Accounting profession antes up $10 million in political contributions.ATLANTA--(BUSINESS WIRE)--June 24, 1997-- Ernst & Young outspent out·spent adj. Completely exhausted. peers in PAC PAC, see political action committee. (1) See perceptual audio coding. (2) (Programmable Automation Controller) A programmable microprocessor-based device that is used for discrete manufacturing, process control , individual giving The public accounting profession opened its collective wallet See digital wallet. wide during the 1995-96 election cycle, pumping more than $10 million into the coffers of congressional campaigns and various political action committees, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. exclusive analysis by Atlanta-based Public Accounting Report. Big Six public accounting firm Ernst & Young was the undisputed lead contributor, doling out more than $1 million from a PAC formed by E&Y partners. The firm's partners, employees and family members also outspent all other firms in individual contributions, donating $1.6 million, almost 80% more than second-place Deloitte & Touche. E&Y's combined total of PAC and individual contributions ($2.6 million) represents an average of $1,357 per partner, beating D&T's partner average of $1,021. Overall, public accounting PACs contributed nearly $5.7 million, including $1.84 million from the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. . Individual contributions from Big Six firm members surpassed $4.8 million. Combined PAC/individual contributions: $10.5 million. Top public accounting PAC recipients in the Senate included members of key committees and essential players in the December 1995 passage of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . -0- NOTE TO EDITORS: These analyses are based on Federal Election Commission data. Charts summarizing contributions by firm, by candidate and by the firms' managing partners are available. Contact Patti Bond or Bryan Powell at (404)-881-1141 to request additional data. Public Accounting Report is the oldest and most widely circulated independent newsletter of the public accounting profession. It is published by Strafford Publications, Inc., 590 Dutch Valley Rd., Postal Drawer A person who orders a bank to withdraw money from an account to pay a designated person a specific sum according to the term of a bill, a check, or a draft. An individual who writes and signs a Commercial Paper, thereby becoming obligated under its terms. 13729, Atlanta, GA 30324-0729. Phone: (404) 881-1141. CONTACT: Public Accounting Report Patti Bond or Bryan Powell, 404/881-1141 |
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