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Practice Management

AAM Session Overview: The Accounting And Consulting Firm of The Future

By Lisa Dickson, Marketing Coordinator, Bland, Garvey, Eads, Medlock + Deppe, P.C. for the Association for Accounting MarketingAnother successful Association for Accounting Marketing (AAM) conference has concluded in San Antonio, Texas. This conference opened with a war cry by VeraSage Institute founder, Ronald J. Baker. Baker, a CPA and marketer, has shed some light on what direction the accounting industry in heading. He has challenged us to see beyond the present atmosphere of the tradition accounting firm and reach for excellence in our industry.
Practice

Cypress CEO Blasts GAAP, Urges Balance Sheet Integrity

In a paper released last week, T. J. Rodgers, chief executive officer of Cypress Semiconductor Corporation, blasted the Financial Accounting Standards Board (FASB) and generally accepted accounting principles (GAAP) for causing U.S. companies to move toward a second set of numbers known as proforma numbers.Mr. Rodgers cites a PricewaterhouseCoopers finding that 74% of semiconductor companies issue proforma earnings statements.
Practice Management

SEC Won't Let Companies Modify Financials

In light of the new Securities and Exchange Commission (SEC) requirement that corporate executives attest to the validity of their financial statements, there has been a wave of companies coming forward and asking to revise their financials before the August 14 SEC deadline.On June 28, the SEC ordered that corporate officers must personally certify that their most recent reports filed with the Commission are both complete and accurate.
Practice Management

Corporate CEOs, CFOs Voluntarily Certify SEC Filings

As stock prices continue to decline, companies seem to be growing as impatient as investors. Some corporate officers who are not required to comply with the certification order from the Securities and Exchange Commission (SEC) are doing so voluntarily, despite the risk of personal liability for making a false statement.Companies that choose to go this route may also issue press releases to make sure they get recognized by the capital markets.
Practice Management

SEC to Expand Shareholder Voting For Stock Option Plans

On July 15, 2002, as the Senate bickered over but eventually defeated tough stock option reforms, the Securities and Exchange Commission (SEC) agreed to change a key policy involving stock option plans.
Practice Management

Strategic Thinking Versus Strategic Planning

Many corporations facing the future with diminishing resources, find that restricted resources exert increasing pressure on management to plan more carefully. This pressure necessitates the need to think strategically in the pursuit of viable opportunities. Senior management's ability to formulate and articulate a clear vision, accompanied by implementation of succinct strategic goals and objectives, is a primary determinate of the potential success of an organization. WHO IS THE COMPETITION? An organization's competition used to be clear and predictable.
Practice Management

A&P Restates Aggressive Retail Accounting Practices

The Great Atlantic & Pacific Tea Company (A&P) restated prior year earnings in a Form 10K filed with the Securities and Exchange Commission on July 5, 2002.
Practice Management

S&P Lists Top 10 Companies With Most 'Inflated Profits'

Using its new standard for measuring profitability, Standard & Poor's (S&P) ranked companies in order of highest to lowest gaps between their reported earnings and core earnings for 2001.
Practice

You Can Lead a Horse to Water – How to Lead And Succeed In Business

Gone are the days when the boss was the BOSS. Today, one of the biggest challenges facing executives is how to incorporate new methods of motivational leadership while still maintaining old "command and control" management styles. How can a manager replicate the successes of Morgan, Rockefeller and Getty without ignoring the wants and needs of their employees?Alex Hiam is a management consultant and best-selling author of more than a dozen books, including The Portable MBA in Marketing and Marketing Kit for Dummies.
Practice Management

Three Reasons to Expect More Earnings Restatements

According to a report published by the New York Times, the capital markets have good reason to worry about corporate earnings this year. Companies have at least three good reasons to drag all the skeletons out of the closet and try to wipe the slate clean with an earnings restatement. The three reasons:Legacy of the 1990s. Lawyers and accountants blame the excesses of the 1990s. They say capital markets rewarded growth stocks handsomely, and companies sought to manage stock prices as a way of maximizing the value of their stock-based compensation plans.
Practice Management

