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Kara Klinger to Lead Deloitte’s Tampa Office

Kara Klinger

New York-based Big 4 firm Deloitte has appointed Kara Klinger as new MP of the firm’s Tampa, Fla., office, succeeding the retiring Tom Corona.

Klinger has been with Deloitte for 26 years, specializing in international financial reporting standards, initial public offerings and mergers and acquisitions across a variety of industries. She was most recently the Deloitte Private leader in Florida and Puerto Rico and the north Florida accounting and reporting advisory leader. In leading the Tampa office, Klinger will oversee more than 1,000 professionals working in audit, consulting, tax, and risk and financial advisory.

“Not only do her technical skills excel, but she has been instrumental in building up our people and in creating a culture of excellence,” Corona says of his successor. “She has grown tremendously as a professional and as a leader, and she is more than ready to lead Deloitte into the next decade.”

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Deloitte Launches U.S. Legal Business Services

New York-based Big 4 firm Deloitte has launched a new U.S. legal business services practice.

The new practice builds on Deloitte’s existing legal department offerings, now with additional services including legal operating model design, contract lifecycle management, legal entity management, regulatory consulting, knowledge management, eDiscovery, data governance, legal invoice review and spend analytics, legal services and supplier sourcing, dispute analysis and forensic investigations.

“Legal departments are under pressure to transform as CLOs contend with new challenges brought on by the dizzying speed of business in a digital age while operating in a constrained budget environment,” says Dan Lange, a partner in the new practice. “This [new practice] allows us to continue our long-standing vision of transforming the business of law through technology, process, enhanced project management and innovative operating models.”

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Deloitte Taps Asif Dhar to Lead U.S. Life Sciences and Health Care Practice

Asif Dhar

New York-based Big 4 firm Deloitte has appointed Asif Dhar to lead the firm’s U.S. life sciences and health care practice. He succeeds Doug Beaudoin, who recently became the firm’s CIO.

In his more than 10 years with Deloitte, Dhar has held positions as the firm’s federal health solutions leader and the life sciences and health care practice’s chief health informatics officer. In his new position, Dhar will lead overall strategic direction and implement go-to-market strategies for the practice’s more than 10,000 practitioners.

“Asif’s passion for the industry and his experience delivering the breadth and depth of Deloitte to solve complex business challenges makes him ideally suited for this role,” says Seema Pajula, vice chairman and U.S. industries and insights leader for Deloitte. “With his deep knowledge of both the life sciences and health care industries, I am confident in his ability to lead through today’s tumultuous times and bring pragmatic, implementable solutions to our clients.”

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Deloitte’s recent CFO survey

Deloitte UK Partners Get Big Payout, Feeding Criticism

Partners at Deloitte UK will receive an average profit share of £882,000 for the first half of this year, which is the largest payout in 10 years, according to the London-based Financial Times.

The big payday comes despite loud criticism of audit quality by Big 4 firms.

The average equity partner for the past decade has earned a profit share of more than £9m since 2009. The 699 Deloitte equity partners take a portion of profits, typically allocated by seniority and performance, instead of a salary, the newspaper reported.

“Our 2019 results reflect the long-term investment we have been making across our business and, in particular, in audit quality and the training, technology and talent required to support it,” says Richard Houston, chief executive of Deloitte in the UK and North and South Europe. “This investment has helped us succeed in the market and improved the financial performance of our audit business.”

PwC’s UK partners made an average of £712,000 last year, EY partners made £693,000, and KPMG partners made £601,000. Deloitte is the first of the Big 4 to report its 2019 financial results.

The figures may add fuel to the fire of criticism of poor audit quality, anti-competitive behavior and conflicts of interest among the Big 4 firms. The Financial Reporting Council has proposed that the Big 4 split their audit and consulting businesses.

A regulatory inspection this year showed a decline in the quality of Deloitte’s audits for 350 companies in the Financial Times Stock Exchange. The Financial Reporting Council said 75% of its audits required no more than limited improvements, down from 79% in 2018.

Deloitte, Partner Fined Over Serco Geografix Audit Failures

Deloitte and a senior partner in the U.K. have been fined and reprimanded for misconduct over the audit of Serco Geografix (SGL), an outsourcing firm, in a July 4 settlement, according to Reuters.

The settlement ended a six-year investigation into fraud and accounting errors. The Financial Reporting Council, the audit watchdog in the U.K., fined Deloitte 4.23 million pounds ($5.32 million) and audit engagement partner Helen George 97,000 pounds after they admitted misconduct for audits in 2011 and 2012.

A subsidiary of Serco (SGL) had been awarded government contracts for GPS satellite-tracking tags to enforce curfews on more than 100,000 offenders each year. A London judge said the company committed “deliberate fraud” between 2010 and 2013.

