BDO continued
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Table of Contents: (1) 2014 US IT Consulting Rates Report Published; (2) US GSA Makes Posting of Complete Price Lists Mandatory; (3) Deloitte Threatened Lawsuit for Criticizing Efficacy of UK Legal Client Tax Avoidance Scheme; (4) Consulting Leadership: Infosys, BDO, Capgemini and Towers Watson; (5) Thought Leadership: Accenture and KPMG. (1,230 words)...
Table of Contents: (1) US Public Sector IT Consulting Rates Up Only Slightly in Last Five Years; (2) Accenture Completes Acquisition of Enkitec; (3) UK-Based EPM Consultancy, PureApps, Acquired by Accenture; (4) Sopra-Steria Deal Moves Closer to Completion; French Exchange Offer Announced; (5) Deloitte Partners with Panaya to Accelerate Oracle Application Implementations and Modifications; (7) The Accountants are Coming: Auditors Again Target Legal Sector; (8) Singapore's Jon Prudhoe Construction Practice Joins Navigant; (9) Former BDO Partner Sentenced in Tax Shelter Scheme; (10) Consulting Leadership: Deloitte, Huron, Chertoff, CSC and Infosys; (11) Thought Leadership: PwC. (1,725 words)...
Table of Contents: (1) Consulting Category Management: Stages of Excellence; (2) IBM & PwC Contest $22 Million Consulting Contract Award to Ernst & Young; (3) Infosys Stock Dips Dramatically on Resignation of Co-President, B.G. Srinivas; (4) KPMG Agrees to Acquire Hedge Fund Advisory, Rothstein Kass; (5) Brett Arends: Ten Things I Learned at McKinsey & Co.; (6) AMCF Publishes Study Findings on Consultancy Branding; (7) IASB and FASB Publish New Audit Standards for Revenue Recognition; (8) US GSA Inspector General Releases Semi-Annual Report on Audits & Investigations; (9) Consulting Leadership: BDO, Huron and KPMG; (10) Thought Leadership: A.T. Kearney, IASB/FASB, EY, PwC and Accenture. (2,675 words)...
Table of Contents: (1) KPMG Global Chair Steps Down for Health Reasons; John Veihmeyer to Succeed Michael Andrew; (2) Capgemini 2013 Consulting Revenues Decline by 7.5% in 2013; (3) Deloitte Enters Strategic Alliance with NetSuite; (4) FTI Consulting a Challenging Start for Former BCG Executive; (5) KPMG India Bribery and Corruption Advisory Inquiries up Over 185 Percent; (6) West Monroe Partners Acquires CRM and Analytics Consultancy, Madrona Solutions; (7) Accenture and Samsung Form Strategic Alliance; (8) Appointments: Buck, BDO and Capgemini; and (9) Thought Leadership: Accenture and PwC. (1,845 words)...
This Research Note contains a summary of the 2013 strategy consulting rates for the Big Four, as well as for financial, risk and transformation advisory specialists. (4 charts)...
BDO USA has expanded its eastern US presence with the acquisition of Argy, Wiltse & Robinson (Argy). More than 200 partners and staff will join BDO in the transaction. Argy is headquartered in McLean, Virginia, and also has offices in Bethesda, Maryland and Fort Lauderdale. The firm provides specialized tax and accounting services, as well as management and IT consulting. Argy has a large practice in government contracting, technology and professional services, and serves clients in real estate, nonprofit, and healthcare. (465 words)...
BDO USA names Wayne Berson CEO. Accenture appoints Michael I. Cole as Group Chief Executive, Technology; Chris Smith joins as US Federal Chief Technology and Innovation Officer; Vartan Dilanian named Managing Director, Russia; and Aimie Chapple voted MCA President. Ian Powell has been elected for another 4 year term as Chairman and Senior Partner of PwC UK firm; Appoints Margaret Cole as General Counsel and Executive Board member. (700 words)...
Global non-audit consulting and advisory services of Big Four firms, including tax services, increased to $56.13 billion (USD) in fiscal 2011, representing a 12% overall increase from 2010 levels. With the proportion of consulting and advisory revenues increasing dramatically relative to those of audit at Big Four firms, conflict risk has become an issue that has the attention of regulators, clients and firms. Our analysis shows that the aggregated fiscal 2010-2011 ratio shift for audit to non-tax advisory revenues for the Big Four moved 1425 basis points toward conflict-risk, so it is clearly a big issue. Total non-tax advisory services of Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young were $32.2 billion in Fiscal 2011, an increase of 15.85% over fiscal 2010. That compares to an increase in revenues of 9% for the Big Four across all service lines, and growth of 5.64% for audit services. This Research Note provides analysis of the Monadnock Research metrics that compare t...
