This Week's Wrap-Up Brought To You By:
THIS WEEK'S TOP NEWS
- Andersen Surrenders Its License to Audit
- AICPA President Details Six Leadership Roles For The Institute
- Accountants Are Still Favored as Small Business Advisors
- National MAP Survey Underway
- Tax Executives Oppose Law That CEOs Sign Tax Returns
- IRS Taps More Companies' Files For Credit Card Probe
- Survey: Most Whistleblowers Unable to Protect Themselves
- Senate to Probe Tax Aspects of Accounting Settlements
- WTO Wins Right to $4 Billion in Sanctions Against U.S.
- SEC Settles with Ex-Officers of Sunbeam Corporation
"To inform, to enrich, to enlighten, to entertain."
There's an old saying in the business world that you can manage what you can measure. Our parents and teachers knew the effective way to get us to improve and made report cards a part of our lives for as far back as we can remember. Benchmarking us against our peers in school gave us an understanding of our place in the order of things, our level of achievement and success.
That same theory carries through to the business world today. Knowing how well you are doing compared to previous years has been a staple of performance measurement for CPA firms and their clients for decades. But knowing how you stack up against your peers â which areas they are excelling in and which ones you need to improve upon continues to be one of the best mechanisms for financial and performance improvement.
This week we salute the AICPA's PCPS Division and the Texas CPA Society, who have partnered together to facilitate the administration and delivery of the Management of an Accounting Practice survey, now in its 27th year. This week the survey was made available online for CPA firms of all sizes to contribute their data and benchmark themselves against their peers. We encourage firms of all sizes to participate, and lend our support to help CPA firms of all sizes achieve their goals of continuous performance improvement.
Michael Platt, CEO
THIS WEEK'S TOP NEWS
1. Andersen Surrenders Its License to Audit
The day that employees of Andersen never could imagine has
arrived. On Saturday August 31, 2002, Andersen LLP, the U.S. firm, surrendered its license to practice in the United States. We have two reports for perspective on this historic occasion.
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In a speech made to the Yale Graduate School of Management in New York on September 4, 2002, AICPA President Barry C. Melancon announced that the American Institute of CPAs is committing to fulfilling six leadership roles to help restore confidence in the accounting profession.
The results of a new survey conducted by the National Federation of Independent Business and Wells Fargo show that accountants are still the advisor of choice among small businesses.
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The AICPA's Alliance for CPA Firms (PCPS) and the Texas Society of Certified Public Accountants have joined forces to produce the 2002 PCPS/TSCPA National Management of an Accounting Practice(MAP) Survey. The questionnaire is now online and ready for your input.
Tax Executives Institute explains why it is opposed to
legislation addressing a sense-of-the-Senate provision in
the Sarbanes-Oxley Act that would require corporate chief
executive officers to sign corporate tax returns.
Forty major corporations received summonses from the Internal Revenue Service, demanding access to their customer files. The action was taken as part of a widening probe of individual taxpayers who use offshore credit cards to evade taxes.
A survey by the National Whistleblower Center finds that most whistleblowers are male, and many still lack the legal rights to protect themselves from retaliation by their employers.
Responding to a Wall Street Journal article, Senate Finance
Committee Chairman Max Baucus said his committee is reviewing rules that permit companies to take tax-deductions for settlements related to the recent wave of accounting scandals.
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The World Trade Organization ruled last Friday that the
European Union has the right to impose trade sanctions
amounting to $4.043 billion on the U.S. to make up for tax
breaks given to U.S. corporations that export products to
The U.S. Securities and Exchange Commission announced the
settlement of charges against former officers of Sunbeam
Corporation. The former CEO and CFO agreed to pay civil
penalties and are permanently barred from serving as officers or directors of any public company.
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"To inform, to enrich, to enlighten, to entertain."