Consulting

A&A

Five Ways to Improve Due Diligence

Due diligence is most commonly performed during the sale of a business. It can, however, be a useful tool for gaining a truer picture of the current state of a company whether it is up for sale or not. Here are 5 hints from TheStreet.com, for making the most of a due diligence audit:Double-check everything. This includes financials, the customer database, tax returns and filings, copyright and patent filings, employment contracts, vendor lists, and leases for equipment or property.
A&A

IBM Demands Bonuses Back from Former Consultants

IBM is demanding bonus money back from some consultants who left the company last year.IBM has been sending the letters to consultants who joined IBM from PricewaterhouseCoopers after IBM bought PwC Consulting in 2002, Forbes reported. When the former PwC employees started working for IBM, they received lower salaries, but IBM later made up for it by paying bonuses that amounted to 2 percent of salary, the former consultants say. The 2 percent payouts, ranging from several hundred dollars to several thousand, were made in February 2003, July 2003 and February 2004.
Education & Careers

IU Accounting Students Test the Real World

Students in the Systems & Accounting Graduate Programs at Indiana University have the opportunity to solve real business problems before they leave the picturesque Bloomington, Indiana, campus. By completing the renowned Kelley School of Business’ field consulting project course, teams of graduate accounting students utilize their skills and education as consultants for a variety of companies and organizations throughout central Indiana.The program is thought to be one-of-a-kind among graduate level accounting programs at the nation’s colleges.
Tax

CBIZ Acquires California Firm, Nation Smith Hermes Diamond

CBIZ (Century Business Services, Inc.) last week announced the acquisition of Nation Smith Hermes Diamond of San Diego, California, effective January 1, 2005.Founded in 1966, Nation Smith Hermes Diamond is the largest locally-owned accounting and consulting firm in the San Diego market, offering a full range of tax, IT consulting, strategic planning, family wealth planning and other services to public and growing middle market companies and their owners.
Community News

How to Successfully Add a New Service to Your Business

There will come a time in your business where you feel ready to add another service offering. To make this successful, there are ten tips to consider before moving ahead.Revisit your business plan. If you don't have one, write one for your business as it currently exists (even a one-page, brief summary will work fine). Compare how your business plan will be the same or different with the addition of this new service.Will this new offering build adequately on what you already have in place?
Tax

Former KPMG Consultant Pleads in Conspiracy Case

In a case of aiding and abetting a corporate fraud, former KPMG consultant Larry Alan Rodda pleaded guilty to federal fraud charges Tuesday, admitting he signed phony contracts with Peregrine Systems intended to boost Peregrine's earnings, the San Diego Union-Tribute reported. The contracts, worth $25 million, were part of an elaborate accounting fraud that was uncovered in 2002. Eleven people were indicted last month and Rodda, 54, is the sixth person to plead guilty on federal charges, the Union-Tribune reported.His attorney, Craig C.
Community News

Deloitte & Touche Announce Plans to Invest and Expand in India, China

Deloitte & Touche has announced plans to invest about $50 million in its business process outsourcing operation in India. Deloitte's global CEO William Parrett told CNBC, "Over the next five years, we are expecting, in terms of new people, new talent, new expertise and appropriate technology, to share our best practice with our clients. We will invest around $50 million into India, both in terms of client service business and a client processing center as well."Deloitte & Touche runs business process outsourcing centers in Mumbai and Hyderabad.
Community News

Marriott Says E&Y Disclosed Possible Independence Problems

Marriott International Inc. has revealed that Ernst & Young informed the company about nonaudit work it performed for hotel employees in China that could raise independence issues.
Tax

Taxware Launches Enterprise Consulting Group to Offer Tax Automation

Taxware LP, a leading provider of global tax calculation and compliance solutions, and subsidiary of First Data Corp. (NYSE: FDC), today announced the formation of its Enterprise Solutions Group. Under the direction of Robert Fountain, previously senior manager, Deloitte & Touche National Tax Management Advisory Services, Taxware’s Enterprise Solutions Group is charged with providing world-class adapters for Taxware Enterprise, the company’s global tax engine and flagship product, to the market’s leading enterprise systems, including Oracle, PeopleSoft, SAP and J.D. Edwards.
Practice Management

Ernst & Young Disciplined by California Accountancy Board

The California Board of Accountancy has taken disciplinary action against Big Four firm Ernst & Young LLP because of independence questions that arose from the firm's dealings with PeopleSoft Inc.In the late 1990s, Ernst & Young served as the software giant's audit at the same time as its consulting arm was involved in a joint venture with the firm. The Securities and Exchange Commission sanctioned Ernst & Young in April citing independence issues, Dow Jones Newswires reported.
Community News

Dixon Hughes Forms Alliance to Address Coding Staff Shortages at Hospitals

Dixon Hughes PLLC and Global Healthcare Resources, Inc., a leading provider of medical processing services, have formed an alliance to offer outsourced medical coding solutions to hospitals.Timely and accurate coding of medical records is critical for healthcare providers to minimize the billing and reimbursement cycle and optimize cash flow. Diagnosis and procedure codes bridge the gap between the clinical and financial reporting sides of healthcare.

