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. Chamber of Commerce.

The United Way, for example, cancelled its $12 million project with Cap Gemini because the computer systems could not process gifts sent by workers through payroll deductions. In addition, Deloitte & Touche consultants discovered many other problems with the system.

There is no indication that the announcement will impact discussions with 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...

Already a member? log in here.

Upcoming CPE Webinars

Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.