Post crisis branding

Big 4 revenues: KPMG sees double-digit global growth

KPMG grew global revenues by 14.5% to $22.7bn for 2008, and at 8.4% in local currency terms.

The firm's service lines all performed strongly, while regionally Asia-Pacific, central and Eastern Europe and the commonwealth of independent states all performed well.

BRIC countries (Brazil, Russia, India and China) grew by 37%.

'In a period of profound and unprecedented changes, our profession, and in particular KPMG firms are well positioned and committed to help clients address the significant challenges ahead,' said KPMG International Timothy P Flynn.

The firm cut 90 jobs in corporate finance earlier in the year.

Source: AccountancyAge

PwC makes £200,000 an hour from Lehmans job

Experts estimate PwC will be making more than £200,000 in an hour, based on all 520 people on the Lehmans administration paid an average of £472 for 60 minutes' work

PricewaterhouseCoopers is set to charge fees at a rate of more than £200,000 an hour for the Lehmans administration, industry experts have estimated.

The firm is gearing up to meet the Lehmans' creditors committee later today to hammer out their fees for the massive job, which is expected to carry on for years.

120 people from its business recovery division are being backed up by 400 PwC staff specialising in corporate finance, banking, forensic, tax, performance improvement consulting and human resources.

PwC said recently that costs were accruing at about £4m a week, but projections taken from one of the firm's recent jobs suggest that the firm could bill double that in fees.

However, one leading IP said PwC could charge a premium on their normal rate because of the complexity of the job. 'They are more likely to ask for up to 50% of their rate or maybe double.'

The estimate is based on an administration the firm took on in October. Based on figures filed at Companies House, Accountancy Age has calculated PwC's average hourly charge to be in the region of £472 an hour for each of the 520 people working on the administration.

This is based on the maximum charge rates for partners, directors, senior managers, associates and specialists in the Companies House document.

Fees can be billed in two ways on an administration. The administrators can broker a deal for a percentage of the final dividend when money has been returned to creditors or PwC can charge for time and materials. It is expected the firm will bill for time and materials.

Source: http://www.financialdirector.co.uk

Office drug

'

PwC about crisis: Time for change

November 21, 2008 — PwC, Russia and the Russian Managers Association carried out an investigation of 100 representatives from leading Russian companies to hear their assessment of the financial crisis’s impact on their business.

Russian top managers are not taking the possible consequences of this crisis lightly, but they are optimistic about the situation in the mid-term because of their experiences with dynamic growth.

The survey showed a number of trends in top managers’ attitudes:

* The crisis will be short-term in nature: 87% of respondents are confident their revenues will grow in the three-year term;
* The crisis will make companies focus on extensive development as opposed to intensive development: 47% of respondents plan to expand their presence in existing markets;
* Seventy-one per cent (71%) of companies plan to finance future business development with their own resources. Half the surveyed managers are counting on attracting borrowed funds. Twenty-two per cent (22%) of respondents are considering attracting resources from public funds.

Respondents believe that the crisis will affect how business development is financed (78%) and strategies are developed (89%). Some 94% intend to revise their costs for 2009.

Pricewaterhousecoopers, Russia had also opened a web resource "Time for change" dedicated to the World Financial Crisis.

Source: pwc.com

Ernst & Young to be the Best Audit Firm in Kyiv, Ukraine

The December 4 edition of the Kyiv Post published the winners of the 8th annual “Best of Kyiv” readers’ survey of the capital’s best business and entertainment services - the places that make us particularly happy and proud to call ancient Kyiv home.

This year, the mechanics of the voting was changed. The readers had the opportunity to vote online at the newspaper’s redesigned website at www.kyivpost.com. They chose 24 category winners from 120 nominees (5 in each category).

The result of Best Audit Firm: Ernst & Young

"Whatever your needs, the Kyiv offices of Ernst & Young, represented by a well-trusted and effective team that includes individuals such as managing partner Alexei Kredisov, and tax adviser Vladimir Kotenko, can help. And if your needs expand beyond Ukraine’s borders, Ernst & Young’s international network stretches to all sides of the globe."

Source: KyivPost

Smart ad from PwC