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AICPA Response to SEC Proposed Guidelines

In an article this month in the Journal of Accountancy, AICPA President Barry Melancon discusses the possible repercussions throughout the entire accounting profession should the SEC's proposed guidelines to limit the scope of services provided by auditors be adopted.The AICPA position is that proposed ruling is not in the public interest and sites the following concerns:The proposed ruling would handicap accounting firms as they try to grapple with issues in the New Economy.Audit quality will suffer if firms a
Community News

Andersen Revenue up 15%

With a record $8.4 billion in revenue for the fiscal year ending August 31, Arthur Andersen is reporting an increase in revenue over last year of 15%.
Community News

Summers Warns Senators About Impeding SEC Plan

Treasury Secretary Lawrence Summers claims he has knowledge that some Senators, who are remaining unnamed, are attempting to use government spending legislation to thwart the SEC proposal to issue auditor independence guidelines.
Community News

Become an Online Mentor for an HOUR!

AccountingWEB is committed to bringing accounting students across the country together with mentors from all areas of the accounting community. Do you remember when you were hungry for the chance to learn from someone firsthand? Do you recall your college recruiting experiences? Here's your chance to make a difference. AccountingWEB is looking for individuals to provide a 1-hour on-line workshop on the AccountingWEB site.
Community News

Jane Bryant Quinn Analyzes SEC/Levitt Matter

In a syndicated story published by the San Francisco Chronicle, noted financial guru Jane Bryant Quinn gives her own spin to the SEC hearings concerning the independence of accounting and consulting firms.In this story, she brings the facts to a level that would be interesting to investors rather than the firms themselves based on what a ruling for or against the firms could mean.Specifically, a negative ruling could affect the cost of stocks and bonds.
Community News

Andersen Responds to SEC Violations in Arizona

Arthur Andersen is seeking a hearing to respond to the Securities and Exchange Commission's allegations that the firm violated state securities law in connection with a 1996 audit of the Baptist Foundation of Arizona. Andersen is accused of giving the Foundation a clean audit despite warnings that the Foundation may have committed fraud with its investors. After the audit report was issued, $200 million was raised by the Foundation, which eventually filed for Chapter 11 bankruptcy protection in November 1999.
Community News

Crowe Chizek Buys PwC's Fort Wayne Practice

Crowe, Chizek & Company LLP is set to buy PricewaterhouseCoopers' Fort Wayne, IN practice. A tentative agreement is in effect, and the sale should be final by Octobet 31.The purchase provides Crowe Chizek new territory to add to its already booming practice throughout the Midwest in Indianapolis, Chicago and Cleveland, and even in southeast southern cities like Lexington, KY and Fort Lauderdale, FL.
Community News

KPMG Foundation President Elected to Points-of-Light

Former KPMG partner Bernard J. Milano, who now works exclusively for the KPMG Foundaton as president, recently was elected to the Board of Directors of the Points of Light Foundation.Points of Light is dedicated to engaging people in volunteer community service.
Community News

EY Teaches how to Hack Into Computer Systems (Really!)

Believe it or not, Ernst & Young will teach you how to hack into a Windows NT or Unix system.The accounting and consulting firm will offer a course in both Cape Town and Johannesburg, South Africa, to teach members of the corporate business community exactly how to violate their own systems--with the hope that they'll learn how to prevent such an event from happening.The cost is about $970 for a four-day course, and those who take the class must sign a waiver stating they will not use the material learned for any 'malicious' purpose.
Community News

Senate Asks Levitt for Smoking Gun

Arthur Levitt, SEC Chairman, presented his case for new guidelines for auditor independence to the U.S.
Community News

Mr. Levitt Goes to Washington

Undaunted by days of public pleas for more time and less restrictive guidelines from members of the accounting profession, Chairman of the SEC, Arthur Levitt, will appear in Washington today to make his case for auditor independence before Congress.Mr. Levitt is expected to meet with heavy opposition from Republicans and other members of Congress who have complained that the strict guidelines would "force dramatic changes in the structure and business practices of accounting firms" and would require corporations "to pay increased costs for some types of accounting services."Mr.
Community News

Hotels get Real-Time Results from Andersen System

To improve customer service, hotels across the World are demanding real-time results to customer service surveys, and Arthur Andersen, LLP now provides a unique capability via their service called Hotelbenchmark.com.The Hotelbenchmark.com web site is an offshoot of the firm's popular Hotel Industry Benchmark Survey in which more than 3,500 hotels from 200 markets regularly participate.The system is part of the firm's Web-based MarketShare initiative to service vertical industries in a more timely and
Community News

Jerry Atkinson Retires

AccountingWEB would like to add its name to the long list of well wishers on the occasion of the retirement of Jerry Atkinson, founder of Atkinson & Co., Ltd of Albuquerque, New Mexico.Jerry is retiring today, coinciding with the firm's 30th anniversary.Jerry has been a very active member of the profession on the local, state and the national level since starting his firm in 1970.
Community News

'Practice Innovation' Award Given to Nine Firms

Nine firms are the recipients of the first-ever Practical Accountant Practice Innovation awards for having firms that are consulting-driven, problem solvers. Innovation that brings in new business or cuts costs by way of a process or new procedure is the criterion for these awards. The firms varied as to what they accomplished, but each one excelled by taking the initiative to expand its practice in one way or another.The nine categories and firms include: Facing Challenges Head-onMarkham Norton Stroemer & Company of Ft. Myers, Fla.
Community News

HP Drops PwC as Auditor as Consultancy Talks Continue

PricewaterhouseCoopers has lost computer giant Hewlett-Packard as an audit client to Ernst & Young, but it is likely to be compensated by the multi-billion dollar sale of its consultancy wing to HP.In a corporate press release issued on Friday, HP announced it had engaged E&Y for the financial year ending 31 October 2000.
Practice Management

AccountingWEB Meets AAA

Members of AccountingWEB met with representatives from the Indiana Chapter of the Association of Accounting Administrators today in an attempt to share goals and explain what the two groups have to offer each other.AAA members were treated to a tour of the AccountingWEB web site, and had an opportunity to quiz Michael Platt, AccountingWEB CEO, Kelly McRae, AccountingWEB Business Development Specialist, and Gail Perry, AccountingWEB Managing Editor on the offerings of the site.
Community News

Andersen Consulting Backs Film Revival

Business adviser Andersen Consulting is sponsoring the British Film Institute's efforts to restore eight classic movies.The two-year project will produce improved versions of "Some Like It Hot," "Breakfast at Tiffany's," "Alfie," and "Don't Look Now," before deciding on another four. Each film will be premiered, and then be released in cinemas across the country.
Community News

Complete Transcripts - all SEC Testimony

Read what all of the witnesses have had to say about the SEC's proposed auditor independence guidelines. The SEC has published all of the transcripts of all testimonies from public hearings held on July 26, September 13, September 20, and September 21.The SEC has suggested guidelines to limit the scope of services that accounting firms conducting audits of publicly held companies can perform.
Community News

PwC Enhances CRM With new Partnership

PricewaterhouseCoopers hopes to enhance the way it consults with companies on customer integration work through a new partnership with GE Global Exchange Services (GXS).The first joint activity will provide an opportunity for customers to connect package software applications such as Enterprise Resource Planning and Customer Relation Management to GXS's enterprise application integration production suite.The goal is to provide a means for clients to turn an activity like a sale into the actual delivery of goods or
Community News

THERE'S STILL TIME ! ! !

Are you concerned about the SEC proposed guidelines to limit the scope of services performed by accounting firms? It's not too late to voice your opinion.The SEC is still accepting written responses to the proposed guidelines, until September 25.

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