Community News news July 2006

Community News

Men Take Leadership Roles in Women's Accounting Group

While Dennis Lusin is neither a woman nor an accountant, that hasn’t stopped him from becoming president of a chapter of the American Society of Women Accountants (ASWA).Lusin, a Billings, Mont., broker, told the Billings Gazette that he got involved in the group three years ago because he was asked to join after making a presentation on college savings plans. "But I didn't expect that so soon they'd ask me to be their president," he said.While Lusin is the only male member of the Billings Chapter, it turns out that he is not the only male chapter president.
Tax

1995 IRS Education Requirements Upheld

The Federal Labor Relations Authority (FLRA) has ruled that the Internal Revenue Service (IRS) can raise the educational standards of new revenue agents, according to the Washington Post.
A&A

Darnall, Sikes, Gardes & Frederick Expands Wealth Management Services

DS&F Financial Services LLC, an affiliate of Darnall, Sikes, Gardes and Frederick, a CPA firm with headquarters in Lafayette, Louisiana, will merge with Wealth Care Group Asset Management LLC, the Daily Advertiser reports. The new company will be called DSF Wealth Management LLC.Larry Sikes, president and managing director of Darnall, Sikes, Gardes & Frederick, will be CEO of the merged financial services company.
Community News

CGA-Canada Accepts Independence Standard

The Certified General Accountants Association of Canada (CGA-Canada) welcomes the Canadian Public Accountability Board’s (CPAB) decision to accept the CGA Independence Standard, giving effect to the required rule change as of June 20, 2006."CGA-Canada is responsible for setting professional standards for itsmembers and has an obligation to protect the public and ensure CGAs maintain the highest ethical standards," says Anthony Ariganello, FCGA, CPA (Delaware), President and Chief Executive Officer of CGA-Canada.
Tax

Indianapolis Accounting Staffer Embezzled $350,000, City Claims

A former employee of the Indianapolis Parks Department is facing charges that she directed $350,000 in public money to her personal bank accounts.The accounting staffer, who was fired after allegedly admitting her crime to investigators, steered fake credit and debt card refunds to her own accounts, according to charging papers. Questionable transactions went back to 2000. The employee, Kenya Miles, faces charges of official misconduct, theft and fraud against a financial institution.
Community News

Conrad Hewitt To Be Next Chief Accountant

Securities and Exchange Commission (SEC) Chairman Christopher Cox has announced that Conrad Hewitt, a distinguished leader of the accounting profession and former chief financial regulator for the State of California, will join the SEC as its next Chief Accountant.
Tax

Mark Your Calendar: Hawaii Schedules Summer Taxation Workshops

The Hawaii Department of Taxation will launch their 2006 Summer Workshop series on the island of Kauai on July 25.
Community News

Stuart Maue Completes Nation’s Largest Legal Audit

Stuart Maue, the nation’s oldest and premier legal auditing firm, has completed work as the legal auditor and testifying expert in the largest attorneys’ fee dispute litigation in the history of the United States. The litigation involved Purdue Pharma L.P.’s $400 million claim for attorney fees and expenses resulting from defense of its prescription pain killer, OxyContin. Purdue Pharma had asked its insurer, Steadfast Insurance Co., a unit of Zurich Insurance Co. of Switzerland, to reimburse it for all costs associated with its defense of the litigation.
Community News

BDO Seidman LLP Reports Revenue Growth Exceeding 25 Percent in 2006

BDO Seidman, LLP, a national professional services firm providing assurance, tax, financial advisory and consulting services, is reporting a 27 percent increase in revenues during the fiscal year ending June 30, 2006.
Community News

Inside the Abalos & Associates Community

Sometimes organizations influence and shape their leaders. Other times the leaders shape their organizations. Every once in a while, however, a leader influences not only their firm, but, with the help of their staff, they significantly impact the community around them. Such is the case with Sandy Abalos and her firm, Abalos & Associates, P.C. in Phoenix, Ariz.“We do things differently here. We’re not your average CPA firm, right, we’re not your average bear,” Sandy Abalos, Managing Partner of Abalos & Associates, tells AccountingWEB.
Tax

Judge Approves $36M Settlement Balance in PNC Scandal

A federal judge in Pittsburgh has approved the last part of a settlement involving more than 73,000 shareholders who lost money in a PNC Financial Services Group Inc. accounting scandal.The shareholders are ready to receive about $2,600 each, for a total of $36.6 million, based on the $193 million settlement and interest. That amounts to 68 cents per share, the Pittsburgh Tribune-Review reported. It's not clear when settlement money will be distributed, and the final amount will be reduced by attorneys' fees.The last remaining portion of the class-action lawsuit was approved by U.S.
Community News

