Trends

PCAOB Announces Standing Advisory Group Meeting

The Public Company Accounting Oversight Board announced this week that it has scheduled a Standing Advisory Group meeting for November 17 and 18 to discuss potential future auditing and related professional practice standards, as well as a proposed standards-setting agenda for 2005. The group will meet on Wednesday, November 17, from 1:30 to 5:15 p.m., and on Thursday, November 18, from 8:30 a.m. to 3:30 p.m. The meeting will be held in the Phillips Collection Ballroom at the Radisson Barceló Hotel, 2121 P St, NW, Washington, DC.
Tax

Court Sides with Coltec in Tax-Shelter Lawsuit

For the second time in two weeks, a federal court has handed the Internal Revenue Service a major setback in its fight against abusive tax shelters.Coltec Industries Inc., which makes aircraft-landing systems, used a strategy that involved transferring a $375 million promissory note to a subsidiary that was set up to take on liabilities associated with asbestos litigation. Coltec sold stock in the subsidiary to banks and law firms handling the litigation, producing a huge loss.The U.S.
Technology

Check 21 Pass Coverts Check Transactions

Aqubanc, LLC a provider of Advanced Automated Payment, Check and Form Processing Solutions announces Check 21 Pass™ for processing check transactions.Every check transaction which can physically move through a check or page image scanner is imaged with the checks first and always before other documents within each transaction. Check 21 Pass documents do not need or require any OCR scan lines or barcodes.
Community News

Survey Says Less Than Half of Companies Consider Outsourcing to be Cost Effective

Seventy-five percent of U.S. and European multinational companies now use outsourcing or shared services to support their financial functions and will continue to do so over the next 12-24 months, although less than half consider outsourcing to be cost effective, according to PricewaterhouseCoopers' Management Barometer Survey. Seventy-two percent of European multinational companies have outsourced financial functions over the past two years compared with 77 percent in the U.S. Additionally, 71 percent of European companies and 78 percent of U.S.

CEOs Carry Twice the Burden of Reputation Recovery

The burden of responsibility for restoring a company's damaged reputation rests squarely on CEO shoulders, according to global communications consultancy Burson-Marsteller's recent CEO reputation study. When top executives were asked who was responsible for repairing company reputation, executives attributed 68 percent of the responsibility to the CEO and 32 percent to the board of directors.
A&A

Credit Card Access to 401(k) Savings on the Way

Will convenient access to savings in 401(k) plans encourage workers to put away more money for their future or tempt them to drain their retirement accounts?The debate over that question has raged for nearly 25 years, but the various theories will be tested in the real world soon. A new 401(k) credit card is set to be unveiled today at a financial conference in Washington, D.C.

Study: CEO, Outside Director Pay Rises Across all Industries

Median total compensation for outside (non-employee) directors of U.S. boards is higher than last year's median in all three major industry sectors covered in The Conference Board's annual study of outside director pay. The study is based on a survey of directors' compensation and board practices in 510 companies.The oversight role of corporate boards is intensifying, resulting in significantly higher demands on board members. The chairmen of audit committees are especially under rising new pressures.
Tax

New Law Would End Double Tax on Some Attorneys’ Fees

With the backing of a rare coalition of business and civil rights groups, the United States Senate passed the Civil Rights Tax Relief Act to end the "double taxation" of attorneys' fees applied to individuals who win or settle employment discrimination and related cases. The provision was included in the American Jobs Creation Act of 2004, which was passed by the House of Representatives earlier this month, and is scheduled to be signed by President George W. Bush soon. "This is a gigantic win for employees who have suffered discrimination in the workplace," said Bruce A.
Tax

WorldCom Whistleblower to be Inducted Into Hall of Fame for CPAs

Cynthia Cooper, the former vice president of internal audit at WorldCom who exposed the largest corporate fraud in U.S. history, will lead the list of three new inductees into the 2004 American Institute of Certified Public Accountants. (AICPA) Business & Industry Hall of Fame, an annual event sponsored by Ajilon Finance, a leading accounting and financial staffing services company. Cynthia Cooper’s name became synonymous with integrity when she exposed the fraud at WorldCom – to date the largest corporate fraud in history. At the time, Ms.
Community News

IPA Names Nation’s Best-Managed Accounting Firms

INSIDE Public Accounting named 25 public accounting firms from across the country as the nation’s best-managed accounting firms for 2004, based on fiscal and management performance.

