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.
by AccountingWeb on Jul 24, 2002
Silicon Valley companies had been mercifully spared the bad publicity of accounting scandals -- until HPL Technologies announced at a press conference earlier this week that much of its growth was based on fictitious transactions.The San Jose-based software company said it had uncovered massive accounting fraud that was apparently orchestrated by the company's founder and chief executive officer (CEO) who took the company public a year ago.HPL's audit committee chairman estimates that at leas
by AccountingWeb on Jul 23, 2002
By Lisa Dickson, Marketing Coordinator, Bland, Garvey, Eads, Medlock + Deppe, P.C. for the Association for Accounting MarketingAnother successful Association for Accounting Marketing (AAM) conference has concluded in San Antonio, Texas. This conference opened with a war cry by VeraSage Institute founder, Ronald J. Baker. Baker, a CPA and marketer, has shed some light on what direction the accounting industry in heading. He has challenged us to see beyond the present atmosphere of the tradition accounting firm and reach for excellence in our industry.
by AccountingWeb on Jul 22, 2002
In a paper released last week, T. J. Rodgers, chief executive officer of Cypress Semiconductor Corporation, blasted the Financial Accounting Standards Board (FASB) and generally accepted accounting principles (GAAP) for causing U.S. companies to move toward a second set of numbers known as proforma numbers.Mr. Rodgers cites a PricewaterhouseCoopers finding that 74% of semiconductor companies issue proforma earnings statements.
by AccountingWeb on Jul 17, 2002
In light of the new Securities and Exchange Commission (SEC) requirement that corporate executives attest to the validity of their financial statements, there has been a wave of companies coming forward and asking to revise their financials before the August 14 SEC deadline.On June 28, the SEC ordered that corporate officers must personally certify that their most recent reports filed with the Commission are both complete and accurate.
by AccountingWeb on Jul 16, 2002
As stock prices continue to decline, companies seem to be growing as impatient as investors. Some corporate officers who are not required to comply with the certification order from the Securities and Exchange Commission (SEC) are doing so voluntarily, despite the risk of personal liability for making a false statement.Companies that choose to go this route may also issue press releases to make sure they get recognized by the capital markets.
by AccountingWeb on Jul 16, 2002
On July 15, 2002, as the Senate bickered over but eventually defeated tough stock option reforms, the Securities and Exchange Commission (SEC) agreed to change a key policy involving stock option plans.
by AccountingWeb on Jul 11, 2002
Many corporations facing the future with diminishing resources, find that restricted resources exert increasing pressure on management to plan more carefully. This pressure necessitates the need to think strategically in the pursuit of viable opportunities. Senior management's ability to formulate and articulate a clear vision, accompanied by implementation of succinct strategic goals and objectives, is a primary determinate of the potential success of an organization. WHO IS THE COMPETITION? An organization's competition used to be clear and predictable.
by AccountingWeb on Jul 08, 2002
The Great Atlantic & Pacific Tea Company (A&P) restated prior year earnings in a Form 10K filed with the Securities and Exchange Commission on July 5, 2002.
by AccountingWeb on Jul 03, 2002
Using its new standard for measuring profitability, Standard & Poor's (S&P) ranked companies in order of highest to lowest gaps between their reported earnings and core earnings for 2001.
by AccountingWeb on Jul 03, 2002
Gone are the days when the boss was the BOSS. Today, one of the biggest challenges facing executives is how to incorporate new methods of motivational leadership while still maintaining old "command and control" management styles. How can a manager replicate the successes of Morgan, Rockefeller and Getty without ignoring the wants and needs of their employees?Alex Hiam is a management consultant and best-selling author of more than a dozen books, including The Portable MBA in Marketing and Marketing Kit for Dummies.
by AccountingWeb on Jul 02, 2002
According to a report published by the New York Times, the capital markets have good reason to worry about corporate earnings this year. Companies have at least three good reasons to drag all the skeletons out of the closet and try to wipe the slate clean with an earnings restatement. The three reasons:Legacy of the 1990s. Lawyers and accountants blame the excesses of the 1990s. They say capital markets rewarded growth stocks handsomely, and companies sought to manage stock prices as a way of maximizing the value of their stock-based compensation plans.
by AccountingWeb on Jun 30, 2002
Support for tough accounting and audit reforms is growing, provided the reforms also include stiff sanctions and penalties for top-level corporate management of large public companies. As the first major step in this direction, on June 28, 2002, the Securities and Exchange Commission (SEC) ordered corporate officers to personally certify that their most recent reports filed with the Commission are both complete and accurate.
by AccountingWeb on Jun 27, 2002
WorldCom's plight sent the U.S. capital markets reeling in another wave of accounting shock. It was a jittery week on Wall Street when mere rumors of accounting irregularities were enough to send share prices plummeting. Clearly, the entire telecom sector is on investors' radar screens, but even industrial-era icon General Motors found itself victimized by the rumor mill on June 27, 2002.
by AccountingWeb on Jun 27, 2002
Lawsuits involving audits of public companies have gotten the lion's share of the media's attention in recent months. But state tax returns and other services provided to wealthy individuals still present a multitude of pitfalls for accounting firms of all sizes. Two recent cases show how these pitfalls can and do turn into nightmarish negligence lawsuits, no matter how popular and well-regarded the clients.

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