...students to the KPMG Professional Judgment Framework; 3. Provide students with an opportunity to apply the framework; and 4. Provide students with the opportunity to begin developing an appropriate mindset for making good judgments. Module Learning Objectives Critical analysis of case issues and application of KPMG Professional Judgment Framework allow students to increase their: 1. Problem solving and decision making skills in an ambiguous learning environment; 2. Strategic / critical thinking as they consider the relevant issues of the case and make subjective decisions; 3. Ability to identify relevant risks associated with improper judgments; and 4. Understanding of ASC 740 and accounting for income taxes and how judgment impacts financial reporting. Module Components • Class Structure: 3 hour unit of study • PowerPoint Lecture • Case Assignment • Workpaper • Five Videos • Summary: Elevating Professional Judgment in Auditing and Accounting: The KPMG Professional Judgment Framework (available at: http://www.kpmguniversityconnection.com/ProfessionalJudgment/CurriculumSupport/Monographs/Professional-Judgment-Summary.aspx Acknowledgements: The author gratefully acknowledges the advice offered by Daryl Taylor, KPMG Houston, and Kathryn Radfar, in developing this case and suggested solutions. KPMG University Connection www.KPMGUniversityConnection.com © 2013 KPMG LLP a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent...
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...KPMG (Chinese name: 毕马威) MISSION/HISTORY KPMG was formed in 1987 with the merger of Peat Marwick International (PMI) and Klynveld Main Goerdeler (KMG) and their individual member firms. With a rich history, spanning three centuries, the organization's background can be traced through the names of its principal founding members - whose initials form the name "KPMG." K stands for Klynveld. Piet Klynveld founded the accounting firm Klynveld Kraayenhof & Co. in Amsterdam in 1917. P is for Peat. William Barclay Peat founded the accounting firm William Barclay Peat & Co. in London in 1870. M stands for Marwick. James Marwick founded the accounting firm Marwick, Mitchell & Co. with Roger Mitchell in New York City in 1897. G is for Goerdeler. Dr. Reinhard Goerdeler was for many years chairman of Deutsche Treuhand-Gesellschaft and later chairman of KPMG. He is credited with laying much of the groundwork for the KMG merger. The history of KPMG internationally In 1911, William Barclay Peat & Co. and Marwick Mitchell & Co. joined forces to form what would later be known as Peat Marwick International (PMI), a worldwide network of accounting and consulting firms. In 1979, Klynveld joined forces with Deutsche Treuhand-Gesellschaft and the international professional services firm McLintock Main Lafrentz to form Klynveld Main Goerdeler (KMG). In 1987, PMI and KMG and their member firms joined forces. Today, all member firms throughout the world carry the KPMG name...
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...EGYPTIAN ACCOUNTING STANDARDS (EASs) vs IFRSs History For Private Sector For Public Sector In 1985 • IASs were informally introduced to the Egyptian market by the representatives of the big 8 at that time. • Unified Accounting System (UAS) In 1992 • Issuance of law 95 for 1992 (Capital Market Law) imposing the use of IAS. • Unified Accounting System (UAS) In 1997 • The 20 standards drafted by ESAA were issued by Minister of Economy in compliance with IASs with 4 deviations * • The preface of EASs stated that any subject not dealt with in the EASs, IASs should be applied. • Later, 3 more standards were drafted by ESAA and issued by the minister with the withdrawal of 3 standards withdrawn by IASB. In 2005 • ESAA’s standards committee started a project to go in line with the international development. • The existing 19 EASs were revised. • The remaining 16 EASs were drafted. Present status • The 35 EASs were issued. They are in number equal to what is issued internationally up till 2006 through IAS series or IFRS series. • The new set of EASs are to be applied on Financial Statements started on or after 1 January 2007. * ESAA: Egyptian Society of Accountants and Auditors EGYPTIAN ACCOUNTING STANDARDS (EASs) vs IFRSs Summary of Egyptian Accounting Standards (EASs) vs IFRSs Property, plant and equipment Under IFRS, the use of historical cost or revalued amount is permitted. Frequent valuations of entire classes of assets are ...
