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Community News

Andersen Inches Closer to Belgium Law Firm

The Belgium Bar, who makes and enforces rules relative to relationships between law firms and auditors, may ease up on previous restrictions preventing such alliances.This is good news for Arthur Andersen and its operations in Europe as it seeks to align itself with legal practices to gain a larger market share.Andersen has worked with the law firm of Caestecker & Partners for the last three years on an informal basis, and will consider a partnership with the firm should rules relax to allow such relationships.Still, experts at Big 5 firms s
Technology

Cap Gemini Merges With EY Consulting

For months, it has been speculated that Cap Gemini would merge with Ernst & Young's consulting practice. Now, the word is that the alliance is official.The deal is reported to be worth approximately $11.13billion.
Community News

McCracken Named Chief of Deloitte Consulting

As expected, Douglas M. McCracken was tapped to fill the chief executive post at Deloitte Consulting.
Community News

PWC Troubles Continue: Compaq Leaves

Texas-based Compaq Computers has left auditor PricewaterhouseCoopers, and have gone with Ernst & Young, although Compaq reports there never were any problems in having PWC as its auditor.Compaq reportedly was asked by the Securities and Exchange Commission to change auditors, based on the ongoing investigation of independence issues within the halls of PWC.While the SEC requested the change, Compaq's board of directors also decided to change auditors based on what the company refers to as "the principle of independence."There is no indication at thi
Technology

EY Strengthens Presence in Latin America

Ernst & Young has improved its market position in Latin American through a 25 percent purchase of Softtek, a company based in Mexico that provides IT support to large-size companies in many countries.Analysts predict both companies benefit greatly from the alliance.
Community News

A Profile of PWC's Chief Executive

Turnover is a major concern these days with Big 5 and mid-range accounting firms, as CEOs across the board have jumped ship in favor of greener pastures, retirement or the next big "dot.com."This is not the case with PricewaterhouseCoopers (PWC) and their chief exec, Jim Schiro.
A&A

Steve Jobs' Quandry: Airplane Tax Classification

The head of Apple Computers has a team of CPAs at KPMG working to resolve whether a bonus given to CEO Steve Jobs should be classified as a "recurring" or "non-recurring" event.The difference in the classification for reporting purposes is amazing. Experts say shareholders and financial analysts usually give more importance to recurring operations, which typically are the day-to-day activities.Because of this concept, Apple and KPMG chose to classify that gift of the Gulfstream V jet as a non-recurring expense.
Community News

More Online Troubles for H&R Block

AccountingWeb has run several stories over the past two weeks about how H&R Block had to shut down the site temporarily due to the tremendous amount of traffic on the site to file tax returns.Now, a spokesperson for H&R Block has confirmed that the site has once again closed its tax filing capability, not because of traffic, but because of several security issues.Based on a report by the Associated Press, some clients were able to view the tax returns of others.
Community News

PWC Considers 3-Way Split

A series of negative factors influencing the firm has led PWC to consider the possibility of splitting into three units. The world's largest accountancy firm did confirm late Thursday that it would split consultancy and some corporate finance work from its core audit, accountancy and tax services wing. The proposed split would provide separate units for auditing, consulting and human resources.
Community News

Big 5 Winners & Losers

The final numbers have been released for 1999 revenues and losses among Big 5 accounting firms.Based on research compiled by the Public Accounting Report (PAR), the firm awarded the majority of audits was Deloitte & Touche, who placed first for the second time in three years as the number one auditor of public companies.
Community News

Y2K Impact Big, Reports KPMG

Now that the hubbub about the Y2K bug is behind us, firms are analyzing the impact the millinneum bug had on companies, Web sites and the world.KPMG recently issued their own report regarding how extensive the Y2K was, and reports that it did cause havoc on many areas, including nuclear plants, millitary satellites, some hospital equipment and even traffic lights.What's the meaning of this for the future (forget the past!): on one hand, experts say that most of us should have paid more attention to life-threatening mishaps, like nuclear power plants.
Community News

Results of CPA/Technology Partnerships

Yesterday, AccountingWeb broke a story about KPMG's alliance with Microsoft to provide consulting services on the Windows 2000 operating system, and recently, Deloitte Consulting followed suit with a technology venture involving Chase Manhattan Corporation.What are the inherent benefits in such a partnership, and why would CPA firms form such alliances?It's all about tapping the knowledge of experts who specialize in various technology arenas, according to industry experts.
Community News

Auditing a Strong Revenue Source for Firms

Auditing has gotten a bad "rep" over the past few years--and especially during the past year--thanks to investigative work done by the Securities and Exchange Commission and the fact that CPAs and accounting professionals have reportedly been seeking more lucrative, less risky alternatives to audit work.However, some experts in the nation's top firms have gone public with their opinions that their assurance services are indeed a money-maker for their firm and that any integrity lost as a result of alledgedly poor auditing practices is not really their fault.In the world of the Chief Fina
Community News

"Best" U.S. Companies Boasts CPA Firms, Great Plains

Fortune magazine has released its annual list of the Best Companies to work for in America, and making the list this year were two Big 5 firms and one accounting software giant.Great Plains, a popular provider of back-end office solutions, came in the highest of the three accounting-related companies at Number 15.
Community News

Formation of KPMG Consulting Positions Firm To Go Public

In a move generally interpreted as a first step towards taking its company public, KPMG announced on Monday the formation of KPMG Consulting, a separate corporate entity, which will handle the business consulting side of the business.KPMG Consulting will be 80.1 percent owned by KPMG and its partners, and 19.9% owned by Cisco Systems, who last August announced an investm
Community News

EY Cuts 5% of Accounting Jobs

There are more shake-ups to report among the Big 5 firms as each of the firms struggles to get a foothold in the e-commerce business.Ernst & Young has layed off 400 people who held traditional accounting jobs because of a shift in mindset at the firm from the tried and true accounting business to E-commerce, E-business and the like.
Community News

New Chair Named to BDO Seidman

Second-tier accounting firm BDO Seidman has named Denis Field CEO and chairman of the board. Replacing Richard Roedel, Field has serves as the leader for the firm's national tax practice for the last four years.Field also is the youngest partner ever to be elected to head the firm. At 41 years old, has has worked since 1983 for the firm in a variety of positions.
Community News

PWC Denies IBM Partnership Rumor

A rumor has surfaced that IBM will buy or form an alliance with the consulting arm of Big 5 giant PricewaterhouseCoopers, but according to PWC officials, the rumor is false.The rumor began late last week when the New York Post reported that PWC was thinking about separating the accounting and consulting functions--and even considering possibly selling the consulting division.An internal restructuring task force is, however, studying how to align the company for the future, especially in light of the bad press the
Community News

AICPA Requires Mandatory Quality Control Systems

Today, the American Institute of Certified Public Accountants (AICPA) announced that it is establishing requirements for mandatory quality control systems for the five largest auditing firms to enhance compliance with existing independence rules.
Practice Management

Focus Your Firm With Client Advisory Boards

Ryan Travis, a a professional development consultant with Results Accountants Systems, led an online workshop today focusing on the benefits of a client advisory board in helping to steer your organization to success.A Client Advisory Board, or CAB, is a focus group of sorts, made up of 6-12 of your "A" list clients, whom you invite for 2-3 hours to a session, facilitated by someone outside your firm, in which they are asked to comment

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