Consulting

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Accenture Shows PwC Auditors the Door

Accenture is dropping PricewaterhouseCoopers as its auditors, effective upon completion of the current financial statements, which should be finalized by the end of November.Indicating that the reason for the decision to cut PwC loose is based on the competition between the two companies, an Accenture spokeswoman stated, "When we hired them they had every intention of selling their consulting practice.

AICPA Council Votes to Support Global Credential

The governing Council of the American Institute of Certified Public Accountants (AICPA) overwhelmingly supported, by a vote of 157 to 62 (71.7 percent), the development of the proposed new global credential at its fall meeting this week.The member referendum, which will be mailed October 29, 2001, asks members to vote on a change to the AICPA bylaws that would explicitly recognize the Institute's authority to create a new, self-funded organization to grant an interdisciplinary global credential in the United States, on behalf of the International Institute of Strategic Business Professional

New Rankings: World's Most Expensive Cities

William M. Mercer Consulting has released its new list of the world's most expensive cities in which to live. Topping the list is Tokyo, Japan, which was also ranked in first place last year. New York City, with its eighth place ranking, is the only U.S. city in the top 10. The 10 cities with the most expensive living costs in the world are:Tokyo, JapanMoscow, RussiaHong KongBeijing, ChinaOsaka, JapanShanghai, ChinaSt.

PwC Consulting Announces New Global CRM Initiative

Your company's Web site creates personalized pages for each customer, the call center's routing system is well streamlined, and the account managers can easily access customer purchasing history. Think you've mastered Customer Relationship Management (CRM)? Think again.Concerned that enterprises have been overwhelmed in the last several years by the rush to get new CRM technologies up and running, PwC Consulting, the consulting arm of Big Five accounting firm PricewaterhouseCoopers, has announced a new global initiative, CRM ACCEL, to help companies conquer the next frontier in CRM.
Community News

Accenture Announces Loss; Outlook is Positive

Accenture, the world's largest consulting firm, posted a third quarter loss, but maintained its outlook for a profit next year. The stock market responded with a strong increase of nearly 11%, boosting the cost of shares to $15.16.Accenture's loss of $369.8 million was reportedly a result of stock awards presented to the company's staff and the large advertising campaign associated with the firm's name change.
Community News

KPMG Consulting Announces Australian Acquisition

KPMG Consulting, based in McLean, Virginia, has paid $28.9 million for the Australia consulting arm of Big Five firm KPMG. The Australian group includes 329 partners.

Accenture Reaches Out to Government

In an effort to take advantage of a growing governmental need for online services, Accenture has acquired the privately-owned firm of Epylon. Epylon provides e-procurement services for over 450 state government agencies and schools.
Community News

KPMG Plans Acquisition of UK Cousin

Partners from the UK firm of KPMG Consulting stand to earn a fortune if the US firm goes ahead with a plan to buy its UK associate, according to England's Sunday Times.The deal, which could happen within the next six months, would put KPMG Consulting in a strong position as the higher end of the market consolidates.
Community News

Accenture Cuts Workforce Again

In a move that didn't surprise or alarm financial analysts, Accenture has joined the ranks of rivals KPMG Consulting and Cap Gemini Ernst & Young in making several cuts in the workforce.Accenture, the Bermuda-based consultancy formerly associated with Big Five firm Andersen,

KPMG Consulting Earnings Fall

Earnings before charges fell by 21% for the fourth quarter at KPMG Consulting as the firm started to feel the economic pinch.Operating earnings for the fourth quarter ending June 30, 2001, were $33.5 million, compared to $42.2 million reported in the prior quarter.Revenue for the twelve months ending June 30, 2001, was $2.9 billion compared to $2.4 billion in the prior fiscal year, an increase of 21%. Revenue for the fourth quarter was $723 million, an increase of nearly 8% over the fourth quarter of the prior year.
Community News

SEC Rules Force Sale of PwC's Corporate Value Arm

New SEC rules on auditor independence have forced PricewaterhouseCoopers (PwC) to sell its US corporate value consulting (CVC) arm to Standard & Poor.The CVC unit had revenue of around $100 million last year and employed 400 employees in 13 US offices.

Study Shows Consulting Does Affect Auditor Independence

Academics have found that the provision of consulting services to audit clients can have a serious effect on a firm's perceived independence.And the new SEC rules designed to counter audit independence violations could increase the pressure to provide non-audit services to clients to an increasingly competitive market.The study (pdf format), by the Stanford Graduate School of Business, showed that forecast earnings were more likely to be exceeded when the auditor was paid more for its c
Community News

Big Five Consulting Scorecard

The first two years of the new millenium will be known as the time of spin-offs and divestitures of consulting arms from the CPA firms with which they have previously been associated. The Big Five and several top tier national firms have reacted to the SEC crackdown on auditor independence, and have taken aggressive moves to separate their consulting divisions.
Tax

Accenture to Redesign IRS Web Site

The IRS has awarded Accenture with a contract worth potentially $33.6 million. The challenge facing Accenture is to turn the IRS Web site into a useful and efficient Internet location where users will be able to more easily access the wealth of information stored therein.The IRS site includes over 100,000 pages of text and graphics, but navigation is difficult.
Community News

Accenture Heads for Bermuda - and Freedom

Accenture claims to have no global headquarters, however some argue that the company's largest offices in Chicago and New York qualify as headquarters offices. Each of those offices are home to 6,500 employees.But if you dig a bit deeper, you will find that Accenture Ltd.
Community News

Deloitte Attacks Rivals

In the wake of Accenture's initial public offering of last week, one firm stood out from the Big Five. Deloitte Consulting went public with its stand against going public.Deloitte Consulting took out large advertisements in both the Wall Street Journal and the Financial Times last Thursday, the same day that Accenture launched its float.The ads were part of a $10 million advertising campaign that Deloitte hopes will draw considerable attention to its consulting unit.

Aussie Accountants May Have to Follow U.S. Example

The Australian counterpart to our Securities and Exchange Commission, the Australian Securities and Investments Commission (ASIC), has begun an investigation into auditor independence issues that closely mirrors the auditor independence analysis that our SEC performed last year. The SEC process resulted in U.S.
Community News

KPMG Ads are Par for the Course

Do not attempt to adjust your television set. That trap shot Phil Mickelson holes in KPMG Consulting's first-ever TV spots as a public company this weekend really took place. With KPMG Consulting CEO Rand Blazer holding the pin, Mr. Mickelson sinks a shot on the edge of a bunker by turning his back to the pin and swinging in the opposite direction. Using a wedge, the ball travels behind and over Mr. Mickelson's head and lands square in the cup."As incredible as the shot was, the fact that Phil holed it on the third take of filming was absolutely astounding," said Mr. Blazer.
Community News

Ready, Set, IPO

Shares in the initial public offering of Accenture were unleashed this afternoon. Accenture is trading on the New York Stock Exchange under the symbol ACN. The 115 million shares were offered at $14.50 and rose to as high as $15.10. The IPO put $1.67 billion into the company, and represented approximately 12 percent of the company's outstanding shares.
Community News

KPMG Consulting Faces Unexpected Problems

When KPMG Consulting floated its initial public offering earlier this year, the next step on the firm's agenda was to consolidate its worldwide operations into one legal entity. The plan was to use the firm's equity to purchase its operations around the world, thus creating a single, global organization.The European firms were to link up with one another within months of the float, then, when SEC approval was in place, the U.S. operation was to consolidate with the European group. However, there were problems with this scenario from the outset.

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