Continuing with the theme over the last few weeks, we today publish yet another set of rumours emanating out of embattled mid-tier accounting firm BDO. First this, from an anonymous BDO spy:
Given the ‘financial’ problems and position of BDO (NSW-Vic), it has been hard to attract partners. With the Tax Partners in Melbourne all gone, BDO has hired 4 new Tax Partners – Terrance Tan, Ian Denison, Yan Wong and Aryck B – all who left KPMG over the past 18 months. Also, Aryck B was a Manager at KPMG and Deloitte and has suddenly reached the heights of BDO Partnership.
Then this, from another anonymous BDO spy:
Rumour has it that Deloitte is readying its team to buy BDO Queensland and WA – given the NSW & Vic practice is dragging BDO down, jumping ship seems best solution…
This is an interesting rumour indeed. We reported in mid-March that BDO Vic/NSW was in financial trouble; something which was later supported by revelations that BDO partners have had to stump up personal guarantees to the tune of around $1million (on average).
Finally, we received the following allegation from another BDO spy:
Two separate legal actions were commenced against BDO Brisbane today directly related to former Tax Partner [name redacted]’s termination last month. The first action was initiated in the Supreme Court of Queensland for unlawful dismissal, while the second action was initiated with the Anti Discrimination Commission Queensland for discrimination on the basis of gender.
We have been unable to secure confirmation as to the existence of the legal actions at this stage.
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Come on BDO zealots, time to come out of the woodwork and start voting down this post. Why not start with this comment?!
@aaaa wish granted.
looks like BDO vic and NSW are toast!
FS… At a minimum try the party search page at http://www.courts.qld.gov.au and you should be able to find the action in the Supreme Court of Queensland, if indeed it has been commenced
A quick search shows this new action in the Supreme Court of Queensland: http://www.courts.qld.gov.au/esearching/filedetails.asp?FileNumber=3017%2F11&Court=Supreme&Location=BRISB
[A former partner] v BDO, filed on on Monday, Russell and Company acting for the former partner.
Sounds like another big firm treating female employees like second class citizens.
http://www.courts.qld.gov.au/esearching/filedetails.asp?FileNumber=3017%2F11&Court=Supreme&Location=BRISB
Tracey Murray the R&D tax Partner
Why would BDO Brisbane join Deloitte? BDO Brisbane is bigger and better than Deloitte Brisbane.
the comment above from the anon BDO staffer – dont worry mate, I’m sure the BDO culture isnt compatible with a Big 4 environment.
LOL @ Deloitte Perth yet again absorbing a mid-tier firm because it’s too crap to be able to grow its staff or client base by itself. If this is true, I feel sorry for the BDO staff who will be forced to join that turgid excuse for an accounting firm.
The legal issue isn’t rumour, it was in one of the papers on Friday with a BDO response that said it would fight the claim in court with the facts.
Deloitte would end up backing out of the deal due to BDO’s debt level and financial liabilities…
I agree with prediction. Deloitte won’t join BDO in Brisbane because of BDO’s debt levels, I understand that a number of the BDO partners got HUGE payouts when they changed from a partnership to a company. Rumour from my colleagues down south (who have ex BDO staffers in their ranks) is that BDO Brisbane’s financial situation is as bad as their Vic/NSW firm, but the Brisbane firm was a bit more clever about how the problem is hidden. If Deloitte were to even entertain such a notion to acquire BDO, their DD would kick such s deal into touch
I don’t understand why, regardless of how many people vote, there are always -69 votes
Maybe Deloitte should just offer BDO partners a job instead if taking BDO over I understand that some of them are on between $150k-$170k, less than a Director at a ‘Big 4′.
Comments about salary are naive. Shows the moronic level of ‘understanding’ on this topic and the others.