Company attitudes toward social media sites vary. Some swing the doors wide open, allowing employees to tend to their Facebook farms and update Twitter statuses throughout the day. Others lock 'em down, keeping non-business site access to a minimum.

A recent study found that, in the United States, 77% of employees with Facebook accounts check in with the community from the office. And, the amount of time they're spending in this part of the online world is growing. In the United Kingdom, another study found that 57% log in regularly from work, costing their employers 40 minutes a day.

Philip Wicks, a consultant at Morse PLC, a technology research firm in London, "It isn't just something you can do for half an hour during a lunch break but all through the day and because of that, it has a huge impact because people aren't necessarily concentrating on what they should be doing during the day." He estimates that this translates to lost productivity of $2.25 billion a year.

It seems like the obvious move would be to block the sites, but William Beers of PricewaterhouseCoopers disagrees. "Instead of trying to shut it down, I think we should try to embrace these technologies, put in a nice policy that governs it and explain to users the risks related to it, provide some training and then see what business benefits we can have from it," he said.

Brutal economic conditions unsurprisingly hit global accounting giant Deloitte Touche Tohmatsu this year.

The firm reports that revenue for fiscal 2009 (which ended May 31) fell 4.9% from the year before, settling at $26.1 billion. A decline in deal flow and the economic downturn around the world are cited as the primary reasons for the performance. Only the consulting business posted a gain. At the same time, Deloitte's workforce grew globally by 40,000 to 169,000, but the net increase masks a turbulent year for the employees.

Venture capital investment in clean technology grew 10% from the second quarter to the third this year. According to a report by the Cleantech Group and Deloitte, 134 companies received investments of $1.59 billion – up from $1.2 billion in the second quarter. The sector's upward trajectory continues, with last quarter marking the second in a row of double-digit growth. In the first quarter of 2009, venture capital investment in cleantech companies hit a low of $1 billion.

The strong third quarter has made the cleantech sector the largest in the venture capital business, according to the Cleantech Group, pulling ahead of biotech. Twenty-seven percent of venture capital funds invested in the second quarter of 2009 went to cleantech companies – up from 3% at the beginning of 2004.

Affordable fashion retailer Hennes & Mauritz (OTC: HMRZF) beat profit and margin expectations for the second quarter of 2009, as currency swings are becoming less costly. Gross margins reached 61%, ahead of the 60.2% forecasted by analysts for the world's third largest clothing retailer. Even though some sales figures were under pressure, H&M has turned in a strong quarter and is well-positioned for the rest of the year, particularly in a tight market for consumers.

H&M's pre-tax profits increased 6.4% to $735 million for the second quarter (which ended on May 31, 2009). The mean forecast was $721 million, according to a Reuters poll. May sales were unchanged from May 2008, though a 1.4% gain was expected. Sales in stores open for at least a year dropped 9%, rather than the forecasted 8.5%. Nonetheless, the positive developments more than offset the negative.

PricewaterhouseCoopers LLC and Deloite & Touche LLP had a ring side seat to the collapse of Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE: FNM) which may cost taxpayers hundreds of billions of dollars. The two auditing firms have some serious explaining to do to taxpayers and members of Congress.

According to the New York Times, advisers to the U.S. Treasury Department found that Freddie's accounting methods overstated its financial cushion.

"The company had made decisions that, while not necessarily in violation of accounting rules, had the effect of overstating the firm's capital resources and financial stability," the paper said. "Indeed, one person briefed on the company's finances said Freddie Mac had made accounting decisions that pushed losses into the future and postponed a capital shortfall until the fourth quarter of this yearwhich would not need to be disclosed until early 2009." Fannie Mae used the same methods, though, apparently not as aggressively as Freddie Mac.

A spokesman for Freddie Mac's auditors, Pricewaterhouse, did not immediately return an email seeking comment. In its letter to shareholders filed with the 2007 annual report report, PwC noted that Freddie Mac had changed some accounting policies. It elected to offset the amounts of some derivative contracts as of October 1; elected to measure newly acquired interests in securitized financial assets that contain embedded derivatives at fair value as of January 1, 2007; changed its method for accounting for uncertainty in income taxes as of January 1; changed the method for accounting for defined benefits plans as of December 31, 2006, changed its method for determining gains and losses on sales of certain guaranteed securities as of October 1, 2005

That's quite a bit to keep track of, no? I am sure Congressional investigators will want more detail about why these policies were changed.

Fannie Mae, whose former chief executive Franklin Raines was ousted in 2004 following another accounting scandal, paid Deloitte $49.3 million in fees in 2007. The firm was hired by Fannie Mae in 2005 because its predecessor KPMG missed accounting errors that cost the housing finance company $9 billion in previously reported profit. A Deloitte spokesman declined to comment.

Chief Executive Daniel Mudd told investors following weaker-than-expected first quarter results that this year and next year would beg "tough." Little did he know that those words would foreshadow his ouster along with his counterpart at Freddie Mac Richard Syron. They no doubt will be getting a pretty fat golden parachutte. Both companies have lost a combined $14 billion over the past year.

If the auditors were not as diligent with Freddie and Fannie as they should have been, then members of Congress needs to hold them accountable. The shareholders who have been wiped out by the government's rescue deserve to know if auditors missed signs of the collapse that they should have caught.

Deloitte LLP, which is over 100 years old, has built a wealth of knowledge. In fact, last year the firm posted $9.85 billion in revenues.

Well, Deloitte has put together an interesting series of small pieces – called Straight Talk guides. The goal is to help companies "rely less on guesses."

The guide that caught my attention was "M&A Lies, and Why They're Sometimes True." It's a quick read but has some valuable insights.

Keep in mind that – according to various studies – roughly half of M&A deals fail. That's certainly daunting.

But, this doesn't mean that companies should forgo deals. Rather, many companies have been particularly good at M&A, such as Cisco (NASDAQ: CSCO).

Some of the pieces of Deloitte's advice include:

• Don't get caught up in deal fever. After all, investment bankers can push hard (and they are incentivized to do so). Thus, if you detect some serious problems, slow things down – and perhaps even walk from the deal.
• Buying a company is fairly straight forward; integration, on the other hand, can be extremely complex. In other words, as you are putting together the deal, make sure you are also planning for the post-sale activities. Actually, one of the biggest issues is forgetting about customers (one study shows that customer neglect can result in a 50% drop-off in revenues after four years).
• You need to make sure you see good deals. To this end, it's important to cultivate relationships with various players, such as deal attorneys, CPAs and investment bankers.
• Taxes matter. Can you find ways to lower the tax burden?

So, to get the ebook, you can go to the Deloitte site.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.