E&Y and PwC Join KPMG in Picking Up Andersen Pieces

Earlier this week the news was that Andersen Worldwide was in negotiations to merge the non-U.S. Andersen practices into KMPG.

Today's news is that Andersen Russia has reached an agreement to combine its operation with Ernst & Young, and Andersen's operations in Hong Kong and China have decided to join forces with PricewaterhouseCoopers.

The decision by Andersen Hong Kong and Andersen China came as a surprise after all of Andersen's Asia-Pacific affiliates had voted unanimously to support the KPMG combination. The Hong Kong and China operations decided to go their own way.

"While we remain deeply upset by the events affecting Andersen in the USA which have led to this development, we have no doubt that joining PricewaterhouseCoopers offers great opportunities and benefits for our firm, our people and -- above all -- our customers," said Albert Ng, Andersen's managing partner for Greater China. The combined firm will be identified only as PricewaterhouseCoopers.

Hans-Jochum Horn, head of Andersen's Russia and Commonwealth of Independent States practices, indicated he believes the decision to combine with Ernst & Young is "prudent." Mr. Horn will become managing partner of the new firm, which will identified only as Ernst & Young.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.