Firm news

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.
Education & Careers

PwC Enters New Phase of Layoffs

Spring layoffs of nearly 1,000 employees and job offer deferrals were not enough to combat the overcapacity at one of the world's largest accounting and consultancy firms. PricewaterhouseCoopers (PwC) has announced plans to lay off another five percent of its workforce.
Community News

Multidisciplinary Practices Get Go-Ahead

The New York State Bar Association has given its blessing to the formation of multidisciplinary practices (MDPs), paving the way for sanctioned cooperative ventures between lawyers and other professionals.New York is the first state in the nation to approve alliances between lawyers and other nonlegal professionals, such as accountants, engineers, brokers, real estate agents, and so on.
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.
Community News

PKF of Texas Wins Innovative Accounting Award

Pannell Kerr Forster of Texas, P.C. (PKF-Texas), has been selected to win the Practice Innovation Award given by Practical Accountant magazine. The award is being given for the innovative approach PKF-Texas used in developing its information technology group.Firms of all sizes from across the nation competed to win this award. PKF-Texas was selected based on the firm's three-tier approach combining the firm's top tech talent with vision and breadth of service.
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

Andersen Will Review FBI

Big Five firm Andersen has been selected by the U.S. Justice Department to perform a comprehensive review of the Federal Bureau of Investigation.
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.
Community News

Former FBI Agent Helps E&Y Fight Crime

Big five firm Ernst & Young has hired Charles Owens, a former FBI agent, to help advise clients on methods for minimizing exposure to white color crime and tracking fraud.Mr. Owens is part of E&Y's anti-fraud and anti-corruption unit, which is a division of the firm's Litigation Advisory Services. Clients from around the United States as well as other parts of the world will have access to Mr. Owens' talents.Mr. Owens left his office as chief of the white-collar crime section at the Federal Bureau of Investigation to take this job at E&Y.
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.
Community News

E&Y Tops Worth Magazine Reader's Choice List

Worth magazine has named Ernst & Young the top rated financial planning provider for the second consecutive year. The decision was a result of a reader's choice survey in which respondents rated 18 different products and services they had used in the last five years on a scale from one to 10. The rankings are currently available in the magazine's July/August issue now on newsstands.
Community News

New Man at E&Y's Helm

James S. Turley, 46, is the new global chairman of Ernst & Young, succeeding Phillip A. Laskawy.Mr. Turley has spent his entire professional career at E&Y, starting with the firm in 1977 after graduating with a bachelor's and master's degree from Rice University. Ten years later Mr. Turley became a partner in the firm.Mr. Turley's executive-level posts at E&Y have included U.S.
Community News

Deloitte Won't Split

Quashing rumors to the contrary, Big Five accounting firm Deloitte & Touche publicly announced its intention to keep the entire firm intact.
Community News

AA & Tax Consulting - A Promising Career Path Survey Says

The survey was developed by RHI Management Resources, from responses from 1,400 CFOs across the nation.Below is a summary of the findings of this survey:The vigorous growth of independent financial consulting as a career will continue as businesses rely on these professionals to introduce new concepts, provide expert advice, solve problems and conduct financial analysis and strategic planning.
A&A

Pocket Quicken Speaks to the Palm

Quicken, the leading personal finance software program, is now available in a version for Palm Powered handheld computers. People who own the little handheld computers can now track their personal finance information anytime and anywhere they go with the new Pocket Quicken 2.0.The software connects to the desktop version and synchronizes to provide those who compute on-the-go with account balances, credit limits, transaction histories, exchange rates, and more.
Community News

Training - A Key to Increased Productivity

Article provided by Gary Boomer, CPA of Boomer ConsultingMany firms are busy evaluating new opportunities to provide services such as consulting and financial services. Many firms are also trying to meet deadlines on a backlog of work with a limited supply of experienced accountants. This past year has been the most profitable year ever for the majority of accounting firms.
Community News

Build a Training Program For New Employees

We are all aware of the implications of poor hiring and training decisions. They can cost the company time and money, and they can result in low employee morale. One basic step to ensuring that new hires get off to a positive start is to conduct an effective employee orientation and training program. Employees who are properly trained and introduced to the company early feel better about their choice of employer and usually fit in more quickly.
Community News

Andersen Fined $7 Million by SEC

The SEC filed civil charges in federal court Tuesday against Andersen, alleging the firm "knowingly or recklessly issued false and misleading" audit reports for its client, Waste Management, Inc., for the years 1993 through 1996.In a swift response to the charges, Andersen settled with the SEC and consented to be censured by the agency and to pay a fine of $7 million, the largest ever paid by a Big Five accounting firm in an SEC enforcement action.Three Andersen partners also agreed to pay a total of $

Pages