Consulting

Community News

Andersen Judge Dismisses Nancy Temple, Others, From Lawsuit

U.S. District Court Judge Melinda Harmon has released Andersen lawyer Nancy Temple and four other former Andersen partners from the class action lawsuit pending against the former Big Five firm. Nancy Temple is the lawyer whose in-house memo was instrumental in the downfall of the firm.Arthur Andersen LLP and thirteen partners still remain as defendants in the lawsuit led by the University of California Regents and other investors who lost money after relying on Enron financial statements.
Community News

Deloitte Puts Finishing Touches on MBO of Consulting Unit

Amid mounting pressure from clients, Deloitte announced plans to complete the privatization of its consulting unit by the end of this quarter. The separation is structured as a management buyout. The announcement follows closely on the heels on a change in auditors by Deloitte's long-time audit client Clorox Company due to the firm's inability to separate its auditing and consulting businesses by the end of the year. Previously, Deloitte had said it hoped to complete the separation by the end of 2002.
Community News

Ran One Returns IP Rights to Ric Payne

As part of a settlement agreement, Ran One, the organization originally started by Paul Dunn and Ric Payne, has transferred the intellectual property rights related to Results Accountants Systems and The Accountants Boot Camp to Ric Payne and his new consulting organization, Pricipa.Ten years ago, Ric Payne and Paul Dunn founded Results Accountants Systems (RAS) - a practice management organization that brought the "Accountants Boot Camp" concept to the accounting profession.
Practice Management

Grant Thornton Launches New Client Analysis Tool

Middle market companies looking for ways to analyze their businesses now have a new tool to add to their arsenal. Grant Thornton has announced the launch of ASAP, a strategic gap analysis tool designed to help clients identify ways to drive down costs, improve business operation effectiveness, manage risk, and enhance profitability. "Grant Thornton’s ASAP provides a focus for business discussion and examination of performance," says Brad Gabosch, Grant Thornton’s managing partner of assurance and advisory services.
Community News

PwC Consultants Say Goodbye to Audit Colleagues

The honeymoon may not be over in IBM's acquisition of PricewaterhouseCoopers Consulting (PwCC), but it's definitely the morning after. Former PwC consultants said farewell to their audit colleagues this week with their heads held high, even though their pay and perks had been cut and their long-awaited initial public offering turned out to be just a dream.Pay cuts for PwCC partners averaged about 20%. Partners also gave up their club memberships.
Community News

KPMG Consulting Announces Its New Name

Nearly two years ago, KPMG Consulting, Inc. broke away from accounting firm KPMG. The new company was publicly traded on the NASDAQ as KCIN. Today, KPMG Consulting, Inc. is rebranded with a new name, a new ticker symbol, and a new stock exchange.In a press conference Wednesday morning, KPMG Consulting's Chairman and CEO Rand Blazer introduced to the world the new company name, BearingPoint, Inc. Today, Mr.
Community News

KPMG Consulting Moving to NYSE

KPMG Consulting, the former consultancy arm of Big Four firm KPMG, will change its listing from the NASDAQ to the New York Stock Exchange on Thursday, October 3. To celebrate the moment, KPMG Consulting Chairman and CEO Rand Blazer and other members of the firm's management will ring the opening bell on the NYSE floor on Thursday.
Education & Careers

IBM May Slash as Many as 4,000 PwC Consulting Positions

IBM, which recently agreed to acquire the consulting segment of PricewaterhouseCoopers (PwC) for $3.5 billion, has indicated plans to cut as many as 4,000 employees, according to a report this week in The Wall Street Journal.Both companies have endured sizable layoffs already this year, with IBM cutting over 15,000 or about 5% of its workforce during the second quarter and PwC Consulting cutting 2,400 jobs in the nine months prior to March 31, 2002.
Tax

Accenture Facing Big Changes

Three big changes are in the works for Accenture, the consultancy formerly known as Andersen Consulting. The first change came in the form of a recent announcement that Accenture has sold its venture and investment portfolio. The sale to CIBC World Markets, the investment and merchant banking arm of Canadian Imperial Bank of Commerce, allows for Accenture to maintain a 5% stake in the portfolio.

