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Andersen Names New Chief Exec

The latest personnel change at Big 5 firm Arthur Andersen truly signals another step for the firm in changing its business philosophies and operating strategies.Andersen created a new position called 'chief executive,' and named Terry Hatchett to take the post. He will handle strategic and management issues while he shares this position with Managing Partner Jim Wadia, who is the firm's current CEO.Hatchett most recently headed up Andersen's Asia Pacific practice.
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7 Firms Combine to Form 13th Largest CPA Firm

The principals of seven highly successful professional services firms have merged their ownership stakes to form Centerprise Advisors, Inc., the 13th largest professional services firm in the country and one of the largest full-service firms focusing on the middle market.The founding companies include five professional services firms: Follmer, Rudzewicz & Co. of Southfield Mich.; Grace & Co. of St.
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Ruling Imminent on Andersen Split

Arthur Andersen and Andersen Consulting are awaiting news from the International Chambers of Commerce in Paris about the arbitrator's decision in their two-and-a-half year "divorce" case.In an interview with Dow Jones Newswires, Guillermo Gamba, the Columbian lawyer who was appointed by the ICC to arbitrate between the Big Five accountant and its consulting offshoot, said he had submitted his ruling to the ICC.Gamba would not divulge what he had decided and the firms themselves have yet to hear.
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E&Y Offers New International Tax Service

The Ernie Online Tax Advisor has been around for a year and has fielded more than 15,000 tax questions from Ernst & Young clients. The new service, dubbed the Ernst & Young Online Tax Advisor, will incorporate the ability to field questions from Australia, Belgium, Brazil, Canada, France, Germany, Italy, Japan, the Netherlands, Russia, Spain, Sweden, and the UK.The service provides answers within four business days.
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AICPA Steps up Fight Against Auditor Restrictions

Proposals to restrict the non-audit services an auditor can perform for a client could be against the public interest, the American Institute of Certified Public Accountants (AICPA) has warned.AICPA president Barry Melancon told the told the Panel on Audit Effectiveness, which is reviewing Securities and Exchange Commission plans to limit an auditor's relationship with the client, that - with the right safeguards - a firm can offer a variety of services and still carry out a reliable audit.
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Big 5 Sweep KMWorld's Best 100 List

KMWorld is the self-described leading information provider serving the Knowledge Management systems market, and they have just published their list of 100 top companies in the Knowledge Management arena. All five members of the Big 5 grace the list.The 100 Companies that Matter, according to KMWorld, are those that best exhibit the qualities of market makers, solutions technology makers, solutions service makers, and infrastructure technology makers. What does all this mean?
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Big 5's US Legal Plans Dealt Killer Blow

Now accountants will find it difficult to gain a foothold to the US legal market - a key target for the Big Five, who employ thousands of lawyers themselves.Three-quarters of US lawyers rejected "multi-disciplinary partnerships," (MDPs) which join lawyers with other professionals.
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EY South Africa Splits its Practice

Ernst & Young South Africa has announced that it has officially separated its accounting and consulting units.The consulting unit, which will be called 'Argil Ernst & Young Consulting,' was purchased by Worldwide African Investment Holdings, a major black empowerment group that already has an established relationship with EY, having formed a 60/40 joint venture last year.The new unit's main business focuses will be on the oil industry, telecommunications and financia
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EY Wins Coveted <i>CIO</i> Magazine Award

Ernst & Young was named to the top 50 list of the most impressive intranet sites by CIO magazine.The Web Business 50/50 Award annually honors the top 50 Internet and intranet sites in the marketplace for the best use of technology and design that reflects the organization's goals.
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Lift of Louisiana ban on Fees Good for 1st Global

The recent lift of all bans on commissions and contingency fees has been profitable for Dallas, TX-based 1st Global, a financial services company with more than 1,000 affiliate firms, including 180 large accounting firms.1st Global has enjoyed success in the last several years in recruiting firms to join as affiliates to provide clients financial services of various kinds.Until the ban was lifted in Louisiana, firms operating in the state were prohibited from entering into financial services transactions in which fees and commissions were part of th
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NABA and UT-Austin Join in Minority Recruitment Program

