As in really slow.

As is, 14% of PwC’s partners are women. 14%! Trailblazers that they are, Powell has decided a target of something like 20% will be reasonable to start. Obviously something is driving the ladies away, however, as P-Dubs takes on over 400 new women a year of the 1000 new grads they hire. What’s wrong, girls, not the dream career you daydreamed it would be in college? “We take on over a thousand graduates a year and the number of women is in the high forties in terms of percentage,” Powell said.


Powell is not suggesting positive discrimination, in which women are treated like the fragile little things they are and given all sorts of breaks like months off to pop out kids, flexible work schedules to allow for time with their progeny and equal pay despite these many concessions.

While the UK considers quotas to force the profession to hire on (or is that keep) more women, Powell insists it is not just a numbers game. Funny, we thought 20% was a number? “There is a lot of debate about quotas but we don’t think that is the way forward. This is not just a numbers game.”

This begs the obvious question: if we’re pushing for “diversity” and making a huge deal out of this, aren’t we ignoring more important qualities such as skill, quality of work and talent by focusing on things like sex and race just to appear to be diverse? If a man, woman, and black transsexual all have the exact same educational background and skill, I’m totally OK with a company going for the most diverse option but we all know there is no such thing as equality. Interviewees come from all backgrounds and bring a variety of talents to the table – that is what firms need to be looking for, not high heels and African ancestors. Equality means being given equal opportunity to thrive and grow, not special favors just because one happens to lack a Y chromosome.

PricewaterhouseCoopers targets women [Telegraph]

Is This PwC Auditor Your Next American Idol?

Everyone calm down. Steve Beguhn (we’ve finally confirmed the correct spelling) has a long way to go. But dude can sing. And he’s pretty funny.

The only problem I foresee is that I’ll have to start watching the show. For those of you on Facebook (i.e. everyone) you can ‘Like’ Steve here.

What do you guys think of Steve’s chances? Leave your well wishes or your best Simon Cowell critique in the comments.

UPDATE: Just a few particulars on Steve – he’s a Senior Associate in Milwaukee, has been with PwC since Fall of ’07 and interned prior to joining the firm full time. Oh, and he’s not in the office today, so if you’re around Steve, email me.

Apparently There’s a Food Chain for Satyam Blamestorming

The head of the Institute of Chartered Accountants in India seems to feel as though 2009’s massive Satyam failure was not, in fact, a failure of the auditors but levels before the auditors and then the auditors. “There were promoter shareholders, executive directors and directors, and the auditors were the last rung. On the other side, there were independent directors, one of whom was a dean of the Indian School of Business, but nobody questions the role of independent directors.”


Amarjit Chopra feels corporate governance (or should that be complete lack of…) is to blame, not the PwC auditors who somehow missed the following:

• $1.09 billion in artificially inflated cash and bank balances (psst, baby auditors, that’s called a material amount)

• $81.59 million in accrued interest that was accrued out of thin air and never existed

• An understated liability of $266.91 million

• An overstated debtors’ position of $575.27 million that was more like $106.33 million (oops)

Maybe PwC should have waited for Chopra’s comments. Had they done so, they wouldn’t have already come out and admitted they missed a few issues on the September 30, 2008 Satyam balance sheet:

The former [Satyam] chairman has stated that the financial statements of the company have been inaccurate for successive years. The contents of the said letter, even if partially accurate, may have a material effect (which is currently unknown and cannot be quantified without thorough investigations) on the veracity of the company’s financial statements presented to us during the audit period. Consequently, our opinions on the financial statements may be rendered inaccurate and unreliable.

So if that’s the case, someone remind me why we even have auditors then? Sure financial statements belong to management but aren’t auditors there to give everything a good once-over to ensure giant fraud is not staring them directly between the eyes? You’d think at least one of those brilliant Indian first years would have realized that cash was a tad high once they started doing the work.

Layoff Watch ’11: PwC Discontinuing Global Best Practices Unit

Last week we were tipped about layoffs that were communicated to PwC’s Global Best Practices (“GBP”) unit on January 13th. The GBP was purchased from Andersen back in the early Aughts and became a part of PwC’s Knowledge Services Organization which was developed as a part of Internal Firm Services.

Global Best Practices, as the name indicates, developed “best practices” that were either for sale to third parties or was used by PwC professionals to share with their clients.

Our source, a former Knowledge Services Organization employee gave us the initial scoop:

[I]t’s somewhere between 27 and 42 people, depending on how you do the math – there are some contractors. Most of the staff is based in Tampa, as part of the KSO. They have a month, then a package. Some are still in Chicago, where the GBP staff used to be based – the moved them all to Tampa about five years ago when PwC started up the whole Knowledge Services Organization plan.

