TORONTO -- Nortel Networks(NYSE:NT)(TSX:NT) has engaged Accenture (NYSE:ACN) to help develop a plan to transform its financial organization's structure, processes and systems in line with Nortel Networks goal of developing a 'best practices' finance organization.

This is the latest in a series of initiatives Nortel Networks has undertaken in the past few years to transform various internal functions through application of new technologies and process integration. Previous areas of concentration included the human resources and supply chain functions.

Nortel Networks previously announced that it is reviewing and assessing its finance organization and financial systems, including financial processes, procedures, skill sets, training programs and organizational structure, so that it may build a state-of-the-art finance organization.

"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," said Bill Owens, president and chief executive officer, Nortel Networks.

Under the terms of the agreement, 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. Nortel Networks has already selected SAP as the foundation for the new system globally.

"The overall transformation of our finance organization will be an ongoing, dedicated process and an important area of investment," Owens said. "Accenture's assessment is a key step as we work to transform our finance organization."

Accenture

Nortel Networks Ltd.