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Illinois Firms Overlook 150-Hour-Rule

Remember the controversy surrounding the 150-hour-requirement several years back when states began implementing the rule to sit for the CPA Exam?In Illinois, when the five-year-plan becomes reality in January 2001, CPA firms who hire recent graduates say they will continue hiring graduates regardless if the potential employee has 150 hours or not.This and other opinions were revealed in a new survey conducted by the Illinois CPA Society and Illinois College.
Community News

EY Sues Washington, D.C. Law Firm

Many people probably remember last year's high profile case when Ernst & Young settled a suit with Merry-Go-Round retail giant for $185 million. Merry-Go-Round alleged that EY caused problems with a turnaround attempt based on improper accounting procedures.Now, EY is having its day in court. The firm has taken the D.C.
Technology

PWC Reports 400 percent Increase in E-Business

PricewaterhouseCoopers reports a staggering 400 percent increase in revenues for this past fiscal year in its e-Business practice. This amounts to $1.6 billion in revenues.Perhaps even more surprising is PWC's comment that it expects all business in its management consulting services practice to be related to the very lucrative, yet very new, area of e-Business.
Community News

'Clean Your Closet' With Arthur Andersen

Arthur Andersen is cleaning out its closets.The firm is once again sponsoring "Clean Your Closet Week," March 18-25, in conjunction with Dress for Success, a non-profit group helping low-income women make a transition into the workforce by providing business clothing for interviews and future assignments.The firm will organize a suit drive in 37 cities across the United States and Canada. The firm's sponsorship is an outgrowth of its own "Growth and Retention of Women" (GROW) program.
Community News

PWC Promotes 'Net Incubator to Staff

Everyone working overseas for PricewaterhouseCoopers are about to be drawn in to an internal promotions effort designed to promote new e-businesses and encourage staff to create their own Internet start-ups. Known as PWC's e-business incubator service, the firm even is providing staff a three-month sabbatical to work on their proposals.The firm's service also is available to external clients as well, and is designed to develop the next big Internet concept using PWC's services and consultation.
Community News

KPMG Tests its Staff on Web Savvy

KPMG has taken a proactive approach to practicing what it preaches. The Big 5 firm's staff is undergoing a special training program to ensure they know the ins and outs of the same services delivered every day to a strong e-client base.The class is known as "Internet 101," and as simplistic as that sounds, it's really a basic course in some of the more detailed, technological aspects related to the Internet.Everyone is required to attend the class as a conduit to support the firm's increasing consulting revenues.
Community News

Andersen Plans Ahead for Internal Changes

There's nothing like being proactive, and Arthur Andersen is exhibiting signs that it plans to restructure itself internally in order to defend itself against potential mishaps. The goal, though, is to keep the firm in tact.Why? For starters, Andersen does not want to face independence issues like the ones that surfaced late last year for Big 5 rival PricewaterhouseCoopers.
Community News

Andersen Inches Closer to Belgium Law Firm

The Belgium Bar, who makes and enforces rules relative to relationships between law firms and auditors, may ease up on previous restrictions preventing such alliances.This is good news for Arthur Andersen and its operations in Europe as it seeks to align itself with legal practices to gain a larger market share.Andersen has worked with the law firm of Caestecker & Partners for the last three years on an informal basis, and will consider a partnership with the firm should rules relax to allow such relationships.Still, experts at Big 5 firms s
Technology

Cap Gemini Merges With EY Consulting

For months, it has been speculated that Cap Gemini would merge with Ernst & Young's consulting practice. Now, the word is that the alliance is official.The deal is reported to be worth approximately $11.13billion.
Community News

McCracken Named Chief of Deloitte Consulting

As expected, Douglas M. McCracken was tapped to fill the chief executive post at Deloitte Consulting.
Community News

