Three Things Public Accounting Can Learn From the World Cup
World Cup fever is sweeping the world, if not your office. Sure it’s not March Madness and a much needed relief from busy season but it is the world’s biggest athletic event. And regardless of whether you are wearing your country’s colors to the office or still confused as to what FIFA even stands for, your friendly employer should be paying attention; there’s plenty to learn from these games.
Loud noise is a powerful distraction – It’s rumored that Human Resources departments around the country are placing obscene orders for vuvuzelas, the long plastic horns that are causing a stir at the opening round games (and being banned at practically all future sporting events). Their hopes are for all Big 4 partners to use them when year 2010 bonuses and raises are announced. The news is expected to be rather bleak and disappointing, but the hope is that the horns make everything seem so much more FUN!
Seriously though – those horns sound like a swarm of drunk, football loving bees.
Timing is everything – The worst part about the World Cup games for football fans in America has been the timing of games. The first round games have been beginning at 7:30 am on the east coast and a bright 4:30 am in sunny California. Satyam hopes no one is watching their recent restatement troubles, much like West Coasters likely snoozed through Argentina/South Korea this morning.
Moral victories are still acceptable – In fact – if you spin things well enough – a moral victory is a real victory. (See Example A here) So what moral victories have we had recently?
E&Y is hiring…sorta. We still don’t know what that’s all about.
KPMG is making the suburbia-to-city commute just a thing of the past. How nice of them!
PwC raises might be decent after all. Or at least less awful than EY’s.
Deloitte made impacting the community a requirement.
McGladrey is on fire. Everybody out!
Hmm. Suddenly that 1-1 tie with the Brits doesn’t seem so mediocre, does it?
PricewaterhouseCoopers Suggests You Put Your Money on Brazil to Win the World Cup
Leave it to an accounting firm to make a conservative pick on the biggest sporting event in the world. The firm tries to make the point that wealthy countries do not outperform poorer ones in the football tournament. The most poignant (and blatantly obvious) example being that the United States sucks and Brazil is a heavyweight:
“The US football team performs well below expectations based on the size of its economy or population relative, for example, to Brazil. This reflects the ascendency of football in Brazil as contrasted to the greater popularity of sports such as American football and baseball in the US.”
However, P. Dubs manages to give England a fighting chance, “England seems a reasonable bet to reach the quarter finals based on its current FIFA world ranking and past World Cup performance, but it will do well to get beyond that point – which it has never done before when playing outside Europe.” That’s especially shocking since the firm has a vested interest in at least one English lad.
But as we mentioned at the outset, P. Dubs suggests the safe money is on Brazil, “Brazil remains the favourite to lift the World Cup this summer as the number one ranked footballing nation and the only country that has won the tournament outside its home region.” If you want some sweet action, take the home team.
Power v passion: Wealth comes second to location and tradition when projecting World Cup winners [PwC]