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Timeline: KPMG's Long Evolution into BearingPoint

By Baselinemag  |  Posted 2006-02-07 Print this article Print
 
 
 
 
 

KPMG Consulting's evolution into BearingPoint.

2000

JANUARY

  • KPMG spins off its consulting unit, KPMG Consulting, which would later take the name BearingPoint.



    2001

    FEBRUARY

  • KPMG Consulting goes public.

    OCTOBER

  • KPMG Consulting expands global operations with the first of numerous acquisitions of Andersen Consulting and KPMG International consulting units.



    2002

    JULY

  • Sarbanes-Oxley bill signed into law.

    OCTOBER

  • KPMG Consulting becomes BearingPoint.



    2003

    JANUARY

  • BearingPoint announces it is reducing its workforce by approximately
  • 50 to 550 employees, primarily in the North American and Asia Pacific regions.

    AUGUST

  • Company says net income for the fiscal year ended June 30, 2003, is up by $
  • 1.5 million, but also reports that it will restate its financial results for the first three quarters of fiscal 2003 due to acquisition-related and other accounting adjustments.



    2004

    NOVEMBER

  • Company reports third-quarter fiscal 200
  • results—posting net income of $11.9 million on revenue of $8
  • 0.9 million. These are the last financial numbers posted by the company.

  • Chairman and CEO Rand Blazer resigns; Roderick C. McGeary named to replace Blazer.

  • Chief financial officer Robert Falcone retires.



    2005

    JANUARY

  • Joseph Corbett named chief financial officer.

    MARCH

  • Harry You named CEO.

  • Company announces delay in filing 10K.

    MAY

  • CFO Corbett resigns.

    JULY

  • Judy Ethell named executive vice president of finance and chief accounting officer.

    SEPTEMBER

  • SEC launches investigation.

    DECEMBER

  • Joni Kahn named head of technology solutions.

  • Thomas McHugh named corporate controller.

  • CIO Thomas Wilde resigns.



    2006

    JANUARY

  • Former director of BearingPoint Australia, Cameron John Morris, charged with falsifying financial books.

    Sources: Bearingpoint, Published Reports, Baseline Research



    QUESTION: For year three of Sarbanes-Oxley, do you expect to spend more or less time on documenting your internal controls? Tell us at baseline@ziffdavis.com. Story Guide:

    Main Story:
    Compliance: How BearingPoint Lost Its Way

  • What Went Wrong?
  • Born Using Someone Else's Infrastructure.
  • I.T. Designed for Growth
  • Danger: Old Boys and SOX
  • Recovering From a Hasty I.T. Rollout.
  • Ironically, Accounting Was a Big Problem.
  • BearingPoint's End Game.

    Metadata
    Player Roster: BearingPoint
    BearingPoint's PeopleSoft Roadblock: Training-Resistant Consultants
    Timeline: KPMG's Long Evolution into BearingPoint
    Base Technologies: BearingPoint
    Sage Software: A Friendlier Face Balancing the Books
    Planner: Calculating Costs of Sarbanes-Oxley, v. 2.0



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