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PricewaterhouseCoopers

PricewaterhouseCoopers LLP (or PwC) is the largest professional services firm and the 6th largest private company in the world [1]. There are over 120,000 people employed by the global partnership, in 144 countries around the world, working in four lines of service and 22 industry-specialised practices.

PwC is one of the Big Four, along with KPMG, Ernst & Young and Deloitte Touche Tohmatsu, and was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand. PricewaterhouseCoopers is head quartered in New York City, United States.

Structure and Service Lines

The legal structure of a partnership is very different to that of a company, and as such the global firm is in fact a collection of member firms, that are run autonomously in their respective jurisdictions. These 'sister' firms are governed by a global board of partners. The current global CEO is Samuel A. DiPiazza Jr, a 45 year old partner of the erstwhile Coopers & Lybrand.

PricewaterhouseCoopers has three main service lines — Tax, Audit and Assurance and Advisory. PwC's service lines are further divided into Consumer and Industrial Products and Service (CIPS), Financial Services (FS) and Technology, Infocomm and Entertainment (TICE). The firm also has in-house human resource services and legal services (through its correspondent global legal firm, Landwell). PwC audits 37 per cent of the FTSE 100; 22 per cent of the FT Asia Pacific 100 and 43% per cent of the Fortune 1000.

PricewaterhouseCoopers is one of the top 10 companies for working mothers in 2004 according to Working Mother Media.

According to statistics compiled by the firm from third party sources, PwC ranks in as the number 1 employer of choice among the Big 4 in student recruiting surveys from 12 countries including China, Germany, United Kingdom and the United States [2].

Europe and North America account for about 82% of PwC's annual revenue, with Europe alone accounting for 45%. The firm's dominant practice is Assurance, which accounts for over 50% of PwC's revenue.

As of March 2005, PricewaterhouseCoopers' audit clients included four of the 10 largest public companies in the United States (Exxon Mobil Corporation, Ford Motor Company, ChevronTexaco and IBM). PwC also audits four of the 10 largest companies in the United Kingdom (GlaxoSmithKline, Shell, Barclays and Lloyds TSB Group).

PwC's other large clients include American International Group, The Home Depot, Bank of America, JP Morgan Chase, Tesco and Unilever.

History

The Price Waterhouse LLP logo before the 1998 merger

Samuel Price, an accountant, founded the firm in London in 1850. A few years later, he took on Edwin Waterhouse as a partner of the firm, leading to the birth of Price Waterhouse. By the late 1800s, Price Waterhouse had gained significant recognition as an accounting firm.

Price Waterhouse's offices in the United States were open in the 1890s. The firm benefitted from tough auditing requirements that arose from the Great Depression.

Coopers & Lybrand, the product of a 1957 merger between Lybrand, Ross Bros. & Montgomery and the Cooper Brothers. Coopers & Lybrand was essentially an auditing firm. In the 1970s, Coopers & Lybrand studied ways to incorporate technology into automating the auditing process. Coopers & Lybrand lost a majority of its market share in the 1980s when mergers reduced the Big Eight to the Big Six.

In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers. The following year, merger discussions between PwC and Grant Thornton failed.

The 2002 indictment of Enron and WorldCom and the subsequent collapse of Arthur Andersen resulted in stringent SEC rules on auditor independence. One such result was the adoption of the Sarbanes-Oxley Act, which required auditor independence and separation of internal audit from general consulting. This forced many of the Big Four to divest their interests in technology consulting. PricewaterhouseCoopers had already decided to sell its technology consulting practice to IBM by this point.

Consulting Activities

Though the firm's core business is accountancy, it also ran a huge professional consulting branch, as did other major accountancy firms.

The Management Consulting Services (MCS) was one of fastest growing and most profitable areas of the consultancy. During the time of the dotcom era, many smaller consultancies capitalized on the tremendous wealth generated in the equity markets. PwC planned to capitalize one these development through either a sale to possible suitors like HP and Microsoft or to spin off the division as a separate company.

The firm announced in May 2002 that its consulting activities would be spun off as an independent entity. An outside consultancy, Wolf Olins, was hired to create a brand image for the new entity, which was introduced to the public as "Monday". According to a June 2002 BBC news article, the firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognisable, global and the right fit for a company that works hard to deliver results."