Kudos go to National Association of Black Accountants (NABA), The University of Texas at Austin’s Business School and Ernst & Young who have joined together for the seventh consecutive year to conduct the Accounting Career Awareness Program in mid-July.The program was developed by NABA, where one of the missions is to involve more minority students in accounting.The Red McCombs School of Business at the University of Texas is the site at w
Community News

KPMG Announces New Class of Partners

The new partner mix at KPMG LLP includes personnel in the areas of assurance and advisory services, tax services, and client service support (whatever happened to the designation of "audit partners")? With the addition of 127 new partners, the firm now has more than 7,000 partners worldwide in 159 countries.KPMG Consulting LLC, which was incorporated as a separate company earlier this year, is a leading provider of Internet integration services.
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Nortel Provides Solutions to H&R Block

In an effort to simplify its call center operations, H&R Block has engaged Nortel Networks to provide their e-Business solution, 'Nortel Networks Clarify eFrontOffice.'Block wanted to find a way to take the calls it receives from 10,000 tax offices, including financial services and e-Commerce groups, into one, central call center.Nortel's customer relationship management system, eFrontOffice, will provide Block instant messaging, voice-over-IP and personalized portals by the 2001 tax season.Block is in go
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PwC Admits 600 New Partners

PwC appointed 248 new partners to its U.S. ranks this week. Twenty percent of the total includes women, bringing the total women partners to 374 or 12 percent overall. The partners are in the areas of Assurance & Business Advisory Services (ABAS), Management Consulting Services (MCS), Tax and Legal Services (TLS), Financial Advisory Services (FAS) and PricewaterhouseCoopers' Unifi Network, formerly known as Global Human Resource Solutions, and Internal Firm Services.
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SEC Takes Accounting Firms to the Mat

The SEC today announced plans to curb the accounting profession's participation in various consulting efforts. Concerned that accountants are compromising their ability to perform independent audits, the SEC is trying to force accounting firms to discontinue certain consulting activities or, as some firms have already begun doing, separate the activities completely from their audit practice.Auditing, once the bread and butter of accountants, has dropped from 70 percent to 30 percent of accounting firm revenues, according to an SEC spokesperson.
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An Analysis of Big 5 Independence Issues

A writer for CFO Europe examines the state of the world's Big 5 firms.Topics covered include auditor independence and quality, and how firms should go about separating audit from consulting practices.Click on the link below for the full commentary.
Community News

H&R Block Co-Founder Retires This Fall

Henry W. Bloch (yes, it's spelled right!) is planning to retire from his namesake firm, H&R Block in September. The departure is notable because it marks the first time a anyone with the last name of Bloch has not been at the firm since it began in 1946.The news also comes just after the company's first quarter earnings were announced April 30; earnings were up 10 percent from the same time in 1999.Named to head the firm will be Frank L. Salizzoni, currently CEO, who will become chairman.
Community News

Moss Adams Strengthens Firm With L.A. Acquisition

Group 'B' firm Moss Adams has announced it will merge the Beverly Hills office of Braverman Codron into its practice.According to the Electronic Accountant, the merger provides Moss Adams a total of 27 offices, more than 140 partners and combined, annual revenues exceeding $140 million.Braverman Codron is a multi-faceted practice with nine partners and 45 employees. Annual revenues exceed $6 million.
Community News

ACCPAC Buys SBT Accounting Systems

Mergers and consolidations in the accounting software arena are commonplace these days. Now, it has just been announced that ACCPAC has purchased SBT Accounting Systems.The purchase adds the database accounting capabilities associated with SBT to ACCPAC's line of enterprise products.
Community News

Saltz, Shamis & Goldfarb Press Conference

TUESDAY, JUNE 20, 2000 10:00AM EDTContact Kathy SauttersSaltz, Shamis & Goldfarbwww.ssandg.com(440) 248-8787[Session Moderator] Good morning, and welcome to SS&G Financial Services first press conference over the Internet. I would like to start off by thanking AccountingWEB for allowing us to use their workshop room for this meeting.

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