PWC Troubles Continue: Compaq Leaves

Texas-based Compaq Computers has left auditor PricewaterhouseCoopers, and have gone with Ernst & Young, although Compaq reports there never were any problems in having PWC as its auditor.Compaq reportedly was asked by the Securities and Exchange Commission to change auditors, based on the ongoing investigation of independence issues within the halls of PWC.While the SEC requested the change, Compaq's board of directors also decided to change auditors based on what the company refers to as "the principle of independence."There is no indication at thi
Technology

EY Strengthens Presence in Latin America

Ernst & Young has improved its market position in Latin American through a 25 percent purchase of Softtek, a company based in Mexico that provides IT support to large-size companies in many countries.Analysts predict both companies benefit greatly from the alliance.
Community News

A Profile of PWC's Chief Executive

Turnover is a major concern these days with Big 5 and mid-range accounting firms, as CEOs across the board have jumped ship in favor of greener pastures, retirement or the next big "dot.com."This is not the case with PricewaterhouseCoopers (PWC) and their chief exec, Jim Schiro.
A&A

Steve Jobs' Quandry: Airplane Tax Classification

The head of Apple Computers has a team of CPAs at KPMG working to resolve whether a bonus given to CEO Steve Jobs should be classified as a "recurring" or "non-recurring" event.The difference in the classification for reporting purposes is amazing. Experts say shareholders and financial analysts usually give more importance to recurring operations, which typically are the day-to-day activities.Because of this concept, Apple and KPMG chose to classify that gift of the Gulfstream V jet as a non-recurring expense.
Community News

More Online Troubles for H&R Block

AccountingWeb has run several stories over the past two weeks about how H&R Block had to shut down the site temporarily due to the tremendous amount of traffic on the site to file tax returns.Now, a spokesperson for H&R Block has confirmed that the site has once again closed its tax filing capability, not because of traffic, but because of several security issues.Based on a report by the Associated Press, some clients were able to view the tax returns of others.
Community News

PWC Considers 3-Way Split

A series of negative factors influencing the firm has led PWC to consider the possibility of splitting into three units. The world's largest accountancy firm did confirm late Thursday that it would split consultancy and some corporate finance work from its core audit, accountancy and tax services wing. The proposed split would provide separate units for auditing, consulting and human resources.
Community News

Big 5 Winners & Losers

The final numbers have been released for 1999 revenues and losses among Big 5 accounting firms.Based on research compiled by the Public Accounting Report (PAR), the firm awarded the majority of audits was Deloitte & Touche, who placed first for the second time in three years as the number one auditor of public companies.
Community News

Y2K Impact Big, Reports KPMG

Now that the hubbub about the Y2K bug is behind us, firms are analyzing the impact the millinneum bug had on companies, Web sites and the world.KPMG recently issued their own report regarding how extensive the Y2K was, and reports that it did cause havoc on many areas, including nuclear plants, millitary satellites, some hospital equipment and even traffic lights.What's the meaning of this for the future (forget the past!): on one hand, experts say that most of us should have paid more attention to life-threatening mishaps, like nuclear power plants.
Community News

Results of CPA/Technology Partnerships

Yesterday, AccountingWeb broke a story about KPMG's alliance with Microsoft to provide consulting services on the Windows 2000 operating system, and recently, Deloitte Consulting followed suit with a technology venture involving Chase Manhattan Corporation.What are the inherent benefits in such a partnership, and why would CPA firms form such alliances?It's all about tapping the knowledge of experts who specialize in various technology arenas, according to industry experts.
Community News

Auditing a Strong Revenue Source for Firms

Auditing has gotten a bad "rep" over the past few years--and especially during the past year--thanks to investigative work done by the Securities and Exchange Commission and the fact that CPAs and accounting professionals have reportedly been seeking more lucrative, less risky alternatives to audit work.However, some experts in the nation's top firms have gone public with their opinions that their assurance services are indeed a money-maker for their firm and that any integrity lost as a result of alledgedly poor auditing practices is not really their fault.In the world of the Chief Fina

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