Your Jailed Accountants Update

Posted on by Caleb Newquist

iStock_000001511480XSmall.jpgThe two P. Dubs-India partners rotting in a prison because, according to them, we’re duped by the geniuses at Satyam, got their vacation extended to August 19, according to The Business Standard. We have no idea if India’s prisons are the PMITA variety but at the very least, it’s crazy-ass hot.
Hyd court extends Raju’s remand till August 19 [The Business Standard]

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Is the Party Over?

cheers!.jpgIn these frugal times, you may have noticed the lessening frequency of booze fueled get-togethers at your firm. Now that may new associates are/will be joining the number crunching fray soon we’re wondering if we’ll see a possible uptick in social events.
Knocking back some cocktails doesn’t always have the wide appeal in today’s diverse workforce (regardless of what the stats say) but often these fall events are well attended by boozehounds and non-boozehounds alike.
Discuss in the comments the current trend of socializing at your office. Is the culture at your firm or office drying out? Will it get amped up for the incoming staff? One would think that could be impossible judging by activity during this time of year in the past but since layoffs appear to be a bodily function for the firms these days, your celebrations may be occurring with less enthusiasm.

More Grant Thornton Details: Declining Revenues, Raises in 2010, and Stephen Chipman Will Be Blogging

stephen chipman.jpgWe stumbled across the playback of the all-personnel call that went out to Grant Thornton professionals last Friday and we decided to give it a listen. It was about as snoozerific as we expected but we did come away with some additional information to share with you
Stephen Chipman, GT’s new CEO in the States spent about 40 minutes explaining the good the bad and the ugly at G to the T and here are some highlights:

• 81% of those survey and Grant Thornton are proud to work there. High? Low? Completely made up? Does this consider the Sue Sachdeva effect?

• Chip is going to be focusing on various new forms of communication including his own blog. This makes him the second CEO to do so, following Newman over at BDO. We hope, for your sake, that Chip won’t moderate the comments. We insist that you notify us of this as soon as it goes live.


• The new CEO got pretty somber when he described the prospects for GT’s revenue in FY 2010, stating revenues for core services were declining 11% year over year. Global Six…slipping…away.

• Because of this decline, it was decided that layoffs at the senior manager and partner level would occur (many have been notified already) along with those in the “internal client services function”.

• Despite the bad news, Steve-o did his best Bob Moritz, and made it clear: “We will be giving pay raises this summer.” He did qualify that this would be based on 1) the performance of the firm and 2) individual performance.

So that’s the long/short. Like we said, dude went on for 40 minutes and we didn’t have the thing transcribed to give it to you verbatim. If you happened to be one of the unfortunate senior managers, partners or support professionals that aren’t making the “next stage of the journey” get in touch with us about your experience.

For those that remain on team GT, discuss the big guy’s big promise of raises, the blog, revenue issues, etc.