Practice news

Practice Management

COSO Unveils Risk-Management Framework

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released the Enterprise Risk Management - Integrated Framework that describes the essential components, principles and concepts of
Practice Management

Organizational Effectiveness: What Can You Influence?

By, Phyllis Weiss Haserot - People at all levels have some power to influence factors in their work lives based on their personal strengths, their ability to interact with others, and the knowledge that they hold or share. Those in leadership positions are poised to exert more influence than followers, but they have to be willing to take a stand, give consistent support, and be ever vigilant to maintain trust among their colleagues and "followers." Unless the leader is truly a dictator, direct influence is limited.
A&A

Management Shakeup May Lie Ahead for Fannie Mae

Days after Fannie Mae's federal regulator released a highly critical report on the mortgage giant's accounting practices, observers say top management may not survive the fallout.Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), conducted an eight-month investigation and found such pervasive problems that OFHEO suggested a management change.“These findings cannot be explained as mere differences in interpretation of accounting principles, but clear instances in which management sought to misapply and ignore accounting principles," OFHEO Director Armand
Practice Management

Ernst & Young Disciplined by California Accountancy Board

The California Board of Accountancy has taken disciplinary action against Big Four firm Ernst & Young LLP because of independence questions that arose from the firm's dealings with PeopleSoft Inc.In the late 1990s, Ernst & Young served as the software giant's audit at the same time as its consulting arm was involved in a joint venture with the firm. The Securities and Exchange Commission sanctioned Ernst & Young in April citing independence issues, Dow Jones Newswires reported.
Practice Management

'Tech-Etiquette' Blunders More Common in Workplace: What to Avoid

If you're checking e-mail in meetings, taking cell phone calls during business lunches or allowing similar distractions, executives are on to you. In a recent survey, 67 percent of chief information officers (CIOs) polled said breaches in technology etiquette are more common today than three years ago. The national poll includes responses from more than 1,400 CIOs from a stratified random sample of U.S. companies with 100 or more employees.
Practice

How to Effectively Delegate Work and Responsibilities

Effective delegation will not only give you more time to work on your area of expertise, but you will also give others in your firm the opportunity to learn new skills and achieve their goals. Delegation helps people grow underneath you in an organization and thus pushes you even higher in management. It provides you with more time, and you will be able to take on higher priority projects. Delegate whole pieces or entire job pieces rather than simply tasks and activities.
Practice Management

Survey Highlights Traits Employees Want Most in Managers

To be a good communicator, a manager's actions should speak louder than words, suggests a new survey. Twenty-eight percent of workers polled said their bosses could be more effective by standing up for their staff when needed. Putting a lid on office politics was cited by 24 percent of respondents as a way for employers to improve communication.The poll was developed by OfficeTeam, a leading staffing service specializing in highly skilled administrative professionals.
Practice

Companies Choose Consumer-Driven Health Plans to Curb Costs

Nearly one in five companies (19 percent) of 314 firms surveyed offer a consumer-driven health plan, up from 11 percent in 2003, according to Deloitte Consulting LLP.
Practice Management

Top Mistakes Today's Executives Make in Leading Their Organizations

In today's uncertain economy, many organizations have been making some drastic changes to stay competitive and productive. This means that CEOs and other executives must hone their leadership skills to make the most of what they have and inspire their teams to new heights of achievement. But not all executives have leadership down to a science, according to the experts at leading career services company Lee Hecht Harrison.
Practice Management

How Your Firm can Fully Utilize the Talent of Your Employees

By Bruce L. Katcher, Ph.D. Close to 35 percent of employees feel that their job does not make good use of their skills. When employees aren't fully using their abilities, they are:- Unhappy; - Less productive; and - More likely to quit.When employees are underutilized, organizations suffer because they are not maximizing the results they can obtain from them. Management often contributes to the problem by:
Community News

Definition of ‘Good’ Management Must Be Redefined Says Deloitte’s Tinkler

Harold Tinkler, chief ethics and compliance officer for Deloitte & Touche LLP, told an audience of professors and MBA students that corporate decisions should not be based solely on stock price and that this practice is harmful to sound, sustainable corporate stewardship.In a speech titled “Ethics in Business: The Heart of the Matter,” given to the Darden Graduate School of Business Administration “First Year – First Week” MBA program at the University of Virginia, Tinkler said, “In my experience with public companies, the overemphasis – in fact, it is more like a fixation –
Practice Management

