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Timeline: KPMG's Long Evolution into BearingPoint
By Baselinemag
2006-02-07
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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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