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Community News

Alliott Group Announces Israeloff, Trattner Leadership

The New York firm of Israeloff, Trattner & Co. has announced its role as founding member of the new Alliott Group North America. The group, which will officially launch this fall, combines talents from 118 firms with more than 188 offices in 56 countries.Israeloff, Trattner partner, Robert L. Israeloff is the former chair of the AICPA and former president of the New York State Society of CPAs.
Technology

E&Y Adds to the Flock of Big 5 Start-Up Companies

The latest entry in the Big 5 divestitures arena comes to us from E&Y.
Community News

Andersen Consulting-PwC Merger Rumors Quashed

Talk of a merger between PricewaterhouseCoopers and the newly-unwed Andersen Consulting has been roundly condemned by the consultancy firm.Consulting was not in merger talks with anyone, a spokesperson confirmed, after reports that the two were holding discussions.Now that Andersen Consulting is free of Arthur Andersen's grasp, the rumor mill has been grinding with a variety of predictions and fantasies.In London, the
Community News

KPMG Consulting Goes Public

KPMG Consulting, a breakaway company from KPMG, which was formed last February, has announced an initial public offering.
Technology

D&T Resigns after Dotcom Difficulties

The Big Five firm told its client, Financialweb that its "lack of adequate systems, controls, and personnel necessary to timely prepare internal and external financial statements" for the past three years was a reportable condition, and it was resigning immediately.The auditors also recommended that the firm conduct an internal investigation into allegations that its stock was the target of manipulation, as raised in a federal indictment concerning a shareholder and consultant connected with the Internet firm.Financialweb
Community News

Wadia Resigns over Andersen Divorce

Arthur Andersen chief Jim Wadia has sensationally resigned after the arbitrator's ruling on the accountancy giant's divorce from Andersen Consulting.The International Chamber of Commerce ruling gave Arthur Andersen back its name, but found that the two firms' umbrella group Andersen Worldwide was in breach of its obligations under the original operating agreement.Wadia said in a statement that he has decided to take early retirement from the firm after welcoming the court's decision.
Community News

Andersen Consulting is Free!!!

Andersen Consulting got the word in its New York Offices at about 5:00 this morning – the firm is no longer tied to Arthur Andersen in any way and can compete freely for clients without having to pay any fees to Arthur Andersen.Terms of the 130-page arbitration document that came across a fax machine in New York this morning, while members of Andersen Consulting were cheering, include the following: Effective immediately, Andersen Consulting is a separate entity from Arthur Andersen and Andersen Worldwide.As of today, all agreements are severed and all transfer payments
Community News

Computer Associates Names new CEO; ACCPAC to Split

In the wake of less-than-desired earnings, Computer Associates today announced the appointment of Sanjay Kumar as president and CEO. He previously held the position of president and COO.The announcement blends with the company's motivation to renew itself and to facilitate a general across the board.
Community News

H&R Block Debuts new Logo and Image

H&R Block has unveiled their new logo and image with a dramatic campaign.A green block is the hallmark for the campaign, which is meant to symbolize the fact that H&R Block is an organization that offers financial planning year-round, rather than just at tax time.Each of the companies subsidiary divisions now will be known as a part of the parent company by emphasizing the company name.
Community News

Andersen Consulting: A Frankenstein Monster?

In 1989, Andersen Consulting was spun off from Arthur Andersen as a separate company for the sole purpose of performing technology consulting. The idea was that AC would perform the consulting services for Andersen's clients, and Andersen would stick to auditing, tax, and general accounting services. Because the consulting business was seen as being more lucrative, it was agreed that AC would pay a 15% percentage of its annual revenues to Andersen.
Community News

Senators Urge 'Caution' in Letter to SEC Chairman

Several members of the Securities Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs are urging Securities & Exchange Commission Chairman Arthur Levitt to extend the comment period on the non-audit services portion of the proposed rules on auditor independence until after February 1, 2001.The extension, if granted, "will allow for careful analysis of the proposed changes," according to the letter. The letter was signed by Securities Subcommittee Chairman Senator Rod Grams, and Senators Evan Bayh, Phil Gramm, Charles E. Schumer, Mike Crapo, Robert F.
Community News