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...KPMG Is Sued Over New Century The trustee overseeing the bankruptcy of subprime lender New Century Financial Corp. filed suit against its auditor, KPMG LLP, claiming that "reckless and grossly negligent audits" helped accelerate the firm's collapse two years ago. The lawsuits filed Wednesday said that specialists at KPMG tried to point out errors in New Century's financial statements but were silenced by the KPMG partner in charge of the audits "to protect KPMG's business relationship with, and fees from, New Century." The claims are among the first to attempt to blame auditors for the subprime-mortgage crisis, which spread beyond lenders such as New Century and engulfed the global financial system. If the New Century trustee is successful, "it may embolden others to look more closely at the possibility of bringing [accounting] firms to some level of culpability for the things that happened" that led to the credit crisis, Francine McKenna, president of McKenna Partners LLC, a corporate-governance consultancy, said in an interview. A KPMG spokesman disputed the claims. "While we have not seen the complaint yet, any claim that we acquiesced to client demands is unsupportable," KPMG spokesman Dan Ginsburg said in an emailed statement. Mr. Ginsburg added, "KPMG acted in accordance with professional standards in New Century, and we will vigorously defend our audit work. Any implication that the collapse of New Century was related to accounting issues ignores the reality of the...
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...In this essay we will be examining the websites of two CPA firms, a Big-4 firm and a Second-tier firm. The second-tier firm our group has chosen is Vavrinek, Trine, Day & Company, a California based firm established in 1948. Vavrinek has six office locations, employees 200 people, and provides a variety of assurance and non-assurance services including accounting, auditing, tax, and consulting. It is ranked among the top 100 CPA firms in the United States and consistently ranks among the top five in the state of California. The Big-4 firm our group has chosen is KPMG. Founded in 1987 with the merger of KMG and Peat Marwick, KPMG also provides auditing, tax, and advisory services. This International network of CPA firms employees 138,000 professionals in over 150 countries, and with annual revenues exceeding $22.7 billion, has become one of the largest professional services networks in the world. From our examination of these sites we will provide a critical evaluation of each, as well as an accompanying comparative analysis. We will begin our assessment by evaluating what we collectively found to be positive characteristics of the Vavrinek, Trine, Day & Company website. The first thing we noticed is that the site has an appealing visual aesthetic. The various pages are organized, cohesive, and uncluttered, and the font size and page layout makes the information presented easily readable. We also appreciated the navigation functions and how easy it is for the...
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...Evolution of Knowledge Management toward Enterprise Decision Support: The Case of KPMG Daniel E. O’Leary Marshall School of Business, University of Southern California, Los Angeles, CA, USA Realizing that knowledge and its proper management are essential for effective decision support, this chapter traces the evolution of knowledge management within a major professional services firm – KPMG. By supporting decision making, computer-based systems for managing knowledge can impact organizational performance and the very nature of the organization itself. Here, we examine a progression of knowledge management systems at KPMG, beginning with the 1997 condition of having disparate or no knowledge management systems and culminating with an enterprise-wide integrated system accommodating both locally and globally managed knowledge. Strategically, knowledge-management advances were used to transform the firm from being a confederation of local enterprises to a global enterprise. This chapter investigates why KPMG pursued the development and implementation of a global knowledge management system. In addition, it summarizes some of the key capabilities and technologies of the resulting knowledge management system, K-World. This chapter also examines some key implementation issues. Finally, the chapter investigates two key problems emerging from the use of the system after its introduction: search and client confidentiality, plus some of the emerging extensions for K-World. Keywords:...
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.....................................................................................5 1.2 .......................................................................................................................................................5 1.3 ...........................................................................................................................................................6 1.4 ...............................................................................................................................................6 kpmg ....................................................................................................................................7 2.1 2013kpmg ..................................................................................................................7 2.2 verbal ...............................................................................................8 2.3 Oct.13.2013. KPMG .............................................................................................................................8 2.4 ........................................................................................................................................9 2.5 10.12KPMG ........................................................................................................................................10 2.6 10.15 ............................................................................................................10 2.7 KPMG12...
