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Andersen Spin-Off Opens Doors to Fortune 500 Clients

A group of 25 partners and 250 staff has left the remains of Big Five firm Andersen to start a new company, Huron Consulting Group. The group reached an agreement with Andersen earlier this month, making a cash settlement to release the partners from employment and non-compete agreements. The group has taken 75 consulting clients with it, including Beth Israel Medical Center, Chevron Corp., Harvard Medical Institute, Comdisco, Inc., and Global Crossing Ltd.Headed by President Gary E.
Community News

SEC Reaches Way Back for EY Independence Case

On May 20, 2002, the Securities and Exchange Commission (SEC) announced proceedings against Ernst & Young (EY). The case reaches back to the years before EY's consulting practice was sold to Cap Gemini.
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PwC Consulting Files SEC Registration for IPO

Big Five firm PricewaterhouseCoopers has announced that its consulting arm, PwC Consulting, has filed a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of Class A common shares.

Conference: From Measuring to Maximizing Business Value

From Measuring to Maximizing Business Value: Profit and Value Growth Advisory Services for Private Companies Wednesday July 17, 2002"W" Chicago City Center HotelChicago, Illinois8:00am - 4:00pmSponsored by the Alliance of Merger & Aquisition Advisors and the Quantum Institute For Management Consultants as a bonus session preceeding the Pencor SuperConference
Community News

KPMG Consulting Seeks New Name

KMPG Consulting, which broke free from KPMG a year ago and offered its shares to the public as KCIN, is preparing for a name change. Hoping to distance itself even further from Big Five firm KPMG in the current climate that favors auditor/consultant independence, KMPG Consulting is rallying employees and professional branding companies in the search for a new identity.According to firm spokesman John Schneidawind, KPMG Consulting has intended to change its name ever since it split from the audit firm.

AICPA's New Ads - Will the Media Get the Message?

The American Institute of CPAs (ACIPA) has announced the launch of a new advertising campaign to help restore confidence in the profession. New print ads will begin to run on March 10, 2002 in the Wall Street Journal and other major newspapers. These ads will emphasize the roles of CPAs away from the headlines, engaged in the daily routine activities of auditing financial statements, providing tax services and delivering business insight.

Disney To Split Audit and Consulting Firms, Despite Shareholder OK

In a landmark vote that was ordered by the Securities and Exchange Commission, Disney shareholders voted to reject the proposal that would have prohibited the company from using the same firm to provide auditing and consulting services.Shareholders voted 648.4 million against the proposal to 473.1 million for the proposal.
Community News

Andersen Hires Paul Volcker to Reform, Restore Trust

Joseph F. Berardino, managing partner and chief executive officer of Andersen Worldwide, S.C., announced this weekend that former Federal Reserve Board Chairman Paul A.
Community News

PwC Announces Plans for IPO

Big Five firm PricewaterhouseCoopers announced on Thursday that it will spin off its consulting arm in an initial public offering.
Community News

White House Cautions Agencies About Hiring Andersen

The Bush administration has issued a letter to federal agencies to carefully determine whether business practices and ethics are sufficient before hiring Big Five firm Andersen or Enron Corp. to perform government services.
Community News

PwC Plans IPO, Appoints New Head of Consulting

As pressures mount for accounting firms to separate their audit and consulting services, PricewaterhouseCoopers (PwC) has appointed a new head of its consulting practice and is reportedly escalating plans for an initial public offering (IPO) of that practice. Thomas O’Neill, PwC’s chief operating officer, will replace Scott Hartz as head of PwC Consulting. Mr. Hartz is credited with building up revenues for the firm's consulting practice from less than $1 billion to more than $6 billion during his seven years in charge.According to the Financial Times, Mr.
Community News

Andersen May Find Itself Without a Consulting Practice - Again

In light of the recent Enron failure and Big Five firm Andersen's association with Enron's audit, Andersen may have to make some tough decisions in the year ahead.Speculation and rumors have persisted in the past year that Andersen has had discussions with other Big Five firms regarding a possible merger. If anything does ever happen between Andersen and another firm, it is not likely that negotiations for any merger will occur until the dust, and the litigation, settles regarding the Enron affair.

Disney May Set Precedent for Auditor Independence

In a decision that may set a precedent for the public accounting profession, the Securities and Exchange Commission has ordered Walt Disney Company to go forward with a shareholder vote on whether the company's outside auditor may perform consulting work for Disney.Last year, Disney's outside auditing firm, PricewaterhouseCoopers, performed consulting services in the areas of tax, accounting, information services, and business process matters.
Community News

Andersen Leads Pack as Global Tax Consultant

Glob@l Finance magazine has announced that Big Five firm Andersen has been selected as the best global tax consultant for the year 2001. The ranking represents the first annual consultants' ranking by the magazine. The ranking will appear in the magazine's January 2001 issue.Criteria used for the decision included revenues, market share, and growth.

Accenture's Dubious Achievement for 2001, the Internet's premier global language portal and home of more than 1,800 dictionaries representing over 230 languages, has announced the publication of its Top Ten Word Lists of 2001. In addition to the Top Ten Words of 2001 are lists of Top Ten Names of 2001, Top Ten 9/11-Related Words, Top Ten California Youth-Speak, Top Phrases of 2001, Best New Product Names, and more.Of special note is the Worst Corporate Names Changes list on which consultancy firm Accenture placed in second spot.
Community News

Accenture Exceeds 1st Quarter Expectations

Accenture Ltd., the world's largest consulting firm, formerly a part of Big Five firm Arthur Andersen, has announced that the firm will exceed analysts' expectations with operating results for the first quarter which ended November 30.With reports of earnings in the 24 to 25 cents per share range and net profits expected to be 6.8% over Credit Suisse First Boston's forecasts, Accenture's stock rose to a 52-week high of $27.81 last week."Our strong performance demonstrates o
Community News

Layoffs and New Services Shake Up Cap Gemini

Cap Gemini is cutting back and growing at the same time. In response to worsening economic conditions, the company has announced plans to cut 2,500 jobs, bringing the total cuts this year to 5,400. Employees were notified in late November that the company was seeking 2,000 volunteers to participate in a layoff program. Now the consultancy is confirming plans to reduce the workforce by 2,500.Cap Gemini chief executive, Geoff Unwin, has announced plans to retire next month. Paul Hermelin who is currently the company's chief operating officer will succeed him. Mr.
Community News

Mayor Giuliani Discloses Pact with Ernst & Young

Speculation has been rampant about the career path that will be chosen by New York's Mayor Rudolph Giuliani, with hints in the press that he may decide to join the ranks of Big Five firm Ernst & Young come January 1 when his term ends.New York's Daily News is reporting that Mayor Giuliani plans to start his own consulting firm, taking with him as many as 15 people fro
Community News

KPMG Consulting Gets High Marks from Georgia Teachers

KPMG Consulting has been awarded a $22.5 million contract to set up a software system to administer the pension fund of the Teachers Retirement System of Georgia (TRSGA).The group chose KPMG Consulting because of the "extensive experience with the public retirement systems and large-scale systems integration projects" of the firm's National Retirement Practice.TRSGA serves approximately 250,000 members and manages $38 billion in pension funds.
Community News

Cap Gemini to Slash Workforce

Blaming worsening economic conditions, Cap Gemini, the consultancy that split off from Ernst & Young last year, has requested volunteers for participation in a layoff program that will encompass at least 750 workers in Ireland and the UK and as many as 2,000 worldwide.Nine thousand Cap Gemini employees received a voice mail message last week from a top executive requesting voluntary layoffs. The message was repeated in an e-mail format.


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