RECRUITMENT
Big Four make top 10 in graduate employer list
PricewaterhouseCoopers has been voted the top UK
graduate employer of 2009 for the sixth straight year in a recent
poll of the top 100 graduate employers by The Times.
The other Big Four accounting firms all made
it into the top 10. Deloitte took second spot, which was the same
as last year; KPMG came in at five, dropping two places from third
in 2008; while Ernst & Young rose one place to number 10.
Other professional services firms that made it
onto the list were mid-tier firm BDO Stoy Hayward at 67, which was
a new entry, and Grant Thornton, which dropped one place to
98.
PEOPLE
Deloitte strengthens telecoms data team
Deloitte UK has appointed Carl Bates
and Ed Marsden as partners within its technology, media and
telecoms data team.
Bates was previously managing director of the
consulting firm Detica. Prior to that, he spent four years at
Deloitte.
Marsden also joined from Detica where he led
the telecoms, media and technology practice.
Deloitte’s global leader of the technology,
media and telecoms practice Jolyon Barker said: “They will focus on
the telecoms arena specifically on data, security and technology
transformation.”
OVERSIGHT
Bahamas institute implements audit inspections
The Bahamas Institute of Chartered
Accountants (BICA) is about to launch a practice monitoring
programme to ensure firms comply with auditing and quality control
standards.
All firms will be subject to inspection
visits, which will include a review of the firm’s quality control
policies and procedures and an examination of a number of completed
audits.
The BICA is launching the programme both to
inspire confidence in the quality of audit in the Bahamas and to
comply with International Federation of Accountants
requirements.
The Association of Chartered Certified
Accountants will conduct the monitoring visits on the BICA’s
behalf.
LEGAL
Former employee sues PwC for $40m
Romanian Mihaela Popa has sued
PricewaterhouseCoopers UK (PwC) a record amount in damages on the
grounds of a previous discrimination claim.
She is demanding £40 million ($65.7 million)
in compensation for loss of earnings and hurt feelings, the highest
amount ever claimed in such a dispute.
Popa had previously lost tribunal claims of
race discrimination, constructive unfair dismissal and wrongful
dismissal against PwC in 2007.
She resigned from her £41,000 a year job as a
forensic accountant at PwC in November 2006 after suffering a
nervous breakdown.
Popa has since worked for two other banks, UBS
and Credit Suisse, but was made redundant by both and now claims
that PwC were to blame for sabotaging her future career.
PwC denies the allegations made by Popa and
said it will vigorously defend the new claim.
PEOPLE
PwC UK appoints community affairs leader
David
Adair has been appointed to lead PricewaterhouseCoopers UK (PwC)
community affairs team. The firm said the team is a key element of
its sustainability strategy and promotes social inclusion in the
communities in which the firm is based.
The social
inclusion is fostered through a range of education, employability
and environment programmes.
Adair will also
be responsible for managing the firm’s links with national and
community partners such as Business in the Community, The Prince’s
Trust, Education Enterprise Trust and Shakespeare’s
Globe.
Adair joined
PwC’s community affairs team in 2001.
He previously
worked with the National Association of Care and Resettlement of
Offenders, established the Prince’s Trust Team programme in
Southwark and Lambeth, and undertook a variety of roles in the
creative industries.
Last year,
4,600 PwC volunteers contributed more than 41,000 hours to
communities nationwide.
OVERSIGHT
Deloitte receives mixed bag in MG Rover report
Deloitte UK has been criticised for its role as
a corporate finance adviser to the collapsed car manufacturer MG
Rover but received a clean bill of health over its audit
work.
In a
long-awaited report on the collapse, compiled by BDO Stoy Hayward,
the Big Four firm received criticism over its role in the Phoenix
Four’s acquisition of most of BMW’s Rover loan book called ‘Project
Platinum’.
The report,
which is 850-pages, states Deloitte should not have accepted
information from Ian Whyte, a key figure in the disposal of the
Rover loan book on behalf of BMW who was also potentially involved
in MG Rover’s bid for the book.
“[Whyte] thus
had a conflict of interest and should not have continued to be
involved with the sale of the loan book without informing BMW that
there was a possibility of his taking part in an MBO which, in our
view, he did not do,” the report said.
Deloitte made
£28.8 million ($46.7 million) in non-audit fees between 2000 and
2005, which was 15 times more than it received in total audit
fees.
The report,
which praises Deloitte’s audit work, has been referred to the UK
Financial Reporting Council.
FINANCIAL RESULTS
PwC Scotland office grows revenue
The
Scottish office of PricewaterhouseCoopers (PwC) UK has increased
revenue by 3 percent to £111 million ($185 million) in its 2007/08
fiscal year.
PwC said the
oil and gas sector demonstrated more resilience than other sectors
and highlighted the contribution of the Aberdeen office.
The Scottish
tax practice grew more than 10 percent compared with a decline of 4
percent suffered by the tax practice of PwC UK.
OVERSIGHT
Japanese regulator sets oversight criteria
Japan’s Certified Public Accountants
and Auditing Oversight Board and the Financial Services Agency have
published a framework for the inspection and supervision of foreign
audit firms.
Firms that audit listed companies must also
provide information about their operation and quality control
systems, inspections and audit quality reviews.
Japan’s regulator will rely on data provided
by authorities in a firm’s home jurisdiction as long as certain
criteria are met.
