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KPMG Tests its Staff on Web Savvy

KPMG has taken a proactive approach to practicing what it preaches. The Big 5 firm's staff is undergoing a special training program to ensure they know the ins and outs of the same services delivered every day to a strong e-client base.The class is known as "Internet 101," and as simplistic as that sounds, it's really a basic course in some of the more detailed, technological aspects related to the Internet.Everyone is required to attend the class as a conduit to support the firm's increasing consulting revenues.
Technology

Traditional Bookkeeping Best for Online Companies

In mid-February, AccountingWeb brought its readers a story about potential changes to accounting rules regarding "pooling of interests."Late last week, members of the bipartisan lobbying firm, TechNet, testified before the Senate Committee on Banking, Housing and Urban Affairs that the issue of pooling, or changing traditional accounting rules related to mergers & acquisitions, should be kept as it is rather than changing the reporting procedures.The group argued

Excel Tip: Pivot Table Tutorial: Data Extraction

This is one in a series of Excel Pivot Table Tutorials developed by AccountingWEB software consultant David Carter.

Tax Attorney Sues Wells Fargo and Wins

The eighth largest bank in the U.S., Wells Fargo, was recently sued by a sole-practitioner for allowing stolen checks to be deposited into a personal checking account. The bank failed to confirm the identity of the account holders and by doing so, violated its own internal policies and procedures.The case involved sole practitioner and tax attorney, Robert Sommers, who hired an administrative assistant, Deborah Minton to handle administrative work and bookkeeping. Although the attorney spent weeks checking Ms.
Technology

Intuit Quickly Corrects Security Error

A glitch in advertising systems on the Quicken.com Web site recently caused a mortgage calculator and credit assessment function to report user information to one of Intuit's advertisers, DoubleClick, Inc. Intuit reports the problem has been corrected.Income, asset and debt information was mistakenly reported to DoubleClick, an Internet ad firm.
Community News

Andersen Plans Ahead for Internal Changes

There's nothing like being proactive, and Arthur Andersen is exhibiting signs that it plans to restructure itself internally in order to defend itself against potential mishaps. The goal, though, is to keep the firm in tact.Why? For starters, Andersen does not want to face independence issues like the ones that surfaced late last year for Big 5 rival PricewaterhouseCoopers.

Adjustments Made to Pentagon Books

How's this for creative accounting? According to the Pentagon inspector general, money managers in charge of the Pentagon's books made almost $7 trillion in adjustments last year so figures would balance.And the news gets worse ...

Review of Audit Committees May Call for Restructuring

A senior SEC official said Friday that a report from an independent committee is expected to require more restrictions for auditor independence and could possibly call for restructuring of public audit firms. The independent committee was hired to review the role of audit committees at publicly traded companies and will issue its first report in April and the final report by summer.The report by the Public Oversight Board is expected to have “very significant” findings.

Texas Society Opens Online Classifieds

The Texas Society of CPAs has expanded its variety of online offerings by adding a set of pages devoted to classified advertising.Categories include job opportunities (companies advertising position), positions sought, practices for sale, practices sought, peer review, incorporation, software for sale and "catch-all" miscellaneous.The Society has packages available, with discounts for pairing online ads with print ads in its bimonthly magazine, TODAY'S CPA.All questions should be addre
Community News

Andersen Inches Closer to Belgium Law Firm

The Belgium Bar, who makes and enforces rules relative to relationships between law firms and auditors, may ease up on previous restrictions preventing such alliances.This is good news for Arthur Andersen and its operations in Europe as it seeks to align itself with legal practices to gain a larger market share.Andersen has worked with the law firm of Caestecker & Partners for the last three years on an informal basis, and will consider a partnership with the firm should rules relax to allow such relationships.Still, experts at Big 5 firms s

New Law Under Fire

A law enacted last year is under fire as House Republicans announced today that they would push to reverse the new accounting rules. The law in question requires taxpayers to pay capital-gains taxes from a business sale in an immediate lump sum.The problem with the tax payout is that it affects all transactions, even those that cover several years. Lobbying groups for small businesses say this has had an adverse affect on the sale of businesses – reducing the sales prices of businesses by up to 20 percent in some cases.

