AccountingWEB Weekly News Wrap-Up - Issue 160
- California Enacts New Laws Affecting Accountants
- E-Mails Show How WorldCom Blocked Auditor Communications
- KPMG to be Named in Fraud Action
- IRS Gets Approval For 'John Doe' Summons
- Andersen Worldwide to Pay $60 Million in First Enron
- SEC Agrees to Phase in Faster And Fuller Reporting Rules
- Accountants Gear Up to Support New Reporting Guidelines
- Andersen Worldwide Faces $350 Million RICO Action
- Accountants Involved in Top 10 Investment Scams
- AICPA Names James A. O'Malley to Head Public Affairs Division
Exactly one hundred and twenty years ago this week, the first Labor Day holiday was celebrated in New York City. The Department of Labor states that Labor Day "is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country."
So before you bug out of town this weekend to go to the beach, to the lake, to visit your family or to go fishing, take a moment and thank your staff for their efforts over the past year. If we can all be honest with ourselves we would all recognize that we're not the easiest people to work with, and a little appreciation, recognition and thanks can go a long way.
To that end, I'd like to publicly recognize the staff, contributing editors and technical team behind AccountingWEB for all the hard work they put into this organization, and to thank them all for their contributions this past year and for their ideas, efforts and contributions yet to come. Now go enjoy the weekend...Happy Labor Day!
New, tougher laws enacted in California this week may signal a move towards individual states taking more control of reforms in the accounting profession.
A series of WorldCom e-mails released by the House Financial Services Committee confirms that members of WorldCom management were not forthcoming in their discussions with the company's auditors. Some e-mails hint at a "coverup."
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KPMG-U.S. has been caught in the net of shareholder lawsuits that will relate to accounting work performed for voice recognition software company Lernout & Hauspie. The company's auditor, KPMG-Belgium, will share defendant status with its U.S. counterpart as the shareholder suits alleging fraud go to trial.
A federal district judge in Miami has approved a request by the Internal Revenue Service to obtain access to records of owners of MasterCard credit cards in 30 countries. The IRS suspects U.S. citizens are using the offshore credit cards as a means of diverting income from U.S. taxation.
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Andersen Worldwide has agreed to pay $60 million to settle
claims in a class-action suit relating to the organization's role in Andersen U.S.'s audit of Enron Corp. The settlement resolves all Enron audit-related claims against Andersen Worldwide, however additional actions against Andersen U.S. will be forthcoming.
The Securities and Exchange Commission agreed to phase in some of its new rules over time and according to the size of the company, thereby allowing smaller companies to grow into the faster and fuller reporting requirements.
Trends, ratios, significant developments, resource links and aggregate company statistics are now available for over 130 industries through Industry Profiles on AccountingWEB,  with several new industries being added this week. Find out what hundreds of your peers are discovering  - how you can use these profiles to generate new business with your top clients.
Expanded guidelines on corporate responsibility reporting provide timely new ways for accountants to help their clients restore trust. The guidelines were developed by the Global Reporting Initiative.
Troubles continue to plague Arthur Andersen Worldwide. The
worldwide firm is now being sued under federal racketeering
laws for the role of Andersen accountants in the takeover
operation of the Brazilian bank, Banco Excel Economico SA.
The North American Securities Administrators Association updated its list of the top 10 investment scams. Sad to say, some of the examples published by NASAA have involved accountants.
On September 9, the AICPA will have a new Senior Vice President in charge of public affairs. James A. O'Malley, a former New York advertising executive, will step in to fill the shoes of John Hunnicutt, retiring after many years of outstanding service in the position.
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