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SEC Hearings, Final Day: Schedule of Witnesses

In response to requests for additional time to present views, the SEC has added an additional day of testimony to its Day Three schedule of auditor independence hearings. The final day of testimony will be Thursday, September 21, in Washington, D.C.The following people are scheduled to testify:8:30 am: Panel 1 Robert K. Elliott, ChairmanBarry Melancon, President and Chief Executive OfficerHarold L.
Community News

SEC Hearings, Day Three: Schedule of Witnesses

Schedule of Witnesses for Public Hearing on Auditor IndependenceSchedule of AppearancesPublic Hearing9:00 a.m. – 6:30 p.m.The Securities & Exchange Commission is holding a public hearing on Wednesday, September 20, in connection with its proposed rule amendments regarding auditor independence.
Community News

JOIN YOUR COLLEAGUES TODAY: OPEN FORUM ON SEC HEARINGS

Members of the accounting and financial communities and others are invited to attend an Open Forum, Tuesday September 19, 2000 at 11:00 Eastern Time at the AccountingWEB workshop room, http://www.accountingweb.com/workshop.Leading the forum will be Gary Shamis, Chairman of the PCPS Management of an Accounting Practice Committee, representing the AICPA. Mr.
Community News

Levitt Castigates Big Five

After two days of public hearings, listening to members of the accounting profession voice their concerns about the proposed auditor independence guidelines which would limit the scope of services that can be performed by auditing firms, Levitt seems undaunted in his mission to change the face of public accounting.According to Levitt, the leadership of the Big Five has been "more concerned with expandi

Agencies Overpaid by Almost $21 Billion

The General Accounting Office recently reported that 12 Federal agencies overpaid for a whopping total of $20.7 billion in fiscal 1999.With overpayments up from the previous year's total of $19.1 billion, the reason for the overages is attributed to consistently poor management of funds. Many of the overpayments resulted from Medicare's fee-for-service program."It's astounding that more than $20 billion of taxpayer money was wasted in just a handful of federal programs," said Sen. Fred D.
Community News

SEC's Auditor Guidelines - What all the Fuss is About

Are you still confused about all the news of the SEC proposed changes to the auditor independence requirements?
Community News

SEC Gives Big Five One More Day

After complaints from members of the Big Five that their responses to the auditor independence issue have not been taken seriously, Arthur Levitt, chairman of the Securities & Exchange Commission, agreed to let them have their say. Leading the pack of vocal dissenters has been Stephen G.
Community News

KPMG Chairman's Unspoken SEC Testimony

KPMG Chairman and CEO Stephen G. Butler was scheduled to testify at the crucial SEC auditor independence hearings today, but was irritated at the skimpy amount of time that was allotted to him (30 minutes, to be shared with five other speakers), and distressed that he was not given a requested morning time slot.Mr. Butler's testimony was delivered in printed form to the SEC, and KPMG provided AccountingWEB with a copy of that testimony.As an auditor with KPMG for more than 30 years, and now as the Chairman and CEO of the company, Mr.
Community News

SHOWDOWN WITH THE SEC - September 2000 Hearings

SEC Issues Final Rules on Auditor IndependenceThe SEC voted unanimously to approve new guidelines for auditors. Four of the Big Five firms acquiesced in accepting the rules, KPMG being the hold out firm that still feels the rules are unnecessary.
Community News

KPMG Chief Withdraws from SEC Hearings

KPMG chief executive Stephen Butler pulled out of today's SEC hearings because of the lack of time allowed at the stand, according to the Financial Times.Butler was allotted just 30 minutes to give his opinion on the controversial proposals, and would have had to share that time with five others.
Community News

ICAEW President Gives International Outlook on SEC Audit Rules

Graham Ward, the President of the Institute of Chartered Accountants in England and Wales, is scheduled to appear before the Securities and Exchange Commission's hearings on auditor independence in New York at 4.30pm today.
Community News