PKF Texas Airs Best Practice Tips on BusinessMakers Radio Show

The Entrepreneur’s Playbook, a new radio series from Pannell Kerr Forster of Texas P.C. (PKF Texas), airs Saturdays during the BusinessMakers Radio Show on FM News Channel 97.5. Gregory Price, Director of Consulting Services, has been invited to be the voice of PKF Texas’ Entrepreneur’s Playbook, which will offer best practice tips, trends and insights on topics such as blogs, human capital, profit enhancement and cash management.The BusinessMakers™ Radio Show is a two hour weekend radio talk show passionately focused on free enterprise and entrepreneurialism.
Community News

NY Crackdown on Bad Accountants Addresses Long-Term Concern

New York State regulators’ new crackdown on the accounting profession addresses an issue that has been roiling in the Empire State ever since the Enron accounting scandal surfaced several years ago.The New York State Board of Regents has revised the definition of "unprofessional conduct" for CPA's licensed by the state to include disciplinary actions taken by the Securities and Exchange Commission (SEC) and its Public Company Accounting Oversight Board (PCAOB), meaning that accountants or accounting firms disciplined by either of those bodies now can be subject to censure, reprimand and t
Practice

Professional Accounting Societies Applaud COSO Small Business Guidance

The American Institute of Certified Public Accountants (AICPA) and the Institute of Management Accountants have both affirmed support for new guidance for smaller public companies released during a webcast on July 11 by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Community News

Abilene Accountant Jerry Love Elected Chairman of Texas CPA Society

Jerry Love, a certified public accountant (CPA) from Abilene, Texas, was recently elected chairman of the 27,000 member Texas Society of CPAs (TSCPA). Officially elected July 1 at the TSCPA’s annual meeting, Love will serve a one-year term as the society’s top volunteer.Love will chair the TSCPA’s board of directors, which sets policy, manages programs and oversees activities designed to serve CPAs throughout the state. During his tenure, Love is expected to focus on expanding the TSCPA’s financial literacy efforts, including the society’s Money Management U.
Community News

Rothstein Kass Acquires San Francisco Accounting Firm

Rothstein Kass – Certified Public Accountants, a top 25 ranked international accounting and consulting firm, has acquired the assets of San Francisco-based Stadtler, Rosenblum & Saris (SRS), a medium-sized accounting and consulting firm. Effective July 1, SRS’ clients are being serviced by Rothstein Kass & Company, LLP.“We diligently searched for the ideal accounting firm to join and Rothstein Kass provides the best opportunities for us to substantially broaden our service offerings,” Sander Stadtler, SRS Managing Principal, explained in a prepared statement.
Tax

Temporary Change of IRS Address for Certain Hand-Delivered Documents

Because of the temporary closure of the main Internal Revenue Service (IRS) headquarters building there is a temporary change of address for the delivery of taxpayer requests for rulings, requests for determination letters, Applications for Change in Accounting Method (Form 3115), and similar requests that are permitted to be hand-delivered to the main IRS Headquarters Building.Until further notice, these requests and applications should be delivered to the IRS offices at 950 L’Enfant Plaza, 5th Floor, Washington D.C., 20024.Complaints, subpoenas or any other service of process, as wel
Community News

The Business of Powwow

On a manicured, level stretch of soccer field, the drum beat begins. The eagle staff begins the procession, followed by the universal flag of American Indians,next comes the American flag, California flag, three Armed Services flags and a Prisoners Of War/Missing In Action flag. The dancers come next, representing native nations that span the western hemisphere, sharing a pride and dignity that is both difficult to describe and immediately evident. It is Grand Entry on Saturday afternoon at an Intertribal Powwow in Southern California.
Community News

News of Ken Lay's Death Sparks Varied Reactions

Kenneth Lay, 64, the convicted founder and former chairman of Enron, died unexpectedly early this morning from an apparent heart attack.The Pitkin, Colo., Sheriff's Department said they were called to Lay's vacation home in Old Snowmass, Colo., shortly after 1 a.m.
Community News

Japan’s Oversight Board Faults Operations, Controls at Big Four Firms

Japan’s Certified Public Accountants and Auditing Oversight Board (CPAAOB), a subsidiary of the Financial Services Agency (FSA) with independent investigatory power, asked the FSA on Friday to issue business improvement orders to Japan’s Big Four audit firms, Mainichi news reports.

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