Subscriptions to the site are way down and apparently the cost-benefit analysis didn’t justify keeping the employees, even though many of them had been around for many years.

We checked with a source within PwC who clarified/solidified some of the tip: simply put, the GBP product is being discontinued and it will affect 24 total jobs, sixteen in Tampa and eight in Chicago. As our original tipster mentioned, there are some outside contractors that aren’t included in those numbers. The separation date for those affected is February 25th and employees are being paid through the 28th. From there, a severance will be provided, depending on the individual’s position and tenure with the firm. All employees that are affected are being encouraged to apply for other jobs inside the firm.

This is second instance of layoffs by PwC in the Tampa area, following the 470 cuts announced last July. Many of those layoffs – 280 to be exact – were effective December 31st. We’ll keep you updated with any further details.

More Layoff Watch:
Layoff Watch ‘11: KPMG Cuts IT Support Staff

PwC Partner Says His Lack of Whiteness Stifled His Pay; Sues Firm

Ahhhhh, the race card. Just when you think it’s maxed out, another swipe is attempted.

Dunstan Pedropillai, is a partner in PwC’s London office who early in his career was labeled ‘a rising star’ and a ‘star performer’ is suing the firm because, he claims, he doesn’t fit in with the ‘collegiate club-like corporate culture.’ Simply put – his lack of whiteness and Britishness is holding him back. But things weren’t always this way, it seems. The firm reportedly went out of their way to admit him as a partner a year early in 1997. Everything was going swell until he returned from Japan in 2001 when all of a sudden his non-pale face, seemingly, started affecting his career:

‘The original culture of the firm is an extremely strong collegiate club-like corporate culture which has its roots in Anglo-Saxon male culture, which is the major composition of the firm.’ Of his return from Japan, he said: ‘It was as if they had already formed a view that I was not a ”member of the club” or that in some way my face did not fit. The firm felt they could not put me in front of blue-chip top tier clients – they felt as a non-white I didn’t look right.’

Of course it was entirely possible that Dunstan was slipping a bit:

By 2003 his rating at the firm had dropped to the bottom level available for a partner. In 2004 he received a bad appraisal for dating a colleague, Marina, now his wife, without revealing the seriousness of the relationship to his boss.

So we all know that dipping your pen in the company ink, while potentially tricky (not to mention common), is NBD and Dunstan was ultimately given a pass on this but still wasn’t satisfied and that’s when decided to threaten the firm with a suit. This was received rather coolly by PwC, who reciprocated with their own threat to fire him if he went ahead with the lawsuit slapping. He called P. Dubs bluff (apparently he still has his job) and now PwC is taking the gloves off, saying that Dunstan just started sucking and he should be thanking his lucky stars that he still has a job and his £933,480 salary:

Suzanne McKie, representing PwC, said the firm denied that Mr Pedropillai’s career stalled because of his ethnicity and put it down to his ‘poor people skills’. She said that the poor global economy meant Mr Pedropillai’s unit grew only marginally, and that two of his white peers were made redundant, while another, who had returned from working abroad at the same time as Mr Pedropillai, had been forced to move to Australia because there was no work for him in London. She said the £100,000, or 12 per cent, pay cut received by Mr Pedropillai last year was roughly in line with the eight per cent salary drop received by partners across the board and that he had a low role grade because he refused to accept any negative feedback.

£1million accountant who blames racism for limiting his pay [Daily Mail]

The Fortune 100 Best Companies to Work For: PwC #73 (2011)

Next up on our F100BCTWF watch is the former home of the next great superhero, PwC who slid a couple a spots from last year’s #71 but this does extend the streak to seven years on the list. We’ll dispense with any more pleasantries and get right to the particulars.


PwC – Previous rank: #71. Why so great? Fortune cites “flexibility” (you read that Times article too?), “training” and “ethics” (although a more robust appropriate email refresher is probably needed).

Stats of note:
• New Jobs (1 year): -1,100
• % Job Growth (1 year): -4%
• % Voluntary Turnover: 11%
• No. of Job Openings at 1/13/2010: 9,144
• Most common salaried job: Manager/Supervisor – $86,826
• % Minorities: 27%
• % Women: 48%

Comparing with last year’s stats, things have dropped off a bit as new jobs, % job growth and average salary have all gone down while turnover has gone up. Percentage of minorities is unchanged while percentage of women is down a tick. The brightest spot (or biggest pain in some of your asses) is the number of job openings, which has nearly doubled from last year and is nearly triple of rival Deloitte’s current number of openings.

Earlier:
The Fortune 100 Best Companies to Work For: Plante & Moran #26 (2011)
The Fortune 100 Best Companies to Work For: Deloitte #63 (2011)
The Fortune 100 Best Companies to Work For: PricewaterhouseCoopers #71