AccountingWEB Weekly News Wrap-up - Issue 4

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The AccountingWEB Newswire - Issue 4
August 12, 1999
Copyright (C) 1999 AccountingWEB, Inc. All rights reserved.
May be reproduced in any medium for non-commercial purposes as
long as attribution is given.

Editors Note
The big news this week comes from KPMG, which is pursuing a deal
which will essentially sell 20% of its US accounting unit to
computer giant Cisco Systems for a reported $1 billion.
Independence issues? Dried up referrals to Cisco by other CPA
firms? SEC concerns? We will see what happens . . .

NOTE: If you would like this newswire distributed to others in
your firm, please send me an email with a list of names, email
addresses and phone numbers, and we can send this newswire
directly so you will not have to forward it. Thanks!

Michael T. Platt
[email protected]

Around the Profession

Cisco Systems To Invest $1 Billion in KMPG

In a deal announced Monday, Cisco Systems, the dominant player in
computer networking equipment, announced it will make a $1
billion investment in KPMG in exchange for 20% of the accounting
firm's US operations.

KMPG will be hiring 4000 engineers and technical staff over the
next 18 months with the intent of developing and delivering
leading edge Internet-based data, voice and video services to
it's clients.

There are many hoops still to go through before the deal can be
consummated. SEC approval, accounting regulatory issues, and a
review of plain old common sense - "Does this make sense?" -
needs to be analyzed before KMPG and Cisco climb into bed

American Bar Association Delays Vote on CPA/Lawyer Partnerships

The American Bar Association, at its annual meeting in Atlanta
this week, postponed a vote to decide if law firms can establish
partnerships with non-lawyers, such as accounting firms.
Accountant-Lawyer partnerships, which exist in many countries
around the world, have been banned in the United States for
decades. The ABA is trying to come to grips with the changing
nature of the business world today, but has tabled the discussion for further review.

AICPA To Cut 40% of its Committees

In an effort to greatly streamline the planning and
implementation process, the AICPA will be cutting over 40% of its
standing Committees, affecting more than 600 volunteer members,
according to Accounting Today this week. Additionally, it will
restructure the decision-making process to include practitioners
and non-CPAs to get a more balanced view in determining the right
way to proceed for the future.

Practice Development Tip: Invite Your Clients To A Free
Conference For Women Business Owners

Here's a free Practice Development Tip for you: Invite your best
women owned business leaders to a satellite conference on August
30 focused on practical advice for growing their business.

The seminar is the second in a series of national conferences
designed by the Small Business Administration to assist women
owned businesses in developing winning business strategies.

The August 30 broadcast will focus on hiring and keeping good
employees, developing your company culture, and the future of
employee management.

The conference will be broadcast from 7:30pm ET to 8:30pm ET and
admission is free. To find the location nearest you, call 1-800-
441-1384 or visit the website for the SBA's Online Women Business Center (

Take advantage of this "free" marketing opportunity brought to
you by Uncle Sam. Your clients will appreciate the interest you
are placing in their success.


Have your message seen by accountants, partners, decisionmakers,
and buyers of goods and services for accounting firms all across
North America. Please contact mailto:[email protected] for
advertisement opportunities and pricing.


Find a Seminar On-Line
Got a last minute need for CPE? Can't find a training program on
leadership skills in your area? Have a new staff member who can
benefit from a session on negotiation skills?

A new website, claims over 200,000
conferences and seminars listed on line, which can be searched by
topic and by region. Detailed information on the seminar includes
dates, location, prices, who should attend, and a description of
the program. You can even register right on line for the seminar.

The site is sponsored by Seminar Information Services, Inc.,
a seminar "locator" company in business since 1981 to help
businesses and professionals identify where and when different
seminars are being held.

This is a great reference guide, but buyer beware. There is no
criteria for ranking the effectiveness of the seminars or
conferences, so use it only as a first step in your research of
what's out there.

Telephone Long Distance Wars Present Consulting Opportunities

Between AT+T, MCI, Sprint, and all the 10-10-pick-a-number
services that exist right now, choosing a long distance carrier
is getting more and more confusing.

This week, MCI began a new battle in the war for customers by
announcing an extension of its residential "5 cent Sundays" to
include 5 cents a minute every weekday evening, and all day
Saturday. These prices are the lowest US consumers have ever been
offered. Long distance companies are fighting for market share to
bundle total phone services including phone, Internet, fax,
pager, cable and cellular services.

All this confusion may lead to consulting opportunities for
today's savvy CPA. Your clients can probably use the help...

Internet Tip:
Train Your Staff - And Yourself - on Using The Net

All of us can use some extra help understanding the Internet. If
you want some quick and easy tutorials, but don't want to go to a
class or, more commonly, are too embarrassed to tell someone you
don't know how to do something on the Internet, check out This site teaches beginners how to surf the
Web, post to news groups, configure email, run searches, and
more. So have fun with it in the privacy of your own desktop.
And impress your staff and partners with how much you've learned!

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AccountingWEB Inc, 7953 Branch Creek Way, Indianapolis, IN 46268
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