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Accounting Professionals Speak Out in Online Forum

Members of the accounting profession joined together Tuesday in an Open Forum sponsored by AccountingWEB and voiced their views on the proposed SEC hearings on auditor independence.
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SEC Hearings, Final Day: Schedule of Witnesses

In response to requests for additional time to present views, the SEC has added an additional day of testimony to its Day Three schedule of auditor independence hearings. The final day of testimony will be Thursday, September 21, in Washington, D.C.The following people are scheduled to testify:8:30 am: Panel 1 Robert K. Elliott, ChairmanBarry Melancon, President and Chief Executive OfficerHarold L.
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SEC Hearings, Day Three: Schedule of Witnesses

Schedule of Witnesses for Public Hearing on Auditor IndependenceSchedule of AppearancesPublic Hearing9:00 a.m. – 6:30 p.m.The Securities & Exchange Commission is holding a public hearing on Wednesday, September 20, in connection with its proposed rule amendments regarding auditor independence.
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JOIN YOUR COLLEAGUES TODAY: OPEN FORUM ON SEC HEARINGS

Members of the accounting and financial communities and others are invited to attend an Open Forum, Tuesday September 19, 2000 at 11:00 Eastern Time at the AccountingWEB workshop room, http://www.accountingweb.com/workshop.Leading the forum will be Gary Shamis, Chairman of the PCPS Management of an Accounting Practice Committee, representing the AICPA. Mr.
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Deloitte Counters ConsultingTrend

Big Five firm Deloitte Touche Tohmatsu is to buck the trend for sell-offs by keeping its own consulting arm, the Financial Times reveals.Deloitte chief executive Jim Copeland, who will be speaking at the SEC hearings this week, told the newspaper that there was no internal pressure to get rid of the consulting business - even after the high profile revelation of talks between Hewlett-Packard and the consulting arm of PricewaterhouseCoopers.Cop
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Levitt Castigates Big Five

After two days of public hearings, listening to members of the accounting profession voice their concerns about the proposed auditor independence guidelines which would limit the scope of services that can be performed by auditing firms, Levitt seems undaunted in his mission to change the face of public accounting.According to Levitt, the leadership of the Big Five has been "more concerned with expandi
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KPMG Chief Points to Global Restructuring

Big Five firm KPMG will reorganise along global lines and transfer powers from national practices, according to Stephen Butler, the firm's chairman.In an interview with the Financial Times, Mr.
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SEC's Auditor Guidelines - What all the Fuss is About

Are you still confused about all the news of the SEC proposed changes to the auditor independence requirements?
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SEC Gives Big Five One More Day

After complaints from members of the Big Five that their responses to the auditor independence issue have not been taken seriously, Arthur Levitt, chairman of the Securities & Exchange Commission, agreed to let them have their say. Leading the pack of vocal dissenters has been Stephen G.
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KPMG Chairman's Unspoken SEC Testimony

KPMG Chairman and CEO Stephen G. Butler was scheduled to testify at the crucial SEC auditor independence hearings today, but was irritated at the skimpy amount of time that was allotted to him (30 minutes, to be shared with five other speakers), and distressed that he was not given a requested morning time slot.Mr. Butler's testimony was delivered in printed form to the SEC, and KPMG provided AccountingWEB with a copy of that testimony.As an auditor with KPMG for more than 30 years, and now as the Chairman and CEO of the company, Mr.
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McGladrey & Pullen Expands Into Five Major Markets

Through the acquisition of several firms across the United States, RSM McGladrey, Inc. and McGladrey & Pullen, LLP, has expanded its accounting and consulting practice into five new major markets, including Baltimore, Kansas City, Dallas, Philadelphia and Boston.The acquisitions also expand the firm's network in New York and Chicago, and with the other five major cities, adds 850 new employees, 12 offices and more than $90 million in annual revenues.McGladrey became a subsidiary of Kansas City-based
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SHOWDOWN WITH THE SEC - September 2000 Hearings

SEC Issues Final Rules on Auditor IndependenceThe SEC voted unanimously to approve new guidelines for auditors. Four of the Big Five firms acquiesced in accepting the rules, KPMG being the hold out firm that still feels the rules are unnecessary.
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KPMG Chief Withdraws from SEC Hearings

KPMG chief executive Stephen Butler pulled out of today's SEC hearings because of the lack of time allowed at the stand, according to the Financial Times.Butler was allotted just 30 minutes to give his opinion on the controversial proposals, and would have had to share that time with five others.
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ICAEW President Gives International Outlook on SEC Audit Rules

Graham Ward, the President of the Institute of Chartered Accountants in England and Wales, is scheduled to appear before the Securities and Exchange Commission's hearings on auditor independence in New York at 4.30pm today.
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Big News in Banking: Chase Merges With J.P. Morgan

This week marks an historic milestone in banking. Chase Manhattan Bank has agreed to buy J.P. Morgan for almost $40 billion in stock.The new company, which will be known as J.P. Morgan Chase, will have assets of $675 billion and will rank third as a financial services company following Citigroup Inc. and Bank of America Corp.The buyout is attributed to being able to combine attributes of both companies as they seek a larger piece of the pie.
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Second Auditor Independence Hearing Today

Members of CPA firms, representatives of the AICPA and England’s Institute of Chartered Accountants, lawyers, advisers, members of accountancy boards and CPA societies, and corporate accounting officials are gathering in New York today to present testimony before the SEC regarding the proposed limitations on auditor independence.Forty speakers representing both sides of this issue will take the podium, briefly presenting their views in hopes of supporting or swaying the opinion of Arthur Levitt, Chairman of the Securities & Exc
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PwC Assumes #1 Position in Top 100 Firms

PricewaterhouseCoopers edged out Arthur Andersen to assume the top position among the Top 100 Firms listing compiled by the Public Accounting Report.Last year's listing showed Andersen as the top producer, but due to the break-up of Andersen and Andersen Consulting, the firm fell to number five.
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Dial 'EY' for Audit: Verizon Chooses Ernst & Young

The newly formed Verizon Communications has chosen Ernst & Young as its accounting firm.EY beat out Big 5 rivals PricewaterhouseCoopers and Arthur Andersen, both of whom had relationships with Bell Atlantic and GTE.According to the SEC, however, Both PwC and Andersen will maintain independent accountant relationships with certain subsidiaries or investments of Verizon, providing audit and some non-audit services.
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Andersen Sponsors Students' High-Tech Start-ups

Arthur Andersen, LLP has agreed to be the lead sponsor of programs supporting student high-tech start-ups.The firm has partnered with StartEmUp, an organization that helps students bring Internet businesses to fruition.As a part of the arrangement, Andersen is lending its name to StartEmUp's JumpStart 2K Campus Conferences and contests.
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HP May Acquire PricwaterhouseCoopers' Consulting Biz

The hottest accountancy news this weekend was the revelation that computer and printing equipment giant Hewlett-Packard was in talks with PriceWaterhouseCoopers to buy its global management consulting business in a deal estimated to be worth $17 to $18 million.This move may be a direct result of the recent rulings promulgated by the Securities and Exchange Commission regarding the separation of audit and consulting serv

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