BearingPoint ClarificationBy Baselinemag | Posted 2006-03-02 Print
Because of a production error, an earlier version of the article "How BearingPoint Lost Its Way", stating that BearingPoint's OneGlobe system was "not fully operational" was inadvertently posted to our Web site. The final printed version states more accurately that the system is still being worked on. BearingPoint says its system is being adjusted to strengthen checks and balances for more robust Sarbanes-Oxley compliance.
The company also noted that it has 17,000 employees, that it has vigorously denied charges made in bondholder lawsuits that it is in default because of its failure to file financial reports, and that it was KPMG International, not KPMG, that transferred its messaging infrastructure to Hewlett-Packard.
The company pointed out that it supplied Baseline with inaccurate information: It should have said that the KPMG business consulting units and not the Andersen Business Consulting units it acquired functioned as a loose aggregation of offices. And the company said that its statement that Ernst & Young worked on OneGlobe's implementation was in error.
The company also pointed out that its outside auditor, PricewaterhouseCoopers, reviewed the steps taken by BearingPoint to verify its contracts and numbers but does not have "approval" authority before items are entered into its system; that commercial customers, such as Labatt Breweries and Fireman's Fund, have signed on with BearingPoint in the last year; and that the resignation of CIO Thomas Wilde was planned.
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