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Accenture to Help Nortel Clean Up Finances

9/10/2004 9:02 AM Eastern

Nortel Networks Corp. has enlisted help in its efforts to streamline its financial organization.

Global management-consulting, technology-services and outsourcing company Accenture will review elements of Nortel Networks’ global finance organization, including structure, systems and processes, and will help identify ways to improve and streamline business processes and systems functionality, the vendor said.

Nortel Networks cut 3,500 jobs, or 10% of its work force, last month in an effort to reduce annual expenses by an additional $450 million-$500 million.

"We are determined to deliver on our commitment of providing shareholders with the highest-integrity standards of accounting processes and a fully transparent financial organization," Nortel Networks CEO Bill Owens said in a prepared statement.

 

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