Second Auditor Independence Hearing Today

Members of CPA firms, representatives of the AICPA and England’s Institute of Chartered Accountants, lawyers, advisers, members of accountancy boards and CPA societies, and corporate accounting officials are gathering in New York today to present testimony before the SEC regarding the proposed limitations on auditor independence.Forty speakers representing both sides of this issue will take the podium, briefly presenting their views in hopes of supporting or swaying the opinion of Arthur Levitt, Chairman of the Securities & Exc
Technology

It’s ‘Back to School’ Time for IRS Computer

The House Government Reform Subcommittee for Management, Information and Technology, headed up by Rep. Stephen Horn (R-CA), issued its first set of report cards for computer security. Averaging all the grades for all major federal agencies, the government as a whole received a D- in computer security. “Obviously there is a great deal of work ahead,” according to Horn.A grade of “F” was issued to computers in the Justice Department, the Department of Labor, the Small Business Administration, and the Office of Personnel Management.
A&A

Tax Relief in Sight after November Election?

Now that the estate tax bill has been defeated, legislators are looking to the November elections to solidify a stance on future tax reforms.According to Christopher 'Kit' Bond (R-MO), the fall election season is critical if Congress is going to move forward with any kind of tax relief because 'who' get elected has the largest effect on pushing forward any legislation that may make a difference.While November is viewed as the pinnacle for Congress, there will be some activity in the fall prior to the election.

Congressman Honored With FEI Public Policy Award

Financial Executives International (FEI) honored The Honorable Rob Portman (R-Ohio) with the organization's first Public Policy Excellence Award.FEI bestowed the honor on Portman based on his accomplishments in retirement security and pension reforms, especially with the current bill called the Portman-Cardin plan.In essence, the plan simplifies many aspects of retirement, removes regulatory road block and enables more businesses to offer pension plans.
Community News

Panel Chosen for Round 2 of SEC Hearings

SEC Announces Schedule of Witnesses for Public Hearing on Auditor IndependenceSchedule of AppearancesPublic Hearing9:00 a.m. – 6:30 p.m.As previously announced, the Commission is holding a public hearing on Wednesday, September 13, in connection with its proposed rule amendments regarding auditor independence. The hearing will take place in the Pace Downtown Theatre at Pace UniversityNew York, New York The following is a schedule of appearances for the hearing:8:45 am: Opening Remarks Morning Session9:00 am: Panel 1 Laurence H.

Phased-In Retirement Bill a Workable Solution?

The proposed Phased Retirement Liberalization (PRL) Act may be just what the worker ordered should it actually be enacted into law.This bill is intended to offer phased-in retirement options, enabling companies to keep experienced employees for a longer period of time to help ease the shortage in the labor pool.In short, the bill allows companies to distribute pension benefits to eligible employees even if those employees are still working for the company.
Community News

Andersen's Shared Services Helps City Governments

The city of Hurst, Texas, one of the suburbs located between Dallas and Fort Worth, has signed up as the first client under Arthur Andersen's new Shared Services Center.The idea is to have Andersen merge the activities performed by cities anywhere in the United States, or world (if applicable), and offer these services at a lower cost based on volume.In this case, the city of Hurst will outsource many accounting functions to Andersen, including general ledger, purchasing, accounts payable, fixed assets, accounts receivable and payroll.
Tax

US Public Will Pay $602 Billion in Taxes Online by 2006

Despite funding struggles and bureaucratic inertia, eGovernment will change the way authorities deal with their citizens. According to a new report from Forrester Research, federal, state, and local governments will collect 15% of taxes online by 2006 – a total of $602 billion. “An increasingly demanding and wired public is looking for speed and convenience from its government,” said Jeremy Sharrard, associate analyst at Forrester.
Community News

PwC Joins in Fight Against SEC

First it was the Big 3, Andersen, Deloitte, and KPMG up against the Securities & Exchange Commission regarding the auditor independence guidelines the SEC is hoping to enforce. Then Ernst & Young jumped in with the others, claiming the SEC’s proposal would make it impossible for audit firms to enter into strategic alliance or joint ventures, even with non-audit clients. That left PricewaterhouseCoopers as the only hold out, sticking up for the SEC and supporting the change in guidelines. Now it looks like the group is a team again.

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