ACCENTURE TO HANDLE PREPARER REGISTRATION
Washington, D.C. - The Internal Revenue Service has awarded a five-year contract to consulting firm Accenture to design, implement and operate its tax return preparer registration program.
Under the contract, which includes a one-year base period and four one-year extension options, Accenture will work with the IRS to develop and maintain a secure system for online registration and renewal, user fee collection, and issuance of a unique identification number for all paid tax return preparers. The Accenture team will also provide customer service operations that include a call center, payment processing, fee accounting and marketing assistance.
E&Y PROBED OVER LEHMAN AUDITS
London - The U.K.'s Accountancy and Actuarial Discipline Board has begun an investigation into the conduct of Ernst & Young LLP as auditors to Lehman Brothers International Europe, including Lehman's use of repurchase agreements.
The board said that the scope of the investigation included the conduct of members and the member firm in relation to the preparation and audits of the financial statements of Lehman Brothers Holding Inc. and U.K. operations, including Lehman Brothers International Europe, for the year ended Nov. 20, 2007, and the use and accounting treatment of transactions known as "Repo 105" and "Repo 108" by Lehman units.
A report by a bankruptcy examiner found that Lehman had used the repurchase agreements to temporarily shift up to $50 billion worth of assets off its balance sheet at the end of the first and second quarters of 2008 to make it seem to investors that it had less debt.
Ernst & Young said that it would cooperate fully with the investigation.
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