Deloitte: Consumer spending index falls on sharp declines in the housing market; consumer spending to face economic headwinds in 2012. Disruptive innovation can help cash-strapped governments deliver more for less. Aging population - not the decline in economic activity - will be the long-term driver of public sector debt. Boards need to actively engage with the 'sustainability imperative'. Boards will need to adjust their strategies in light of the continued uncertainty in the economy. E&Y: 2011 year-end global IPO update. Global mergers and acquisitions decline 14% in Q4 2011. PwC: Brain Drain is Biggest Threat to T&L CEOs. Investors Look to Global Healthcare Market for Long-term Growth, Near-term Safe Haven. Threat of Recession Contains Risk of Further Bank Failures. Renewables M&A Hits New Record Highs. 80% of Global CEOs Concerned With Uncertain Economic Growth. PwC Launches 15th Global CEO Survey Results. Europe's economic crisis has left real estate investment and development on...
BDO Seidman has won an appeal against Straits Steel & Wire, forcing the client's allegations of fraud to be heard by arbitrators and not the courts. The Arkansas Supreme Court decision reverses a ruling of the Sebastian County Circuit Court, which had denied a motion by BDO to compel arbitration against Straits Steel & Wire, Co. and its affiliates. The case involves tax consulting services and allegedly fraudulent tax shelters. BDO successfully argued on appeal that the circuit court erred in denying arbitration because it was the dispute resolution mechanism of choice in agreements signed by the parties. SSW attempted to get around the dispute resolution choice by claiming unconscionability of the alleged fraud. SSW claims breach of fiduciary duty, negligence and professional malpractice, negligent misrepresentation, disgorgement of excessive and illegal fees, fraudulent inducement, fraudulent concealment, fraud, civil conspiracy and breach of contract. Research Note includes ...
BDO USA as merged Salibello & Broder into the firm's New York and Los Angeles practices. Six direct entry partners will join the firm, along with about 60 other professionals and support staff. Salibello & Broder was founded in 1978 and is a full-service accounting, tax and business advisory firm serving commercial and public service clients, The firm is a leading servicer of employee benefit plans, entertainment, apparel and high-net-worth clients throughout the US. Salibello & Broder's fifty-seven staff members are based in New York and eight in Los Angeles. Those individuals will relocate to BDO facilities in the coming year. (340 words)...
MR - The European Commission (EC) has adopted proposals that, if implemented, will dramatically change the way auditors serve public interest entities (PIE), including banks, insurance companies and publicly listed companies. The proposal prohibits firms from providing non-audit services to audit clients. The rules are particularly restrictive for the Big Four, and will obligate them to separate audit activities from non-audit consulting and advisory practices to avoid potential conflicts of interest with clients. According to the EC, "Big firms represent a very large proportion of PIE audits. It is critical that such audits are conducted in an independent manner without any 'pollution' from other commercial interests." Beyond the separation of audit and advisory operations, the change establishes more stringent governance policies for auditors to strengthen their independence and introduces more competition into the highly-concentrated market for PIE audit services. Included...
MR - Korn/Ferry appoints Chuck Feltz as President of its Lominger products business. CSC CEO and Chairman, Michael Laphen, to retire. KPMG LLP Names Steven Hill Vice Chair, Strategic Investments. Sixty staff and 6 partners join BDO USA from Carneiro Chumney & Co. Cushman & Wakefield cuts staff and shifts focus from Dubai to Bahrain. CGI appoints George Schindler President of US operations and Ken Taylor as Vice-President, Cybersecurity. PwC names Dietmar Ostermann Global Automotive Advisory Leader. PwC appoints Eric Israel and Clinton Moloney as Managing Directors in Sustainability Business Solutions practice. Martin Steinbach appointed to lead Ernst& Young's IPO Center. BDO Consulting names Drew Olson to expand litigation and fraud investigation within Chicago Insurance practice. Celerant appoints Neil Eurick as Vice President within Metals and Mining practice. BearingPoint hires Rob Staples as Partner in UK Communications practice. Navigant appoints nine senior consulting...
