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Revenue Rises at PricewaterhouseCoopers

PricewaterhouseCoopers on Tuesday posted a 6.5 percent rise in revenue for its fiscal year, helped by favorable currency exchange rates. The New York-based accounting firm said revenue for the year ended June 30 rose to $14.7 billion from $13.8 billion a year earlier. Expressed in local currencies, annual revenue was essentially flat. A weak economy in Europe and exchange-rate devaluations ...

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Probe: KPMG's tax plans netted $180M

Accounting giant KPMG collected an estimated $180 million in fees from just four strategies it aggressively marketed to wealthy taxpayers at the height of the stock market boom, a congressional staff investigation concludes. From 1997 to 2001, an estimated 350 clients bought the strategies, which resulted in billions in questionable tax write-offs. Three of the plans involved manufacturing tax losses ...

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The Biggest Accounting Firm? Best Consult the Fine Print

It is difficult to account for accountants' differences. Two of the world's largest accounting firms apparently disagree over how they should report their own revenue, and all the glory of being No. 1 may turn on the difference. PricewaterhouseCoopers yesterday reported $14.7 billion in revenue for the fiscal year ended June 30. Its rival, Deloitte Touche Tohmatsu, reported revenue of ...

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PWC tips tough time for Aussie banks

An expected slowdown in the rate of home loans sought in 2004 could eat into the bumper profits reported by the four major Australian banks this year. Analysis by PricewaterhouseCoopers indicated aggregate underlying profits of the banks were up 6.6 per cent on last year in 2002/03. National Australia Bank (NAB) posted a $3.955 billion net profit for the year ...

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Bearing Point to start consultancy services in Pakistan

ISLAMABAD (November 12 2003): Dr Darwin Johnson, Senior Vice President, Bearing Point Inc, in a call on Finance Minister Shaukat Aziz told him that his firm is entering Pakistan to offer consultancy services in various sectors, like ports and shipping, telecom and information technology. Bearing Point, formerly KPMG Consulting Inc, is one of the major management consultants of the world, ...

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Deloitte says couldn't detect Ahold irregularities

Deloitte & Touche defended itself on Wednesday from criticism it failed to detect profit overstatements at retailer Ahold, saying it stood defenceless in the face of deliberate deception. “Accountants have no chance in the face of deliberate collusion. You cannot detect fraud it there are no traces… Last year there were no traces of fraud,” Jan Dalhuisen, an executive board ...

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KPMG to cut global ties with law firms

Big accounting firm KPMG has said that it would stop providing legal services, and blamed United States corporate governance rules for its far-reaching decision. The US Sarbanes-Oxley Act bans accounting firms from supplying legal services to audit clients. KPMG said that the legislation was a key reason behind the plans to cut its ties to legal practices in 60 countries. ...

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EU auditor spells out scale of fraud

The European commission's efforts to play down the seriousness of a fraud scandal engulfing its statistical arm were undermined by one of its own officials yesterday who said that the document's findings were “very troubling.” The commission claims that a confidential report into a network of secret bank accounts at Eurostat, its statistical office in Luxembourg, contains lots of positive ...

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DTI and PricewaterhouseCoopers to research latest virus, spam and other security trends

PricewaterhouseCoopers has launched the latest government-sponsored survey of information security breaches. The DTI Information Security Breaches Survey 2004, like its predecessors, will be the most authoritative source on the state of information security in the UK. The survey’s findings will be published in April 2004 at the Infosecurity Europe Exhibition in London. The survey forms an important part of the ...

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United Companies creditors settle case with Deloitte

Creditors of bankrupt United Companies Financial Corp. and the company's auditors have reached an undisclosed settlement in a lawsuit over the company's collapse. In a state district court lawsuit that began last week, creditors had been seeking $685 million from Deloitte and Touche, claiming the auditing firm failed to advise company management properly about financial problems that later ruined United ...

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