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Tag Archives: Accounting Profession News

Many firms still in trouble, says KPMG

The high number of companies announcing profit warnings, redundancies and significant restructuring has continued for the second quarter in a row, according to research from accountants KPMG. A total of 1,287 negative announcements were made in the third quarter after 1,308 in the second quarter. KPMG said that concern remained “high” and that there was “no end in sight” to ...

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Survey: Staffing Remains Top Issue for Firms

New York (Nov. 18, 2002) – Forget Enron and Sarbanes-Oxley and auditor independence. What keeps accounting firm managing partners awake at night is finding and keeping good employees. That’s the finding from this year’s “Top Five Management of an Accounting Practice Issues” survey, conducted by the PCPS MAP committee of the American Institute of CPAs. The top five management issues, ...

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BDO Seidman Withdraws Suit

Chicago (Nov. 15, 2002) BDO Seidman has withdrawn a lawsuit which sought to release documents that contradicted statements by Public Company Accounting Oversight Board chairman William Webster regarding BDO’s dismissal as auditor to a small technology company where Webster served as head of the audit committee. BDO Seidman said that while serving as auditor to U.S. Technologies it had raised ...

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PwC showcases staff's ethical credentials

PricewaterhouseCoopers, the world's largest accountancy, yesterday stepped up a campaign to demonstrate ethical credentials with a financial review emphasising “the quality and integrity” of its staff. In a clear attempt to counter criticism that auditing standards remain compromised by consultancy work for the same client, the firm said that over the past year it spent £13m on staff checks against ...

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Retired Partner at Andersen Sues Three Rival Firms

A retired partner of Arthur Andersen, who lost $2.2 million in benefits when the firm collapsed, is suing three accounting firms, saying they unjustly enriched themselves at the expense of about 1,000 retired Andersen partners and their spouses. The suit, filed in a state court in Indiana, says that the three firms — Deloitte & Touche, Ernst & Young and ...

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Former Andersen chief dismayed by Big Four's attitude

Joe Berardino, the former chief executive of Arthur Andersen, is warning the rest of the accounting industry that it risks ruin unless it shakes itself out of a “dangerous complacency”. Speaking before his peers for the first time since his firm was convicted of obstructing justice over the Enron debacle, Mr Berardino appeared remorseful. “I come before you in humility, ...

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SEC: Ernst & Young Violated Rules

WASHINGTON (AP) – Federal regulators, after an initial failure, alleged for a second time Wednesday that Ernst & Young violated rules designed to keep accountants independent from the companies they audit when it engaged in business with a software company client. The Securities and Exchange Commission took the action again against the big accounting firm now that there are enough ...

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With two top guys leaving, reforms and policing of corporate America thrown into disarray

WASHINGTON (AP) — Reforms and the policing of corporate America have been thrown into disarray at a critical time for investor confidence with the resignations under fire of the Securities and Exchange Commission's chairman and the new head of an accounting oversight board. SEC Chairman Harvey Pitt and William Webster, a former director of the FBI and CIA, both have ...

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Andersen Points Blame at Bosses of Software Firm

Nov. 14–Accounting firm Arthur Andersen, in its answer to a $1 billion lawsuit filed by San Diego's Peregrine Systems, contends the software company's senior officers orchestrated its financial fraud. Andersen's 12-page response, filed Oct. 30 in San Diego Superior Court, says, “Peregrine repeatedly lied to Andersen in documents provided to Andersen in the course of its work.” As a legal ...

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Deloitte Annual Revenues Flat

New York (Nov. 11, 2002) – Facing significant revenue losses related to the Sept. 11 terror attacks, Deloitte Touche Tohmatsu reported a scant 1-percent increase in year-end global revenues, to $12.4 billion, for the period ended May 31. That fell far short of last year’s revenue growth of nearly 11 percent for the same period. Deloitte also reported that its ...

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