Practice news February 2006

Practice Management

Internal Review of Fannie Mae Cites “Attitude of Arrogance”

In a 1996 internal memo to Timothy Howard, Chief Financial Officer of Fannie Mae, Leanne Spencer, Vice President of Financial Reporting wrote, “What do I have up my sleeve to solve an earnings shortfall?” She adds in the same document, according to Bloomberg.com, “I recognize (and thought about it yesterday) that we might want to show the board $2.48. I made the decision that I wanted to show you the real answer and the let you decide if you wanted me to make any adjustment.
Practice Management

The Effect of Meetings on Employee Well-Being

Results from the first international scientific study on the effects of meeting time on employee well-being indicate that, for some individuals, meetings function as interruptions, while for others meetings are welcome events. The study “Not Another Meeting” Are Meeting Time demands Related to Employee Well-Being?
Practice Management

A Conversation With...Leslie Murphy

When Leslie Murphy ascended to chairwoman of the American Institute of Certified Public Accountants (AICPA) in October, she pointed to the looming shortage of public accountants as a serious challenge facing the profession.Added pressures stemming from compliance with the Sarbanes-Oxley Act is causing strife and turnover, creating an environment in which one in six CPAs left his or her job in 2004, she said during her inaugural speech.But despite the challenges, Murphy remains upbeat about the future, as more college students are seeking the profession as a career, she told AccountingWEB
Practice Management

Employee Retention Strategies for Busy Season

Professional staffing firms are predicting that 2006 will the best year since 2000 for job seekers, especially in high-paying fields like financial services, and many employers are looking for strategies to keep their best workers.
Practice Management

The Makings of a Good Manager

Research recently conducted by 3D Group, a consulting firm of industrial and organizational psychologists as part of the effort to enhance and improve their Corporate Leaders assessment tool, found that managers are more highly rated for their ability to manage processes and results than for their interpersonal and team-building skills.
Practice Management

Four Tips for Finding the Right Partner

Break-ups are big news. Less attention is paid to finding the right partner in the first place.
Practice Management

Lifestyle Lures Accountants Abroad

The key reason accountants chose to relocate overseas is lifestyle, according to Think Global Recruitment’s annual survey. Apparently, it is not an unreasonable expectation, since 94 percent of those surveyed report enjoying an improved lifestyle after relocating overseas.
Practice

Circular 230 Changes Proposed

The Treasury Department and the Internal Revenue Service (IRS) last week proposed amending Treasury Department Circular 230, governing tax professionals practicing before the IRS. The proposed amendments are the result of a thorough review of the extensive public comments received in response to an advanced notice of proposed rulemaking relating to the Office of Professional Responsibility in December 2002. A hearing on the proposed regulations is scheduled for Wednesday, June 21, 2006.
Practice

CPA Practice Marketing: Expand Your Client Base by Narrowing Your Marketing Focus

CPA firm marketing is often scattered, unfocused and haphazard. Every CPA firm marketing effort can benefit from “concentration” of CPA firm marketing resources.I believe one of the most underutilized marketing weapons for CPA practices is the power of niche marketing.

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