The judge approved a deferred prosecution agreement (DPA) between SGL and the UK Serious Fraud Office. The company will pay a fine of 19.2 million pounds and costs of 3.7 million pounds.

“SGL engaged in quite deliberate fraud against the Ministry of Justice in relation to the provision of services vital to the criminal justice system,” the judge said.

SGL’s parent Serco Group, one of Britain’s largest government contractors, has said the fraud and false accounting offenses related to how the company reported the profitability of its electronic monitoring contract.

The penalty on Deloitte, one of the Big 4 accounting firms, comes amid a backdrop of serious discussion among British government officials about whether the profession needs a shakeup after the failures of retailer BHS and construction company Carillion.

Deloitte, in a statement, says it regretted that its audit work on Serco Geografix had been below the expected standards.

“We have a program of continuous improvement for our audit quality processes … We have also specifically agreed with the FRC certain actions focused on learning lessons from the shortcomings in this audit work,” Deloitte’s statement says.

Both Deloitte and Helen George qualified for fine reductions after cooperating with the investigation.

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New Jersey Society of CPAs Names Deloitte’s Kyle Sell President

Kyle Sell

The New Jersey Society of Certified Public Accountants (NJCPA) has named Kyle Sell, audit and assurance partner at Deloitte & Touche LLP in Parsippany, N.J., president for the 2019/2020 term.

Since joining the NJCPA in 2004, Sell has served on numerous committees and interest groups. From interviewing NJCPA scholarship candidates interested in the accounting profession to teaching at his alma mater, Lafayette College, he knows first-hand how to inform the next generation about the benefits of becoming a CPA. As president, he will focus on engaging more young professionals as well as work to ensure the accounting field remains open and diverse to all.

“Taking on the role of president seems to be a natural fit for Kyle, whose dedication to the next generation and to furthering the profession are truly commendable,” says Ralph Albert Thomas, executive director at the NJCPA. He succeeds Sarah Krom, MP of SKC & Co. CPAs, in Boonton Township, N.J., who served as president for the 2018/2019 year.

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Deloitte Offering Proactive Monitoring Of Electronic Communications With Relativity Trace

New York-based Deloitte (FY17 net revenue of $18.6 billion) is offering a new service to help clients detect violations of e-communication policies through its alliance with Relativity.

Relativity Trace captures data from more than 40 sources including email, audio, chat and other file types, Deloitte says. The solution offers alerts on high-risk activities like fraud or collusion that necessitate closer analysis.

“Whether your industry is highly regulated or not, having a solution in place to identify and alert legal, compliance, risk management and other teams when possible noncompliant behavior occurs can mean the difference between containment and crisis,” says Chris May, a rick and financial advisory principal with Deloitte Transaction and Business Analytics LLP.

Jordan Domash of Relativity Trace says, “Increasingly, our clients are asking for ways to identify high-risk behavior occurring in their businesses. To us, a proactive automated approach with integrated machine learning is key to culling massive amounts of data and reducing false-positives. That said, for such automation to work well, it needs to be customized and monitored by seasoned investigative professionals.”

Deloitte, part of the RelativityOne Certified Partner program, has built on top of Relativity’s platform to include dashboards, AI-enabled contract review, custom analytics, audio transcription, FOIA and other records disclosure management, and other automated timesavers such as translation, redaction and redaction propagation.

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Deloitte Study: Only 19% of Business Leaders Say They Are Ready to Lead Social Enterprise

Amid rapid technological, economic and social change, it is important for social enterprises to move beyond mission statements and social impact programs to put humans at the center of their business strategies, a new Deloitte study says.

In “Leading the Social Enterprise: Reinvent With a Human Focus,”  the Big 4 firm examines various ways organizations can change the experiences of the workforce to “build identity and meaning for workers.”

A social enterprise is a cause-driven business that exists to achieve a social mission. In the report, survey respondents – nearly 10,000  in 119 countries – say the role of the social enterprise is more important than ever and noted a positive link between leading the social enterprise and an organization’s financial performance.

In fact, 73% of industry-leading social enterprises expect stronger business growth in 2019 than in 2018, compared to only 55% of those where the social enterprise is “not” a priority. However, only 19% of respondents reported being “industry leaders” in their organization’s maturity as a social enterprise.

“What’s missing for many organizations is the focus on the individual and the day-to-day challenges that workers are facing,” says Erica Volini, principal, Deloitte Consulting LLP, U.S. human capital leader. “The reality is that while technology is helping organizations gain competitive advantage, if not managed appropriately, it can simultaneously mean that workers lose their identity in the workplace. We see a call to action for organizations to reinvent their approach to human capital with the worker in mind to create opportunities for continuous learning, accelerated development, and professional and personal growth.”

The report says, “As organizations look to effectively lead the social enterprise, they must adapt to the forces restructuring work and the implications to the workforce – both in composition and capability – while embedding a meaningful experience for workers.”