Forensic Accounting: A Basic Guide to The Profession

By, Alan Zysman, B.Comm, CA·IFA, CFE - Forensic accounting has existed for many years. With the growing complexities of the business environment and the growing number of business related investigations, forensic accounting professionals are increasingly asked to assist in the investigation of financial and business related issues.What is Forensic Accounting? The integration of accounting, auditing and investigative skills yields the specialty known as forensic accounting.
Technology

Google Offers Desktop Search for Email, Files, Web History and More

Google last week announced a beta desktop search application that enables users to search their e-mail, files, web history, and chats.

Nordic Countries Lead the Way in Competitiveness Rankings, U.S. Remains Second

Finland remains the most competitive economy in the world and tops the rankings for the second consecutive year in The Global Competitiveness Report 2004-2005, released today by the World Economic Forum. The United States is in second position, followed by Sweden, Taiwan, Denmark and Norway, consecutively.
Technology

Study: Strong Growth Expected in Malaysian Outsourcing Market

Malaysia's IT outsourcing market is expected to expand at an annual growth rate of more than 27 percent over the next five years, according to a new study.
Technology

Ernst & Young Releases Landmark Corporate Development Officer Study

Is there room for yet another "C" in the C-suites of Corporate America?
Community News

Tips to Strengthen Your Reputation as an Accountant

By Robert G. Epstein - In a profession suddenly surrounded by bad press, work on safeguarding your own professional image.In recent months, accountants across the country have felt the repercussions of Big 5 accounting firm Andersen's struggle with the collapse of energy company Enron. The accounting industry is focusing on rebuilding its reputation with the public, but it's also crucial that every professional do the same. Here, we offer five tips that can help.Talk to Your Clients. It doesn't matter if your clients are large or small.
Tax

Complete Analysis of the Working Families Tax Relief Act of 2004 Available

RIA, a Thomson business and the premier provider of technology and information to tax professionals in accounting firms, corporations, law firms and the public sector, announces the availability of RIA’s Complete Analysis of the Working Families Tax Relief Act of 2004 on Checkpoint, the integrated solution for online tax and accounting information.The Working Families Tax Relief Act of 2004, about to be signed into law, includes a number of tax breaks for individuals and their families, as well as business.
Education & Careers

Accounting Firm Helps Women Go Through New Business 'Boot Camp'

Women who dream of turning their hobbies into lucrative businesses have to stop dreaming and start planning.
Community News

Grant Thornton’s 'CEO Views' Discusses Opportunities Reaped from Helping Clients Be More Successful

Helping customers be more successful is no longer a differentiating factor for companies. It is now expected, according to Grant Thornton’s CEO Views newsletter.“The traditional “boundaries” between companies and their customers are slowly but surely disappearing. Suppliers and customers are now part of an extended enterprise,” says Nitin Bhatt, business advisory services senior manager with Grant Thornton’s Los Angeles office.“The success of one impacts the success of the other, and vice-versa.
Practice Management

Number of Executives Who Want to Become CEO Reaches All-Time Low

The number of executives who don't want to be CEO has doubled since 2001 (60 percent today versus 27 percent in 2001), according to new research by global communications consultancy Burson-Marsteller. Only about one-third (35 percent) say they want to be CEO (versus 47 percent in 2001). The study was conducted among Fortune 1000 executives by WirthlinWorldwide.“Due to shortened CEO tenure and intense media scrutiny, executives are more wary of the corner office," said Patrick Ford, chair of Burson-Marsteller's Corporate/Financial Practice.

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