News

Courtroom Update on Largest Accounting Fraud EVER!

How often do we get a glimpse into a really juicy trial concerning accounting violations?This update to our story published earlier this week revolves around the courtroom trial for CUC International and the alleged crimes by Cosmo Corigliano who mishandled finances for the company in the 1980s.The prosecutor begins with 'Don't we call that cooking the books?' Click on the link below to see the full conversation.

Black Accountants set up Online Job Center

The National Association of Black Accountants has established on online career center for members and nonmembers to use in their job search.Postings include jobs in accounting and auditing, finance, consulting, MIS and related job functions.In addition to finding a job, NABA has enabled employers to post jobs as well. More information can be found at the Online Career Center's Employer Registration Page.

KPMG Survey Reveals Huge Ethics Violations

A new survey of 2,300 employees found that more than 75 percent felt they had 'observed violations of the law or company standards' over the last year at their places of employment.With an overwhelming response rate of 78 percent, the survey was conducted by KPMG, who found many infractions to ethics practices.They found, for example,, that 56 percent of sales personnel reported that their company had deceived or lied to customers.
Community News

Saltz, Shamis & Goldfarb Press Conference

TUESDAY, JUNE 20, 2000 10:00AM EDTContact Kathy SauttersSaltz, Shamis & Goldfarbwww.ssandg.com(440) 248-8787[Session Moderator] Good morning, and welcome to SS&G Financial Services first press conference over the Internet. I would like to start off by thanking AccountingWEB for allowing us to use their workshop room for this meeting.
Technology

Say Good-Bye to an Old Email Friend

Back in the days when email messages were delivered from machine to machine, much like snail mail which goes from person to person, there was a service called the Unix-to-Unix Copy Protocol (UUCP), kind of the Pony Express of email. Although the UUCP still serves a vital function to less-developed parts of the world, much of this service has been replaced by the instant messaging capabilities of the Internet.

Business Valuations: How much is your business worth?

If someone gave you a blank check and asked that you fill in the amount that you believe your business is worth, would you be able to do it? Would the amount you place on the business be too high or worse, too low?“Everything is worth what a purchaser will pay for it.” (Publius – 1st Century B.C.) Oliver Wendell Holmes said, “all values are anticipations of the future.” People buy businesses to realize a present and future benefit.
Community News

EY Uses CareerBuilder to Recruit New Employees

As a way to recruit new employees into the firm and maximize its efforts, Ernst & Young will post more than 600 new jobs each month through the CareerBuilder network and its affiliates.Since the firm began using the online recruiting Web site, the number of applicants has dramatically increased by 3,000.
Community News

Short-Term Needs Solved with KPMG 'On-Call Advantage'

Executives with short-term consulting needs may now tap into KPMG's newest effort at providing immediate solutions.Termed 'On-Call Advantage,' KPMG styled this program to provide outsourcing services for a variety of business and management tasks, and is using this outsourcing technique as a way of keeping clients' overhead at a minimum.The activities that fall under the umbrella of this new consulting program include finance and accounting outsourcing, policy and procedure manual preparation, restructuring assistance, consultation on executive compensat
Community News

PwC Once Again Faces Independence Problems

PricewaterhouseCoopers has been accused of signing off on erroneous financial statements of MicroStrategy Inc., a PwC audit client as well as supplier of software products that PwC sells to some of its other clients.
Tax

Are American Taxpayers Celebrating Today?

According to the Americans for Tax Reform, a non-profit lobbying, research, and educational organization which is working to fight tax increases of any kind, today, June 16, 2000, is National Cost of Government Day.

Largest Accounting Fraud EVER Lasted 17 Years!

This is one for Ripley's Believe it or Not!In 1983, Cosmo Corigliano joined a company called CUC International. He was 23 years old, and was previously employed at Ernst & Whinney (predecessor to Ernst & Young). He eventually became the company's CFO.
Technology

How to Prevent Credit Card Fraud on the Internet

Ask any group of CPAs and accounting professionals what they think about buying something over the Internet. More often than not, you'll hear a lot of warnings regarding the security of their credit cards.Online sales have been going on for years, now, and the community still seems to be skeptical.

AccountingWEB Weekly News Wrap-up - Issue 47

The AccountingWEB Friday Wrap-Up Newswire - Issue 47 June 16, 2000 Logon to http://www.accountingweb.com for more resources. Don't know your membership logon details?

Caliber Learning Network Offers Free CPE

Caliber Learning Network, Inc., a company focused on broadband Internet-based business communications and corporate training solutions, has joined the CPE price war in a big way by offering courses in auditor independence at no charge. An on-line course, eGuide to Independence Regulations, will help practitioners understand and apply guidance on independence, integrity and objectivity in the audit, examination, review and agreed-upon procedure engagements of firms of all sizes.

Socially Responsible Jobs are the Soup <i>Du Jour</i> for Today's Grad

It's no secret that today's graduate is opting for something less than traditional and more rewarding--and this includes the accounting marketplace. 'More rewarding,' in this sense, can be a career in the nonprofit sector.
Community News

Former PwC Clients Will Debate, Share Stories at new Portal

Facilitating employee feedback, idea sharing and lots of personal services is very hot these days, as more and more employers look for ways to retain and attract good staff in a market teeming with low unemployment.PricewaterhouseCoopers is spinning off its HR consulting practice to Unifi Network LLP, but the bigger news is that Unifi will create portals for current and prospective clients who want to help their employees air their grievances, share stories and provide a company culture.The portal is expected to go
Community News

Bueno! KPMG Begins International Tax Centers

KPMG is embarking on a new effort to serve clients on a global basis by implementing new U.S.-based tax centers.Called 'International Tax Centers of Excellence,' efforts are already underway to serve clients in Latin America, Belgium, Luxembourg, Germany, and Spain, and plans are in teh works to include the United Kingdom, the Netherlands, and France.Speaking the language and understanding cultural issues are key in this new venture. As an example, the Americas Center will serve as a tax resource to clients who are doing business in Latin America.
Tax

End of Estate Tax = Boon for Financial Planners

The vote by the House of Representatives to repeal the estate tax made the headlines when nay-sayers spoke publicly that this was only good for the rich. It also is good for the financial planner who serves the very rich.Because it looks as if the estate tax will be banned over a 10-year period, those in high incomes or with large inheritances will have to make some very heady decisions as to what to do to lower their tax liability.

Sage Develops Government Management System

Sage Software, Inc. and iDC (Information Development Consultants) have joint-ventured to develop a new management system designed to target the government sector.The system is called 'PlusFund,' and uses the Sage Enterprise Suite to handle any financial-related aspects of government accounting and reporting standards, including GASB 34.The Sage Enterprise Suite encompasses both the Acuity and Best! Imperativ product lines, and incorporates full fund and encumbrance accounting, along with budgetary controls.

38% of Job Applicants Lack Basic Skills

The American Management Association reported recently that over 38% of job applicants lacked basic skills for the jobs for which they applied.

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