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PricewaterhouseCoopers Revenues Rise to $17.6 Billion

PricewaterhouseCoopers announced today that aggregate global gross revenues of PricewaterhouseCoopers firms for the fiscal year ended 30 June 2004 rose to $17.6 billion, an increase of 4% in local currencies and just over 11% in US dollars from the previous year's $15.8 billion. Aggregate net revenues increased by nearly $2 billion to $16.3 billion, an increase of 6% in local currencies and just over 13% in US dollars.
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Deloitte & Touche Announce Plans to Invest and Expand in India, China

Deloitte & Touche has announced plans to invest about $50 million in its business process outsourcing operation in India. Deloitte's global CEO William Parrett told CNBC, "Over the next five years, we are expecting, in terms of new people, new talent, new expertise and appropriate technology, to share our best practice with our clients. We will invest around $50 million into India, both in terms of client service business and a client processing center as well."Deloitte & Touche runs business process outsourcing centers in Mumbai and Hyderabad.

Boiler Room Operations Charged with Fraud, Investor Warning

The Securities and Exchange Commission ("SEC") this week filed civil fraud charges in federal court in the Southern District of Florida against six boiler room operations in connection with their operation of a series of recovery room advance-fee schemes directed primarily at previously victimized investors from a number of countries. A "recovery room advance fee" scheme is a fraud wherein the perpetrators prey on investors who have lost money on particular stocks they purchased in the past.

SEC Files Fraud Charges Against Hollinger, Inc. & CEO, Conrad Black

The Securities and Exchange Commission announced on Monday that it has filed an enforcement action against Hollinger International's former Chairman and CEO Conrad M. Black, former Deputy Chairman and COO F. David Radler, and Hollinger, Inc., a Canadian public holding company controlled by Black. The Commission's complaint alleges that from approximately 1999 through 2003, Black, Radler and Hollinger Inc. engaged in a fraudulent and deceptive scheme to divert cash and assets from Hollinger International, Inc., a U. S.
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CCH Offers One-Stop International Tax Treaty Expert Library

CCH Tax and Accounting is pleased to announce the release of the CCH International Tax Treaty Expert Library.

IRS and Puerto Rico Announce Partnership to Fight Abusive Transactions

The Internal Revenue Service and Puerto Rico Department of the Treasury, the Hacienda, this week announced a new partnership to fight abusive tax avoidance transactions.The partnership is the latest development in an effort unveiled in September 2003 to enable federal, state and commonwealth tax agencies to join together in ensuring all taxpayers fulfill their obligations under the tax code. Puerto Rico joins 48 states, the District of Columbia, New York City and the Virgin Islands on the list of tax agencies that have signed partnership agreements with the IRS.
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Grant Thornton, Bank of America Seek to Counter-Sue Parmalat

Grant Thornton and Bank of America are seeking court permission to counter-sue failed dairy group Parmalat, which has filed massive suits against each of the companies.Former auditors Grant Thornton and Deloitte are facing one $10 billion suit; separate suits seeking the same amount were also filed against Citigroup Inc. and Bank of America.Reuters reported that Grant Thornton International (GTI) and Bank of America filed motions in a New York court late Thursday that would remove an injunction that bars the companies from counter-suing Parmalat.
Community News

Survey Says Less Than Half of Companies Consider Outsourcing to be Cost Effective

Seventy-five percent of U.S. and European multinational companies now use outsourcing or shared services to support their financial functions and will continue to do so over the next 12-24 months, although less than half consider outsourcing to be cost effective, according to PricewaterhouseCoopers' Management Barometer Survey. Seventy-two percent of European multinational companies have outsourced financial functions over the past two years compared with 77 percent in the U.S. Additionally, 71 percent of European companies and 78 percent of U.S.

EU Proposes New Rules to Prevent Corporate Scandals

Under a new proposal by the European Union, a company's board of directors would be held collectively responsible for the numbers published in financial reports.The commission said EU member states should implement such a rule because lawyers in the Enron case, for example, had a hard time determining where to lay the blame, Dow Jones Newswires reported.Following a long string of corporate scandals in the United States, and the massive fraud discovered at the European dairy giant Parmalat, the EU has proposed a package of reforms to prevent repeats."Recent financial scandals show that

Nordic Countries Lead the Way in Competitiveness Rankings, U.S. Remains Second

Finland remains the most competitive economy in the world and tops the rankings for the second consecutive year in The Global Competitiveness Report 2004-2005, released today by the World Economic Forum. The United States is in second position, followed by Sweden, Taiwan, Denmark and Norway, consecutively.

