Practice | AccountingWEB
by AccountingWeb on Jun 12, 2003
By Dixon OdomThe Employee Benefits Security Administration, formerly the Pension and Welfare Benefits Administration, a division of the Department of Labor (DOL), has clarified and emphasized its position regarding the timeliness of remittances of participant contributions to employee retirement plans.
by AccountingWeb on Jun 11, 2003
Two new reports on the collapse of WorldCom Inc. place the blame for the company’s demise on the shoulders of founder and Chief Executive Officer Bernard J. Ebbers. The reports accuse him of running a company so concerned about meeting Wall Street expectations that warnings about accounting irregularities were met with scorn and ridicule.The nation’s second-largest long distance company was the victim of executive hubris, the reports found."The fraud was the consequence of the way WorldCom's chief executive officer, Bernard J. Ebbers, ran the company," one report read.
by AccountingWeb on Jun 11, 2003
If your firm struggles with Partner reviews and Partner peer reviews, you may want to try the Client Audit method. With this method your firm would invite clients to evaluate the performance of the partners and staff who are responsible for the their work.
by AccountingWeb on Jun 10, 2003
The 2003 National Management of an Accounting Practice (MAP) Survey launches this week with the highest number ever of state CPA societies, 44, agreeing to participate. The survey, jointly produced by the American Institute of Certified Public Accountants' Alliance for CPA Firms (PCPS) and the Texas Society of Certified Public Accountants (TSCPA), is designed to aid firms in analyzing and comparing their performance and profitability.Last year's survey attracted 2,500 accounting firms and 38 state societies.
by AccountingWeb on Jun 09, 2003
Freddie Mac, the nation’s No. 2 mortgage finance company, replaced its top three executives this week in the wake of an accounting investigation. The company’s president was accused of not fully cooperating with auditors reviewing the company’s 2000-2002 financial statements.Update 6-11-03: In spite of attempts to control damage, the mortgage giant now faces even greater scrutiny. Results of an informal probe of the company, begun by the Securities and Exchange Committee (SEC) in January, 2003, has prompted a formal investigation. Additionally, the U.S.
by AccountingWeb on Jun 09, 2003
Simply knowing the rules will not turn you into a technology guru, but it will enable you to participate in the development of a technology strategy for your firm. Below are ten tips provided by Gary Boomer of Boomer Consulting. Technology is a Strategic Asset: Many people, including accountants, often try to manage technology as though it were overhead. This approach ensures frustration because expectations are always greater than the resources committed.
by AccountingWeb on Jun 09, 2003
Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsObstacles to Ethical Decision Making: Rationalizations...We judge ourselves by our best intentions, our noblest acts and our most virtuous habits. But others tend to judge us by our last worst act. So in making tough decisions, don’t be distracted by rationalizations. Here are some of the most common ones:If It’s Necessary, It’s EthicalThis rationalization rests on the false assumption that necessity breeds propriety.
by AccountingWeb on Jun 05, 2003
There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability.
by AccountingWeb on Jun 03, 2003
Many professional service firms are creating specialty areas within their practices and in some cases whole new “offspring” companies to respond to the changing demands of clients and to create growth opportunities for associates and younger staff.Among the three types of professional service firms, CPA firms are for once being viewed as exciting because they continue to experience the most change, which for junior staff in the midsize and smaller-sized firms is being translated into new opportunities.
by AccountingWeb on Jun 02, 2003
Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsThe Seven-Step Path to Better Decisions...1. STOP AND THINKOne of the most important steps to better decisions is the oldest advice in the world: think ahead. To do so it’s necessary to first stop the momentum of events long enough to permit calm analysis.
by AccountingWeb on Jun 02, 2003
By Bruce L. Katcher, Ph.D. President of The Discovery GroupPart 1 - THE PROBLEM:Our research shows that 6 of 10 employees believe that their company is doing a poor job of applying personnel policies and procedures fairly. When employees feel they are not administered fairly they lose respect for management, build up resentment toward their fellow co-workers, and lose motivation for their work.
by AccountingWeb on May 30, 2003
From lewd behavior to careless conduct and gross misconduct, employers face many different complaints that require prompt and thorough investigations followed by appropriate corrective actions.
by AccountingWeb on May 28, 2003
It's really no secret what your clients and prospects want, they want solutions and leadership. Solutions and leadership demonstrate value to a client. These come from a thorough knowledge of the client's objectives, strategies, existing circumstances, competitive position, and personnel.
by AccountingWeb on May 28, 2003
Reprinted from Ethics in Action with permission of the Josephson Institute of Ethics. © 2002 Josephson Institute of EthicsGroundwork for Making Effective Decisions...Whether or not we realize it at the time, all our words, actions and attitudes reflect choices. A foundation to good decision-making is acceptance of two core principles:- we all have the power to decide what we do and what we say, and - we are morally responsible for the consequences of our choices. Sometimes the power to choose is not self-evident.
by AccountingWeb on May 27, 2003
By Roman H. Kepczyk, CPA The influence of technology is being felt in every business today, especially in light of discussions stating that a company’s ability to adapt to new technologies and to maximize the "intellectual capital" within the organization, may be the last (and only sustainable) competitive business advantage. This is especially true within service organizations such as CPA Firms, where the higher value capabilities of tax, audit, and business consulting usually reside in the minds of personnel.

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