Accounting and Finance Professionals’ Confidence Declines

FORT LAUDERDALE, Fla., October 21, 2008 — The Accounting and Finance Employee Confidence Index, a measure of overall confidence among U.S. accounting and finance workers, decreased 1.3 points to 48.5 in the third quarter of 2008, reaching its lowest level since the survey began in 2005, according to a recent survey commissioned by The Mergis Group® and conducted by Harris Interactive®.
The survey reflects a continued decline in workers’ overall confidence as a result of concerns about the current job market, their ability to find a new job and increased doubt in the future of their current employers.
Results from the Accounting & Finance Employment Report:
* 64% of accounting and finance workers believe the economy is getting weaker, a decrease of six percentage points from the second quarter of 2008.
* 41% of accounting and finance workers report that they are likely to look for a new job, up 7% points from the previous quarter; yet only 48% of workers are confident in their ability to find a new position, reflecting a 12% decrease from the second quarter.
* 67% of accounting and finance workers surveyed are confident in their current employers’ future, a decrease of seven percentage points from the second quarter of 2008.

“Market uncertainty has certainly increased in the third quarter as a result of the existing situation within the financial services sector. As expected, this uncertainty has affected accounting and finance workers’ confidence,” stated Jack Causa, senior vice president and group executive for The Mergis Group. “Though we anticipate seeing the continued effects persist throughout the fourth quarter, we remain encouraged by the sector’s demand for accounting talent and its growth potential as developments continue in reporting regulations. We also foresee the emergence of new candidate opportunities in response to the government’s intervention with financial institutions. Additionally, we have had success in placing financial services professionals in alternative industries where transferable skills can be parlayed into new career opportunities.”

Source: www.mergisgroup.com; www.harrisinteractive.com

Treasury hires PricewaterhouseCoopers, Ernst & Young to help with bailout plan

WASHINGTON (Thomson Financial) - The accounting firms of PricewaterhouseCoopers and Ernst & Young have been hired by the Treasury Department to help the government implement the $700 billion Wall Street bailout program.

Treasury said today it signed blanket contracts last week that will allow both firms to perform tasks on an as-needed basis related to the implementation of the bailout program. Both contracts last through September 2011.

PricewaterhouseCoopers will act as the auditor for the program, under which Treasury will buy billions of dollars worth of preferred bank stock in a move to help recapitalize struggling banks, and will also buy illiquid assets from banks. Treasury's initial order for auditing work from this firm totals $191,000.

Ernst & Young will provide general accounting support, and Treasury's initial order from that firm totals $492,000.

Treasury last week said it would buy $250 billion worth of preferred bank stock, and yesterday it announced a streamlined procedure by which banks can apply to participate in this program. US Treasury Secretary Henry Paulson said that aside from the nine largest US banks, many other small and medium-sized banks have expressed an interest in the program.

Source: Thomson Financial News

Deloitte Tower unveiled in Beijing, China

Beijing, 20 October 2008 – Deloitte Touche Tohmatsu announced today at an unveiling ceremony, that Tower W2 of Oriental Plaza will be officially named "Deloitte Tower" from today onwards. Deloitte is the first organization to be given official naming rights to an office building in China.
Global CEO of Deloitte Touche Tohmatsu Jim Quigley said,

“Deloitte was one of the first global professional services organizations to join with a local firm following the opening of China’s market 30 years ago. Over the years, we have aligned our resources and services to support the growth and development of businesses, our profession, the regulatory environment and local communities in China. The naming of 'Deloitte Tower' celebrates Deloitte as a member of the business and local community in China’s capital city, and Deloitte’s ongoing commitment to invest and grow in China."

Chris Lu, CEO of Deloitte China, said,

" The China firm unveiled a US$150 million five-year China growth strategy in 2004, which has helped the firm achieve steady and rapid growth, recording double-digit year-on-year revenue growth, and a more than three-fold increase in the number of employees. Currently, the China firm is the fourth largest member firm in Deloitte's global organization (in people), following the United States, United Kingdom and Canada."

Source: Deloitte

Court rules in PricewaterhouseCoopers' favour in Yukos case

PwC Russia - Press Statement
24 October 2008
The The Moscow Region Federal Arbitrazh Court has today fully overturned the rulings of the First Instance and Appellation Courts in the case relating to the audit of Yukos by PricewaterhouseCoopers. The case has now been terminated by the court. This decision satifies PwC's cassation appeal and concludes these legal proceedings.

"We are very pleased with the court's decision. The court has made the correct ruling in this case, particularly given that one of the defendants,Yukos, no longer exists. This is good news for PwC, as well as for the Russian and international business communities. As always we continue to focus our energy on growing and developing our business in Russia". has today fully overturned the rulings of the First Instance and Appellation Courts in the case relating to the audit of Yukos by PricewaterhouseCoopers. The case has now been terminated by the court. This decision satifies PwC's cassation appeal and concludes these legal proceedings.

"We are very pleased with the court's decision. The court has made the correct ruling in this case, particularly given that one of the defendants,Yukos, no longer exists. This is good news for PwC, as well as for the Russian and international business communities. As always we continue to focus our energy on growing and developing our business in Russia".