MR The EC Commissioner for Internal Market and Services, Michel Barnier, addressed a conference of the Federation of European Accountants on 30 June, and advocated for a number of auditor regulatory changes that could include a total ban on audit firms providing consulting services and mandated rotation of auditors. Barnier is the EC official responsible for the Internal Market and Services Directorate General and Office for Harmonization in the Internal Market. Speaking before the federation of European CPA's Barnier intimated that he believes the regulatory environment for auditors in Europe is deeply flawed and in need of reform. He proposes the EC focus on: auditor independence issues; opening of the audit services market; and a more integrated European auditor regulatory and certification environment. The issue of auditors offering consulting and advisory services was addressed in his remarks. He believes that a key factor that fuels excessive familiarity between auditors and the...
(MR) An Economist report discusses the rebound in consulting services, and the current shift from cost cutting to growth as the focus of engagements after the deepest consulting recession in decades. BDO financial advisory is censured by UK's Financial Services Authority for failures in its advisory role as a sponsor of Shore Capital Group. A recent Booz & Company survey of global executives found significant concerns and a lack of confidence in their own companies' growth and strategy efforts. US pension plan deficits increase by close to 18% in May 2011 According to Mercer research. Large transactions have fueled a 39% US M&A value increase in H1 2011 according to a PwC study. The Sopra Group board has approved the spinoff of Axway Software on the NYSE Euronext exchange in Paris. Accenture has named TBWA and Tag as advertising and production agencies. CSC has launched its Global Institute for Emerging Healthcare Practices to monitor worldwide healthcare trends, conduct studies, e...
MR - Paul Daugerdas, Donna Guerin, Denis Field, and David Parse were convicted in Manhattan federal court on 24 May for designing, marketing and implementing fraudulent tax shelters used by wealthy individuals to avoid paying taxes. Daugerdas, Guerin, and Field made a collective $130 million in profits from the 10-year scheme. They were convicted of conspiring to defraud the IRS and to evade taxes, and of corruptly endeavoring to obstruct and impede the internal revenue laws. They were also convicted on multiple counts of tax evasion related to the use of tax shelters, and of mail fraud. Field was the former CEO and Chairman of BDO Seidman. Daugerda was a lawyer and former head of the Chicago Office of the tax practice of the law firm, Jenkens & Gilchrist (J&G). Guerin was a tax attorney and shareholder at J&G's Chicago office. Parse was a former Deutsche Bank Broker. Five others previously pled guilty as co-conspirators in the scheme. Deutche Bank admitted to criminal complicity a...
MR - The Managing Partner of BDO International's Venezuelan affiliate, Juan Carlos Guillen Zerpa, has pleaded guilty to one count of conspiracy to obstruct an official proceeding of the U.S. Securities and Exchange Commission (SEC). Guillen, now under house detention pending his July sentencing, was Managing Partner of BDO Guillen Martinez and Associates, BDO's Venezuelan audit and advisory services firm at the time of his 3 March arrest. Guillen pled guilty in a U.S. District court in Bridgeport, Conn. on 4 May. The charges relate to an SEC investigation of a ponzi scheme orchestrated by Francisco Illarramendi, who ran Michael Kenwood Asset Management. Guillen admitted to earning a $1 million fee to create a falsified asset verification for $275 million in missing funds. Guillen falsely asserted that the funds were not missing, and had been loaned to Venezuelan businesses. He faces a maximum of 20 years in prison and a fine of up to $2.5 million. (990 words)...
MR - LECG Corporation has concluded a series of transactions that effectively involve all of the company's remaining professional staff. FTI Consulting completed the acquisition of LECG's European forensics, economics, and tax practices for around $25 million net. The deal includes staff based in London, Madrid, Paris, and Brussels. The firm has also concluded: the sale of its legal technology practice to Huron Consulting; the second part of the Grant Thornton deal; a transaction for its U.K.-based business consulting practice; and the sale of its Oregon-based retail securities and Insurance tax and actuarial practices. LECG now has less than 70 employees, most of whom are expected to leave within 30 days. Delisting of LECG's stock has commenced on NASDAQ, and three board members have resigned. (625 words)...
