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Technology

E-Trade & EY: Match Made in Financial Heaven?

It has just been announced that Internet securities broker E-Trade and Ernst & Young will partner to form a new venture handling financial advisory services.Each company will put up $25 million for the new company, which has not yet been named.
Community News

National Law Journal Features new CPA Column

Earlier this week, AccountingWeb published a story regarding the overwhelming number of lawyers working in CPA firms.The media also recognizes this trend, and beginning next week, the National Law Journal will begin a new column devoted to accounting-related issues within the Big 5 firms.The column will include information on the Big 5 firms and how lawyers affect the practice of law and accounting.
Community News

Legal Eagles Stack up in Accounting Firms

The accounting profession hasn't gotten to where it is by resting on its laurels. For years, the Big Five firms have known that it is less expensive and more efficient to have lawyers on staff rather than engage lawyers outside the firm.Now, someone has actually counted the numbers and the Big Five wins!
Community News

Lack of POB Funding Hurts Inquiries?

Following the Securities and Exchange Commission's investigation last year of independence issues at PricewaterhouseCoopers, the SEC vowed to investigate other Big 5 firms to ensure independence is not sacrificed.Now, however, lack of funding of the Public Oversight Board (POB) by the AICPA may jeopardize that investigation, and the SEC is not pleased.
Community News

Is Cap Gemini Really Ahead When it Acquires EY's Tech Practice?

Cap Gemini today received the approval of the European Commission to purchase Ernst & Young's Ernst & Young's Global Consulting and IT activities.While analysts previously have predicted that this step moves the European giant one step further in strengthening its consulting services across Europe, the Commission disagreed.Instead, the Commission stated that technological innovations will become more important than who actually 'owns' the business, and that the market will remain fragmented because innovations are hap
Community News

Two Top-Tier Firms Near A Merger

The Electronic Accountant reports that Southfield, Michigan-based Plante & Moran and Indianapolis-based Olive -- both powerful top-tier CPA firms in the midwest -- are in merger discussions.A combined firm would be ranked #12 in the US, with 25 offices, revenues of approximately $175 million, and a staff of over 2,000.Merger discussions are currently underway, but no formal announcement has yet been made.
Community News

E&Y Names New Leadership

Philip Laskawy, current Chairman and CEO of Ernst & Young, has announced a new generation of leadership for the Big 5 firm when he retires at the end the end of next month.The new Chairman will be Jim Turley, 44, currently area managing partner for metropolitan New York.Richard Bobrow, 46, currently the firm's senior vice chair for assurance and advisory business services, will assume the position as CEO."Jim and Rick represent the youth, energy and dedication that will carry Ernst & Y
Community News

Ernst & Young Buys Lobbying Firm

Big 5 firm Ernst & Young has stepped into Washington politics by buying the advocacy and lobbying firm Washington Counsel. The firm is managed by a bipartisan group of Capitol Hill lawyers, and is among the top 10 largest lobbying groups in Washington.Why does E&Y want to own a lobbying arm? The $9 million lobbying firm represents many big name clients, including such giants as Merril Lynch, Ford, Charles Schwab, etc.
Community News

BDO Spins Off Consulting Division

BDO Seidman has announced that it will spin off its Business & Technology Solutions consulting practice into a separate company, named Wavebend Solutions, LLC.The consulting practice was launched by BDO Seidman five years ago, and has exhibited strong and steady growth in the ensuing years.Spokesmen for BDO indicate that the move will allow the consulting practice to continue its strong growth in today's environment, which has recently been hit with a wave of spin-offs of consulting businesses from traditional accounting firms.
Community News

Intel/PwC Join for Hosting Services

Intel Online Services and PricewaterhouseCoopers have announced a strategic collaboration in which the two companies will provide hosting and e-business services to PwC clients and customers.The service already is available in the United States, while services in the United Kingdom will be available later this year.
Community News

Lack of Temp Workers Spurs Consolidation

Now that tax season is over, the push for temporary personnel from firms like Accountemps and Robert Half isn't so bad. Nonetheless, alarming trend in a lack of applicants has hurt the overall staffing business.Unemployment is at an all time low, and this does not bode well for this huge industry.
Community News

KPMG Consulting Files for $1 Billion IPO

In yet another effort to capture a larger piece of the pie, another Big 5 consulting firm has made the news, this time by filing for a $1 billion IPO.The firm is KPMG Consulting, Inc., whose main gig is to help companies with their Web strategies. The money gained from shares of stock will be used by the firm to provide working capital, repurchase preferred stock and repay outstanding debt.The venture is being financed by Wall Street giant Morgan Stanley Dean Witter. KPMG Consulting is based in McLean, VA.
A&A

Crowe Chizek Forms Investment Banking Subsidiary

Crowe, Chizek and Company LLP, a leading accounting and consulting firm, today announced the formation of Crowe Chizek Capital Markets LLC. The wholly-owned subsidiary will provide investment banking services with a focus on sales and divestitures of closely held businesses with transaction sizes less than $100 million.
Community News

Final Big 5 Holdout may Need to Restructure

Less than three months ago, the Public Accounting Report published an article indicating that Big 5 accounting firm Deloitte & Touche was "bucking the trend" of restructuring and insisted that it would keep its "full service" image available to clients.However, in an article in the Financial Times this week, Jim Copeland, CEO of Deloitte Touche Tohmatsu has indicated that increasing pressure from regulators might force the Big 5 firm to consider restructuring, eliminating the ability to offer both
Community News

DT Ad Campaign Really 'Great'

On television, print advertising and other venues, it takes only seconds to capture the attention of leaders, decision makers and the business marketplace.A new advertising campaign for Deloitte & Touche is banking on the fact that featuring 'great' people who work for D&T will attract attention to the international accounting and consulting firm's services.The $15 million campaign is produced by Keiler & Co.
Community News

Andersen Divorce Delayed 90 Days

The arbitrator ruling on the separation of Arthur Andersen and Andersen Consulting has delayed releasing his findings until July 31. A decision on the split was due by the end of April.A quick end to the proceedings seemed likely after Consulting chief Joe Forehand said he was prepared to enter round-table discussions with Arthur Andersen.But a spokesperson for Andersen said that nothing further had been pursued down this path. He also warned that the profession may well hear more about the divorce from the arbitrator before the end of July.
Community News

CBIZ Revenue Up After First Quarter

Century Business Services, Inc. just released the financial results for the first quarter of 2000 and the news is encouraging for the seventh largest accounting firm (as ranked by Accounting Today).The company’s revenue rose 24% to a total of $172.1 million from $138.4 million for the three months ended March 31, 2000.
Community News

Moss Adams 'Constructs' Dominant Practice

We are seeing a continuing trend in more mergers and multi-discliplinary practices thanks to consolidation.Evidence of this is the Seattle-based accounting and financial services firm, Moss Adams, LLP, who now holds a dominant position over its competition within the construction industry.This is due to a merger with another Washington firm, Thoreson & Co., whose has mostly construction clients.Moss Adams, which generated $150 million in revenue in 1999, has more than 1,100 employees in Washington, Oregon, California and London.
Community News

RSM McGladrey CEO Steps Down

H&R Block today announced that Mark Scally, Chief Executive Officer of RSM McGladrey Inc., Block's national tax, accounting and consulting practice, is stepping down from that position. Mr. Scally will continue with McGladrey in a senior role, focusing on global business opportunities with the firm.
Community News

PWC Creates VeriSign Competitor

PricewaterhouseCoopers has developed its own digital certificate system to compete with market leader VeriSign.The new company is called 'beTrusted,' and is based in Columbia, MD with 120 employees.

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