Trends

As Demands on Directors Increase, So Does Pay

Betsy S. Atkins, a board member of three technology companies, has seen her workload as a director triple in the post-Enron environment. The time she spends in audit and compensation committee meetings has grown even more.This is the new reality for Atkins and many other corporate board directors, who are working harder while facing greater risks of lawsuits and a fouled reputation if something goes wrong.
Tax

Most CFOs File Tax Returns Early, Survey Shows

Robert Half Accountants are at the head of the line when it comes to filing personal income tax returns. In a recent survey, 67 percent of chief financial officers (CFOs) said they submit their taxes in the first three months of the year. But not all respondents act quickly; one in four wait until April to file their returns.The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis.
Community News

SEC to Take Hard Look at Off-Balance-Sheet Disclosures

Off-balance-sheet transactions, once abused by Enron to hide debt and overstate profits, will be closely scrutinized as regulators look for ways to improve financial disclosures.That warning came from Donald T. Nicolaisen, chief accountant of the Securities and Exchange Commission, according to the Wall Street Journal. Nicolaisen said at a Financial Accounting Standards Advisory Council meeting Tuesday that the agency will study the details about off-balance-sheet activity that companies provided in their latest filings.
Technology

'Browser Hijacking' the Latest Threat for Windows Users

Windows users already have enough security risks to worry about, but here’s a new one — browser hijacking.It takes tedious, time-consuming work to undo the damage, and most users only discover the ‘hijacking’ after it’s happened.
Practice Management

Deloitte's Tinkler Outlines Three Elements to Creating an Ethically-Managed Company

Harold Tinkler, Deloitte & Touche LLP's chief ethics and compliance officer, told Baruch College's first Ethics Week forum that culture, controls and consequences are the elements necessary to creating a successful and ethically managed company.
Community News

NJ Moving to Hold Professionals Accountable for Ad Statements

New Jersey’s legislature has taken steps toward ensuring that licensed professionals, including accountants, can be sued for false claims made in their advertising. According to the Courier Post in Trenton, the Senate Commerce Committee passed a bill that would hold anyone who has a professional or occupational license, a certificate of registration or a certification issued or renewed by a board. Professionals such as accountants, architects, doctors, lawyers, morticians, veterinarians and social workers accountable for false claims made in their advertisements.
Community News

AICPA Task Force to Explore Financial Reporting for Private Companies

With the vast majority of U.S.
Community News

Poor Controls Over 'Self-Reporting' Costs Companies Millions

Companies with third-party suppliers, business partners or vendor relationships that are based on the concept of “self-reporting” lose millions of dollars each year because of insufficient controls over such business models, says a new report by KPMG LLP, the audit, tax and advisory firm.The Self-Reporting Economy: A Matter of Transparency and Trust outlines how corporate risk has grown unnecessarily in a burgeoning $300 billion “self-reporting” economy in which each business partner provides the other with pert
Technology

Adobe Launches Bar-Code System to Simplify Forms Processing

Adobe Systems, Inc. this week announced a new forms processing solution that extends the Adobe Intelligent Document Platform with proven 2-D barcode technology to transform the way enterprises and governments manage paper forms workflows.

U.S. Multinationals Make Sweeping Changes in Corporate Governance

The relationship between management and boards of directors at U.S. multinational companies has been changed dramatically through an array of corporate governance initiatives begun in response to corporate scandals, the Sarbanes-Oxley Act, and other requirements. According to the PricewaterhouseCoopers Management Barometer: 88 percent of senior executives report that directors at their company are expected to have more input on a variety of issues. 73 percent say their board will be more vocal on risk identification and risk management.
A&A

FleetBoston’s Specialist Unit Settles With SEC, NYSE

FleetBoston Financial Corp. has disclosed that its Fleet Specialist Unit will pay $59.4 million in a settlement with the Securities and Exchange Commission and the New York Stock Exchange.The settlement stems from an investigation of the NYSE’s five largest specialist firms, who were accused of failing to oversee traders who improperly traded ahead of their customers. In a preliminary agreement announced Feb.
Practice Management