Need for SOX-Related Services Expected to Slow in 2005

With the demands of Sarbanes-Oxley regulations expected to drop off next year, analysts have downgraded shares of Robert Half International Inc., which provides temporary accounting and finance services.On news of UBS' downgrade to a "reduce" from a "neutral," Robert Half stocks fell more than 5 percent Monday, Investor's Business Daily reported. UBS reduced its price target to $21 from $30. Robert Half recently traded at $25.53.Analyst Kelly A.
Community News

Ernst Pays $1.5 M to Settle Medicare Probe

Ernst & Young LLP has agreed to pay $1.5 million to settle allegations that the firm’s advice led nine hospitals to overbill the federal Medicare program.In a lawsuit, the U.S. Attorney’s office in Philadelphia had accused the firm of advising the hospitals to submit more than 200,000 false claims to Medicare for outpatient blood tests that were more sophisticated than medically necessary.
Practice Management

Study Shows Non-Audit Fees Drop Below Half Of Auditor Payments

A new analysis of corporate payments to auditors suggests companies are more wary of using their auditors for non-audit services.Only 42 percent of total fees that companies paid their auditors during their most recent fiscal year went toward non-audit services, with 58 percent going to the audit fees themselves, according to data on 1,652 companies reviewed by the Investor Responsibility Research Center (IRRC).The Wall Street Journal reported that the figure is down from 55 percent a year earlier and an even bigger drop from the 72 percent paid for non-audit fees in 2001, the first year
A&A

The Road to Success: Growing Your Network

By Alvah Parker, Career and Business Coach"How do I grow my business through referrals?" "I was just downsized and need another job, what are your suggestions?" " I want to work in the US but I need to find a company to work for that will sponsor me. How do I find that company?" These are the questions people ask me. While each question has an array of answers, one answer that comes up for all these questions is to network. Whether you are a business owner, work in business or are starting a new career, having a network of people to support you is imperative.
Practice

Why Can't Corporations and Organizations Change?

Adult Learning Expert Gives Managers How-to's for Workplace TransitionsWhy do most organizational change initiatives fail? After surveying over 10,000 managers about their attitudes toward workplace change, Chris Musselwhite, Ed.D.
Technology

Accenture Contract Threatened by Congressional Action

Congress is taking aim at the practice of companies incorporating offshore to avoid paying U.S. taxes, with a multi-billion dollar Homeland Security contract threatened by a provision attached to the department’s budget.The House Appropriations Committee approved a $32 billion budget for the Homeland Security Department but attached a provision that bars the multi-billion dollar contract awarded last week to a coalition of companies led by the U.S.
Tax

SEC Starts Informal Inquiry into E&Y Consultant Pay

The Securities and Exchange Commission is looking into whether Ernst & Young LLP’s independence was impaired when it paid $377,500 to a consultant that served on the boards of three companies it audited.The companies are executive-search firm Korn/Ferry International, retailer Best Buy Co. and TeleTech Holdings Inc., which runs telephone call centers, the Wall Street Journal reported. Mark C. Thompson, who calls himself a "leadership development" consultant, sat on the boards of the three companies while working for Ernst & Young.
Practice

One-in-Five Women Are Paid Less and Have Fewer Career Opportunities

Pay disparity continues to be a concern for one-in-five women who say they are paid less than men with similar talents and experience. The same amount of women reported they have fewer opportunities for career advancement than men at their current organizations, according to a new CareerBuilder.com survey. The CareerBuilder.com "Men and Women at Work 2004" survey of men and women was conducted from April 6 to April 19, 2004. When asked why they think men are paid more, four-in-ten women attribute it to favoritism shown by men in management to other men in the organization.
Tax

Virchow Krause Merger Opens Doors to the Windy City Market

Last week, Virchow Krause & Company, LLP announced its merger with KGN Financial Group.In making the announcement, KGN Financial Group Managing Member, Stephen D. Levin, stated, “This merger will provide our clients with access to many additional services and areas of expertise.

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