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.
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.