Almost. The ex-KPMG Chairman has been nominated to join JP Morgan's board of directors. He still has to be elected by shareholders (a formality more or less) which will occur on May 15th. But Jamie Dimon seems pretty excited about the possibility, saying that JPM is "honored" that TFly has agreed to be a nominee. In other news, Phil Mickelson will be looking for a new hat man. [JP Morgan]
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Today in Auditor Musical Chairs: KPMG and Deloitte Both Get the Boot
Evergreen Energy of Denver dismissed Deloitte effective June 23rd according to the company’s 8-K filing. Hein & Associates, a local Denver firm, will take it from here.
It stands to reason that Evergreen didn’t appreciate the going concern opinions that Deloitte gave the company for its December 31, 2009 and December 31, 2008 financial statements but in cordial SEC filing fashion, there are no parting shots from the company.
Evergreen’s press release indicates that this was simply an opportunity to throw some action to another firm (most likely with lower fees), “With the sale of certain Buckeye assets and our exit from the coal mining industry, Evergreen Energy has transitioned into a green technology company. This is an ideal time to switch to a Denver-based regional accounting firm with substantial public company expertise in the clean technology and software industries that can more cost effectively meet our needs.”
Deloitte’s letter to the SEC is abruptly admits that everything is cool rather than flat out saying, “you’ll be sorry you ever ditched us, you losers.”
Similarly, Measurement Specialties, Inc. showed KPMG the door for Ernst & Young. The company says everything was hunky-dory between the two although there was a small matter of the internal controls around a significant joint venture of which the company had no control. Oh, and the effectiveness of internal controls of some recent acquisitions also couldn’t be determined. But it was cool and the company said, “it was in the best interests of the Company to change its independent registered public accounting firm.”
KPMG has NFI what that means saying in their letter, “we are not in a position to agree or disagree with Measurement Specialties, Inc.’s statements relating to the reason for changing principal accountants.”
We wish everyone nothing but happiness.
KPMG Detroit MIA from Free Press’s ‘Top Workplaces’ List
When we learned that KPMG had been left off the Detroit Free Press’s list of Top Workplaces 2009, we thought that it had to be a mistake.
We’re so used to accounting firms being found on “Top Place to/for [enter anything about yourself here]” lists that we almost called up the DFP to demand a recount. Then we got to wondering what HR/Marketing did with the boilerplate email to be sent to employees? Just save the draft and said, “We’ll get ’em next year”?
Well, this is all very awk. Especially since PwC (dropped from the top spot last year, btw), Deloitte, and E&Y find themselves in #2, #3, and #4 on the list for large employers.
So far we haven’t been able to determine if KPMG Detroit has been on the list in years past (which at least makes them consistent) so maybe Motown has decided to pack it in. The firm makes every national “Best of” list but is omitted from your own city’s list? How do the local bigwigs spin that one?
“We realize that we didn’t make the Best Workplaces list here in Detroit but we have made many national lists. You can all take comfort in knowing that KPMG is a great place to work in every city but ours.“
Regardless of how seriously the firms take the “local” lists, for the other three firms to be listed and the Radio Station to be MIA makes for a big bowl of “how the hell do we explain this one?”. Especially when you consider the methodology: “The rankings are solely based on employee feedback.”
Look, we could sit here and speculate on the reasons why KPMG was left off the list but we’re better off leaving that to you. Discuss the Radio Station’s omission in the comments.
Alphabetical listing of Top Workplaces 2009 [DFP]
Large employers survive by encouraging inclusion [DFP]
Earlier: Rumor of the Day: Deloitte Snagging Chrysler Audit from KPMG?
Earlier: Chrysler Auditor Switcheroo Follow-up
Take It Easy, KPMG Didn’t Pass GAAS in Its Audit of FIFA
Everybody leave KPMG the fuck alone. Sure the Department of Justice busted FIFA for taking […]