This Week's News Brought To You By:
THIS WEEK'S TOP NEWS
1. Some Companies Unable to Meet SEC Attestation Requirement
2. Complying With The Sarbanes-Oxley Act: Four Top Priorities
3. Deloitte Responds to Growing Risk of Unethical Behavior
4. Andersen Loses License to Practice in Texas
5. Toyota Asked For It, They Got It
6. Companies Report More Conservative Pro-Forma Earnings
7. Accounting Scandals Take a Toll on Bank Lending Policies
8. Survey Ranks KPMG as Canada's Leading Tax Practice
9. Treasury Closes Life Insurance Loophole
10.Former Andersen Head Who First Suggested Split Has Died
"To inform, to enrich, to enlighten, to entertain."
As summer draws to a close, and children around the country head back to school, it's time for professionals to re-assess their commitment to ongoing education, and re-dedicate themselves to a concept of lifelong learning. With the amount of knowledge and information that is being generated today, our rate of obsolescence as professionals will continue to accelerate exponentially unless we re-evaluate our approach to continuing education.
No, I'm not talking about the required 40 hours a year of CPE where you scramble at year-end to find another 7-hour course to meet minimum requirements. I'm talking about a consistent lifelong commitment to continually re-tool and re-invent yourself with new ideas, new skills, new service offerings, new levels of client understanding, and new approaches to your job.
Max De Pree once said, "We cannot become what we need to be by remaining what we are." The marketplace is demanding more sophistication from our profession. The Government is requiring it. Employers expect it. Clients crave it. And you owe it to yourself to take a fresh look at what "continuing education" means to today's accounting professional so that you don't become obsolete before your time.
THIS WEEK'S TOP NEWS
Of the nearly 700 companies required to certify their results by August 14, 2002, the SEC found just 16 or 2% weren't able to sign oaths about their financial reports. Next up for swearing are the 14,700 other public companies.
Related article: SEC OKs 98% of U.S. Oaths – Europeans Prepare to Swear
Many companies are finding that their old spreadsheet based budgeting and planning systems are inadequate for handling the complexities of today's volatile business environment. They are turning to a new generation of performance management solutions that enable a quick response to change based on timely, accurate data. Learn more at a free webcast sponsored by Comshare, September 10 at 11am ET. For more information or to register, click here.
The Sarbanes-Oxley Act is complicated, confusing and open to interpretation. To help companies set priorities, experts point to four major changes that take effect this month.
Deloitte plans to expand its ethical awareness program to tackle the types of risks that have severely shaken confidence in today's audits and capital markets.
MAKE PLANS TO JOIN ACCOUNTINGWEB FOR A
SPECIAL CPA FIRM PARTNER RETREAT
OCTOBER 17-18, 2002 IN INDIANAPOLIS
A unique AccountingWEB sponsored conference presented by well-known consultant and CPA partner Sam Allred will get to the heart of issues that challenge many firm leaders – issues like accountability, a poor track record of reaching goals, lack of commitment and false starts with new firm endeavors. During the conference you will learn the Blueprint for Excellence process, which carefully combines three very important components to ensure that the impact on your firm will be immediate and lasting. You won't want to miss this opportunity. Find out more today.
On Friday, August 16, the Texas Board of Accountancy revoked the former Big Five firm's license to practice accounting in the state. The Board used the accounting firm's June 15 guilty verdict on federal obstruction of justice charges as the reason for its unanimous decision to issue the revocation.
The Internal Revenue Service has given the green light to Toyota owners to take a $2,000 above-the-line tax deduction as a prize for purchasing a 2001, 2002, or 2003 Toyota Prius.
Large companies still reported pro forma earnings during the second quarter reporting season. But statistics show a trend toward more conservatism.
The Federal Reserve Board reported that few banks have encountered significant problems with the financial statements submitted to them, but many are tightening up their lending practices.
KPMG has emerged as the leading tax adviser in Canada in a recent survey conducted by the prominent tax journal International Tax Review.
Accounting Policy Templates From PolicySoft
Your organization will experience an unprecedented level of ease and efficiency when you systematize the processes throughout your organization. AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm. Over 200 accounting department policy templates, written in Microsoft Word format by PolicySoft, are available individually or in groups for immediate download. Visit the PolicySoft MarketPlace today.
Wealthy taxpayers who want to avoid paying exorbitantly high estate taxes of up to 50% have taken solace in recent years with a tax scheme that enabled them to purchase certain life insurance policies, which get passed on to heirs tax free. Those days are over.
Harvey Kapnick, a former head of Arthur Andersen who first suggested back in the 1970s that the group's accounting and consulting practices should be split, has died at his home in Florida.
$$ PREMIUM SUBSCRIPTION CONTENT $$
Below is a sampling of the featured Premium Subscription content available to Premium Members. $49 buys full access to all Premium Subscription features for an entire year. Click here to subscribe.
To find out about corporate subscriptions, please contact us.
When the economy is at the bottom there is no better time to advertise and build your brand. It is better to stand out now rather than wait for good times when everyone is fighting for the same audience. It takes some guts, but with the signs pointing toward an upturn, now is the time to take advantage of this opportunity.
Get your message in front of over 55,000 accounting and finance professionals today. Our sales team will uncover promotional opportunities on AccountingWEB that are right for you.
You may modify your newswire subscriptions, cancel your newswire delivery or change your password information by visiting the Profile Page on our secure server.
To subscribe to the AccountingWEB Premium Subscription Service, complete the order form today.
Copyright (C) 2002 AccountingWEB, Inc.All rights reserved."To inform, to enrich, to enlighten, to entertain."