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Mimi25
LIF Adolescent
Member since 7/08 556 total posts
Name:
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What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
I work for one of the Big 4's and last week in our meeting someone said there's no way they would/could go out of business?
Do you think that's true?
Message edited 11/17/2008 1:26:00 PM.
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Posted 11/17/08 1:25 PM  |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
ask Arthur Anderson.
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| Posted 11/17/08 1:26 PM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
I think they are pretty safe as long as they do not do anything stupid like Arthur Anderson ....
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| Posted 11/17/08 1:29 PM |
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Mimi25
LIF Adolescent
Member since 7/08 556 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Mikismom
I think they are pretty safe as long as they do not do anything stupid like Arthur Anderson ....
I have to be honest, I had never even heard of them until now. I found a link on them, but it seems their problems are/were slightly different from what is going on now (recession etc). At least that's what I gathered?
Arthur Anderson
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| Posted 11/17/08 1:31 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Mimi25
I work for one of the Big 4's and last week in our meeting someone said there's no way they would/could go out of business?
Do you think that's true?
Unfortunately, I think anything is possible in the current environment. 
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| Posted 11/17/08 1:31 PM |
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Mimi25
LIF Adolescent
Member since 7/08 556 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by shamrock124
Posted by Mimi25
I work for one of the Big 4's and last week in our meeting someone said there's no way they would/could go out of business?
Do you think that's true?
Unfortunately, I think anything is possible in the current environment.
This is so scary.
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| Posted 11/17/08 1:33 PM |
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metagefken
LIF Adolescent
Member since 5/08 679 total posts
Name:
J
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
unfortunately, in this economy, no one is safe.
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| Posted 11/17/08 2:05 PM |
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lbelle821
Arghhhhh
Member since 2/06 5285 total posts
Name:
Lisa
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Mimi25
Posted by Mikismom
I think they are pretty safe as long as they do not do anything stupid like Arthur Anderson ....
I have to be honest, I had never even heard of them until now. I found a link on them, but it seems their problems are/were slightly different from what is going on now (recession etc). At least that's what I gathered?
Arthur Anderson
WOW, you work in Big 4 and have never heard of Arthur Andersen?
Man I feel OLD!!!
I started my career there and left about a month before the Enron thing really hit the fan.
I honestly don't feel the economy can make a whole firm like this go down completely but certainly can force them all to downsize. Which I believe has started to happen. They probably will have to cut fees, cut out T&E, expect more work in less hours, etc.
Unless of course something like Enron happens to one of them. Which, and I always feel the need to defend us responsible CPAs, was simply the greed, lack of ethics, and stupid decisions of a few that effected the masses.
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| Posted 11/17/08 2:23 PM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
I work very closely with E&Y and I honestly do not see them go under...unless, like someone above mentioned, they have inherited some of Andersen's tactics...
You work for one of the Big 4 and have not heard of the Arthur Andersen scandal Are you fairly new to the industry?
Message edited 11/17/2008 3:09:38 PM.
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| Posted 11/17/08 2:59 PM |
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steph4777
**************
Member since 5/05 11726 total posts
Name:
Stephanie
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Unfortunately, I think anything can happen in this environment.
Wow, I kinda feel old. I was a couple of years out of college when the whole Arthur Andersen mess happened. I had a few friends who were affected.
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| Posted 11/17/08 3:07 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
I think they are safe. They are a service company, and the provide a service that is required by regulations, recession or not.
I do think their consulting side may suffer, but their main audit and tax practices will be fine.
I worked for AA right out of college for a number of years. What happened to that firm was a shame - literally a handful of people took down an entire firm. You need corruption of both sides of the equation - firm and client - for something like that to happen.
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| Posted 11/17/08 3:11 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
DH works for Deloitte and they were told to expect another round of layoffs next year. They already laid a bunch of people off last year when Bear Stearns went down. Now they are losing Merrill Lynch which was one of their larger clients. I just hope DH survives the layoffs.
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| Posted 11/17/08 3:22 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Karen
. You need corruption of both sides of the equation - firm and client - for something like that to happen.
you might be surprised how often you get both.
though my hubby (an acct) agrees with your post...
I work for the longest arm of the law  so I've seen stranger things happen 
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| Posted 11/17/08 3:24 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Mimi25
I work for one of the Big 4's and last week in our meeting someone said there's no way they would/could go out of business?
Do you think that's true?
No, I don't think it's true but that doesn't mean that any panic or fear should start up. Any company could go out of business for a variety of reasons.
Fortunately, after Enron, there are more regulations in place to help protect accounting firms so long as they are compliant...but the key is that they help...not prevent. It comes down to how the company operates as well as other factors.
In a recession I think there is very little value in believing that one is invincible.
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| Posted 11/17/08 3:59 PM |
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Mimi25
LIF Adolescent
Member since 7/08 556 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by MST9106
I work very closely with E&Y and I honestly do not see them go under...unless, like someone above mentioned, they have inherited some of Andersen's tactics...
You work for one of the Big 4 and have not heard of the Arthur Andersen scandal Are you fairly new to the industry?
Yes..I've always worked in Medical fields.
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| Posted 11/17/08 4:08 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Ophelia
ask Arthur Anderson.
btw. my hubby has pointed out that I incorrectly spelled A AndersEN.
I am Norwegian...I don't think we spell it like that
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| Posted 11/17/08 4:13 PM |
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by lbelle821
WOW, you work in Big 4 and have never heard of Arthur Andersen?
Man I feel OLD!!!
i still find myself referring to them as the "Big 6" ...
back in the day i worked for one of them as well and have several friends/relatives who have worked and continue to work for them. i think they would just expand and contract as they see fit - consultants are the first to get fired and then the first to get re-hired in rocky times.
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| Posted 11/17/08 4:16 PM |
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lolipep
My prayers have been answered
Member since 10/08 3642 total posts
Name:
Lori
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
DH works for PWC and he doesn't seem worried at all right now
I think you all should be ok don't worry
Message edited 11/17/2008 4:17:38 PM.
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| Posted 11/17/08 4:17 PM |
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2girlsforme
LIF Adult
Member since 8/06 3071 total posts
Name:
XXXXXXXXX
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
My friend's husband is a lawyer employed by Deloitte. While he is in an area that is very busy what is beginning to happen is work is being pulled from their numerous consultants. His department is trying to hold on to any and all work possible. So, in the short term things are good but in the long term who knows.
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| Posted 11/17/08 6:40 PM |
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jewels
Stop and smell the flowers
Member since 7/06 1538 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
i worked for a big 5 firm before going into teaching. my dh and a lot of my friends are accountants.
i could see some downsizing in the consulting areas, but really i don't think anyone in the tax or auditing departments have much to worry about.
i can't see any of them actually folding. maybe we'll see anther merger sometime in the future. price waterhouse coopers used to be price waterhouse and coopers & lybrand. maybe there will eventually just be the big 1!!!
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| Posted 11/17/08 6:57 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: What are your thoughts on the "Big 4 Accounting Firms" going down during this time?
Posted by Karen
I think they are safe. They are a service company, and the provide a service that is required by regulations, recession or not.
I do think their consulting side may suffer, but their main audit and tax practices will be fine.
Not necessarily true about audit and tax. Deloitte laid off audit staff in July and it seems that audit staff may be laid off again.
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| Posted 11/17/08 8:14 PM |
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