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AccountingWEB Weekly News Wrap-Up - Issue 109

AccountingWEB Weekly News Wrap-Up - Issue 109August 24, 2001This Newswire Sponsored by:QuickBooks ProAdvisors ProgramTHIS WEEK'S NEWS FROM ACCOUNTINGWEB1. AICPA Chairman Makes the Case for a Global Credential2. PDAs Causing Headaches for Business Users3. E&Y Joins the Online Monster4. KPMG Plans Acquisition of UK Cousin5.

Minnesota Investors Sue E&Y Over $12 Million Loss

An Illinois transportation services firm, Asche Transportation Services, Inc., declared bankruptcy last December, but not before Minnesota investors sunk $12 million into the company, relying on statements published by Ernst & Young.Claiming the Big Five firm performed sloppy work, made fraudulent representations, and failed to report financial irregularities, Minnesota-based Churchill Environmental and Industrial Equity Partners LP has sued E&Y in hopes of recovering its investment.The lawsuit cla
Technology

Online Resource for Business Valuation

Looking for information on valuing your business? Look no further. Or look way further, depending on your point of view. Here is a Web site, produced by William C. Weaver, Ph.D., that provides more links to online business valuation resources than you will probably have time to examine.From the American Bar Association's tax law summaries to Zero Coupon Bonds, this A to Z summary of online business valuation links provides something for everyone who is interested in business valuation topics and techniques.Another page in Dr.

Accounting Standards Overload: Is There Light at the End of the Tunnel?

On August 16, 2001, the Financial Accounting Standards Board issued its 143rd statement. The prospect of complying with yet another statement has fueled concerns about “standards overload,” sending some practitioners in search of a kinder, simpler solution to generally accepted accounting principles (GAAP). As a private-sector standard-setter, FASB has looked to statements as a key source of funding since its inception in 1973.

AICPA Chairman Makes the Case for a Global Credential

In a lively AccountingWEB discussion before a packed house, Kathy Eddy, Chairman of the AICPA, presented the AICPA's case for the concept of the proposed global business credential that will come to a vote before the entire AICPA membership next month.Ms.
Technology

E&Y Joins the Online Monster

The career site, Monster.com, has joined forces with Ernst & Young to provide job search and recruiting services to the Big Five firm.The significance of this relationship is that Monster.com, which has operations in 21 countries, will provide a one stop international job bank for E&Y."The ability to post jobs in 10 countries and access Monster.com's comprehensive resume database will be an enormous asset for Ernst & Young, as hiring top-notch talent remains a number one priority for the

Accenture Reaches Out to Government

In an effort to take advantage of a growing governmental need for online services, Accenture has acquired the privately-owned firm of Epylon. Epylon provides e-procurement services for over 450 state government agencies and schools.

Generating a Higher Return from Your Web Site

Generating a Higher Return from Your Web SitePresented by Sandi Smith, CPAPresident, Sandra L.

The 'XYZ' Credential - Comments and Questions

Wednesday, August 22, 2001Following AICPA Chairman Kathy Eddy's presentation and Q&A session regarding the proposed global business credential, AccountingWEB members gathered in the AccountingWEB chat room where they conducted an informal analysis of the presentation. Here is the transcript of that session. Questions posed during this session will be forwarded to the AICPA's global credential committee for response.Open DiscussionKelly McRae: Let's continue with this conversation. Does anyone have questions or concerns?Charles: Is it a copy of the ACCA in UK?

Cisco Accountants Plead Guilty to Massive Share Scam

Two former accountants with Cisco Systems have admitted to stealing more than $5 million in company shares by hacking into the company computer systems.Geoffrey Osowski and Wilson Tang both pleaded guilty to charges of computer fraud in a plea bargain that will mean they have to serve nearly three years in prison. Sentencing is due to take place in November.Mr. Osowski was a financial analyst with Cisco and Mr.

AICPA Forum- Proposed Global Business Credential

AICPA Open Discussion on the Proposed Global Business Credential: Should CPAs Lead the Way?Presented by Kathy G. Eddy, CPA, Chairman of the AICPAWednesday, August 22, 2001 11:00 a.m.

PDAs Causing Headaches for Business Users

Security experts are warning that personal digital assistants (PDAs), designed originally for personal use, are increasingly used for important business applications, and as a result companies need to take security seriously.Hackers are known to be targeting wireless and networked handheld devides because of the lack of built-in security.ZDNet recently reported on the risks of handheld devices according to senior experts from security engineering company @Stake.
Practice Management

E&Y Expands Reach to Online Customers

According to a report on CNET, financial services provider FinancialOxygen has added tax and accounting services provided by Ernst & Young to the mix of services available on FinancialOxygen's BankOxygen e-bond Web site.BankOxygen provides online trading, products, and services to 21,000 independent banks, thrifts, and credit unions.Ernst & Young will provide its Online Tax Advisor and Accounting & Auditing Toolk
Technology

Discarded Office Equipment is Loaded with Sensitive Data

Do you delete all the files before selling your out-of-date company computer? Do you remove the original document from the copier machine after you make a copy? Do you take your sensitive information away from the fax machine after you have faxed it to someone else? You probably answer yes to all or most of these questions, and you probably think you have done everything necessary to protect your important company information.
Practice Management

Building a Successful Technology Team

By Sandra L. Wiley, Boomer Consulting, Inc.A crucial element to success in technology is leadership and making progress towards established action plans and goals. You might think that I am going to talk about the Managing Partner or the Technology Partner’s role in the process, but you would only be partially correct. In the area of technology, one person does not make things happen. It must be a team effort. In many firms you will hear this group referred to as the Technology Committee. I like to refer to it as the Technology Team.

cancelled cheque already processed

a cheque value to$1000 was posted in the cashpayment journal for the of July 2001 was cancelled in the following month. burentoun
Community News

KPMG Plans Acquisition of UK Cousin

Partners from the UK firm of KPMG Consulting stand to earn a fortune if the US firm goes ahead with a plan to buy its UK associate, according to England's Sunday Times.The deal, which could happen within the next six months, would put KPMG Consulting in a strong position as the higher end of the market consolidates.

E-Business, Increasing Your Value to Your Clients

E-Business, Increasing Your Value to Your ClientsPresented by Gregory S.
Community News

Ernst & Young Named Top Tax Advisor

In an annual survey conducted by the International Tax Review, Ernst & Young LLP has been named Canada's top tax advisor for the fifth consecutive year.The International Tax Review gave the Big Five firm the top position in both tax planning and tax transactions, citing the firms leadership in the areas of commodity tax and transfer pricing.
Tax

Stealth Tax Increases End Eventually

President Bush’s overhaul introduced new income tax brackets for 2001. Under the revamped rules, there are six – 10, 15, 27.5, 30.5, 35.5, and 39.1. Actually, the true top rates in 2001 for millions of upper-middle and high-income individuals often exceed the official rates above 27.5 percent. Their top rate is boosted by cleverly concealed tax increases that were enacted during the senior Bush’s presidency. They are derisively characterized as stealth, or backdoor, increases because their effect is to increase taxes without increasing rates.

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