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November 08, 2009


Francine McKenna

Jim, You answered your own question. The current partners want the revenues now from the extra work Sarbanes-Oxley requires even if they have to move downmarket down to the next tier firms' typical client - the middle market public company. They are hurting because no other issue, XBRL or IFRS, has come in fast enough or strong enough to replace the gravy train that was SOx. Because of the delay in eventual liability under SOx, the current partners can leave that for the next cohort group to deal with, They will have taken their cash out. Don't think that the current leadership team at al Big 4 are not counting the days and watching the tiger of current and threatened litigation approach while hoping and praying they will be out with as much as they can before it the biggest cases hit the fan. That's why the layoffs instead of planning for the economic recovery.

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  • © 2007-2024 James R Peterson Special thanks: Francine McKenna. Always with love: Kat and Julie. In memory: Bob White, Stuart Kadison