Study: Strong Growth Expected in Malaysian Outsourcing Market

Malaysia's IT outsourcing market is expected to expand at an annual growth rate of more than 27 percent over the next five years, according to a new study.

Tax Loophole with EU Closed by Controversial Bill

The Senate has taken action to finally close a loophole that has resulted in a tax dispute with the European Union in a bill that cleared the U.S. Senate Monday with a 69-17 vote. It is expected that President Bush will sign “The American Jobs Creation Act of 2004” into law, Dow Jones Newswires reported.
Community News

KMPG Agrees to Pay $115M to Settle Lernout Lawsuit

Accounting firms KPMG Bedrijfsrevisoren of Belgium and KPMG LLP of the United States (together the "KPMG Defendants") have agreed to pay a total of $115 million to settle a shareholder lawsuit stemming from the collapse of Lernout & Hauspie Speech Products, N.V., a Belgian software company.
Community News

Canadian Regulator Recommends Audit Procedure Changes for Big Four

The Big Four accounting firms have been given six months to address deficiencies in their Canadian auditing procedures, with emphasis placed on more timely assessments of auditors, stricter requirements on documentation and more monitoring of audit quality control, CBC Business News reported.The deadline and recommended changes follow inspections of Deloitte & Touche, Ernst & Young, KPMG and PricewaterhouseCoopers, CBC Business News reported. Further inspections will be done early in 2005 to ensure the changes are being made.

National Merger in Doubt as Canadian Accountant Groups Stay Separate

Quebec has become the lone hold out in a plan to unify Canada's accounting profession with representatives calling off merger talks on Tuesday, the Canadian Press reported.The move throws the targeted Jan. 1 unification date out the window and leaves in question whether three groups from Quebec will participate at all in the unified organization, which was to be organized under the chartered accountants (CA) designation.
Community News

Former Grant Thornton Auditors to Stand Trial in Parmalet Scandal

As a turnaround expert tries to relaunch a smaller, streamlined Parmalet Finanziaria SpA in Italy, two former Grant Thornton auditors were ordered to stand trial for false accounting and market rigging in relation to the dairy giant's collapse last year, the Associated Press reported.As part of a closed-door, fast-track legal proceeding, Maurizio Bianchi and Lorenzo Penca, who worked at Grant Thornton's former Italian office, were ordered by Judge Cesare Tacconi to stand trial. The two were arrested Dec.

'Repatriated' Earnings Subject of Tax Reduction Effort

American companies are making more profit than ever before overseas but bringing less of it home to pay down debt and compensate shareholders, mostly because the 35 percent tax that corporate income faces in the U.S.

AICPA Welcomes SEC's Proposed Rule on Use of XBRL

In response to last week’s proposing and concept releases by the U.S. Securities and Exchange Commission (SEC) on XBRL-Tagged Data in Commission Filings, the American Institute of Certified Public Accountants (AICPA), believes this is an ideal time for companies to embrace the XBRL (Extensible Business Reporting Language) standard as an important step in helping to enhance and modernize financial reporting.
Community News

Global Center for Leadership, Business Ethics Announces Board of Directors

The Global Center for Leadership & Business Ethics, an independent body established to recognize those individuals and organizations that exhibit extraordinary business ethics and leadership qualities, today announced the organization of its board of directors, according to William W. George, chairman.The new board appointees are Walter Isaacson, president and CEO, The Aspen Institute; Dr.
Community News

Shareholder Litigation Against Foreign Companies on the Rise

According to PricewaterhouseCoopers 2003 Foreign Securities Litigation Study and a review of cases filed to date in 2004, the number of shareholder class actions filed against foreign registrants is on the rise. Through September 15, 2004, 21 foreign companies listed on U.S. exchanges have been sued in securities class actions. The 21 cases easily surpass the complete 2003 total of 15 such cases and are likely to eclipse the previous high of 23 foreign companies sued in 2002.


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