Practice news

Practice Management

KPMG Reports 4% Growth in Global Revenues

Despite a weak economy and a year of unprecedented challenges for the accounting profession, KPMG International reported revenues of $10.72 billion for the fiscal year ended September 30, 2002, an increase of 3.9% over the prior year.A breakdown of global revenues shows 3.4% growth to $6.33 billion in assurance services, 2.7% growth to $3.04 billion in tax and legal services, and 8.6% growth to $1.35 billion in financial advisory services (FAS).
Practice

SEC Settles First Cases Involving Fair Disclosure

The U.S. Securities and Exchange Commission announced the results of three test cases involving illegal selective disclosures of material information to analysts or institutional investors. Under Regulation Fair Disclosure (Reg FD), which took effect two years ago, companies are required to release information to the public at the same time they provide it to securities professionals.Highlights of the three test cases and their resolution:Siebel Systems paid a $250,000 fine.
Practice Management

Actions speak louder than words: Workers say temp work is best indicator of job potential

How can job candidates convince the hiring manager they're an ideal match for the position? Survey results indicate that working on a temporary basis is a good start. Nearly half (46 percent) of workers polled said performance on a temporary or trial assignment provides the best insight into whether someone is qualified for a job, followed by the interview (30 percent) and the reference check (12 percent).The survey was developed by OfficeTeam, a staffing service specializing in highly skilled administrative professionals.
Practice Management

Giuliani to Help Restore Investor Confidence

Former New York City Mayor Rudolph Giuliani said he is committed to help turn around WorldCom because WorldCom represents the "biggest challenge" in returning investor confidence in the capital markets. Mr. Giuliani is chairman and CEO of Giuliani Partners, a New York City consulting firm that formed a strategic alliance with Ernst & Young earlier this year.
Practice

Why Do Leaders Fail?

By GrowthWorks, Inc.Why do leaders fail? If anything universal can be learned for an examination of why high-profile CEO's fall from the pinnacles of corporate America, poor execution and people problems are the main reasons. According to a study reported in Fortune magazine, it's rarely a lack of intelligence or vision, as many might expect, that dooms top corporate executives. "It's bad execution.
Practice Management

Accounting Associations Unite in Anti-Fraud Programs

Seven professional associations have jointly issued a set of recommendations to help companies combat fraud. These new guidelines tell how to prevent, deter and detect frauds ranging from falsified financial statements to employee theft. Recommended anti-fraud measures include creating a culture of honesty and high ethics, being proactive in implementing and monitoring effective internal controls, and developing an effective oversight function.
Community News

PwC Sees Revenues Stall, Issues 'Showcase' Report

PricewaterhouseCoopers reported a 4% decline in global revenues to $18.9 billion for the fiscal year ended June 30, 2002.
Community News

Deloitte Reports Growth in Clients and Revenues

Despite a weak economy and post-Enron pressures on its consulting business, Deloitte Touche Tohmatsu (DTT) reported net worldwide revenue growth of 1% for the fiscal year ending May 31, 2002. Revenues in services other than consulting grew 4.5%.Deloitte's major milestones and achievements for the year include:The successful return after 11 months of more than 3,000 partners and staff to the U.S.
Practice Management

Managing Through Change

By, Robert Half Management ServicesIn the business world, a company's survival depends on its ability to keep evolving. The most successful firms understand they must continually adapt to changing circumstances and find new ways to satisfy their customers. But change is rarely something that's easy for organizations or individuals. Your ability to manage a variety of business transformations, from mergers and acquisitions to downsizings and new leadership, is critical to long-term prosperity.
Practice

Developing Entrepreneurs: Emulating The Right Role Models

Excerpted from: Building Entrepreneurial People by Allan S. Boress, CPA, CFEIntroductionNew business is the lifeblood of every CPA firm. Some firms today are being forced to merge with other firms, are being bought out under less than desirable circumstances, or are slowly going out of business before the partners' eyes because not enough new clients and new work are coming in.
Practice Management

Baker Tilly Builds Forensic Services for Divorces

London-based Baker Tilly International, a network of independent accounting and business services firms, is aggressively
Practice Management

Lessons From Lawyers: How Not to Manage Staff

After placing last in American Lawyer's ranking of law firms based on a survey of attorneys who had not yet made partner, Clifford Chance asked its staff the reasons for their discontent. Almost all the reasons could easily apply to accounting as well as law firms. The key gripes:A 2,420 billable hour requirement. Associates felt they had to bill at least 2,420 hours a year in order to receive a bonus.
Practice

California Law Beefs Up Disclosure Requirements

Ground-breaking new state legislation will soon require certain corporations doing business in California to disclose more information, including the names of their independent auditors. The information will be made available for public viewing by the end of 2004 through an online system.
Practice Management

Clearing the Lines of Communication

By, Keith Rosen If you can eliminate communication breakdowns between your clients and yourself, the result will be more sales with less headaches. Breakdowns occur because no one took the time to check if what was communicated was understood by the people engaged in the conversation. Here are four easy steps that will assist you in getting clear with your client's wants, needs and expectations. 1. Ask a Question: Assume you have no idea what the client really wants. The only way to uncover their needs is to first ask questions.
Practice

SEC Proposes Disclosures About Ethics and Controls

The U.S. Securities and Exchange Commission unanimously agreed to issue for public comment proposed rules that would implement recent legislative reforms enacted in response to accounting scandals. The proposed rules will require public companies to report on their internal controls, codes of ethics, and the financial expertise of their audit committees.
Community News

E&Y's Privacy Falls Prey to Divorce Court's Discretion

Ernst & Young fought to preserve the privacy of information related to the firm's valuation and its chief executive's compensation. But more details were exposed in a divorce court ruling than any accounting firm would want its competitors to know.
Practice Management

Four CPAs Win 2002 AICPA Hall of Fame Awards

Ajilon Finance and the American Institute of Certified Public Accountants (AICPA) have announced the winners of the 2002 AICPA Business and Industry Hall of Fame Awards. The winners will be inducted into the Hall of Fame at the AICPA's National Industry Conference in New Orleans on October 18, 2002.This year's winners are:Don L. Blankenship, President, Chief Executive Officer and Chairman of the Board of Massey Energy Company.Vernon D.
Community News

Ernst & Young Sees Strong Revenue Growth Ahead

Ernst & Young reported worldwide revenues of $10.1 billion for the fiscal year ending June 30, 2002, representing growth of 2.7%. Chairman James Turley said he expects a return to double-digit revenue growth in the current fiscal year.A breakdown by line of service shows revenues increased 2.9% to $5.8 billion for assurance & advisory business services, 1.5% to $3.4 billion for tax and law, and 9.0% to $0.7 billion for corporate finance.
Practice Management

Former Execs File Lawsuits Over Accounting Disputes

During the past week, two more companies found themselves facing lawsuits from former executives for wrongful discharge after incidents involving ethics and financial reporting. Attorneys say it is a growing area of litigation.The lawsuits were filed against Solectron and Ovitz's Artists Management Group.
Practice

Deloitte Tells How Firms Can Win Accounting Talent War

In the latest in a series of speeches on the importance of integrity and quality, Deloitte CEO Jim Copeland explained why he sees a talent war ahead and what accounting firms can do to win the war.

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