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...IFRS Who cares about goodwill impairment? A collection of stakeholder views April 2014 kpmg.com/ifrs Contents 01 02 03 04 06 08 10 12 14 16 17 18 20 21 Time to engage Exploring the issues Key themes The academic research Is goodwill impairment testing relevant? Is goodwill impairment testing effective? What are the difficulties? Do we need all of these disclosures? What are some of the alternatives? We have three unanswered questions A call to action Appendix 1: The interviewees Appendix 2: References and notes Acknowledgements © 2014 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved. Who cares about goodwill impairment? | 1 TIME TO ENGAGE On 30 January 2014, the IASB launched the public phase of its post-implementation review of business combinations accounting when it released a Request for Information.1 We believe that a key aspect of the review is the impairment-only accounting model for goodwill, which was introduced in 2004. Comments are due to the IASB by 30 May 2014, so now is the time for all stakeholders to provide their feedback on this emotive topic. The Request for Information essentially asks three questions in relation to goodwill impairment testing. • How useful have you found the information obtained from annually assessing goodwill for impairment? • Do you think that improvements are needed regarding the information provided by the impairment test? • What are the main implementation, auditing or enforcement challenges...
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...TRANSACTION SERVICES Doing Deals in Tough Times Best Practices of Leading M&A Teams ADVISORY Doing Deals in Tough Times 1 Tough Times Ahead Although 2007 was a record-setting year for global mergers and acquisitions (M&A), the current credit market suggests that conditions will become significantly more challenging for acquirers in the immediate future. Banks and other financial institutions have been particularly hard hit –analysts estimate that sub prime losses could reach $400 billion, and with their balance sheets in disarray, banks have not been eager to fund new transactions. Investor’s Business Daily estimates that sponsor deal volume will fall 30 percent in 2008 and strategic deals will fall 10 percent. Because of these conditions, lenders are now imposing tougher hurdles on dealmakers and forcing them to better articulate and justify their future expected cash flows. Of course, even in tough times companies will continue to make acquisitions. However, today’s difficult financial environment will put added pressure on companies to succeed. Companies that are fortunate enough to finance their deals will understand that they have a smaller margin of error. Managers who are relying on new synergies will find themselves racing against the clock to prove that their value proposition is real and to satisfy the terms being enforced by lenders. In addition, the softer economic times will further challenge acquirers to capture new revenue synergies...
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...Fastenal Fastenal was founded in 1967 by Bob Kierlin in Winona, MN. The first store was opened in a small building with a door that looked like you were going into the Salvation Army. The first month the store was open in made $157. After Bob opened his first store he lived by the motto Growth through customer service. This has been the motto for every new store that is opened in the US and is still the motto and is posted on the wall of every Fastenal store. The idea stuck with Kierlin. After graduating from high school in 1957 he went on to major in mechanical engineering at the University of Minnesota, where he later earned his M.B.A. After college Kierlin accepted a job with IBM in nearby Rochester. He worked as a financial analyst for about ten years, but was itching to start his own business. According to Kierlin, the opportunity came when he missed an interview for an international position because of a late plane. Instead of getting the job, he ended up starting the company he had envisioned as a boy. With some effort, he was able to persuade an IBM co-worker, Jack Remick, to help him pursue his goal of selling nuts and bolts. Also joining Kierlin were former high-school buddies Michael Gostomski, Dan McConnon, and Steve Slaggie. Slaggie, Kierlin, and McConnon had graduated from Winona Cotter High School in 1957, and Gostomski had followed in 1958. The five partners ponied up $30,000 and rented a 20-foot-wide storefront in Winona. The group's first dispute was over...
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...Responsibilities Daily contact with leaders at all levels of the organization including senior management, team members, individual contributors and vendors Provide customer service to all areas of support personnel and clients as necessary Understand processes and work flows and make recommendations for process improvements Bring closure to issues, questions and requests. Solve problems independently Understand business needs and provide possible solutions by explaining in a clear verbal and/or written communications to customers and/or management Consistently learn new systems, applications, processes and techniques Participate in or lead projects or support activities, which are moderate in size and organization span Responsibilities Analysts assume significant responsibility that may include: Developing and maintaining models to depict projected financial results and to value companies Working closely with senior bankers on presentations, financial and credit analysis, and the preparation of financial projections and models Supporting various financial analyses, including valuations and merger consequences Performing comprehensive and in-depth company and industry research Preparing presentations and other materials for clients Participating in client meetings, due diligence visits, and other client interactions to gain exposure to key executives and senior bankers Structuring customized investment strategies using conventional cash and derivative products...
