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How the Internet is Changing the Practice of Accounting, with Michael Platt

How the Internet is Changing the Practice of AccountingPresented by: Michael PlattCEO of AccountingWEBVisit the AccountingWEB Workshop Calendar for upcoming workshop sessions.
Community News

Accountants Won't Count Ballots

Members of the press are being given the opportunity to attempt a recount of ballots in Florida, but accounting firms are steering clear of the whole mess.Reporters from the Washington Post, the St. Petersburg Times, and other newspapers are preparing to decipher the chads, dimples, and never-to-be-known intentions of Florida's voters.
Community News

PwC says Mergers & Acquisitions Outlook Strong for 2001

As the US economy enters year five of the mega-merger era, the outlook for global merger activity remains strong. Yet concerns about the impact of high interest rates, problems with financing, and the Three Es (equity markets, the Euro and energy costs) are mounting, according to the year-end M&A forecast by PricewaterhouseCoopers' Transaction Services group.
Community News

Plante Moran Makes Fortune's Top 10 Best Company List

Plante & Moran, one of several second-tier accounting firms, not only made Fortune magazine's Top 100 Best Companies to Work For, but came in Number 10 on the list.Other accounting firms to make this year's list include Deloitte & Touche (#32), Arthur Andersen (#67) and Ernst & Young (#98). Coming in at number one was The Container Store.Companies generally make the list when they demonstrate continued commitment to employee-oriented issues.
Community News

Former C&L Vice Chair Goes to Jail

The number three US executive from Coopers & Lybrand, the forerunner of PricewaterhouseCoopers, pleaded guilty to fraud in New Jersey last week.Robert T. Caruso, former vice chairman, was sentenced to 27 months for his crimes - which included frauds worth $318,000 involving Seton Hall University and the firm when he made donations to various Catholic charities.
Community News

PwC Lands Contract for Army Training

Secretary of the Army Louis Caldera announced today that the Army has awarded a $453 million contract to PricewaterhouseCoopers to provide distance education for an estimated 80,000 soldiers over the next five years.This program will enable soldiers to obtain college degrees and professional certifications using computers and online courses while they serve in the Army."This cutting edge, cyberspace program will provide unprecedented educational opportunities for our soldiers," said Caldera. "It reinforces the Army's long-term commitment to investing in its people.
Community News

Lawsuit Against KPMG Raises Medicare Concerns

A lawsuit against KPMG in Florida raises issues as to whether accounting professionals should be involved in Medicare billing issues done on behalf of their clients.The suit alleges that the firm, in 1990-93, helped five state hospitals falsify Medicare cost reports that were used to illegally inflate the hospital's payments from Medicare.Although KPMG has publicly said they did nothing wrong (back then it was KPMG Peat Marwick), the U.S. Justice Department, last week, joined the lawsuit against the firm.
Community News

Justice Dept Joins Lawsuit Against KPMG

The Justice Department has joined a lawsuit alleging that KPMG helped a client defraud the American government through submitting bogus expense claims, reports the New York Times.The whistle-blower suit sees the accounting firm accused of assisting the Columbia/HCA Healthcare Corporation in misrepresenting costs associated with patient care, so as to receive payment for costs that were not eligible for reimbursement.A former Columbia employee claimed that KPMG helped some Florida hospitals owned by Columbia set up secret reserves, which were kept in case government auditors discov
Community News

McGladrey Acquires DC Firm

RSM McGladrey, Inc., a national accounting, tax and consulting firm serving mid-sized businesses, has acquired the non-attest (non-CPA) business of Washington D.C.'s Keller Bruner & Company, LLP.
Community News

Deloitte Teams with AngelPoints to Reward Volunteerism

The United Nations General Assembly has announced that 2001 will be the International Year of Volunteers. With objectives of increased recognition, facilitation, networking and promotion of volunteerism, the U.N. will document and recognize volunteer activities around the world.
Community News

Andersen Sued by Arizona Accountancy Board

It is the largest penalty ever sought by the Arizona State Board of Accountancy - the board is asking for $600 million to reimburse investors who relied on Andersen's audit of the now-bankrupt Baptist Foundation of Arizona. The Arizona State Board of Accountancy has filed a $600 million complaint against Arthur Andersen, claiming the Big 5 firm failed to properly audit the Baptist Foundation of America (BFA).
Community News

