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Falsified Records Sends San Francisco CPA to Prison

A San Francisco CPA will spend at least one year in Federal prison for his role in altering tax returns to secure more than $2.1 million in loans from five banks.Regen Chinn of Chinn Accountancy Corp. was found guilty for his role and was sent to prison for 33 months. Also charged was Jack Young Jr., owner of Clement Tour and Travel, for his part in the scheme.
Community News

EY Earns Oracle Top Business Partner Award

Oracle has announced that it has bestowed its top business alliance partner award on Big 5 firm Ernst & Young.The honor was given to EY executives during Oracle's Open World conference in Los Angeles. EY received the award based on the firm's innovative way it has integrated the software into its consulting services.This award is the latest in a series of honors for EY. Last year, the GartnerGroup honored the firm as "best in class" for its Oracle applications. Oracle previously honored EY with a similar award in 1995.
Community News

Dallas KPMG Chief Receives Top Honor

C.H. Moore, head of the Dallas office of KPMG will receive the Anti-Defamation League's Henry Cohn award at a dinner on Thursday, Jan. 13 in Dallas.The award marks the 23rd year it has been given to local community leaders. Moore is honored for his "distinguished service and leadership in preserving liberty, counteracting bigotry and advancing the cause of human rights, dignity and equal opportunity."The Anti-Defamation League is a worldwide organization dedicated to raising awareness in human and civil rights' issues.
Community News

Free Refund Anticipation Loans Being Tested in California

H&R Block has announced that it is testing a new service in California, offering refund anticipation loans to clients at no charge.The prospect of clients getting cash in anticipation of their refunds has been popular for a few years now. H&R Block, along with many other tax return preparation outfits has been offering this service with a charge typically of about $20 or a percentage of the loan.
Community News

Can Auditors Be Barred From Service For Missing Fraud?

In a landmark case that it sure to send shockwaves throughout the accounting profession, the SEC is seeking to bar two accountants from a Big 5 firm from signing off on public company audits because they failed to detect a massive fraud at California Micro Devices five years ago.The CPAs gave Cal Micro a clean bill of health, but an internal investigation weeks later uncovered an enormous employee fraud resulting in over one third of the company's revenue being erroneous.
Community News

SEC Slams PwC on Auditor Independence Violations

In its continued crackdown of the auditing profession, the Securities and Exchange Commission today announced the results of an independent review, citing the partners at PricewaterhouseCoopers with over 8,000 violations of the auditor-independence rules.The majority of the violations occurred in cases where partners or their family members owned stock or mutual funds from companies that PwC was auditing, and a percentage of the problem stemmed from the recent merge
Community News

EY Sponsors E-business Workshop for Women

Ernst & Young has announced it will sponsor an April 5 gathering of women business leaders in New York, and will hold a special April 4 e-business workshop in conjunction with the conference.The meeting covers professional and lifestyle issues, and is organized by Women.future. It will be beamed via satellite to more than 200 locations across the world. An expected 100,000 women and men are expected to attend.Among other activities, the e-business workshop will enable attendees to divide into groups to explore issues related to dot.com economies.
Community News

3 CPA Firms Make Fortune's Top 100 List

In its annual survey on The 100 Best Companies to Work For, scheduled for publication in January 2000, Fortune magazine has listed three CPA firms on its prestigious list.Among the best:# 17 Michigan based Plante & Moran#31 Deloitte & Touche#86 Ernst & YoungThe List is compiled based on a number of factors, including work environment, financial rewards, ben
Community News

CBIZ Begins Integration Of Its Operations

Professional services firm consolidator Century Business Services announced today a year long effort to consolidate its offices in markets where multiple CBIZ offices exist.CBIZ will initially consolidate 10 of its largest markets where the Company has acquired multiple companies over the past three years, including its BIZ Centers in Washington DC, Philadelphia, Atlanta, Kansas City, Colorado, Northern and Southern California, Cleveland, Chicago, and Texas.
Technology

