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SHOWDOWN WITH THE SEC - September 2000 Hearings

SEC Issues Final Rules on Auditor IndependenceThe SEC voted unanimously to approve new guidelines for auditors. Four of the Big Five firms acquiesced in accepting the rules, KPMG being the hold out firm that still feels the rules are unnecessary.
Community News

KPMG Chief Withdraws from SEC Hearings

KPMG chief executive Stephen Butler pulled out of today's SEC hearings because of the lack of time allowed at the stand, according to the Financial Times.Butler was allotted just 30 minutes to give his opinion on the controversial proposals, and would have had to share that time with five others.
Community News

ICAEW President Gives International Outlook on SEC Audit Rules

Graham Ward, the President of the Institute of Chartered Accountants in England and Wales, is scheduled to appear before the Securities and Exchange Commission's hearings on auditor independence in New York at 4.30pm today.
Community News

Big News in Banking: Chase Merges With J.P. Morgan

This week marks an historic milestone in banking. Chase Manhattan Bank has agreed to buy J.P. Morgan for almost $40 billion in stock.The new company, which will be known as J.P. Morgan Chase, will have assets of $675 billion and will rank third as a financial services company following Citigroup Inc. and Bank of America Corp.The buyout is attributed to being able to combine attributes of both companies as they seek a larger piece of the pie.
Community News

Second Auditor Independence Hearing Today

Members of CPA firms, representatives of the AICPA and England’s Institute of Chartered Accountants, lawyers, advisers, members of accountancy boards and CPA societies, and corporate accounting officials are gathering in New York today to present testimony before the SEC regarding the proposed limitations on auditor independence.Forty speakers representing both sides of this issue will take the podium, briefly presenting their views in hopes of supporting or swaying the opinion of Arthur Levitt, Chairman of the Securities & Exc

H-P/PwC: It’s a Done Deal!

Hewlett-Packard has agreed to purchase the consultancy practice of PricewaterhouseCoopers. According to reports by Bloomberg News, the computer giant has agreed to purchase the consulting business of PwC, the largest U.S. accounting firm.Total cost of the package: $17.5 billion. A final agreement is expected within a few weeks.

IT Alliance Focuses on 'E-Positioning' for Fall Conference

E-Positioning of firms who consult within the Internet and business continuum is the focus of the Information Technology Alliance's fall conference in Naples, FL, Oct. 25-28 at the Registry Resort.'The conference is packed with timely information, great learning opportunities in and out of the sessions, and some surprises that are just plain fun, including our new 'Do YOU want to be a Geek Billionaire Contest,' says Bruce MacBain, conference chairman and a consultant with SOFTWARE First!
Community News

PwC Assumes #1 Position in Top 100 Firms

PricewaterhouseCoopers edged out Arthur Andersen to assume the top position among the Top 100 Firms listing compiled by the Public Accounting Report.Last year's listing showed Andersen as the top producer, but due to the break-up of Andersen and Andersen Consulting, the firm fell to number five.
Technology

California Wrestles with the Internet Tax Debate

The debate over Internet legislation rages on as Gov. Gray Davis is faced with a bill passed by both houses of the Legislature in favor of making online merchants collect sales tax from California residents. The California bill, introduced by Assembly members Carole Midgen, D-San Francisco, and Dion Aroner, D-Berkeley, strives to answer the question about determining what exactly a physical presence consists of. The current tax laws require online retailers to observe the same rules that catalog merchants do.
Technology

Yahoo! and NetLedger Partner to Provide Accounting Solutions

NetLedger and Yahoo! have announced a new partnership, which will allow NetLedger to offer access to its business services through the Yahoo!® Store. Clients will be able to place orders through the Yahoo!® Store and have the information directly input into their NetLedger account. The result will be consistently updated inventory and sales data, and an easier time taking care of the accounting.Larry Ellison, chief executive officer of Oracle and chairman of NetLedger, Inc.

