Our understanding is that T Fly is rallying the New York troops this morning so if he says anything worth noting (e.g. “I’m leaving the firm to become the next Treasury Secretary“), be sure to get in touch with us or discuss below.
We’re not sure if he’ll be giving pep talks to other offices so if you’re in not in New York and you’ve got TF on the docket, keep us updated.
Related Posts
It’s Ridiculous to Think That Enterprise Financial Dismissed KPMG Because of the Restatements
- Caleb Newquist
- June 7, 2010
KPMG has been kicked to the curb by Enterprise Financial according to an 8-K that was filed on Friday by the company. The ubiquitous claim of “no disagreements with [insert firm]” was there along with a mention of a material weakness that was related to the restatements issued for both 2008 and 2007 but that couldn’t possibly have anything to do with the dismissal of the auditors:
In connection with the identification of the loan participation accounting error described in Item 7, Management Discussion & Analysis and in Item 8, Note 2 of the consolidated financial statements and elsewhere in the Form 10K dated March 16, 2010, the Company also determined that a material weakness in its internal controls over financial reporting existed during the periods affected by the error, including as of December 31, 2008. The Company’s management concluded that the material weakness was the Company’s lack of a formal process to periodically review existing contracts and agreements with continuing accounting significance. To remediate this material weakness, during the fourth quarter of 2009 the Company implemented a formal process to review all contracts and agreements with continuing accounting significance on an annual basis. As a result of the review conducted in the fourth quarter, management did not identify any other errors in its previous accounting for such contracts or agreements. Management believes that this new process has remediated the material weakness in the Company’s internal control over financial reporting.
So in other words, “Yeah, maybe we should have been looking at these contracts but we weren’t and so some material misstatements slid through. We’ve slapped some duct tape on it and it’ll be fine from here on it. End of story.”
The esteemed pleasure of auditing Enterprise now belongs to Deloitte who has now snagged three clients from KPMG this year (by our count) – picking up Jefferies and Select Comfort back in March.
Enterprise Bank parent dismisses KPMG [St. Louis Business Journal]
PwC Picks Up Thomas Henry from KPMG; Will Lead Global Incentives Practice
- Caleb Newquist
- February 18, 2011
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]
(UPDATE) Comp Watch ’11: Early Returns Are in at KPMG
- Caleb Newquist
- July 13, 2011
From the mailbag:
How about an open thread for KPMG 2011 comp discussions? Sit downs are happening this week. I’m a senior, Midwest, 13% salary increase, $3K bonus.
It seems early for comp discussions at the House of Klynveld but none other than the memo from Johnny V. and Keizer Söze stated that they were happening “later this month.” Our tipster speculated as to the motivation:
In the interest of getting people to not quit, they moved up discussions this year. The salary increases are finalized. The bonus amounts are projected, but they have stated that they are conservative projections.
Okay, then. Feel free to add if you’re planning on deferring your Early Career Investment Bonus or taking the money and GTFO (if you make it to May 2013, that is).
UPDATE:
The latest from an auditor in New York:
I have my comp discussion tomorrow and I’ve heard good things (16.4% and up)
Keep us updated.