McLean, Virginia-based consultancy BearingPoint
We've grown somewhat blithe about the ever-increasing number of companies that have to restate earnings or otherwise correct their accounting treatment, but this is ridiculous. BearingPoint's former name is KPMG Consulting, and it was until 2001 a component of KPMG -- one of the world's largest accounting firms.
One would think that with such a pedigree, BearingPoint would have ironclad fiscal controls built in, but apparently not.
What a total embarrassment, but not much of a surprise. BearingPoint is already suffering from spiraling compensation costs as a component of net income (I thought this was an IT consulting firm?). It also recently saw Moody's
Not a great showing for a company that purports to know something about helping others run more efficiently.