This focus on the workforce comes as more than 86% of respondents cited reinventing the way people learn as important or very important – the No. 1 trend for 2019. Lifelong learning has evolved from a matter of career advancement to workplace survival. However, even with this emphasis on learning, only 10% of respondents said their organizations are “very ready” to address this topic.

Organizations are also being challenged to “up their game” when it comes to the employee experience. This emphasis comes as only 49% of respondents believed that their organizations’ workers were satisfied or very satisfied with their job design and only 42% thought that workers were satisfied or very satisfied with day-to-day work practices.

“Over the last five years, issues related to productivity, well-being, overwork and burnout have grown,” said Jeff Schwartz, principal, Deloitte Consulting LLP, U.S. future of work leader. “As a result, organizations need to shift from the traditional employee experience to a new category we call ‘human experience,’ where relationships are enduring, learning is continuous, and work has meaning centered around human identity.”

Organizations are finding themselves in a job-seekers’ market as the war for talent rages on. “As organizations’ workforce needs drastically change, leaders should shift from focusing on acquiring talent to accessing capabilities. While the change may seem nuanced, taking a more expanded view of where skills can be found – whether it’s in automation, the gig economy or current employees – can pay dividends in today’s fast-paced and high-demand business environment,” says Volini.

The survey also reveals that the way many organizations compensate and reward workers is out of date. Today, only 11% of respondents felt that their rewards systems are highly aligned with their organizational goals and 23% do not feel they know what rewards their employees value.

“The combination of shifts in the work, the workforce, and the organization have created a new mandate for HR to shape the future,” says Heather Stockton, principal, Deloitte Global, global human capital leader. “But HR cannot do this alone. The entire organization, led by the symphonic C-suite, needs to come together to help organizations truly take the lead in the future of work.”

Deloitte to Deploy Smart Monitoring Sensors by PointGrab in London

Accounting firm Deloitte Touche Tohmatsu Ltd. has selected Israel-based home and building automation company PointGrab Inc. to install smart sensor systems in its London headquarters.

PointGrab’s system will allow Deloitte to receive real-time data on desk occupancy, foot traffic, elevator usage and occupancy of public areas in the 270,000 square-foot building.

According to IoT Evolution, the program is the culmination of a four-year project to define the “workplace of the future,” to accommodate a range of different work activities and styles, with spaces that “fuel creativity and ultimately generate more collaboration across the business.”

PointGrab’s system is designed to enable Deloitte to optimize use of the building. It involves thousands of ceiling-mounted sensors, which provide accurate information about the location and number of people in each space throughout the building.

PointGrab uses foot traffic data to assist in more efficient building maintenance management. For example, the system can alert cleaning crews to focus on spaces with high foot traffic.

“The system serves us both for real-time applications like hot-desking and for space utilization reports of any given area within the premises,” says Dominic McGrory, director of workspace performance, according to IoT Evolution. “PointGrab sensors have a unique mix of high accuracy rates and advanced features, which enable us to truly understand what is going on at any given moment.”

Founded in 2008, PointGrab is based in Kfar Saba, a town northeast of Tel Aviv.

Deloitte US Elects Ucuzoglu CEO, Foutty Chair

Joseph Ucuzoglu

Joseph Ucuzoglu

Joseph Ucuzoglu has been elected CEO and Janet Foutty has been elected chair of the board of New York-based Deloitte (FY17 net revenue of $18.6 billion), the largest accounting firm in the country. Both terms begin June 2.

Ucuzoglu and Foutty will succeed current Deloitte US CEO Cathy Engelbert and chairman Mike Fucci at the conclusion of their four-year terms. In July, the firm told its partners that Engelbert, the first woman to run a Big 4 firm in the U.S., would not be renominated for a second four-year term. In December, Ucuzoglu and Foutty were named the official candidates, subject to a vote this year.

“Joe’s distinguished record of serving our clients and driving transformative, technology-driven change positions him to lead our firm as clients, the capital markets, and society at large turn to Deloitte to navigate the opportunities brought on by the fourth industrial revolution” says Fucci in a statement. “Janet’s extensive leadership experience across multiple dimensions of our businesses, combined with her deep understanding of technology and innovation, the workforce of the future, and her commitment to inclusion have earned her a broad followership internally and externally.”

He added, “I would like to offer my gratitude to Cathy, a recognized leader in the business community who has led Deloitte US during her term to record growth while making significant investments in innovation and supporting our people’s professional lives and career journeys with a series of groundbreaking initiatives.”

Ucuzoglu currently serves as the chair and CEO of Deloitte & Touche LLP, where he has overseen all aspects of the transformation of the audit and assurance practice over the past four years. Ucuzoglu serves several of Deloitte’s largest clients and serves on Deloitte Global’s board of directors.

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