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...Directors and managers of Indian firms are the most vulnerable to cybercrimes, according to the Cybercrime Survey Report 2015 published by consulting firm KPMG. The survey had over 250 respondents, 64% of whom said directors and managers were the most vulnerable to cyber-attacks. Over 80% said that there was external involvement in cyber-attacks on their firms. Commissioner of police Javed Ahmed released the survey report at Prerna Hall on Monday. The survey attempts to find out how prepared organisations in India are to deal with cybercrime and cyber incidents by unearthing their extent and modus operandi and highlighting preventive measures. The 250 respondents included top executives from industries such as oil and gas, IT, manufacturing, telecom, infrastructure, pharmaceuticals and chemicals, among others. While 94% of respondents indicated that cybercrime was a major threat, only 41% said tackling it was part of their firm’s board agenda. This indicates that most companies are yet to fortify themselves against the threat of cybercrime, which still does not feature in most firms’ top 10 organisational priorities. Most companies do not have response plans for cybercrimes; 58% of respondents said that spending on cyber defences comprised less than 5% of their firm’s total IT budget. Javed said, “The advancement and adoption of technology has enabled criminals to leverage it to carry out crimes. It is critical for citizens, both corporates and individuals, to be aware...
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...Micro Enhancement International, Inc. v. Coopers & Lybrand LLP 40 P. 3d 1206 (Wash. App. 2002) Facts of the Case: Micro Enhancement International (MEI) was a software development company that was on the about to have an IPO. They hired Coopers and Lybrand as the auditor. The IPO for MEI was delayed because Coopers and Lybrand were resisting some of MEI’s recognized revenue and were threating to add a “going concern” to the audit. In the end Coopers and Lybrand allowed MEI to recognize the revenue and took away the “going concern” qualification. By the time the issue was settled MEI had lost the underwriter for the IPO and then went bankrupt shortly after. MEI sued Coopers and Lybrand for multiple things, but then wanted to add a breach of fiduciary duty. MEI’s CEO Staples said that, “he trusted Coopers and that Coopers had agreed to do the audit to do the Audit and to serve as MEI’s business advisor…” The judge denied this request and MEI appealed. Procedural History: The judge denied MEI’s request to add the breach of fiduciary duty so MEI appealed. Legal Issue: The issue in this case is the establishment of Cooper and Lybrand’s fiduciary duty to MEI. If this duty is established then MEI will get to add that breach, however, if not, the judge’s original ruling will be affirmed. Reasoning/Analysis: The first thing is to understand what causes a fiduciary duty. There are two types, Matter of Law (between a attorney and client, physicians and patients, partners...
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...安永资料 KPMG毕马威 公司介绍 KPMG公司在全球155个国家拥有85300名雇员（59700名为专职人员）。在北美数百家办事处中共有25200名雇员（KPMG 是五大会计公司中唯一一家欧洲业务规模超过北美的公司）。KPMG 为全球最大的五百家银行及100家保险公司的半数提供服务。首席执行官Stephen Butler 为KPMG 制定了新的名为The Power of One的计划。这一计划包括三个主要组成部分：成为业内第一；以统一方式运作；将公司的成功与每位员工联系起来。KPMG宣称，“公司将力争在所有业务领域内成为第一”。 主要业务有：审计、会计、税务、管理咨询、公司财务、公司重整及其他服务。 1．审计和会计。 包括：审计或鉴证、财务审慎调查支持、法庭与调查会计、信息风险管理、内部审计、养老金或退休金计划、管制和其他特殊报告、证券发行等； 2. 税务。 包括：公司税合规性审核及报告、关税和其他间接税．全球经济咨询、个人财务计划、州和地方税、税务条款的解释、税负最小化服务等； 3．管理咨询。 包括；作业效益提高、数据存储、电子商务、人力资源管理、IT战略和经营、一揽子解决方案、政策和经济研究、供应链管理、全球融资、计算机2000年问题等 4. 公司财务。 包括：采购和处置战略、资本结构或资金筹措建议、交易管理、私有化服务、估价等； 5．公司重整。 包括；管理和破产管理、破产、公司重组、清算等； 6．其他服务。 包括：保险精算服务、公司法律服务、信托服务、环境服务、ISO9000、法律支持、所有者管理的企业服务等。 公司办事机构有825个，成员所146个，所涉国家或地区：157个。公司的主要竞争对手包括PricewaterhouseCoopers，Andersen Consulting，Arthur Andersen，Deloitte & Touche，Ernst & Young。 KPMG 的咨询业务开展得较晚，但已拥有5000名专职咨询人员。1998年，公司的咨询收入首次超过了审计业务收入。公司38.01亿美元的总收入中有15.11亿来自咨询业务。该项业务自1994年以来已增长了三倍以上。KPMG 目前力图保持世界咨询市场百分之五的份额。据International Tax Review的评估，公司的税务业务收入和从业人员名列五大会计公司之首。 同时，KPMG 公司准备投入六千万美元用于提高本已不低的知名度。部分咨询业务正准备集资上市，此举将给公司及员工带来更大的收益。 KPMG在中国 KPMG毕马威（中国）会计公司于1992年成立于北京，随之在上海，广州，深圳也先后成立了会计公司。现中国员工已达700人。联系地址：Beijing KPMG Huazhen Unit 1608, Level 16 China World Tower 2 China World Trade Center No. 1 Jian Guo Men Wai Ave Beijing 100004, PR China Telephone: 86-(0)10 6505 6300 Telefax: 86-(0)10 6505 6306 86-(0)10 6505 6307 86-(0)10 6505 6308ShanghaiKPMG Huazhen 23rd Floor Shanghai Kerry Centre 1515 Nanjing...
