Community News news May 2006

Community News

Bush Picks Goldman Sachs Chief for Treasury Post

The Bush Administration's quest to bring Wall Street to the cabinet has ended with the nomination of the one of the mightiest investment titans in New York to the post of treasury secretary.President Bush on Tuesday named Henry Paulson, chairman and CEO of Goldman Sachs Group Inc., as his choice to replace out-going Treasury Secretary John Snow.Advertisement
Practice Management

An Inside Look at Sikich LLP

A conservative sounding expansion strategy is creating some non-conservatively dramatic growth for Aurora, Ill.-based Sikich.Advertisement
Community News

Memorial Day Spotlight on America’s “Citizen Soldiers”

Arizona National Guard men and women will participate in Memorial Day observances throughout the state that will include 20 flyovers, dozens of parades and talks to local Cub Scout troops, Major Paul Aguirre told AccountingWEB.Advertisement
Practice Management

Crowe Launches Crowe Foundation, Completes Combination of Practices

The Crowe Group LLP has launched the Crowe Foundation which will provide grants to nonprofit organizations while also creating opportunities for Crowe personnel to develop leadership skills in the communities where they live, work and volunteer.
Community News

PCAOB Proposes Rules for Registered Accounting Firm Reporting

The Public Company Accounting Oversight Board (PCAOB) voted Tuesday to propose rules for annual and special reporting of information and events by accounting firms registered with the PCAOB.Advertisement
Community News

Karen Pincus Earns Distinguished Achievement in Accounting Education Award

“The future of our profession is built on the quality and the number of the young people who join us,” Leslie Murphy, American Institute of Certified Public Accountants (AICPA) Chair explained while presenting the Distinguished Achievement in Accounting Education Award to Karen V. Pincus, Chair of the Department of Accounting at the University of Arkansas. “That, in turn, depends on whether quality people decide to study accounting and how well they are trained in their collegiate and post-collegiate education.
Community News

RevenueRecognition.com Launches Experts and Authors Program

The first installment of RevenueRecognition.com’s “Experts and Authors” program features an excerpt from Miller Revenue Recognition Guide, 2006 by Financial Accounting Standards Board (FASB) Emerging Issues Task Force (EITF) member Ashwinpaul C. Sondhi and Scott A. Taub, acting chief accountant of the U.S. Securities and Exchange Commission (SEC).
Community News

Big Four Firms Face Huge Potential Liability in Global Audits

Fear in the European Union (EU) of the potential collapse of one of the Big Four accounting firms surfaced this week when a briefing document, prepared for members of the EU delegation meeting in Beijing with Chinese officials on accounting and auditing issues, was shown to XFN-Asia. “The audit firms wish to have a limit of their liability, at least to acts for which they can be held directly responsible for.
Community News

Boston CPA Offers Free Financial Training to 1,000 Entrepreneurs

Carole A. Symonds, CPA, MST is offering small business owners an avenue to learn how to make their businesses more profitable and increase their earnings. The first 1,000 small business owners applying for online training at www.MillionaireManager.com before June 30, 2006, will receive training valued at $3,100 and previously available only at live seminars. A $37.00 registration fee applies.“95 [sic] percent of businesses fail.
A&A

Hartford Introduces Professional Liability Insurance for Private Accounting Firms

Accounting firms with up to 50 accounting professionals on staff can now look to the Hartford Financial Services Group, Inc. for their professional liability protection as well as their general business insurance needs and financial services products. The Accountants Professional Liability product provides coverage for certified public accountants and other accounting professionals, including public accountants, enrolled agents, tax preparers and bookkeepers.
Education & Careers

Re-entry Programs Target Professional Women

In an effort to reach experienced professionals, primarily women who leave their positions for extended periods for personal reasons, and support their return to their careers, business schools and professional firms have initiated programs targeted to their needs. Business schools are offering these programs within their executive education departments, the Wall Street Journal says. Courses at Harvard’s Business School and Dartmouth’s Tuck School of Business include updates on finance and accounting, as well as changes in business technology.
Community News

Revamped Site Offers Info on Accounting Standards for Insurers

The Group of North American Insurance Enterprises (GNAIE) has redesigned its website,
Community News

New Consulting Firms Specialize in SOX Support

Opportunity has knocked for consultants in the Sarbanes-Oxley Act, and entrepreneurs are forming new firms to help companies of all sizes meet the demands of the law.
Community News

Small, Midsize CPA Firms’ Interests at Stake in Latest SOX Saga

Small and midsized CPA firms may have a lot at stake in the latest Congressional wrangling over the onerous 404 internal reporting provision in the Sarbanes-Oxley (SOX) accounting reform law.
Community News

Virchow Krause Eyes More Midwest Mergers

The management of Madison, Wisconsin, based Virchow Krause & Co., one of the accounting profession’s 20 largest firms, is busy gobbling up small chunks of the Midwest’s accounting market and has an appetite for more.Advertisement
Community News

TaxWare's Charles Collins Discusses Internet Sales Tax

Charles Collins manages Taxware’s relationships with taxing authorities and legislative bodies and is a frequent speaker on state and local tax issues. He was employed by the North Carolina Department of Revenue for 32 years before coming to his current post, serving as the Director of the Sales and Use Tax Division for his last ten years there. While there, he also served as the Assistant Director of the Audit and Collection Division. Collins served as Co-Chairman of the Streamlined Sales Tax Project (SSTP) for two-and-a-half years.
A&A

AICPA Partner Program with Paychex Extended Through 2011

The success of the Paychex Partner Program from American Institute of Certified Public Accountants (AICPA) Business Solutions has resulted in a five year extension of the contract. Initially named the preferred payroll services provider to CPA clients by CPA2Biz in 2003, under the extension Paychex will also be designated as the preferred provider of retirement plan services for CPA clients.
Community News

AICPA and Other Accounting Institutes Forge Global Alliance

The American Institute of CPAs (AICPA) has joined with most of the other major national accounting profession organizations around the world to create a Global Accounting Alliance.
A&A

90,000 Firms with Combined Annual Revenue of $65 Billion

The accounting and tax preparation industry in the United States includes approximately 90,000 firms with combined revenue of $65 billion, according to Research and Markets, a leading source for international market research and market data, headquartered in Dublin, Ireland.Advertisement
Technology

Creative Solutions Gives XBRL a New Embrace

Creative Solutions, one of the first prominent accounting practice software vendors to embrace XBRL, the Internet-based technology that tags data items in financial reports so they can be immediately retrieved, has expanded its relationship with that evolving technology through an alliance with Rivet Software, a specialist developer of financial reporting systems.Advertisement