MR - McBride Shopa & Company of Delaware will merge with BDO USA, expanding the firm's presence in the Mid-Atlantic region. The firm has been a member of the BDO Seidman Alliance since 2000. McBride Shopa's 40 total professionals and support staff, including four partners, have joined BDO. The combination is effective immediately. (350 words)...
MR - The $522 million August 2007 Banco Espirito Santo (BES) decision against BDO Seidman has been thrown out in a shocking twist to the 7-year legal battle between BES and BDO. A new trial has been ordered, pending rehearing and appeal of the appellate court's ruling. The original award included $352 million in punitive damages based on BDO Seidman's alleged gross negligence in flawed audits at BES subsidiary, E.S. Bankest, between 1998 and 2002. The audits were found at trial to have concealed a $170 million fraud. The appeals court decision, however, calls the rationale for those findings into question. The trial court's strategic decision to "trifurcate" the proceedings were also a key issue. The appeals court concluded that doing so created a situation where the decision on BDO's liability for gross negligence was decided before the jury even considered other relevant issues that should have been heard and decided simultaneously. It is unclear at this time whether the ag...
MR -- BDO International's global network of affiliates operating in 115 countries have been re-branded as "BDO," effective immediately. The U.S. member of the BDO International network, F.K.A. BDO Seidman, joins other member firms around the world in adopting the single global brand. The rebranding will be incorporated within all marketing and advertising initiatives as part of the firm's year-long celebration of its 100th year serving clients since its founding in 1910. (550 words)...
MR - Charles A. Barragato & Co. LLP (CAB) has joined the BDO Seidman Alliance, the firm's US association of independently owned local and regional CPA firms and businesses. CAB provides tax, accounting, and business advisory services to clients in the Northeastern US. It will be an independent member of the BDO Seidman Alliance and will continue to operate under the CAB name....
Mahindra Satyam names new CEO, CFO, and virtual staff "pool;" Tech Mahindra names new CEO. SAIC appoints new CEO; COO resigns. Logica names General Manager, Scotland. KPMG appoints US leader of the firm's Restructuring Services group; BDO names head for new regional operations center in Dubai. (subscription required)...
In a huge victory for BDO and proponents of global accounting and consulting network structures, BDO International will not share liability in the $522 million Banco Espirito Santo (BES) damages award against BDO Seidman. A Miami judge issued a directed verdict excluding BDO International from the punitive damages portion earlier at trial, and the jury later decided that the global coordination entity did not exercise sufficient control over BDO Seidman to share liability for the $170 million in compensatory damages. (subscription required)...
Three former shareholders of the Jenkens & Gilchrist law firm (J&G), the former Chief Executive Officer and a former tax partner from BDO Seidman (BDO), and two former Deutsche Bank executives, were charged with US Federal tax fraud conspiracy and related crimes associated with tax shelters promoted by J&G, BDO, and Deutsche Bank. The schemes allegedly generated over $7 billion in fraudulent tax losses. (subscription required - includes indictment)...
Huron Consulting Group appoints President and COO. Bain & Company appoints leader of North American healthcare practice. PricewaterhouseCoopers appoints Chief Innovation Officer. Tata Consultancy Services COO to become CEO. Capgemini appoints Group HR Director and member of the Group Management Board. KPMG appoints new director to head up restructuring real estate specialist team; Names two new Partners and one Director to the UK restructuring group; CRA International names three vice presidents. Aon Consulting names senior Vice President of National Retirement Innovation and Sales. Executive returns to PRTM as VP in Global Public Sector business following White House Appointment. Celerant Consulting appoints two new chemicals sector Vice Presidents. Affiliated Computer Services names chief operating officers of commercial and government operations. Former BDO Seidman Vice Chairman pleads guilty to federal fraud charges. (subscription required)...
The trial to decide whether BDO International will be added as a party in the $522 Million Banco Espirito Santo (Bankest) decision against BDO Seidman is proceeding without a rehearing. BDO International had requested that the $352 million punitive damages award be revisited. That request was denied, along with a request that the trial be postponed for two weeks. (subscription required)...