At Accenture, Partners Take Pay Cuts, Staff Forego Raises

In response to a continuing industry slump, Accenture, the consulting firm that went public after separating from Andersen, is implementing a drastic austerity program to cope with today's tough times for the consulting industry. The firm has said it will cut partner salaries by about seven to eight percent for the fiscal year beginning September 1, 2002.
Community News

IBM, PwC Consulting Agree to Terms of Acquisition

There was a time when PricewaterhouseCoopers (PwC) entertained the idea of receiving $18 billion from Hewlett-Packard for the acquisition of its consulting division. Just before the deal became final, HP pulled out. That was nearly two years ago, and a lot has changed in the world economy since then.

President Bush Signs Bill Establishing New Rules For The Accounting Profession

President Bush has signed into law the Sarbanes-Oxley Act of 2002, one of the most far-reaching bills ever to address corporate fraud and public accounting.Support for the Bill, which many thought was too aggressive just a few weeks ago, was fueled by multiple reports in July of corporate accounting scandals, defrauding investors, and a plummeting stock market.The Bill establishes a number of provisions, including the following which directly affect the accounting profession:The establishment of an independent not-for-profit Public Company Accounting Oversight Board, su
Community News

IBM Ready to Acquire PwC Consulting

Reports have surfaced that IBM is about to announce the planned acquisition of PricewaterhouseCoopers (PwC) Consulting. Neither company is available for comment on the business combination, but the Sydney Morning Herald is reporting that an announcement is imminent.Previously, Hewlett-Packard came very close to acquiring PwC's consulting arm.

Accenture Announces Job Cuts, Increase in Outsourcing Services

International consulting firm Accenture, formerly known as Andersen Consulting, has announced the planned layoff of 1,000 personnel, primarily in the United States, the United Kingdom, and Australia. The job cuts represent slightly more than 1 percent of the company's 75,000-person workforce and are the result of a general economic slump and a cutback on spending in the fields of information technology by large corporations.
Tax

PwC Makes Cash Settlement With IRS

The Internal Revenue Service has announced an agreement with Big Four firm PricewaterhouseCoopers (PwC) over issues relating to tax shelter registration.
Community News

Cap Gemini E&Y to Slash 5,500 Jobs

Paris-based Cap Gemini Ernst & Young, part of which was formerly the consulting arm of Big Four firm Ernst & Young, has announced an extensive restructuring plan that includes an immediate cut of 2,500 jobs, primarily in the telecom and financial services areas.Over the next six months another 3,000, largely in back-office positions, will be cut as well.
Technology

PwC Consulting's 'Monday' Encounters Problem on Internet

While tolerating a backlash of bad press over PwC Consulting's selection of "Monday" for its new name, PwC Consulting has a new problem. The company registered its new Web site, www.introducingmonday.com, which contains nothing more than a few words and some graphics at this point.
Community News

PwC Consulting to Change Its Name to 'Monday'

PwC Consulting has announced its new name. When the consulting arm separates from PricewaterhouseCoopers, the new firm will be known as Monday. PwC Consulting filed for an initial public offering (IPO) for as much as $1 billion in May 2002.
Community News

Deloitte Consulting Announces Plans to go Private

At the firm's annual partner meeting in San Francisco, Deloitte Consulting CEO Doug McCracken announced a decision to move forward with plans to become the "consulting firm of the future." The operating model will be that of a privately-held company.Mr. McCracken explained that the firm's vision is to create a stand-out consulting firm, built entirely around the needs of clients.
Community News

PwCC Names New CEO, MBO Rumors at Deloitte

It's no newsflash that PricewaterhouseCoopers and Deloitte Touche Tohmatsu are both taking steps to separate their consulting arms. But two recent developments took some industry observers by surprise.PwCC Names Greg Brenneman CEOPricewaterhouseCoopers Consulting (PwCC) announced the appointment of Greg Brenneman, the former president of Continental Airlines, as its new chief executive officer (CEO). Mr.

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