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.
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.
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.
Carlin, Charron & Rosen recently announced its merger with DiSanto Bertoline & Company. The merger, which is expected to be completed and effective this week, broadens the firm's core client base and expands its presence, making it the largest professional services firm in Connecticut as well as the largest regional accounting firm in New England. Altogether, the newly merged firm will have 250 partners and employees.
by AccountingWeb on Oct 09, 2002
Margaret Butler, president of the Institute of Management Accountants (IMA), announced that the IMA's confidential "ethics hotline" has now been opened to non-members. She said the hotline is particularly well-suited for small businesses. President Butler said the opening of the hotline is a response to an unprecedented need for businesses everywhere to maintain the highest ethical standards.
by AccountingWeb on Oct 02, 2002
The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have both filed charges against Enron's former chief financial officer, Andrew Fastow. The charges relate to Mr.
by AccountingWeb on Sep 26, 2002
The former controller of WorldCom Inc., David F.
by AccountingWeb on Sep 18, 2002
Bankrupt retailer Kmart explained the impact of accounting irregularities in a Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC) this week. Chief Financial Officer Al Koch said several employees involved in questionable accounting practices are no longer with the company.Speaking to the concerns about vendor allowances recently raised in anonymous letters from in-house accountants, Mr.
by AccountingWeb on Sep 17, 2002
The Conference Board's Blue Ribbon Commission on Public Trust and Private Enterprises unveiled a sweeping reform plan to address the types of unfair executive pay practices that have come under increased public scrutiny in connection with a recent wave of accounting scandals. Lawmakers and regulators have tried in the past to reform executive pay by expanding disclosure requirements and revising tax policies. But the panel says these efforts have not been entirely successful.
by AccountingWeb on Sep 16, 2002
In the latest ripple effect of the recent wave of accounting scandals, Jack Welch, former CEO of General Electric, asked GE to take back some retirement perks made public in his recent divorce proceeding. Separately, the company received word of an inquiry into the matter by the U.S. Securities and Exchange Commission (SEC).
by AccountingWeb on Sep 12, 2002
by Camico InsuranceInternal or occupational fraud continues to cause enormous problems for CPAs. While audit engagements historically generate more losses than other engagements, all types of engagements are affected by fraud, from non-attest services to tax return preparation. Nearly one-third of all claims losses over $100,000 received by CAMICO stem from some kind of fraudulent activity.
by AccountingWeb on Sep 11, 2002
One year after the terrorist attacks on the World Trade Center and the Pentagon, most security experts polled by CSO Magazine said they consider the threat of electronic attacks a greater concern than the risk of future physical attacks. Nearly half expect a major cyber attack by a terrorist organization within the next year. Thanks to the foresight and hard work of security workers everywhere, the nation is better prepared today than it was a year ago.
by AccountingWeb on Sep 10, 2002
In an unusual Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on September 10, 2002, Ford Motor Company defended its accounting for low-rate financing incentives against statements made in an analyst's report.
by AccountingWeb on Sep 05, 2002
A survey of large U.S. employers conducted by Mercer Human Resource Consulting shows most companies expect a change in stock option accounting over the next five years. Not all have fully analyzed how this change will affect their compensation policies.
by AccountingWeb on Sep 05, 2002
The U.S. Securities and Exchange Commission (SEC) announced the settlement of charges against former officers of Sunbeam Corporation. The company's former CEO and CFO agreed to pay civil penalties and are permanently barred from serving as officers or directors of any public company.