Firm news

Community News

Panel Chosen for Round 2 of SEC Hearings

SEC Announces Schedule of Witnesses for Public Hearing on Auditor IndependenceSchedule of AppearancesPublic Hearing9:00 a.m. – 6:30 p.m.As previously announced, the Commission is holding a public hearing on Wednesday, September 13, in connection with its proposed rule amendments regarding auditor independence. The hearing will take place in the Pace Downtown Theatre at Pace UniversityNew York, New York The following is a schedule of appearances for the hearing:8:45 am: Opening Remarks Morning Session9:00 am: Panel 1 Laurence H.
Community News

EY Creates Single, Worldwide Firm

This week from London, Ernst & Young announced their new firm strategy to integrate 60 countries and their practices into 10, new geographically based areas.The intent is to bring the organization to the global arena by consolidating functions, form a new management team and not be restricted to geographical borders.
Community News

Andersen's Shared Services Helps City Governments

The city of Hurst, Texas, one of the suburbs located between Dallas and Fort Worth, has signed up as the first client under Arthur Andersen's new Shared Services Center.The idea is to have Andersen merge the activities performed by cities anywhere in the United States, or world (if applicable), and offer these services at a lower cost based on volume.In this case, the city of Hurst will outsource many accounting functions to Andersen, including general ledger, purchasing, accounts payable, fixed assets, accounts receivable and payroll.
Community News

Rapper Rips PwC

Andre “Dr. Dre” Young, Grammy-winning gangsta rap star and highly respected record producer, has accused PwC (formerly Coopers & Lybrand) of causing a loss of over $20 million by mismanaging his finances, diverting funds, stealing money from him, and engaging in conflicts of interest. “They stuck it to me big time,” the star said of the accounting firm. Young is co-founder of the Death Row record label. PwC has paid $10 million in out of court settlements in two other Death Row-related claims but his holding fast in its fight against Young.
Community News

PwC Joins in Fight Against SEC

First it was the Big 3, Andersen, Deloitte, and KPMG up against the Securities & Exchange Commission regarding the auditor independence guidelines the SEC is hoping to enforce. Then Ernst & Young jumped in with the others, claiming the SEC’s proposal would make it impossible for audit firms to enter into strategic alliance or joint ventures, even with non-audit clients. That left PricewaterhouseCoopers as the only hold out, sticking up for the SEC and supporting the change in guidelines. Now it looks like the group is a team again.
Community News

Arthur Andersen Makes the Grade in Customer Satisfaction

Congratulations to Arthur Andersen, who was ranked Number One in 14 service categories and attributes by Emerson Research Company in the 2000 Big 5 Annual Report.The report is a compilation of all five firms' operating results as they apply to professional service corporations.Areas covered include opportunities for staff, services to clients, investments for the future, and achieving profitability.A complete copy of the report can be obtained from Emerson at their Web site.
Community News

SEC May Have Leaked News of Audit Irregularities

The ongoing probe by the SEC of Andersen’s accounting practices was made public last week when a story appeared in the Wall Street Journal that included confidential details of the investigation into the accounting services provided by Andersen to Waste Management Inc. The accounting problems that were uncovered last year resulted in billions of dollars of write-offs for Waste Management.
Community News

Survey Says: 96% of Accountants Have Internet Access

Harris Interactive, the folks who bring you Harris Polls, have finished conducting the CCH Accountants on the Internet 2000 poll and the results are fascinating.
Community News

PWC Finds Banks Non-Compliant With Privacy Act

A report from PricewaterhouseCoopers reveals that two-thirds of U.S. banks are non-compliant with disclosure standards for online privacy as outlined in the Gramm-Leach-Bliley Act.According to the Act, which becomes effective July 1, 2001, a bank must declare that any business a customer conducts on the Internet is secure. Even though the implementation date is in the middle of next year, banks only have until Nov.
Community News

What's in a Name? Andersen Consulting, of Course!

