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Spotlight on Clark, Schaefer, Hackett & Co.

AccountingWeb ProfileClark, Schaefer, Hackett & Co.Clark, Schaefer, Hackett & Co.: An Accounting Firm That Sweats the Small StuffThe staff in most of the larger accounting and consulting firms would readily admit—off the record, most likely—that their firm is too bogged down in increasing the bottom line to factor in the care and feeding of its employees as an integral part of the firm.
Community News

Andersen & CollegeNet Expand to UK

Arthur Andersen, LLP and Atlanta-based CollegeNet are crossing the Atlantic to deliver online learning throughout the United Kingdom.The courses are targeted at the U.K.'s small business community, with a philosophy that this size business wants to take parts of courses in shorter segments rather than spend the time and money on an entire course.
Community News

Grant Thornton to Sell E-Business Consulting Practice

Grant Thornton LLP, the leading U.S. accounting tax and management consulting firm serving middle-market, entrepreneurial companies, has agreed to sell its 450-person e-Business consulting practice to Hitachi Ltd. for approximately $175 million.Grant Thornton had announced plans last February to sell its e-Business Consulting Group. The consultancy group, headquartered in Dallas, enjoys annual revenue of about $90 million and has 15 U.S.
Community News

Number of Women in Partner Positions Almost Doubles

According to a survey by the CPA Personnel Report, 11.7 percent of the partners at the top 25 firms in the United States are women.Overall, this is a relatively small percentage. However, progress for women continues to be made. Four years ago, that number was only 6.7 percent.
Community News

Bank of America Expands in Western U.S.

'Invest in the West' is the new motto of Bank of America, which is making efforts to expand its operations in the Western United States.In fact, the bank is doubling its private banking operations in California, and will open 10 new offices up and down the state by the end of the year. Previously, the bank had only nine offices in California.Why? The percentage of wealthy customers who live in the state is overwhelming, especially in San Francisco and the Silicon Valley, according to banking officials.
Community News

Amazon Chooses Underdog for Credit Card Program

We all knew this was bound to happen sooner or later ... Amazon.com is getting into the credit card business with their own version of a branded affinity card.They have selected NextCard to handle the business.
Community News

Andersen to Construct Times Square Skyscraper

Amidst the hustle and bustle of a renewed New York City Times Square, Arthur Andersen, LLP has announced it will build a new office tower on Broadway, between 41st and 42nd Streets.Perhaps, though, the real news is that the tower competes directly with rival Ernst & Young, already under construction one block over at Seventh Ave. and 42nd Street.The deal for the new Andersen tower has yet to be finalized.
Community News

Big Five Prominent on Forbes Annual List

Leading the pack on the Forbes Magazine annual list of the 500 largest private companies in terms of revenue is Cargill, followed by Koch Industries.
Community News

Andersen Consulting Looks at $20 Billion IPO

Ever since Andersen Consuling split from Arthur Andersen, rumors have circulated about how the consulting firm would proceed with financing for the long term.Late last week, the 2,500 partners met in Miami, and agreed to study the possibility of an IPO, or Initial Public Offering, of stock that, if sold, could value the firm at more than $20 billion.The vast consolidation taking place within the accounting profession is good news for Andersen Consulting, who compete against other consulting arms that have, or wil
Community News

SEC Launches Investigation into PwC Independence

A Securities and Exchange Commission inquiry into the independence of Pricewaterhouse accountants working at communications firm Pinnacle Holdings has been made formal.The move follows an 'informal' investigation launched in August, and has been greeted with muted annoyance by the communication site provider.Pinnacle told the press that the firm "has become unfairly embroiled in the policy and political debate over these issues and that, as a result,
A&A

Subsidiary of Business 2.0 Parent Overstated Sales

Business 2.0, a popular San Francisco-based magazine and technology think tank that has been successful in predicting the next wave to hit the New Economy, may have suffered more than just a temporary setback thanks to a subsidiary of its parent company, The Future Network Plc.Future Network is based in Great Britain, but a subsidiary called Future France SA is the cause of the problem.
Community News

KPMG-UK Graduate Recruitment goes 100% Online

Big Five firm KPMG has moved its U.K. graduate recruitment process completely online.The website, kpmgcareers.co.uk, is expected to cut administration in half and quadruple the speed of the recruitment process.KPMG-UK receives 8,000 applications a year for the 650 places on its graduate program. Now, users in Great Britain can complete a screen-based application within an hour, and expect feedback on the progress of the application within 24 hours.
Community News

Denver Economics Spurred by DT Impact Survey

Every other year, the Colorado Business Committee for the Arts engages Deloitte & Touche to conduct a survey regarding the economic impact the arts organizations of Denver have on the local economy.After this year's survey was completed, officials were amazed at the results.
Community News

AICPA Response to SEC Proposed Guidelines

In an article this month in the Journal of Accountancy, AICPA President Barry Melancon discusses the possible repercussions throughout the entire accounting profession should the SEC's proposed guidelines to limit the scope of services provided by auditors be adopted.The AICPA position is that proposed ruling is not in the public interest and sites the following concerns:The proposed ruling would handicap accounting firms as they try to grapple with issues in the New Economy.Audit quality will suffer if firms a
Community News

Andersen Revenue up 15%

With a record $8.4 billion in revenue for the fiscal year ending August 31, Arthur Andersen is reporting an increase in revenue over last year of 15%.
Community News

Summers Warns Senators About Impeding SEC Plan

Treasury Secretary Lawrence Summers claims he has knowledge that some Senators, who are remaining unnamed, are attempting to use government spending legislation to thwart the SEC proposal to issue auditor independence guidelines.
Community News

Become an Online Mentor for an HOUR!

AccountingWEB is committed to bringing accounting students across the country together with mentors from all areas of the accounting community. Do you remember when you were hungry for the chance to learn from someone firsthand? Do you recall your college recruiting experiences? Here's your chance to make a difference. AccountingWEB is looking for individuals to provide a 1-hour on-line workshop on the AccountingWEB site.
Community News

Jane Bryant Quinn Analyzes SEC/Levitt Matter

In a syndicated story published by the San Francisco Chronicle, noted financial guru Jane Bryant Quinn gives her own spin to the SEC hearings concerning the independence of accounting and consulting firms.In this story, she brings the facts to a level that would be interesting to investors rather than the firms themselves based on what a ruling for or against the firms could mean.Specifically, a negative ruling could affect the cost of stocks and bonds.
Community News

Andersen Responds to SEC Violations in Arizona

Arthur Andersen is seeking a hearing to respond to the Securities and Exchange Commission's allegations that the firm violated state securities law in connection with a 1996 audit of the Baptist Foundation of Arizona. Andersen is accused of giving the Foundation a clean audit despite warnings that the Foundation may have committed fraud with its investors. After the audit report was issued, $200 million was raised by the Foundation, which eventually filed for Chapter 11 bankruptcy protection in November 1999.
Community News

Crowe Chizek Buys PwC's Fort Wayne Practice

Crowe, Chizek & Company LLP is set to buy PricewaterhouseCoopers' Fort Wayne, IN practice. A tentative agreement is in effect, and the sale should be final by Octobet 31.The purchase provides Crowe Chizek new territory to add to its already booming practice throughout the Midwest in Indianapolis, Chicago and Cleveland, and even in southeast southern cities like Lexington, KY and Fort Lauderdale, FL.

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