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August 19, 2010    
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There is Nothing Quite Like the Scrutiny of Single Audits
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Publisher's Note
Rob Nance, Publisher Lately I’ve heard a lot more talk in the accounting profession regarding pay-for-performance compensation methods, particularly amongst mid-sized firms. What’s driving it? CPAs have told me it’s partially an effort to get creative, trying to avoid staff reductions, but largely I’m hearing it’s been the most effective thing they’ve done to retain the brightest talent.

My son started mowing the yard this year. Instead of a flat rate per mow, he is paid based on his performance. The criteria? The job he did on the yard, including cleanup, plus his attitude, motivation and being proactive. Naturally, he has experienced a wide range in pay. Now in late summer, he “gets it.” Hopefully everyone on your team “gets it,” too.

Rob Nance

Top News
SEC charges State of New Jersey for fraudulent municipal bond filings
New Jersey New Jersey receives the dubious honor of being the first state ever charged by the SEC for violations of federal securities laws. The SEC has charged the state with securities fraud for misrepresenting and failing to disclose to investors in billions of dollars worth of municipal bond offerings that it was underfunding the state's two largest pension plans.
Skin guru CFO gives unwelcome lift to financial statements
The Securities and Exchange Commission has charged the former chief financial officer of a Seattle-area skin care retailer with fraudulently boosting earnings by reporting sales of anti-aging products promoted through Home Shopping Network infomercials while the products still sat unsold in the company's warehouse.
Business executives give VAT a thumbs down
The Tax & Accounting business of Thomson Reuters has announced findings from a recent survey on the impact a value added tax (VAT) would have on American businesses. The majority of executives polled are against VAT and gree that it would significantly increase the cost of compliance.
There is Nothing Quite Like the Scrutiny of Single Audits PPC's SMART Practice Aids - Single Audit
And there is nothing on the market quite like the all new PPC’s SMART Practice Aids - Single Audit, part of Checkpoint Tools from Thomson Reuters. Performing Single Audits has always been a complex process that requires judgment as well as risk-based considerations by auditors. PPC’s SMART Practice Aids - Single Audit walks you and your staff through the entire Single Audit process providing a practical, automated process. Call 1.800.950.1216 or visit ria.thomsonreuters.com/singleaudit today.
Featured Articles
Tips for engaging clients with Twitter
Twitter Twitter has been the social media success story of recent years, helped by the enthusiastic endorsement of journalists and celebrities. Now businesses are beginning to learn how to harness the site's power to grow their companies.
Pros, cons of charging employees deductibles for preventable accidents
It is the bane of many managers' jobs: the preventable accident. With police reports to file, insurance forms to manage, and repairs to oversee, those minor fender benders and dinged doors can cause significant headaches and paperwork. In order to instill a sense of responsibility in employees, many employers may consider charging workers a deductible after they have had a preventable accident.
Search engine optimization and pay-per-click
Why is it necessary to spend all this time and money on organic search engine optimization (SEO)? Why can't you just buy the search phrases on Google? Well, they are two very different practices and yield very different results.
Fear factor: Networking is scarier than death
In a New York Times survey of peoples’ greatest fears, death came in third, following walking into a room full of strangers and speaking in public – a fact that makes Andy Lopata's job a bit more difficult.
Find Out What Today’s Audits Require With ProSystem fx® Knowledge Coach
CCH - a Wolters Kluwer businessProSystem fx Knowledge Coach is not just a planning tool, a workpaper generator, a risk overseer or an audit workflow management tool. It’s all of these things and more, raising the bar on audit engagement management. Sign up now to attend a FREE live web demo. Find out more at CCHGroup.com/AASolutions.
Firm/State/People News
It's not easy being green
Calculator Earning a Green Business League certification is an involved process - this is intentional so that only those companies committed to the process walk away with a certification. Kutchins, Robbins & Diamond, Ltd. (KRD), a professional CPA firm in Schaumberg, Illinois, is the first accounting firm to earn the Silver Certification from the GBL.
Newly merged EisnerAmper becomes 14th largest accounting firm in nation
Eisner LLP and Amper, Politziner & Mattia, LLP have announced that they have combined their practices to form EisnerAmper LLP. The newly formed entity will be the 14th largest accounting firm in the United States.
Company announcements: Week of August 16
Read the latest roundup of firm news for the week of August 16, 2010.
Max Your Tax Deductions The Kiplinger News Letter
Tax-slashing advice, guidance and forecasts. Plus, get Kiplinger's Federal Tax Reduction Kit FREE! The Kiplinger Tax Letter is written in concise non-technical language that makes it easy to translate what you read into practical action that saves you tax dollars. Order now!
What do you have to say today?
After work drinks? Not any more!
A new study entitled 'Health of the Workplace' undertaken by insurance firm Aviva found that although nearly three out of five managers take staff to the pub for team building purposes, just over half of employees are not so keen on going out with their workmates and one in five actively dislike it.
The Truth - but not as we know it
As I type this I am sitting with a dilemma. It is 10-30am on a Sunday morning and I have two bookings for Sunday lunch. One with my extended family, and the other with a client of 20 years. How I said yes to both I will pass over, but here we are. I know I am going to the client, but what do I tell my sister?
FASB Releases Proposals on Pensions, Leases
Earlier this week, FASB released proposals relating to pensions and leases. The proposal relating to pensions represents a consensus of FASB's Emerging Issues Task Force, and the Leases proposal is from FASB's separate project on Leases.
Tax Equity Act – Making Tax Brackets Fair for All?
As we all have heard, the “Bush Tax Cuts” will expire on December 31 and much higher tax rates will arrive on New Year’s Day. This current Democrat controlled Congress continues to talk about “taxing the wealthy.” The irony of the tax increase that arrives on January 1 is that it will hit the residents of high income, Democrat leaning states like California, Connecticut, New Jersey and New York the hardest. This is a problem for pro tax Democrats.
Kaplan Weekly Quiz
KaplanAre you prepared for the CPA exam? Test your knowledge and keep your skills sharp by taking the weekly CPA Exam Quiz, brought to you by Kaplan Schweser CPA Review and AccountingWEB Education & Careers Zone. New questions will be posted for each section weekly. Take this week's quiz.
Latest industry news
Click the link above to find out what's going on among our advertising partners — or check out the stories below:
eXpresso for Microsoft Office expands cloud collaboration
Thomson Reuters releases ONESOURCE Property Tax Version 9.3
The Sleeter Group cuts pricing on Sleeter Consultant Membership
Technology Changes Everything
Illinois CPA Society - Midwest Accounting & Finance Showcase
Breakroom Bulletin
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