SEC Orders Corporate Officers to Certify Financial Statements

Support for tough accounting and audit reforms is growing, provided the reforms also include stiff sanctions and penalties for top-level corporate management of large public companies. As the first major step in this direction, on June 28, 2002, the Securities and Exchange Commission (SEC) ordered corporate officers to personally certify that their most recent reports filed with the Commission are both complete and accurate.
Practice Management

Companies Take Steps to Manage Accounting Rumors

WorldCom's plight sent the U.S. capital markets reeling in another wave of accounting shock. It was a jittery week on Wall Street when mere rumors of accounting irregularities were enough to send share prices plummeting. Clearly, the entire telecom sector is on investors' radar screens, but even industrial-era icon General Motors found itself victimized by the rumor mill on June 27, 2002.
Practice Management

Wealthy Clients Can Present Pitfalls For Accounting Firms

Lawsuits involving audits of public companies have gotten the lion's share of the media's attention in recent months. But state tax returns and other services provided to wealthy individuals still present a multitude of pitfalls for accounting firms of all sizes. Two recent cases show how these pitfalls can and do turn into nightmarish negligence lawsuits, no matter how popular and well-regarded the clients.
Practice Management

Deloitte Uses 'Quality of Earnings' to Boost Financial IQs

Deloitte & Touche is taking a leadership role in helping companies and investors understand and move beyond the reasons for today's "crisis in confidence." It recently released "Quality of Earnings," the second in a series of papers designed to help restore investor confidence through the sharing of knowledge and best practices. The paper contains an innovative tutorial that helps companies and investors boost their own financial IQs to a level that complements the Integrity and Quality (IQ) of their independent auditors.
Practice Management

Beware of Doctored Financial Statements

Reprinted with Permission, Camico Mutual Insurance Company. http://www.http://www.camico.com/website/about.asp No professional wants to be deceived, but sometimes it just happens. Criminals lie to their lawyers, students cheat on tests given by their teachers, and clients alter financial statements prepared by their CPAs. "Every month," says Suzanne Holl, CAMICO loss prevention manager and CPA, "I talk to at least one policyholder about a financial statement or tax return that a client doctored.
Practice

Panel to Set Audit Guidelines For Corporate Management

After the Andersen verdict was announced, lawmakers and regulators redoubled their efforts to establish a rigorous oversight process for independent auditors, and other reformists joined together in a parallel track for management under the auspices of the Conference Board.
Practice Management

Survey Shows Opportunities For Small Firms

On June 13, 2002, Intuit Professional Accounting Solutions unveiled the results of its nationwide study on "the Voices of Small Businesses and Accountants." The study shows 88% of small business owners have not lost confidence in their accountant, despite the damage to the profession done by the negative publicity associated with the Enron collapse.
Practice Management

Selective Selling: When Times Are Tough, Make Your Standards Tougher

By Dave Stein, The Stein AdvantageDon't take on just anyone as a client or customer. Consultant, trainer and author Dave Stein offers a wealth of insights on who to avoid . . . and why.If you're in the position of having to bring in new business, you might be feeling a bit desperate. We all know times are tough and money is tight. It may seem that now is the time to take on any business that comes your way. After all, you still have revenue targets to achieve, expenses to cover and stakeholders to whom you must account. Well, hold on to your hat.
Practice Management

Blast From Ex-SEC Cop Shows Shift in SEC's Strategy

In a letter to the editor of the Miami Herald, a former attorney of the Miami office of the Securities and Exchange Commission's (SEC's) enforcement division broke ranks with his normally tight-lipped colleagues and publicly criticized the Commission. Some readers were surprised at the way he blamed three former chairmen for leaving a legacy of crises and blasted the current chairman for undermining the region's prosecutors.
Practice Management

KPMG Surveys Trends in Non-Financial Disclosures

On June 10, 2002, KPMG released the results of its latest survey on non-financial disclosures - a term it uses to describe corporate reporting on environmental, social and sustainability performance. According to firm's press release, sustainability refers to the balance among economic, environmental and social factors necessary to keep a company profitable while being responsive to society's needs.

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