Recruiting for your Bottom Line, with Tina Kersen Ferguson

Recruiting For Your Bottom Line: How Recruiting is just as much about Marketing as it is about Human ResourcesPresented by Tina Kersen FergusonPresident, one80group, Dallas, TexasSession Moderator: Good afternoon everyone and thank you for joining us here at AccountingWEBI'd like to take a moment to introduce Tina...Tina Kersen Ferguson loves the dynamics of today's evolving business workplace.
Technology

It’s ‘Back to School’ Time for IRS Computer

The House Government Reform Subcommittee for Management, Information and Technology, headed up by Rep. Stephen Horn (R-CA), issued its first set of report cards for computer security. Averaging all the grades for all major federal agencies, the government as a whole received a D- in computer security. “Obviously there is a great deal of work ahead,” according to Horn.A grade of “F” was issued to computers in the Justice Department, the Department of Labor, the Small Business Administration, and the Office of Personnel Management.
A&A

Tax Relief in Sight after November Election?

Now that the estate tax bill has been defeated, legislators are looking to the November elections to solidify a stance on future tax reforms.According to Christopher 'Kit' Bond (R-MO), the fall election season is critical if Congress is going to move forward with any kind of tax relief because 'who' get elected has the largest effect on pushing forward any legislation that may make a difference.While November is viewed as the pinnacle for Congress, there will be some activity in the fall prior to the election.
Community News

Dial 'EY' for Audit: Verizon Chooses Ernst & Young

The newly formed Verizon Communications has chosen Ernst & Young as its accounting firm.EY beat out Big 5 rivals PricewaterhouseCoopers and Arthur Andersen, both of whom had relationships with Bell Atlantic and GTE.According to the SEC, however, Both PwC and Andersen will maintain independent accountant relationships with certain subsidiaries or investments of Verizon, providing audit and some non-audit services.
Technology

Gates: 'English' Remains Internet Language

While foreign languages will be spoken in mass this week in Sydney at the Olympic games, the only language spoken over the Internet, according to Bill Gates, will be English.This observation was made by Gates on Sept. 12 during the three-day Asia Pacific Summit of the World Economic Forum held in Melbourne.The statement by Gates flies in the face of a report released by Deloitte Touche Tommatsu that predicts the population of China would boast the largest online component within 10 years.
Tax

Tax Analysts Give Thumbs Up to Bush Plan

The Joint Committee on Taxation, a non-partisan group that provides all the estimates of the cost of tax legislation on Capital Hill, has given thumbs up to Bush and thumbs down to Gore with regard to tax legislation the two candidates are proposing in their campaign speeches.According to documents released on Friday, the Joint Committee on Taxation, claims that George W.

Advertising: Make Sure it's Legal

Though not all accounting firms feel that advertising is the way to go when it comes to getting the word out, it’s also not a bad idea. Several of the Big Five have regular ad campaigns in place, which allows them greater exposure (they hope) to their target audience.If you are thinking of advertising there are a few things you should keep in mind. Since accounting firms offer a service and not a product, the approach to advertising may be slightly different.
Technology

Swimming Through the Sea of Software

Software needs seem to change as quickly as new software is developed. In fact, it’s often hard to determine whether you needed the new software before you saw it or realized that’s what you need after the fact. Once you know what you want to do, it’s time to figure out what will work out best for your individual business situation.This is the tricky part because as business grows, you need to continue taking care of all the regular daily chores of making sure your finely tuned instrument continues to run.
Technology

Intuit Launches Online Marketplace

Intuit has announced it will be partnering with vendors such as Office Depot, Gateway and Ralph’s Electronics to offer discounts up to 40 percent on various products offered on the site. The company will make its money by charging commissions on each transaction.

FCG Holds University for BV & IP Engagements

The Financial Consulting Group held its FCG University, Sept. 9-10 in Dallas, to provide targeted CPE to its members in the area of intellectual property and related services.'FCGU is a terrific program for our members because it delivers a hands-on, team approach to solving complicated IP issues for their client base,' says Larry R. Cook, CPA/ABV, CBA, president of FCG and his own firm in Houston.

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