Although the news about the final separation between Arthur Andersen, LLP and Andersen Consulting has cooled a bit, speculation as to the 'name game' has just begun.A report from The Times in the United Kingdom suggests that Arthur Andersen may name its consulting arm 'Andersen Consulting.' You heard right: the namesake of its divorced spouse.The current Andersen Consulting has until January 1, 2001 to change its name, and until then, it's anyone's guess as to what the new consulting firm will be called.
Community News

KPMG Consulting to Sell South African Practice

In preparation for the initial public offering next month of KPMG's consultancy business, the firm has announced plans to sell its South African consulting practice for a yet to be disclosed price.The move is seen as one piece in the entire process of breaking the consultancy practice away from the international firm's auditing services so as to be in compliance with expected SEC rulings on auditor independence.The first wave of the IPO is set for September, and a second wave will f
Community News

SEC Makes Auditor Independence Transcript Available

The Securities & Exchange Commission has posted on its web site the entire transcript of Day One of the auditor independence hearings which occurred on July 26.AccountingWEB provided full coverage of the event throughout the day, and will do so again for the second day of hearings, scheduled for September 13.Speakers presenting testimony before the SEC in July included public accountants, industry accountants, educators, memb
Community News

SEC Accepting Applications for 2nd Hearing

The SEC is gearing up for Round Two of the auditor independence hearings, and applications are being accepted for those who wish to participate in the hearings.
Community News

Business Casual: What exactly IS It?

Most companies like the idea of casual Friday. If you’re an employer you can help boost morale by offering your staff the opportunity to dress down one day of the week. In fact, more and more companies are offering the opportunity to dress casual for the entire week. However, this can leave people confused as to what is appropriate dress and what isn’t. A particularly difficult challenge in discerning what’s appropriate casual wear and what’s not resides among women, especially those making the switch from college to the corporate world.
Community News

Shaky Ground: The Impact of KPMG Stock Offering

As reported earlier this year on AccountingWeb, KPMG filed for a potential IPO last May to fund its technology consulting practice, and is now in the midst of negotiating terms for the offering with Morgan Stanley Dean Witter.What is the impact of such an offering? While KPMG hopes to raise $2.5 billion, analysts are skeptical that Wall Street will receive the stock sale with open arms.First, buyers have to get past the often-perceived stodgy mindset associated with a Big 5 firm.
Community News

EY Partner Hired as SEC Deputy Chief Accountant

The Securities and Exchange Commission has hired Jackson Day, formerly a partner with Ernst & Young to assume the number two accounting position at the Commission.As deputy chief accountant, Day will oversee the accounting and audit practices.
Community News

Andersen & Deloitte - Partners in Consulting?

Today's announcement by Deloitte Consulting that it is investing in Epylon Corp., an online provider of ebusiness solutions for education and government institutions may seem like a new idea to most - but it's old news to Andersen Consulting.Andersen Consulting announced an arrangement to provide software to Epylon a month ago and AC Ventures, the venture capital unit of Andersen Consulting, already owns a minority stake in Epylon.So what's all the excitement abo
Community News

AICPA Chair Discloses Plans for Accountants of Tomorrow

Speaking to tomorrow's accountants, the assembled attendees of the Beta Alpha Psi annual meeting last weekend, Bob Elliott, Chairman of the AICPA, presented a glimpse into the very near future.
Community News

Andersen Split has Rippling Effect

Now that Andersen Consulting has made a formal split from its parent company, Arthur Andersen, some analysts are saying that the larger, Big 5 firm will suffer from separation anxiety.What's the affect of such a split?
Community News

And it's PwC and AA, by a Nose!

The results are in from the 200 Annual Survey of Accounting Professors which rates U.S. accounting firms, and the accountants are cheering at PwC. After 18 years of looking up to Arthur Andersen which has had a lock on the number one position, PricewaterhouseCoopers can now gaze down from the top berth as well, having tied AA for the top spot.The survey of college professors is based on their experience and perception.

Pages