Former BDO Seidman Managing Partner, L. William "Bill" Seidman, has died. Atos Origin appoints Executive VP Global Consulting. Aon Consulting appoints Senior VP and US leader for Talent Solutions practice. Keane appoints Senior VP of New England practice. Pharmaceutical Strategies Group names practice leader for Managed Care Markets practice. NERA Economic Consulting names Special Consultant. Huron appoints Chief Accounting Officer. Navigant names Senior Advisor to Distressed Real Estate Solutions group. Alvarez & Marsal names Managing Director to the firm's Financial Industry Advisory Services group. (subscription required)...
ABeam elects new CEO and President. Ernst & Young's Transaction Advisory Services names new Vice Chair of Americas practice, tries innovative staffing approach in China work slowdown. Alvarez & Marsal appoints leadership team for new private equity performance improvement group. Former FCC executive launches Domenici Consulting. Innodata Isogen expands consulting capabilities with business process consultants and IT services executives. RTM Consulting appoints Managing Partner. BDO Jawad Habib appoints new partner. Sweden's Sandvik to reduce consulting staff. (subscription required)...
(23 January 2009) Total reported fraud increased by 14 percent in 2008 over 2007's figure, according to BDO Stoy Hayward's annual FraudTrack report. The survey covers reported cases of fraud in the U.K., where less than 5 percent are prosecuted in criminal courts. Fraud has increased by 674 percent at retailers from 2005 through 2008, and by 83 percent in 2008 in the financial and insurance sectors, which accounted for 66 percent of all fraud activity. BDO suggests that clients focus on consultancy services and other indirect spending categories as areas that are particularly susceptible to procurement fraud....
MR - IBM swaps responsibilities of global services and sales leaders; Layoffs of approximately 4,000 likely. Satyam investigators say the firm over-stated headcount by 32.5 percent, and allegedly diverted salaries to family-controlled entitles to purchase thousands of acres of land; Firm denies this, and media reports that top executives fled India to avoid interacting with investigators. KPMG names Chief Information Officer. FTI Consulting appoints Chief Human Resources Officer and Chief Administrative Officer. BDO Stoy Hayward appoints Risk Management Director within its Financial Services Group. Alvarez & Marsal appoints healthcare sector Managing Director. Navigant appoints new board member. Craford Benefit Consultants names Managing Director. vcfo appoints new Consulting CFO. TCS to freeze lateral hiring and maintain 2009 hiring plans for college grads....
(12 December 2008) The trial to decide whether BDO International will be added as a party in the Banco Espirito Santo (Bankest) decision against BDO Seidman has been delayed. The jury trial had been scheduled to start on 15 December, but motions submitted in a pretrial hearing have delayed the opening proceedings....
(3 October 2008) PricewaterhouseCoopers makes new global network executive appointments; Admits 19 new partners and 27 associate partners. Robert Namias joins Publicis Groupe as VP of Publicis Consultants I France. Chris Lu elected CEO of Deloitte China. BDO Seidman elects Jack Weisbaum to his second four-year term as CEO; BDO Consulting appoints Ralph Fatigate to lead Mortgage Lending Investigative Unit. RTM Consulting appoints Mark E. Sloan as COO. ISA Consulting appoints Francois Ross as Director. Censeo appoints Timothy M. Laseter as acting COO. Mercer appoints Nick White Director of Asia Pacific Consulting for investment consulting business. Ardent Management Consulting names Michael Matechak, VP and Partner. Logica appoints Laurent Allard as CIO....
(19 September 2008) KPMG LLP appoints partner in charge of diversity. CRA International appoints CIO and two new Vice Presidents to the firm's Chemicals & Petroleum and Transfer Pricing practices. Lee Hecht Harrison appoints head of leadership consulting practice. Deloitte announces strategic leadership group for anti-money laundering practices. Founder and former Chairman of Atos Origin joins CGI Group board. Options Group appoints new Chairman. DIVURGENT and appoints Vice President, Client Services. TietoEnator names new leadership team; Deputy CEO to leave the company....
MR - BDO Seidman announces fiscal 2008 aggregate global consulting revenue up 84.6 percent; PwC Partners with Duke University on Offshoring Research Network; Jones Lang LaSalle's real estate consulting services revenue increases by 34 percent; Perot has 20.5 percent increase in consulting revenue and reorganizes consulting operations; and Navigant Consulting's non-domestic revenues increase by 60 percent and billing rates up by 12.6 percent. (subscription required)...
Displaying Matches 36 thru 70 of 71 Found FIRSTBACK NEXTLAST