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.
by AccountingWeb on Aug 15, 2002
AOL Time Warner is probably the first company to walk a fine line by swearing to its accuracy of its financials, while simultaneously warning of potential accounting errors. The company submitted its sworn statements to the Securities and Exchange Commission on schedule, but also said it is reviewing the propriety of several advertising transactions that amount to approximately $49 million. The amount is immaterial compared with AOL Time Warner's total revenues.
by AccountingWeb on Aug 14, 2002
Carnegie International announced it has received the report of an 8-month investigation into Grant Thornton's actions in connection with a pending lawsuit. Carnegie said a court-appointed Special Master found Grant guilty of negligence and recommended the firm be ordered to pay all reasonable costs of the investigation, which could amount to $1 million or more. The investigation had been ordered during a temporary suspension of a trial that began in November 2001.
by AccountingWeb on Aug 13, 2002
by Sam M. Allred, CPAWe live in a time of unprecedented change, both in our profession and in the world market place. Stakeholders and staff in accounting firms are wondering what changes are on the horizon in the wake of Enron, World Com and the other debacles in our financial markets. In these uncertain times, the most important thing that leaders can do is to give their partners and staff members focus and a sense of confidence.
by AccountingWeb on Aug 13, 2002
Although they play a less visible role than the Securities and Exchange Commission, insurance companies carry a big stick today when it comes to enforcing accounting reform. Companies that don't measure up to insurance company standards can find their D&O policies canceled or their rates raised.D&O stands for directors and officers liability coverage.
by AccountingWeb on Aug 08, 2002
by Cheri L. Swales, MonsterDedication to your company is not the only thing you need to consider when developing your career. Volunteering can be an important part of your leadership skills repertoire. Networking is the best way to enhance your career status, and volunteering is one of the best networking opportunities.
by AccountingWeb on Aug 07, 2002
CFO.com has posted the results of its CFO Compensation Survey, and the results show that CFO compensation seems to be stagnating, but you probably wouldn't guess that based on the compensation amounts shown below. The survey considers the salary, bonuses, and long-term incentives of 234 finance executives employed at 350 companies with earnings of $1 billion or more. The top 10 earners and their total compensation package are: Michael E. Lehman, Sun Microsystems, $37,201,000Mark H.
by AccountingWeb on Aug 05, 2002
Investors may have been shocked by corporate fraud, but not workers. Results of a recent study by Ernst & Young show workers are aware of workplace fraud and they have some pretty good ideas about how to stop it. Common Offenses The study, which was conducted between June 3rd and 6th, found employers lose 20% of every dollar earned to some type of workplace fraud.
by AccountingWeb on Aug 05, 2002
Here is a list of items to help you detect fraud in your company or a client's company. 1. Unusual BehaviorThe perpetrator will often display unusual behavior, that when taken as a whole is a strong indicator of fraud. The fraudster may not ever take a vacation or call in sick in fear of being caught. He or she may not assign out work even when overloaded. Other symptoms may be changes in behavior such as increased drinking, smoking, defensiveness, and unusual irritability and suspiciousness.2.
by AccountingWeb on Aug 01, 2002
Shareholder Value Magazine surveyed top executives of publicly held companies to help assess the prevalence of accounting scandals and the corporate response. Respondents to the survey were primarily investor relations professionals of micro cap, small cap and mid cap companies.
by AccountingWeb on Jul 29, 2002
An Orlando, Florida accounting firm was recently sued after its client went bankrupt -- a familiar scenario for national firms that do audits of public companies. But this suit was different in that it involved a local accounting firm that didn't do anything more than a compilation for the client. The firm is Averett Warmus Durkee Bauder & Thompson.

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