This unusual branding effort occurred in part as a response to one of the firm's rivals. During 2000, rival firm Arthur Andersen had spun off its consulting activities as Accenture. (See also related article on rebranding.)

These plans were soon revised, however. In October 2002 PricewaterhouseCoopers sold PwC Consulting, its professional consulting arm, to IBM for approximately $3.5 billion in cash and stock. In August 2003, IBM revealed that the actual value of the deal was closer to $3.9 billion. The selling of this profitable arm of the firm was a result of public pressure on all the Big Four audit firms, as it is seen to be a conflict of interest for an audit firm to be offering non-audit services to clients.

Today, PricewaterhouseCoopers brands its consulting activities through the Advisory name.

See Also

  • Big Four auditors
  • Sarbanes-Oxley Act

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Today, PricewaterhouseCoopers brands its consulting activities through the Advisory name. He was out for two months. The selling of this profitable arm of the firm was a result of public pressure on all the Big Four audit firms, as it is seen to be a conflict of interest for an audit firm to be offering non-audit services to clients. Two minutes into the game, Abdul-Jabbar punched Milwaukee's Kent Benson in retaliation for an overly aggressive elbow. In August 2003, IBM revealed that the actual value of the deal was closer to $3.9 billion. The second time he broke his hand was in the opening game of the 1977-78 season. In October 2002 PricewaterhouseCoopers sold PwC Consulting, its professional consulting arm, to IBM for approximately $3.5 billion in cash and stock. When he returned after missing the first 16 games of the season, he started wearing protective goggles.

These plans were soon revised, however. He was bumped hard and got his eye scratched which angered him enough to punch the basket support stanchion. (See also related article on rebranding.). The first time was during a pre-season game in 1974. During 2000, rival firm Arthur Andersen had spun off its consulting activities as Accenture. While remaining virtually injury-free during his NBA career, Abdul-Jabbar broke his hand twice. This unusual branding effort occurred in part as a response to one of the firm's rivals. Abdul-Jabbar also was successful in suing Miami Dolphins running back Karim Abdul-Jabbar because he felt like Karim was sponging off of the name he made famous by having the Abdul-Jabbar moniker and number 33 on Dolphins jerseys, as a result the younger one had to change his jersey nameplate to simply 'Abdul' while playing for the Dolphins[2].

According to a June 2002 BBC news article, the firm's CEO, Greg Brenneman described the unusual name as "a real word, concise, recognisable, global and the right fit for a company that works hard to deliver results.". Abdul-Jabbar has a prescription to smoke marijuana in the state of California, the result of nausea-inducing migraine headaches [1]. An outside consultancy, Wolf Olins, was hired to create a brand image for the new entity, which was introduced to the public as "Monday". Other books:. The firm announced in May 2002 that its consulting activities would be spun off as an independent entity. It is the history of the 761st Battalion, an all-black tank squadron. PwC planned to capitalize one these development through either a sale to possible suitors like HP and Microsoft or to spin off the division as a separate company. He is also a bestselling author, the latest of his books being Brothers In Arms: The Epic Story of the 761st Tank Battalion, WWII's Forgotten Heroes (Publisher: Broadway 2004, ISBN 0385503385), co-written with Anthony Walton.

During the time of the dotcom era, many smaller consultancies capitalized on the tremendous wealth generated in the equity markets. In addition, Abdul-Jabbar was co-executive producer of the 1994 TV movie, The Vernon Johns Story. The Management Consulting Services (MCS) was one of fastest growing and most profitable areas of the consultancy. He also played himself in Slam Dunk Ernest starring Jim Varney and made a brief non-speaking cameo appearance in another David Zucker comedy, 1998's BASEketball. Though the firm's core business is accountancy, it also ran a huge professional consulting branch, as did other major accountancy firms. Other notable roles include 1978's Game of Death, where his character Hakim fought Bruce Lee's character Billy Lo, and in Stephen King's telemovie version of The Stand. PricewaterhouseCoopers had already decided to sell its technology consulting practice to IBM by this point. He had numerous other TV and film roles, often playing himself, such as in the hit Chevy Chase movie Fletch and the ABC sitcom Full House.

