Bernard J. Ebbers, 65, entered federal prison Tuesday to start his 25-year sentence for his part in the $11 billion accounting fraud at WorldCom Inc. that led to bankruptcy for the company he founded and financial pain for investors.On the same day that Ebbers drove his Mercedes into the Oakdale Correctional Complex in Louisiana, Andrew S. Fastow, the former Enron Corp. finance chief, was sentenced to six years in prison and two years of community service.

Accountants are sought after for business advice more often than lawyers or bankers, according to a new survey of small business owners.Advertisement

Videotaped remarks from Christopher Cox, chairman of the Securities and Exchange Commission (SEC), will open the annual Government-Business Forum on Small Business Capital Formation. The Forum will be held on Friday, September 29, beginning at 9:00 a.m. (Eastern Daylight Time) at the Washington, D.C., headquarters of the SEC.

On September 14, the Food and Drug Administration (FDA) issued a warning against spinach consumption in the United States as a result of more than 100 cases of E. coli being reported across 20 states and linked to uncooked spinach. This is the latest of the health-related blows that periodically rock the food industry and have an extensive financial impact.Consider: Two lawsuits have already been filed related to the current outbreak. The first was filed in District Court in Oregon and the second in the District Court of the Eastern District of Wisconsin.

On September 5, Reznick Group Principal Leslie A. Mostow, CPA, was named Chairman of the Maryland State Board of Public Accountancy. The Board of Public Accountancy is the governing organization of certified public accountants (CPAs) in the state, establishing licensing guidelines and regulating individuals and firms that offer accounting services.“This appointment is, without question, a highlight of my career,” commented Mostow.

The Institute of Management Accountants (IMA) has reintroduced the IMA’s Statements on Management Accounting (SMAs) representing a comprehensive summary of specific bodies of knowledge defining competency in management accounting.

The American Institute of Certified Public Accountants (AICPA) has announced the winners of the 2005 Elijah Watt Sells Awards. The awards are presented annually to the 10 candidates earning the highest cumulative scores on the four sections of the Uniform CPA Examination.

The customer comes first. In an effort to achieve this standard, accounting firms Crowe Chizek and Company LLC and Pannell Kerr Forster of Texas P.C. (PKF Texas) are both working with Microsoft but in very different ways. For the second consecutive year, Crowe Chizek has been named to the Microsoft Business Solutions President’s Club. “Crowe is honored to be recognized for our strong relationships with both Microsoft Business Solutions and our clients,” Crowe chief executive officer (CEO) Mark Hildebrand said in a statement announcing the distinction.

One million tax return clients of H&R Block may soon have low cost bank accounts.