Tips for Loss Prevention Policies; Employee Theft Solutions

by Stuart R. Buttrick, Baker & Daniels. It goes without saying that all employers are concerned about employee theft. As a result, employers are constantly looking for tools to prevent their, or their employees', property from becoming the victim of "sticky fingers." One of the most common practices used by employers to combat workplace theft is to search employees' personal belongings. However, as will be discussed below, there are a host of legal considerations that employers must take into account before it embarks on employee searches.
Community News

AICPA Launches Privacy Services Resources for CPAs

With privacy services a burgeoning practice discipline for CPAs, the American Institute of Certified Public Accountants is helping its members achieve success with a series of privacy-related resources.“Privacy services are a terrific new service area for CPAs,” said Everett Johnson, Chair of the AICPA’s Privacy Task Force.
Practice

CPAs are Called Upon to Self-Report on Quality Control Issues

Certified public accountants are being asked to report on their own firms' quality control procedures as well as their clients'. New model rules issued by the National Association of State Boards of Accountancy (NASBA), would have licensed public accounting firms submitting to their state licensing boards adverse quality control reviews of their operations, as well as having individual CPAs notify the licensing boards of civil charges brought against them involving fraud, violation of standards of practice or misappropriation of funds.
Practice Management

Nortel Releases Financial Information; Executives Fired

The Ontario-based Nortel Networks Corp. has finally released unaudited financial numbers to investors but the information has done little more than add to an already foggy situation, the National Post of Canada reported.The company's long-awaited restatement for the first six months of 2004 did indicate that at least 10 percent of its work force-about 3,500 people-will be laid off by the end of the year, which the company hopes will result in $500 million a year in savings."It's a publicly traded company, and we still don't have any numbers from them.
Practice Management

Doing Well by Doing Good; Organizing Contributions With A Firm Giving Policy

By Bruce W. Marcus, marcus@marcusletter.comWe’re getting to that time of year when the requests for corporate donations to good causes begin to come in. So much need. So few available dollars. And as you grow larger, and make deeper inroads into your community and your market, so too do the demands and urgings for your participation increase.Obviously, you can’t respond generously to everyone who solicits your help.
Practice Management

The Firm of Tomorrow....Ready, Set…Grow!

By Gale Crosley, CPAFirst, Consider Hiring a Business Development Professional. For years, the Big Four have used business development professionals. Now, Sarbanes/Oxley and other environmental changes make it a wise best practice for mid-size firms, as well. Although smaller firms have greater potential to pursue larger, more sophisticated clients, they may lack the needed large opportunity development skills. But it’s more complex than simply hiring the right person.
Practice Management

When an Employee Quits, Your Management Responsibilities Don’t

By, Alexander Hamilton Institute, Inc. Jack Hunzinger had been a thorn in his manager’s side since day one. His manager, Ally Billson, had numerous reasons why she wanted to get rid of him. However, he beat her to the punch one morning by giving his two weeks’ notice. Billson was relieved she didn’t have to go through the trouble of firing him. Her relief, however, could be slightly premature.Billson didn’t hesitate to accept Hunzinger’s resignation and even asked him to leave immediately. She didn’t want to risk Hunzinger screwing things up any more.
Tax

IRS Issues New Schedule to Help Resolve Employment Tax Discrepancies

The IRS is issuing a new schedule to make it easier for taxpayers to provide the IRS with information about employment tax discrepancies created by an acquisition, statutory merger or consolidation.If an acquisition, statutory merger or consolidation creates a discrepancy between what was reported to the Social Security Administration on Form W-2, Wage and Tax Statement, and what was reported the IRS on Form 941, Employer’s Quarterly Federal Tax Return, the employer can use the new Schedule D (Form 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations,
Practice Management

Cross-Selling Services: Companies Should Serve Well, Then Sell

Companies that want to sell more products and services through their staff, should pay better attention to basic customer service if they want to succeed. A new survey by The Forum Corp.

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