This forced many of the Big Four to divest their interests in technology consulting. In 1980, he played co-pilot Roger Murdock in David Zucker's comedy, Airplane!. One such result was the adoption of the Sarbanes-Oxley Act, which required auditor independence and separation of internal audit from general consulting. Playing for the Lakers allowed Jabbar to try his hand at acting. The 2002 indictment of Enron and WorldCom and the subsequent collapse of Arthur Andersen resulted in stringent SEC rules on auditor independence. He has also served as a volunteer coach at Alchesay High School on the Fort Apache Indian Reservation in Whiteriver, Arizona since 1998. The following year, merger discussions between PwC and Grant Thornton failed. Finally, on September 2, 2005, Abdul-Jabbar returned to the Lakers as a special assistant to Phil Jackson to help develop the team's young center Andrew Bynum.

In 1998, Price Waterhouse and Coopers & Lybrand merged to form PricewaterhouseCoopers. He then worked as a scout for the New York Knicks. Coopers & Lybrand lost a majority of its market share in the 1980s when mergers reduced the Big Eight to the Big Six. He was the head coach in 2002 of the Oklahoma Storm of the USBL, but failed in a bid to get the head coach position for Columbia University a year later. In the 1970s, Coopers & Lybrand studied ways to incorporate technology into automating the auditing process. Since he began lobbying for a coaching position in 1995, he had only been able to work as an assistant for the Los Angeles Clippers and the Seattle SuperSonics, helping mentor their young centers, Michael Olowokandi and Jerome James, respectively. Coopers & Lybrand was essentially an auditing firm. This reputation contributed greatly to his lack of coaching opporunities.

& Montgomery and the Cooper Brothers. However, during his playing years, he had developed a reputation of being introverted and sullen, often refusing to speak to the press, leading to the impression that he had nothing to say. Coopers & Lybrand, the product of a 1957 merger between Lybrand, Ross Bros. Abdul-Jabbar had been interested in coaching since his retirement, and given the influence he has had on the league, he had presumed those chances would come easily. The firm benefitted from tough auditing requirements that arose from the Great Depression. After a then-record 20 pro seasons, Abdul- Jabbar retired from the game in 1989, leaving a legacy of professionalism, class, and success. Price Waterhouse's offices in the United States were open in the 1890s. He was named to the All-Star team even in his final season.

By the late 1800s, Price Waterhouse had gained significant recognition as an accounting firm. He averaged over 24 points and 10 rebounds over his career, and maintained a solid level of play well into his late 30s. A few years later, he took on Edwin Waterhouse as a partner of the firm, leading to the birth of Price Waterhouse. Abdul-Jabbar was famous for his "Skyhook" shot, which was notoriously difficult to defend against. Samuel Price, an accountant, founded the firm in London in 1850. He was also a pupil of the kung fu master Bruce Lee, studying Lee's Jeet Kune Do style. PwC's other large clients include American International Group, The Home Depot, Bank of America, JP Morgan Chase, Tesco and Unilever. While in LA, he started doing yoga in 1976 to improve his flexibility.

PwC also audits four of the 10 largest companies in the United Kingdom (GlaxoSmithKline, Shell, Barclays and Lloyds TSB Group). Kareem Abdul-Jabbar was also notable for his physical fitness regimen. As of March 2005, PricewaterhouseCoopers' audit clients included four of the 10 largest public companies in the United States (Exxon Mobil Corporation, Ford Motor Company, ChevronTexaco and IBM). However, he has repeatedly denied any connections to the Nation of Islam, having been converted by a Turkish imam of the Hanafi school of thought, under whom he studied at UCLA. The firm's dominant practice is Assurance, which accounts for over 50% of PwC's revenue. He took his Arabic name in 1971, publicly announcing it on May 1 of that year, one day after the Bucks completed a four-game sweep of the Baltimore Bullets (known today as the Washington Wizards) in the NBA Finals. Europe and North America account for about 82% of PwC's annual revenue, with Europe alone accounting for 45%. While at UCLA Abdul-Jabbar converted to Islam.

According to statistics compiled by the firm from third party sources, PwC ranks in as the number 1 employer of choice among the Big 4 in student recruiting surveys from 12 countries including China, Germany, United Kingdom and the United States [2]. In 1975, the Bucks traded him and reserve center Walt Wesley to the Los Angeles Lakers, for center Elmore Smith, guard Brian Winters and rookie blue chippers Dave Myers and Junior Bridgeman. PricewaterhouseCoopers is one of the top 10 companies for working mothers in 2004 according to Working Mother Media. The winner of the coin-flip was the Milwaukee Bucks, where he would play five seasons. PwC audits 37 per cent of the FTSE 100; 22 per cent of the FT Asia Pacific 100 and 43% per cent of the Fortune 1000. On a coin-flip with the Phoenix Suns, he would be the number one pick in the 1969 NBA Draft pick. The firm also has in-house human resource services and legal services (through its correspondent global legal firm, Landwell). The Harlem Globetrotters offered him $1 million to play them, but he declined.

