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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

Senate Finance Committee votes 'Yes' to Retirement Legislation

The Senate Finance Committee has unanimously voted to increase opportunities for individuals contributing to retirement savings. So what does this mean for retirement planning? Contributions into IRAs would increase from $2,000 to $5,000 while 401(k) contributions will increase from the current maximum of $10,500 to $15,000. Small businesses will find it easier to offer employee pension plans and workers over 50 will be able to increase contributions to make up for the inability to do so earlier.
Tax

Another Tax Bill Bites the Dust

House Democrats sided with President Clinton Wednesday in failing to override Clinton’s veto of the marriage tax penalty. The vote was 270-158 meaning the override vote failed by only 16 votes of the required two-thirds majority necessary for the veto override. Forty-nine Democrats voted with the Republican majority to override the veto and 157 Democrats voted with the President.House Majority Leader Dick Armey spoke out after the vote, saying, “Americans understand it is wrong to tax marriage.
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
Tax

Estate Tax Repeal Officially Dead

Members of the House of Representatives voted Thursday in an attempt to override President Clinton's veto of the bill that would repeal the federal estate and gift tax.The vote fell 14 votes short, largely due to votes from Democrats who were not present last spring for the original vote on this bill in the House.This marks the official end of this bill as an override vote was necessary from both the House and the Senate to kill the veto.
Tax

Dems May Jump Ship and Side with Clinton

Thursday’s House vote should be close, but analysts are predicting that Congress will be unable to collect enough votes to override Clinton’s veto of the controversial estate and gift tax repeal bill.Some Democrats who voted for the bill initially are considering changing their votes. In addition, eleven Democrats who were absent from the original vote are expected to side with Clinton Thursday.

Auditor Recommendations Offered in Time for SEC Hearings

The Panel on Audit Effectiveness, which was appointed by the SEC to evaluate the way in which audits are performed and the effects of such audits on the public interest, has issued its final recommendations in anticipation of next week’s SEC hearings.The panel has been studying audit effectiveness for two years, and now offers the following suggestions which will be discussed at the next two SEC public hearings on September 13 and September 20.Auditors should perfor
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.
Tax

CLINTON NIXES ESTATE TAX REPEAL

As expected on Thursday afternoon, President Clinton vetoed the proposed repeal of the Estate and Gift Tax. The bill will return to Congress where legislators will attempt to override the veto. The White House said that it did not believe the Republican-dominated Congress had enough votes to override the veto. If all those who initially voted for the passage of the bill vote to override the veto, the necessary two-thirds majority will prevail.Under current law, the first $675,000 of property left by a deceased person is exempt from tax.
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.
Tax

Eighth Circuit Overturns Tax Court

Previous tax rulings, notably the INDOPCO Inc. vs. Commissioner case, have required that the tax treatment of officers’ salaries in an acquired subsidiary be capitalized.
Tax

Tractor Pulls Estate Tax Bill to Clinton's Door

The estate tax repeal bill was delivered to President Clinton Thursday for what is expected to be a certain veto. Congressional leaders have promised to attempt a veto override on this extremely popular bill.The bill would entirely repeal the federal estate tax over a 10-year period. Opponents of the bill claim it favors the wealth, while supporters claim it will save untold numbers of family businesses, particularly farms, which often end up being sold to pay exorbitant estate taxes.Clinton has until Labor Day to make a decision about the fate of the bill.
Community News

SEC Makes Auditor Independence Transcript Available

The Securities & Exchange Commission has posted on its web site the entire transcript of Day One of the auditor independence hearings which occurred on July 26.AccountingWEB provided full coverage of the event throughout the day, and will do so again for the second day of hearings, scheduled for September 13.Speakers presenting testimony before the SEC in July included public accountants, industry accountants, educators, memb

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