A&A news March 2010

A&A

Ernst & Young defends its Lehman work in letter to clients

Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.
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Community News

SEC's Office of the Chief Accountant selects accounting fellows

The Securities and Exchange Commission's Office of the Chief Accountant recently has selected eight professional accounting fellows for two-year terms beginning in 2010.
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A&A

Tax professionals associations team up to provide value, meet goals

The National Association of Enrolled Agents and the Latino Tax Professionals Association have formed a partnership to provide increased value to their members and to meet common goals.
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A&A

Investment fund company files lawsuit against Ernst & Young, UBS

Administrators of an investment fund associated with fraudster Bernard Madoff are suing Ernst & Young LLP and Switzerland's biggest bank, UBS AG.
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A&A

GASB proposes to amend financial reporting entity requirements

The proposed statement is intended to improve guidance for including, presenting, and disclosing information about component units and equity interest transactions of a financial reporting entity.
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A&A

How the health care bill will impact individuals, businesses

The new health reform bill was signed by President Obama Tuesday. The Congressional Budget Office estimates the health care overhaul will cost $940 billion over 10 years, and will cover 32 million uninsured individuals.
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Tax

Auditors called on the carpet over Lehman collapse

The controversy surrounding the demise of Lehman Bros. spells trouble for the audit profession as it, once again, finds itself in the spotlight for all the wrong reasons. How was such a large investment bank allowed to collapse?
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A&A

Not all restatements are the same to the stock market

Market reaction to the announcement of an accounting restatement is generally negative, but not all restatements are regarded alike, according to a study by Audit Analytics of the 1,876 restatements filed in 2006, when restatements were at a record high.
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A&A

Rebuilding our economy in 2010: How SOX helps to build trust

Our founders understood that, to the degree that citizens could not self-govern their own behavior internally, then external government would have to step in and govern their behavior.
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A&A

How the rise of SaaS relates to SOX, SAS 70, and your legal contracts

The growing popularity of Software-as-a-Service (SaaS) is having a significant impact on data security and regulations compliance.
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A&A

SOX 404 compliance process shows room for improvement

It has been almost eight years since the passage of the Sarbanes-Oxley Act (SOX), yet companies still report inefficiencies in their implementation of internal accounting controls, according to a survey by Ajilon Finance.
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Practice Management

What’s your tagline?

Your tagline is really a tangible way to motivate yourself to be the person and project manager you want to be. We all make resolutions at the start of a new year, but the key is finding the way to motivate ourselves long after the ball drops. Try the tagline, and see how it works for you.
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Practice Management

Tips for applying green thinking to project management

When we think of project management, how can we apply some green thinking to our projects? Here are several ways to bring some green ingenuity to your everyday project management.
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Practice Management

INSIDE Public Accounting launches 20th annual survey and analysis of firms

The Platt Group and INSIDE Public Accounting (IPA) have officially launched their 2010 Annual IPA Survey and Analysis of Firms. The annual IPA Survey and Analysis of Firms is one of the longest running CPA firm financial and operational benchmarking surveys in the nation.
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A&A

Non-Big Four firms increase focus on revenue-growth strategies

Although accounting is often thought of as a recession-proof industry, Big4.com’s 2009 Big Four Firms Performance Analysis released in January paints a somewhat different picture in revenues, personnel, and service delivery.
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A&A

Expand your client base by NOT asking for referrals

Referrals are a great way to build your business, but asking for them can backfire. Here are some new approaches that are just the opposite of what a salesperson would do.
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Practice

High 401(k) plan fees continue to deplete retirement savings balances

Despite the U.S. stock market's recovery, Americans are still struggling to make up for the historic losses sustained in their 401(k) plans over the past two years. One main obstacle employees face as they struggle to save is hidden, high 401(k) plan fees.
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Community News

Crowe Horwath takes first place in Public Accounting Report's SEC audit rankings

Public Accounting Report named Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., the winner of its annual analysis of auditor changes for SEC entities.
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A&A

Money matters: CFOs say bonuses reign as top employee reward

Despite lean budgets for many businesses today, most financial executives say cash is king in recognizing their teams' hard work.
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AccountingWEB Life

Accelerating cash flow during a credit crunch

For cash-strapped companies, increasing cash flow is essential for staving off creditors and threats of involuntary bankruptcy actions. Companies struggling to increase cash flow tend to look to some common places for increasing operating cash.
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Pages

Voice of the Editor

What would you do if one of your clients won the lottery? We asked several accountants to weigh in with their advice for the lucky Powerball winner, and the tips we received are useful for anyone who receives a windfall, whether it's a lottery win, an inheritance, a big bonus on the job, or a killing in the stock market.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
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This Week on AccountingWEB

CPAs Mira Finé, Scott Hitchcock, Rob Keasal, Kathy Scorcio, and Ken Travis offer ten pieces of financial advice for the newest Powerball winner.
Hang Bower of BDO USA and Dan Black of Ernst & Young share their perspectives on why their firms made the Best Places to Work for Recent Grads 2013 list.
Herbein + Company, Inc. firm members talked with AccountingWEB about their year-round employee wellness program.
Bill Walter of Gross, Mendelsohn & Associates and Harold Gaar of TravisWolff LLP weigh in on mobile technology use while employees are at work.
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