PwC's service lines are further divided into Consumer and Industrial Products and Service (CIPS), Financial Services (FS) and Technology, Infocomm and Entertainment (TICE). At UCLA, he suffered a scratched left cornea; from then on, he mostly played wearing goggles. PricewaterhouseCoopers has three main service lines — Tax, Audit and Assurance and Advisory. from UCLA. DiPiazza Jr, a 45 year old partner of the erstwhile Coopers & Lybrand. Alcindor graduated with a B.A. The current global CEO is Samuel A. During his time on the team, UCLA had 88 wins and only two losses.

These 'sister' firms are governed by a global board of partners. He played for the UCLA Bruins from 1965 to 1969 under coach John Wooden. The legal structure of a partnership is very different to that of a company, and as such the global firm is in fact a collection of member firms, that are run autonomously in their respective jurisdictions. He led Power Memorial Academy to three straight New York City Catholic championships, a 71-game winning streak, and a 96–6 overall record. . . PricewaterhouseCoopers is head quartered in New York City, United States. Born Ferdinand Lewis Alcindor Jr. (usually known as Lew Alcindor), to Cora and Ferdinand Lewis Alcindor in Harlem, New York City, he was a center who grew to 7'2" (2.18 m) tall.

PwC is one of the Big Four, along with KPMG, Ernst & Young and Deloitte Touche Tohmatsu, and was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand. Today, he is a successful coach, author, and part-time actor. There are over 120,000 people employed by the global partnership, in 144 countries around the world, working in four lines of service and 22 industry-specialised practices. He is the NBA's all-time leading scorer with 38,387 points. PricewaterhouseCoopers LLP (or PwC) is the largest professional services firm and the 6th largest private company in the world [1]. Kareem Abdul-Jabbar (born April 16, 1947 in New York City, New York) was a successful high school, collegiate, and professional NBA basketball player. Sarbanes-Oxley Act. A Season on the Reservation: My Soujourn with the White Mountain Apaches with Stephen Singular (2000) ISBN 0688170773.

Big Four auditors. Black Profiles in Courage: A Legacy of African-American Achievement with Alan Steinburg (2000) ISBN 0380813416. Selected from Giant Steps (Writers' Voices) (1999) ISBN 0785799125. Kareem (1990) ISBN 0394559274. Giant Steps with Peter Knobler (1987) ISBN 0553050443.

#7 in SLAM Magazine's Top 75 NBA Players of all time in 2003. Field goals made (15,837). Field goals attempted (28,307). Minutes (57,446).

Holds NBA career record for (in addition to total points):

    . First player in NBA history to play 20 seasons. One of the 50 Greatest Players in NBA History (1996). Sports Illustrated magazine's "Sportsman of the Year" (1985).

    NBA Finals MVP (1971, 1985). NBA MVP (1971, 1972, 1974, 1976, 1977, 1980) (a record 6 times). Played on NBA champion teams (1971, 1980, 1982, 1985, 1987, 1988). NBA Rookie of the Year (1970).

    NBA:

      . Naismith College Player of the Year (1969). Most Outstanding Player in NCAA Tournament (1967, 1968, 1969). Played on three NCAA champion teams (1967, 1968, 1969).

      Three-time First Team All-American (1967-69). Player of the Year (1967, 1969). College:

        . Naismith Memorial Basketball Hall of Fame (May 15, 1995).

        Points per Game - 24.6 (12th highest). Points - 38,387 (highest). Blocks per Game - 2.57. Blocks - 3189 (2nd highest).

        Steals per Game -. Steals - 1160. Assist per Game - 3.6. Assists - 5660 (29th highest).

        Rebounds per Game - 11.2 (25th highest). Rebounds - 17,440 (3rd highest). 3-Point % - 5.6. Free Throw % - 72.1.

        Field Goal % - 55.9 (8th highest). Games Played - 1560 (2nd highest in NBA history). Jersey Number - 33.