by AccountingWeb on Sep 05, 2002
The U.S. Securities and Exchange Commission (SEC) announced the settlement of charges against former officers of Sunbeam Corporation. The company's former CEO and CFO agreed to pay civil penalties and are permanently barred from serving as officers or directors of any public company.
by AccountingWeb on Sep 05, 2002
In August, the American Institute of Certified Public Accountants' Alliance for CPA Firms (PCPS) and the Texas Society of Certified Public Accountants (TSCPA) announced that they had joined forces to produce the 2002 PCPS/TSCPA National Management of an Accounting Practice (MAP) Survey.
by AccountingWeb on Sep 03, 2002
by Bruce MannMore companies are giving serious attention to the auditor selection process than ever before, opening the door for firms to compete for assignments on a more level playing field. The days when management was able to pick its favorite auditor without oversight from the board or audit committee have passed. First it was the demise of Arthur Andersen that forced many companies to interview for new auditors.
by AccountingWeb on Sep 03, 2002
The results of a new survey conducted by the National Federation of Independent Business and Wells Fargo show that accountants are still the advisor of choice among small businesses.Two-thirds of small businesses surveyed have one person with whom they consult before making significant business decisions, and 84% of small employers turn to one or more advisors. When asked which among a group of 10 choices were the most likely to be chosen as advisors, accountants were selected by 59% of those surveyed.
by AccountingWeb on Sep 02, 2002
Although it will continue in business, Andersen officially surrendered its state licenses on August 31, 2002 as agreed with the Securities and Exchange Commission. Observers are still trying to sort through the factors that led to the demise of the firm's audit practice and helped shape its legacy to the accounting profession. A special four-part series in the Chicago Tribune describes a series of troublesome trends that developed over the past two decades.
by AccountingWeb on Aug 29, 2002
On-going publicity of lawsuits and investigations related to accounting irregularities have brought the issue of excessive executive pay back into the limelight this Labor Day. Leading the rallying cry for reforms are two liberal policy groups, the Institute of Policy Studies and United for a Fair Economy. A report recently released by these groups shows that poor accounting pays off for some CEOs, despite the harmful consequences for workers and shareholders.
by AccountingWeb on Aug 26, 2002
Global reporting guidelines to be issued this week provide timely new ways for accountants to help their clients as they battle a storm of public distrust caused by accounting scandals and workplace greed.
by AccountingWeb on Aug 23, 2002
A new generation of software that uses pay-tracking technology and incentive-payment applications promises to help management find mistakes that often escape audits and other means of error detection. Mistakes in bonuses and commissions can add up quickly. For example, there have been media reports that as much as $4 million in phony sales commission was pocketed by more than a dozen employees at WorldCom before the company was forced into bankruptcy.
by AccountingWeb on Aug 22, 2002
A slow economy means slow-paying clients and increased client turnover. This can add up to tough ethical questions for accountants who prepare tax returns. One especially tough dilemma arises when a former client, who hasn't paid his bill, demands that copies of all his records be provided to his new accountant.
by AccountingWeb on Aug 22, 2002
This is the sixth of a series of articles on sessions presented at the 2002 Association for Accounting Marketing Conference.By Karen Bergh, Senior V.P., RainMaker Pro, Inc. for the Association for Accounting Marketing Ron Baker, Founder of VeraSage Institute, shared in his topic "Trashing the Timesheet" his philosophy of how accountants should free themselves from the "tyranny of time" as an indicator of performance.
by AccountingWeb on Aug 22, 2002
The Securities and Exchange Commission (SEC) announced the final results of the corporate certifications due by August 14, 2002.
by AccountingWeb on Aug 20, 2002
The Federal Reserve Board recently reported that few banks have encountered significant problems with the accuracy or completeness of financial statements submitted to them, but many are tightening up lending practices after widely-publicized accounting scandals and accusations about the roles of banks in cover-ups of unexpected business failures. The Fed's report is based on a survey conducted from May through July.
by AccountingWeb on Aug 20, 2002
Although the Securities and Exchange Commission (SEC) has warned investors about relying on pro-forma earnings, some well-known companies still reported earnings with these numbers during the second quarter reporting season.
by AccountingWeb on Aug 19, 2002
If you're feeling baffled by the Sarbanes-Oxley Act, you're not alone. Attorneys say this 66-page document is complicated, confusing and open to interpretation. Many accounting firms and their corporate clients are still sifting through the provisions and trying to develop an action plan to guide their clients through the compliance requirements in the coming months.
by AccountingWeb on Aug 19, 2002
Deloitte's Chief Executive James E. Copeland announced plans to revitalize and expand the firm's ethical awareness program.

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