'The Future of the Accounting Profession' Special Report

Back in November of 2003, fifty-seven men and women, including leaders from the worlds of accounting, finance, law, academia, investment banking, journalism, non-governmental organizations, as well as the current and former regulatory officials gathered together for the 103rd American Assembly entitled "The Future of the Accounting Profession."Over the course of the Assembly, the distinguished professionals considered three broad areas of the accounting p
Practice Management

How to Manage Change in Your Organization Effectively

by The Change Management GroupA generation has grown up since the scientist and novelist C.P. Snow wrote that, until this century, social change was "so slow that it would pass unnoticed in one person's lifetime. That is no longer so. The rate of change has increased so much that our imagination can't keep up." Two of the most critical elements of leadership are the introduction and management of change. Many leaders have little or no training in the process.
Community News

Why Can't CPAs Get Traction with New Services?

By, Gale Crosley, CPA and Consultant Not so long ago, the business of an accounting firm was as predictable as men's business attire. Tax preparation and audits were about as far as it went. Unfortunately, as firms have attempted to branch out into an array of related services, their experiences have been hit or miss. More often than not, the reason is that they are unfamiliar with some of the fundamentals in bringing a new service to market, and often incorrectly pattern their efforts after bringing products to market.
Technology

Computer Alert: New Internet Worm Discovered Recently

Win32/NetSky.D is a new Internet worm that is spreading via infected e-mails. The versatility of the worm, in terms of different subjects using methods to fool its recipients, may cause a massive epidemic. Several hundred samples have been received within the few hours since the outbreak according to Eset Software. The virus arrives as an e-mail where the sender's address is spoofed and contains a variety of subject and message text asking the user to open an attached file.
Community News

Crowe Chizek Institutes Forensic Services & Investigations Practice

Occupational fraud is one of the most prevalent and costly problems faced by today's business community. According to the National White Collar Crime Center, it is estimated that losses due to employee theft can range from $20 to $90 billion annually, with as many as three-quarters of all employees stealing from their employers at least once. In its most recent "Report to the Nation," the Association of Certified Fraud Examiners estimated that fraud would impact the American economy by approximately $600 billion in 2002.
Community News

BKD & Moss Adams Add Ethics Oversight Resources to Their Firms

The regional certified public accounting (CPA) firms of BKD, LLP and Moss Adams LLP this week jointly announced their formation of advisory bodies to provide additional oversight of their professional and business practices. William E. Fingland Jr., managing partner of BKD, and Robert L. Bunting, chairman of Moss Adams, announced the commitment of their firms to a new level of internal due diligence.
Technology

Old Virus, New Variant: MyDoom Spreads, Deleting Files

Last week, a new variant of the MyDoom worm was spreading quickly by e-mail again. The new variant has proved less virulent than previous variants but far more destructive if encountered, according to the anti-virus software firm F-Secure. The original MyDoom.A worm, discovered in January, infected up to a million computers worldwide in just a few days, clogging the Internet and delaying e-mail. Since then, a number of MyDoom variants have been making the e-mail rounds.

NYSE’s Thain Defends Trade-Through Rule, SEC Ruling Expected Soon

As the speed versus price debate continues within the Securities and Exchange Commission, the New York Stock Exchange’s new chief executive John Thain has spoken out in support of the specialist system and current practices that put price before speed. The SEC could rule as soon as this week about whether or not to change the trade-through rule, which requires securities traders to find investors the best price even if it is available on a competing exchange.

Corporate Boards Need to Do More to Reform

CEO succession, executive compensation, strategic planning, the nomination of directors and risk oversight are some of the areas that corporate boards are still grappling with more than a year after they were scared straight by the downfall of companies such as Enron and WorldCom.While the expected slew of disgruntled investor lawsuits have not resulted from tighter regulations, the courts are getting into the act by putting corporate boards on notice that they are being watched, said Ira Millstein, a corporate governance expert, speaking at the Reuters Corporate Reform Summit in New York l

Pages


Already a member? log in here.