PwC Survey - Private Banking/Wealth Mgt. Industry in Transformation

PricewaterhouseCoopers survey reveals exceptional growth, high earnings, and large profit margins are driving radical change throughout industry say CEOs of Top North American Financial Institutions. CEOs of top financial institutions report that the private banking industry is undergoing sweeping transformation, presenting unprecedented opportunities and significant challenges, according to PricewaterhouseCoopers’ first annual North American private banking/wealth management survey.
Community News

Name Change, Affiliation Part of BMF's Strategy

The Akron, Ohio-based accounting firm of Bober, Markey, Fedorovich & Company recently changed its name and announced a new affiliation with the Financial Consulting Group, L.C. (FCG).The firm added the name, Fedorovich, last month to reflect the contributions made by Managing Partner, Rick Fedorovich. The affiliation with FCG is a result of the firm having built a strong business valuation and litigation practice during the past few years.
Community News

KPMG Named Leadership Partner to U.N. Initiative

Here’s a feather in the KPMG hat: The accounting firm and its 25,000 partners and employees across the United States was named a Leadership Partner in the International Year of Volunteers celebration in the United States, or IYV 2001 US.KPMG will partner in all activities in IYV 2001, which was decreed by vote of the United Nations General Assembly. IYV 2001 will celebrate the achievements of volunteers worldwide and create thousands of new volunteer opportunities.
Community News

Katz Sapper Miller to buy Firm Back From H&R Block

Twenty four months after a landmark acquisition by H&R Block of KSM Business Services, Inc., an agreement in principle has been reached to sell the subsidiary back to the partners of Katz, Sapper & Miller for $25 million.KSM Business Services was formed in 1998 to allow H&R Block to acquire the non-attest assets of the 48th largest CPA firm in the USA, Indianapolis-based Katz Sapper Miller.KSM Business Services was the third of seven regional accounting firm acquisitions made by H&R Block prior to its acquisition of the non-attest assets and business of McGladrey & Pullen, LLP, the seven
Community News

Colleges Compete for Andersen Tax Challenge

The best and the brightest college students competed for top honors in the 2000 Arthur Andersen Tax Challenge® National competition, held Nov. 17-19 at its training facilities in St. Charles, Ill.Both graduate and undergraduate teams qualified as winners, and this year's awards went to the College of William and Mary (undergraduate) and the University of Denver (graduate). Students solved real-life tax problems using a team approach that tested knowledge of the law and analytical abilities.A $20,000 donation from the Andersen Foundation was given for first place.
Community News

Freed Maxick Merges with RSM McGladrey

Buffalo, New York based Freed Maxick Sachs & Murphy, P.C. have announced that some of it's divisions will combine with RSM McGladrey Inc.
Community News

AccountingWEB Receives Innovation Award

AccountingWEB has been selected as the very first recipient of the "On The Edge Innovation Award" from the Leading Edge Alliance, a progressive association of independently owned public accounting firms in the USA.AccountingWEB CEO Michael Platt was in Las Vegas last week to pick up the award at the association's Annual Conference."We are truly honored to be the first recipient of this special award recognizing innovation in the accounting pro
Community News

AICPA, Big 5 PAC Contributions Lean to Republicans

Accounting firms were overwhelmingly on the Republican side during this year's elections, according to government statistics on financial contributions.Seven accounting political action committees (PACs) contributed about $4 million to election campaigns this past fall, and 64 percent of that money went to Republican candidates. This is based on a report issued by the Washington-based Center for Responsive Politics, a non-partisan group.Ernst & Young's PAC was the biggest giver, contributing $850,886, with $545,396 going to Republicans.
Technology

Ebank Exits 'Net; Returns to Brick & Mortar Roots

What seemed like a great idea just didn't work. ebank, an Internet-only bank that has operated online since June 1999, has significantly reduced its dependence in cyberspace in favor of the traditional, community bank scenario.As an online venture, ebank has lost more than $6 million. Initially operating as Commerce Bank in Atlanta, management flocked to the Internet in much the same fashion as online rivals Wingspan and NetBank.

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