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...‘Στρατολόγηση και διατήρηση, θεωρητική ανασκόπηση, καλές πρακτικές και μελέτη περίπτωσης της KPMG.’ ΜΑΘΗΜΑ: ΔΙΟΙΚΗΣΗ ΑΝΘΡΩΠΙΝΩΝ ΠΟΡΩΝ ΔΙΔΑΣΚΟΥΣΑ: ΣΤΕΛΑ ΞΥΡΟΤΥΡΗ-ΚΟΥΦΙΔΟΥ ΠΕΡΙΕΧΟΜΕΝΑ ΕΙΣΑΓΩΓΙΚΟ ΣΗΜΕΙΩΜΑ-ΣΤΟΧΟΣ ΕΡΓΑΣΙΑΣ 3 i) Παρουσίαση του θέματος της εργασίας 3 ii) Παρουσίαση του σκοπού της εργασίας 3 ΠΡΩΤΟ ΜΕΡΟΣ (ΒΙΒΛΙΟΓΡΑΦΙΚΗ ΑΝΑΣΚΟΠΗΣΗ) 5 i) Ορισμός και επιμέρους τομείς της Διοίκησης Ανθρωπίνων Πόρων 5 ii) Στρατολόγηση και διατήρηση 5 ΔΕΥΤΕΡΟ ΜΕΡΟΣ (ΠΡΑΓΜΑΤΙΚΗ ΕΦΑΡΜΟΓΗ-CASE STUDY) 7 i) Στοιχεία της περίπτωσης 7 ii) Μέθοδοι στρατολόγησης 8 iii) Μέθοδοι διατήρησης 9 ΣΥΜΕΡΑΣΜΑΤΑ 12 i) Για την εταιρία 12 ii) Για τη χρησιμότητα της Στρατολόγησης και Διατήρησης 12 ΒΙΒΛΙΟΓΡΑΦΙΑ 13 i) Βιβλία 13 ii) Περιοδικά 13 iii) Διαδίκτυο 13 ΕΙΣΑΓΩΓΙΚΟ ΣΗΜΕΙΩΜΑ-ΣΤΟΧΟΣ ΕΡΓΑΣΙΑΣ i) Παρουσίαση του θέματος της εργασίας Η εργασία αυτή πραγματοποιείται στα πλαίσια του μαθήματος της Διοίκησης Ανθρωπίνων Πόρων (Human Resources Management), η οποία ασχολείται με όλα τα θέματα και τις διαδικασίες που αφορούν την αντιμετώπιση και διαχείριση του ανθρώπινου πόρου μέσα στην επιχείρηση, έχοντας πάντα ως βασικό γνώμονα όχι απλώς τη συμβατότητα με τη γενικότερη στρατηγική της επιχείρησης, αλλά και τη συμβολή τόσο στη διαμόρφωση όσο και στην επίτευξή της. Αν και αντικείμενο της Διοίκησης Ανθρωπίνων Πόρων είναι ένα ευρύ φάσμα εργασιών, η εργασία αυτή έχει ως θέμα δυο από αυτές, τη στρατολόγηση και τη διατήρηση (recruitment and retention). Η δομή...
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