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Community News

Survey Says: 96% of Accountants Have Internet Access

Harris Interactive, the folks who bring you Harris Polls, have finished conducting the CCH Accountants on the Internet 2000 poll and the results are fascinating.
Community News

PWC Finds Banks Non-Compliant With Privacy Act

A report from PricewaterhouseCoopers reveals that two-thirds of U.S. banks are non-compliant with disclosure standards for online privacy as outlined in the Gramm-Leach-Bliley Act.According to the Act, which becomes effective July 1, 2001, a bank must declare that any business a customer conducts on the Internet is secure. Even though the implementation date is in the middle of next year, banks only have until Nov.
Community News

What's in a Name? Andersen Consulting, of Course!

Although the news about the final separation between Arthur Andersen, LLP and Andersen Consulting has cooled a bit, speculation as to the 'name game' has just begun.A report from The Times in the United Kingdom suggests that Arthur Andersen may name its consulting arm 'Andersen Consulting.' You heard right: the namesake of its divorced spouse.The current Andersen Consulting has until January 1, 2001 to change its name, and until then, it's anyone's guess as to what the new consulting firm will be called.
Community News

KPMG Consulting to Sell South African Practice

In preparation for the initial public offering next month of KPMG's consultancy business, the firm has announced plans to sell its South African consulting practice for a yet to be disclosed price.The move is seen as one piece in the entire process of breaking the consultancy practice away from the international firm's auditing services so as to be in compliance with expected SEC rulings on auditor independence.The first wave of the IPO is set for September, and a second wave will f
Community News

SEC Makes Auditor Independence Transcript Available

The Securities & Exchange Commission has posted on its web site the entire transcript of Day One of the auditor independence hearings which occurred on July 26.AccountingWEB provided full coverage of the event throughout the day, and will do so again for the second day of hearings, scheduled for September 13.Speakers presenting testimony before the SEC in July included public accountants, industry accountants, educators, memb
Community News

SEC Accepting Applications for 2nd Hearing

The SEC is gearing up for Round Two of the auditor independence hearings, and applications are being accepted for those who wish to participate in the hearings.
Community News

Business Casual: What exactly IS It?

Most companies like the idea of casual Friday. If you’re an employer you can help boost morale by offering your staff the opportunity to dress down one day of the week. In fact, more and more companies are offering the opportunity to dress casual for the entire week. However, this can leave people confused as to what is appropriate dress and what isn’t. A particularly difficult challenge in discerning what’s appropriate casual wear and what’s not resides among women, especially those making the switch from college to the corporate world.
Community News

Shaky Ground: The Impact of KPMG Stock Offering

As reported earlier this year on AccountingWeb, KPMG filed for a potential IPO last May to fund its technology consulting practice, and is now in the midst of negotiating terms for the offering with Morgan Stanley Dean Witter.What is the impact of such an offering? While KPMG hopes to raise $2.5 billion, analysts are skeptical that Wall Street will receive the stock sale with open arms.First, buyers have to get past the often-perceived stodgy mindset associated with a Big 5 firm.
Community News

EY Partner Hired as SEC Deputy Chief Accountant

The Securities and Exchange Commission has hired Jackson Day, formerly a partner with Ernst & Young to assume the number two accounting position at the Commission.As deputy chief accountant, Day will oversee the accounting and audit practices.
Community News

Andersen & Deloitte - Partners in Consulting?

Today's announcement by Deloitte Consulting that it is investing in Epylon Corp., an online provider of ebusiness solutions for education and government institutions may seem like a new idea to most - but it's old news to Andersen Consulting.Andersen Consulting announced an arrangement to provide software to Epylon a month ago and AC Ventures, the venture capital unit of Andersen Consulting, already owns a minority stake in Epylon.So what's all the excitement abo
Community News

AICPA Chair Discloses Plans for Accountants of Tomorrow

Speaking to tomorrow's accountants, the assembled attendees of the Beta Alpha Psi annual meeting last weekend, Bob Elliott, Chairman of the AICPA, presented a glimpse into the very near future.
Community News

Andersen Split has Rippling Effect

Now that Andersen Consulting has made a formal split from its parent company, Arthur Andersen, some analysts are saying that the larger, Big 5 firm will suffer from separation anxiety.What's the affect of such a split?
Community News

And it's PwC and AA, by a Nose!

The results are in from the 200 Annual Survey of Accounting Professors which rates U.S. accounting firms, and the accountants are cheering at PwC. After 18 years of looking up to Arthur Andersen which has had a lock on the number one position, PricewaterhouseCoopers can now gaze down from the top berth as well, having tied AA for the top spot.The survey of college professors is based on their experience and perception.
Community News

Alliott Group Announces Israeloff, Trattner Leadership

The New York firm of Israeloff, Trattner & Co. has announced its role as founding member of the new Alliott Group North America. The group, which will officially launch this fall, combines talents from 118 firms with more than 188 offices in 56 countries.Israeloff, Trattner partner, Robert L. Israeloff is the former chair of the AICPA and former president of the New York State Society of CPAs.
Technology

E&Y Adds to the Flock of Big 5 Start-Up Companies

The latest entry in the Big 5 divestitures arena comes to us from E&Y.
Community News

Andersen Consulting-PwC Merger Rumors Quashed

Talk of a merger between PricewaterhouseCoopers and the newly-unwed Andersen Consulting has been roundly condemned by the consultancy firm.Consulting was not in merger talks with anyone, a spokesperson confirmed, after reports that the two were holding discussions.Now that Andersen Consulting is free of Arthur Andersen's grasp, the rumor mill has been grinding with a variety of predictions and fantasies.In London, the
Community News

KPMG Consulting Goes Public

KPMG Consulting, a breakaway company from KPMG, which was formed last February, has announced an initial public offering.
Technology

D&T Resigns after Dotcom Difficulties

The Big Five firm told its client, Financialweb that its "lack of adequate systems, controls, and personnel necessary to timely prepare internal and external financial statements" for the past three years was a reportable condition, and it was resigning immediately.The auditors also recommended that the firm conduct an internal investigation into allegations that its stock was the target of manipulation, as raised in a federal indictment concerning a shareholder and consultant connected with the Internet firm.Financialweb
Community News

Wadia Resigns over Andersen Divorce

Arthur Andersen chief Jim Wadia has sensationally resigned after the arbitrator's ruling on the accountancy giant's divorce from Andersen Consulting.The International Chamber of Commerce ruling gave Arthur Andersen back its name, but found that the two firms' umbrella group Andersen Worldwide was in breach of its obligations under the original operating agreement.Wadia said in a statement that he has decided to take early retirement from the firm after welcoming the court's decision.
Community News

Andersen Consulting is Free!!!

Andersen Consulting got the word in its New York Offices at about 5:00 this morning – the firm is no longer tied to Arthur Andersen in any way and can compete freely for clients without having to pay any fees to Arthur Andersen.Terms of the 130-page arbitration document that came across a fax machine in New York this morning, while members of Andersen Consulting were cheering, include the following: Effective immediately, Andersen Consulting is a separate entity from Arthur Andersen and Andersen Worldwide.As of today, all agreements are severed and all transfer payments

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