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Tag >> Deloitte
Employers beware. Your rank and file is becoming increasingly restless as the jobs picture brightens. Don't be surprised if you see an exodus of employee as more and more of your rivals post "hiring" signs on their websites.
It's all about revenues. Chief financial officers surveyed by Deloitte said nearly half of their companies' strategic focus is on revenue growth. This far exceeds their 30 percent focus on cost reduction.
It looks like most companies are not ready for the new lease accounting standards expected to be finalized as early as mid-year. According to a recent Deloitte survey, just 7 percent of executives believe their companies are extremely or very prepared to comply with the new lease accounting standards proposed by the Financial Accounting Standards Board (FASB).
Most CFOs of large companies believe health care reform will raise costs and reduce quality. According to a new survey, more than 90 percent expect benefits cost per employee to rise. What's more, half of the respondents expect the quality and/or breadth of offered benefits to decline.
Contrary to what a number of politicians have asserted in recent days, the current jobless rate is not due to a pervasive desire to cash unemployment checks and lounge around or a desire to become "hobos," as Sen. Richard Burr (R-NC) asserted earlier this year. A new Deloitte study soberly concluded what many employers have suspected for years: The potential employment pool is becoming less and less qualified for the jobs that are available.
The Securities and Exchange Commission's aggressive crackdown on illegal insider trading has snared a former Deloitte Tax LLP partner and his wife. The pair on Tuesday was accused with repeatedly leaking confidential merger and acquisition information to family members overseas in what the regulator calls a multi-million dollar insider trading scheme. The SEC alleges that Arnold McClellan, head of one of Deloitte's regional mergers and acquisitions teams, and his wife Annabel provided advance notice of at least seven acquisitions planned by Deloitte's clients to Annabel's sister and brother-in-law in London. The brother-in-law then took positions in US companies that were targets of acquisitions by Arnold McClellan's clients.
CFOs at large companies are much more pessimistic than they were just three months ago. According to yet another new survey of chief financial officer sentiment, just 47 percent said they are more optimistic about their company's prospects and 36 percent are less optimistic. Last quarter, nearly two-thirds said they were more optimistic and only 17 percent were less optimistic.
Companies are focused on compliance with new proxy disclosure rules, but they may not be providing the whole picture of the company’s risk management strategy, according to a new report out by corporate advisory firm Deloitte. In analyzing proxy statements by 398 S&P 500 companies, Deloitte found that although companies were meeting basic compliance requirements for risk oversight, they fell short of providing vital information on risk management practices—information which could provide greater comfort to regulators, investors and other stakeholders into risk mitigation efforts at the company.
The Financial reporting Council of the UK has released the annual results of its inspection of the big four accounting firms. Its verdict? Could do better. Each of the big four - KPMG, PwC, Deloitte and Ernst & Young - were found to have been less than perfect. Each was found guilty of specific misdemeanors, but the common thread running through the report was that auditors faced too much internal pressure to do non-audit work, so that the quality and independence of the audits were in danger of slipping.
Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.
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