Word: kpmg
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Dates: during 2000-2009
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...City of London just a few months ago that they should take a 20% pay cut to work one day less per week, they would have likely mocked the idea as a French socialist plot to undermine the British economy. But when the U.K. arm of accounting firm KPMG recently asked its staff if they would be willing to reduce their workweek - and thereby save jobs - in the event that business dried up, an overwhelming 85% signed on. About 200 employees in the tax division have already shifted to a four-day week, says spokesman Gavin Houlgate, who claims...
...forced leave in April. Back in London, John Philpott, the public-policy director of a lobby group called the Chartered Institute for Personnel and Development, sees the rise of short-work programs and pay cuts in industry as a natural reaction to the crisis. In the case of accountants KPMG, he says, "if you have a highly skilled workforce that you don't want to lose, it can make a lot of sense." But the idea of governments getting involved with big subsidies for such schemes on a regular basis makes him shudder. "There will always be jobs that disappear...
...founder and chairman, B. Ramalinga Raju, skimmed as much as $1 billion from the company. Raju, who has been arrested, admitted that he falsified Satyam's books and that profits were fictitious for several years. The company's true financial condition will not be known until new auditors KPMG and Deloitte are able to review accounts, which is expected to take four to six months. Even the exact number of Satyam employees is said to be inflated. Although Satyam claims to have 53,000 people on its rolls, the investigating agencies are trying to verify the figure, and some estimates...
...fact, it now appears KPMG, along with the other auditors of the Madoff feeder funds, did very little to ensure investors weren't being ripped off. Observers say it's likely that all the accounting firms did was check the statements that Madoff himself produced. In the 64-page document Rye Select sent to all its potential investors is the statement "Valuation provided by the counter party affiliate [Madoff] will not be subject to independent review...
...spokesperson from KPMG says that the firm's audit of the Rye Select Broad Market fund conformed to all professional standards and that the firm would vigorously defend its work. A BDO Seidman spokesperson says that his firm is not and has never been the auditor of Madoff Securities. The BDO spokesperson also says that his firm's audit of Ascot Partners met professional standards and that the firm would defend its work. "It is unfortunate that these investors would bring legal action before all of the facts are known and seek to blame others for their own investment decisions...