PwC Chief Faces Possible Probe over Audit Violations

PricewaterhouseCoopers partners - including present CEO James Schiro - face possible investigation after a US court refused to dismiss a claim alleging that the Big Five firm had misrepresented audit independence violations at electronic manufacturing firm Emcore. A New Jersey court heard that PwC partners had allegedly held on to shares in its audit client Emcore and so delayed a public offering of the firm in early 1999.
Community News

PWC Makes Changes to Prepare for Break-up

Changes are in the air at PricewaterhouseCoopers.The world's largest accounting and consulting firm has just named Tom O'Neill as the firm's chief operating officer so that Chief Executive James Schiro can spend more time concentrating on the break-up of the firm.O'Neill currently manages the firm's operations in Canada. The most important aspect of the break-up is the impending sale of the firm's consulting practice, valued at $20 billion.
Community News

KPMG Takes a Stab at SEC Auditor Independence Proposals

Terry Strange, Global Managing Partner of Audit for KPMG, took the podium yesterday at the SEC auditor independence hearings, and offered his reservations about the hurried nature of the proposed auditor restrictions as well as the inappropriateness of the barriers to auditing firms providing non-audit services.Noting his complete support of the SEC's desire to modernize independence rules, Strange expressed two troubling aspects of the proposals:The bundling of the much needed revisions of existing rules on investments and family relationships
Community News

Deloitte Demonstrates Commitment to Women's Issues

Deloitte & Touche has released the findings of a survey conducted late last year regarding women in elected positions, particularly as president of the United States.According to CEO James Copeland Jr., the firm commissioned the survey to demonstrate its commitment to women's issues.
Community News

CPA Firms Testify (Briefly) Before SEC

The SEC set aside one hour today for representatives from three of the Big 5 CPA firms to make their claims that proposed auditor independence guidelines would impede progress, prevent firms from attracting professionals with necessary specialized skills, reduce competition among CPA firms, increase costs of services, and in general make life miserable for CPA firms that provide consulting services along with traditional auditing services.Stating that CPA firms already enjoy a high level of independence standards and professional ethics, such standards and ethics being applicable to consult
Community News

Showdown with the SEC

Representatives from CPA firms, educational institutions, and accounting regulatory agencies will present testimony today before the Securities & Exchange Commission in an attempt to have their say about the proposed guidelines to limit the auditors’ scope of services.
Community News

KPMG Slams 'Irrelevant' SEC Auditor Independence Rules

KPMG has attacked the Securities & Exchange Commission's rulings for auditor independence as "irrelevant and based entirely on misperception" on the eve of a public hearing looking into the proposals.The SEC is due to hear evidence from leading figures from the profession, including representatives of KPMG, Arthur Anderesen and Deloitte & Touche, in a marathon event scheduled for this Wednesday in Washington DC.Neil Lerner, head of European Risk Management at KPMG UK, said that the SEC's actions would be disastrous for the major fir
Community News

ACCPAC Increases Market Share With SBT Acquisition

ACCPAC International, Inc. just announced that the company has fully acquired SBT Accounting Systems.'In today's marketplace, everybody is facing critical resource shortages, particular in current technologies,' says Colorado CPA Wayne Harding, vice president of Outsourcing Services for Great Plains. 'It makes sense to take redundant efforts, particularly in companies who have the same kind of strategy, and merge them together.'Toronto-based Robert Lavery, vice president of Strategic Alliances for ACCPAC, agrees.
Community News

Andersen Hires Top Gun Lawyer to Fight SEC

In the wake of the highly publicized conflict-of-interest hearings by the Securities and Exchange Commission to limit the activities of auditors offering audit and consulting services, Arthur Andersen has engaged the services of Attorney David Boies and his colleague, David Barrett.A trial lawyer working for the U.S.

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