Thanks to the KPMG spy who responded to our post yesterday. We will divide your courageous revelations into a few posts. To all our followers, please also send us your news, anonymously if you so choose.
The anonymous KPMG spy alleges the following is an excerpt from an email from Duncan McLellan, KPMG Partner-in-Charge of Audit 2:
Pleasingly, we have now passed the 70% mark for the Temporary Work Arrangements sign up. A big thank you for all who signed up – it is great to know there is added flexibility during 2010 should the market conditions deteriorate significantly from that expected. At this point I have no plans to
implement TWA as our projected utilisation is high. On the overheads side of things we ended up the financial year about $1m better than budget. This primarily came from rent savings (due to the delayed move off Level 14) but also through travel and training savings. Overall, I expect that when the full year results come out next week we will be about $1.5m ahead of budget with $0.5m being revenue based and the rest overhead based. Labour costs for the full year are in line with budget. This is a result we should all be very proud of in an environment where many parts of the Firm are below budget.Importantly too, these results are well up on 2008.
have they bought a lemon?
Sounds like The Poo Poll was passed - the Hummer sold! But more than that, if this excerpt is authentic, it amounts to a strong corroboration of several stories the Firm Spy has exclusively broken. Namely, there was a flexible-working scheme to save jobs, it required a 70% take-up rate and the firm is presently reducing tenancy space.
The Firm Spy; Your Fly on the Wall
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