Community News news December 2006

Community News

Measuring and Retaining New Hires

At a time when accounting firms are actively trying to recruit and retain top talent, Harcourt Assessment, a leading talent assessment provider, has released a white paper covering what is necessary to achieve and retain a good hire. The paper, Retain Your Employees Before You Hire Them, notes that a combination of assessment solutions are needed that analyze the cognitive abilities, work styles and skills necessary to successfully hire and retain the right employee.
Community News

California Accounting Firms Merge

The Sarbanes-Oxley Act (SOX) has surely increased the workload of the accounting industry overall. The regulation leading from the Act is fueling a merger of accounting firms, the San Francisco Business Times reports.Two of the accounting firms merging are the San Francisco firm Shea Labagh Dobberstein and San Mateo firm Elwood Espina Ferrell. The San Francisco Business Times reports that the new firm will take on the San Francisco firm’s name.
Tax

Hawaiian Tax Review Commission Submits Final Report

The Hawaiian 2005-2007 Tax Review Commission has finished its review of its tax structure and issued its final report to the Legislature. The Hawaii Reporter reports some 23 recommendations were made, covering individuals, businesses, nonprofits, and tax professionals.
Community News

Arguments Begin Thursday Over PCAOB Constitutionality

A federal judge will hear arguments Thursday in a lawsuit that attacks the Public Company Accounting Oversight Board (PCAOB) as unconstitutional.Advertisement
Community News

KPMG Plans Counter Suit of Fannie Mae

KPMG fired back at former audit client Fannie Mae this week, saying it would counter the mortgage giant’s $2 billion negligence and breach of contract lawsuit.KPMG “will pursue our own claims against Fannie Mae” in the U.S. District Court in Washington, D.C., spokesman Tom Fitzgerald told reporters Tuesday. Fannie Mae filed its lawsuit Tuesday in the Superior Court of the District of Columbia.Fitzgerald said the issues raised in Fannie Mae's lawsuit “are already pending" in shareholder lawsuits before the federal district court.
Community News

Accounting Firms Receive Tax Breaks, Incentive Grants to Relocate

Accounting firms that are considering moving from their existing locations are getting a lot of help from local governments who want to retain or attract professional firms to their communities. Whitinger Properties, a long established accounting firm in Muncie, Indiana, received $120,890 in tax breaks this week from the Muncie City Council on a new $2.3 million office building in Ontario Place, the StarPress.com reports.
Community News

East Coast Firm Moves into Los Angeles

A Maryland-based accounting firm is continuing its westward expansion with the addition of an office in the Los Angeles (LA) area that will focus on commercial real estate clients.Reznick Group, CP, of Bethesda, said it plans to hire 20-25 staff for its new office in Century City. The new office brings the company’s total locations to eight, with two in California. Reznick opened its first West Coast practice in Sacramento in 2003.Reznick Group, established in 1977, says it currently employs about 1,000 people. Inside Public Accounting ranks it No. 17 in the U.S. in size.
Community News

Grant Thornton to Fight Claim of “Reckless” Audit

Grant Thornton LLP said it will challenge recent Treasury Department (DoT) findings and penalties stemming from the firm’s audit of a bank that collapsed in 1999.The Office of the Comptroller of the Currency, the Treasury agency that regulates nationally chartered banks, on Friday announced the telling $300,000 fine against the Chicago-based CPA firm that audited First National Bank of Keystone in 1998.
A&A

Few Firms Have a Regulatory Response Team Despite Anti-fraud Programs

In the heightened regulatory environment of the post-Enron business world, a majority of companies have instituted formal anti-fraud programs and controls, according to an online poll released earlier this month by Deloitte Financial Advisory Services LLP (Deloitte FAS).
Community News

Judith O’Dell to Chair Private Company Financial Reporting Committee

Judith H. O’Dell, CPA, has been named Chair of the new Private Company Financial Reporting Committee (the Committee), part of the Financial Accounting Standards Board (FASB) and the American Institute of Certified Public Accountants (AICPA) initiative to improve the FASB’s standard-setting process to include the needs of private companies.
Community News

BDO International Has Another Year of Double Digit Growth

“BDO has decidedly maintained its position as the uncontested number 5 in terms of world wide ranking of international accounting networks – despite a year that was not without its difficulties,” Frans Samyn, CEO of BDO International said in a prepared statement announcing year-end results for the BDO International network.
Community News

2007 Excellence in Project Accounting Philosophy Essay Scholarship Contest Begins

The 2007 Excellence in Project Accounting Philosophy essay scholarship contest launches on January 1, 2007.
Community News

CGA-Canada Names 2006 CGA Fellowship Recipients

The Certified General Accountants Association of Canada (CGA-Canada) has granted 24 CGA Fellowship Awards. The highest honor granted by CGA-Canada, this award recognizes CGAs who provide exemplary service to the Association, the profession or the public.
Community News

New FASAC Chairman Named

It was announced Monday that Dennis H. Chookaszian , the retired chairman and chief executive officer (CEO) of CNA Insurance Companies, has been named to be the chairman of the Financial Accounting Standards Advisory Council (FASAC). Robert J. DeSantis, President and Chief Operating Officer (COO) of the Financial Accounting Foundation (FAF) made the announcement. Chookaszian, a CPA, retired after 26 years with CNA (NYSE:CNA), where he served in numerous executive capacities.
Practice Management

2007 Salary Guide for Accounting and Finance Professionals Released

Compliance demands and expansion of businesses will increase the need for skilled workers in the accounting and finance fields and make recruitment even more difficult in the coming year, according to the 2007 Salary Guide released by Robert Half International.Advertisement
Community News

PCAOB Budget Projects Staff Increase of 39

The Public Company Accounting Oversight Board (PCAOB) submitted a 2007 budget proposal of $136.4 million, which would be an increase of $5.5 million or about a half a percent over the current budget.Advertisement
Community News

BearingPoint Faces Delisting From NYSE

BearingPoint, the tech and management consulting firm forced to split off from parent KPMG by the Sarbenes-Oxley Act (SOX), could be dropped from the New York Stock Exchange (NYSE), the company’s 2005 annual report said.Advertisement
Community News

KPMG Posts Revenue Growth

Big Four firm KPMG reported 2006 combined revenues of US$16.9 for the fiscal year ending September 30. The figure represents an increase of 7.6 percent in U.S.
Technology

Survey Says: E-Filing Not Without New Costs

With the first year of mandatory tax return filing complete, a survey shows what the accounting industry suspected – affected companies had to make some investments to comply with the new IRS mandate.“There is no question that the first year of mandated corporate e-filing was a success, but as we predicted, it did require an additional investment in staff, technology, and time to transition to the new system,” said Michael Dolan, director of IRS policies and dispute resolution in the Washington National Tax practice of KPMG.

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