AccountingWEB Weekly News Wrap-up - Issue 32

The AccountingWEB Friday Wrap-Up Newswire - Issue 32March 3, 2000http://www.accountingweb.comIn the news this week:1. Cap Gemini Merges With Ernst & Young Consulting2. PricewaterhouseCoopers Fights Back3. In General, Auditors Are Too Lax on Independence Standards4. Retirement Plans For The Masses5. Who You Gonna Call? Stress Busters!6. Follow Washington’s Lead and Help Feed The Hungry7.
Tax

IRS Features Missing Children on Tax Forms

No white space allowed here; the IRS is delivering a quality public service by featuring the photos of missing or lost children on the blank pages of its forms.Some could say this is an effort in conjunction with the Service's child tax credit, now worth $100 more than it was in 1998 at $500.In other tax news, IRS officials say there is nothing truly new in 1999 forms, just changes in figures here and there. Taxpayers and tax preparers are urged by the IRS to review the numbers carefully for potential pitfalls in preparation.
Technology

Breaking the Glass Ceiling: Web Women

Breaking the glass ceiling within today's CPA firm and accounting marketplace still is a hot topic after all these years, but there's one industry in which women are excelling very quickly: the world of the dot.com.Experts say there is a direct correlation between women who want to take risks and the flexible, often newly discovered, world of the Internet.
A&A

Prevent Fraud by Double-Handling Checks

One of the most common sources of fraud in today's businesses--be them small or large--is the handling of checks for making deposits and paying bills.Experts say it's best to separate the duties - let one person handle incoming payments, while another person writes the checks and pays the bills.And, if you can't afford this kind of duplicity, make sure that you, as the owner or president of the business, sign each and every check, matching the check up to the invoice to ensure accuracy.Lastly, never sign checks in a hurry; there's too great a potential for making mistakes.

Five Easy Steps To New Customers

When it comes to selling professional services, the process can almost be overwhelming. The sales cycle can be long, the timing can take months to “gel,” and personalities can either fit or not when you get to the dotted line.To make the process easier, go back to the basics so you have time to tackle the “real” issues. These five steps will send you in the right direction.Befriend the Gatekeeper. Receptionists and assistants are your friend – or they should be. They can open the gate or slam it in your face. Be sure to respect them at every turn.

Expert Guides Bring Practical Assistance To You

Expert Guides that have been developed for AccountingWEB include Excel tutorials, web site design guides, PowerPoint presentation tips, and other practical tools to help you be more productive.

Deltek Names New CFO, Announces VP Promotions and Other Organizational Moves

McLean, Virginia – March 1, 2000 – Deltek® Systems, Inc. (NASDAQ: DLTK). Deltek Systems, a leading provider of software solutions for professional service and project-based firms, today named David L. Spilman as the Company's new CFO and Senior Vice President of Finance and Administration.
A&A

3,500 Trades on Schedule D!

How many CPAs have ever seen a tax return with 3,500 trades on Schedule D? In this escalating time of the "day-traders," more and more accounting professionals may one day be faced with a similar situation.David Goehl is a 31-year-old, self-employed lawyer, who traded 3,500 times in 1999 for a net profit of $85,000, which averages to trades worth about $1,000 per day after taxes, commissions, rent on the apartment where he performs the trades and even a portion of his cable service.Schedule D is often difficult for any tax preparer given a small number of trades, let alone 3,500.

AICPA Seeks Volunteer Testers for Online Exam

The American Institute of CPAs has issued a call for volunteers to test questions that may be included in the future online CPA Exam. AICPA is considering the online exam to replace the old paper-based format to more accurately reflect the CPA environment by testing on day-to-day issues within the CPA profession.Participants will provide feedback to AICPA on their exam experience, levels of difficulty, practical applications and more.

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