Online Tax Prep Available To The Public For $7.50

While tax laws continue to get more complicated, the process to complete and file a tax return is getting easier and easier.A new online service, www.completetax.com is offering taxpayers a fully integrated, interactive and customized tax processing service for just $7.50. CompleteTax offers full service "print-your-own" or electronic filing options (federal and twenty six states), and provides taxpayers with a mechanism to track refunds of electronically filed returns.
Community News

Deloitte Invests with Brilliant Media

The Big 5 firms have begun relationships with law firms in holding equity stakes to enhance each other's practices, so why should relationships with e-firms be any different? The recently announced Ernst & Young deal with Cap Gemini is evident of this growing trend.Now, the Management Solutions and Services practice in the San Francisco office of Deloitte & Touche just announced an investment in Brilliant Media, a Web design firm also based in the Bay city.
Community News

CPA-Client Privelege Being Challenged in Colorado

Should a state Board of Accountancy have the right to view client records without the clients permission?
Community News

E&Y Settles Largest Suit Since Early '90s

Remember just a few years ago when some of the large accounting firms had to pay dearly for suits brought against them for savings & loan debacles? Hard to believe it was only the early '90s.Times have changed ... but perhaps they haven't in the minds of key offers at Ernst & Young.
Community News

KPMG Reports 17 Percent Revenue Increase

KPMG International has finished the year with a 17 percent increase over the previous year with $12.2 billion in revenues.The firm attributes the increase to substantial growth in its varous business lines, including tax and assurance services. The largest growth occurred in Financial Advisory Servies with a 39 percent increase.
Technology

Andersen Consulting Invests Heavily in Online Ventures

In an effort to entrench itself even deeper in the lucrative world of dot.coms and related consulting, Andersen Consulting has announced that it will invest as much as $1 billion over the next five years to to create Internet and electronic-oriented companies.The new company, known as Andersen Consulting Ventures, will start with $500 million in funding from Andersen Consulting.
Community News

PWC Develops its own Web Seal Program

Following on the heels of continuously beefing up its technology consulting program, PricewaterhouseCoopers has created its own Web certification program called "BetterWeb."The Big 5 firm is offering e-commerce sites the opportunity for a third-party to measure how a site discloses sales terms, protects customer privacy and handles customer complaints.If a site measures up to the firm's standards, PWC will license a seal that companies can post on their sites. The annual fee is $15,000.
Community News

Possible E&Y Partner Reports Large Losses

A story ran recently on AccountingWeb discussing the possible merger of Ernst & Young's consulting practice with Paris-based computer services firm Cap Gemini. Now, Cap Gemini reports a loss of $87 million in U.S. business.Cap Gemini says the loss is based, in part, to several cancelled contracts with United Way of America and the U.S.
Community News

Client Security and Social Security Numbers

How secure is your social security number? How about the numbers for your clients?A question for the Washington Post discusses this subject, along with the great concern that a large firm uses social security numbers as ID for client records. Records are distributed fairly loosly around the office for project handling, and have the potential for all sorts of fraud.Over a five-year period, credit theft has risen from 35,000 in 1992 to about 500,000 cases in 1997.
Community News

E&Y May Divest its Consulting Business

Could Ernst & Young be following in the footsteps of Big 5 rival Arthur Andersen when it spun off its consulting arm to Andersen Consulting? Today, E&Y announced it may sell its consulting business to Cap Gemini, a European services firm based in Paris.Reports suggest that the combined revenue for the two entities would total more than $8.5 billion, not to mention untold more revenues in future consulting services.Analysts are speculating that the split may be difficult given its integration with E&Y's accounting practice.
Community News

Auditing the Soft Stuff: Firms Step up to the "Touchy-Feely"

Auditing has taken on a new meaning as firms are called upon more and more to audit more than just the financials. Take BP Amoco, for instance. They called upon Ernst & Young Environmental Services Group to audit their social and ethical behavior.The reasoning behind this change in mindset stems from a growing responsibility companies feel they have to stakeholders who more than just the company's financial picture.

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