Trends

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

Japan Announces Plans to Comply With Global Standards by 2005

Earlier last week, the Xinhua News Agency reported that the Business Accounting Council of Japan announced its plans to introduce international accounting standards by 2005. According to the agency, the move would make it easier for Japanese companies to raise funds from financial and capital markets around the world and help create a better business environment between Japan and Europe. The European Union (EU) has made it clear that listed companies in EU member states will be obliged to introduce international accounting standards from 2005.
A&A

Company to Offer Free Access to Credit Scores, Advice

Credit card issuer Providian Financial Corp. plans to offer all its customers free online access to their credit scores, with tips on how to improve them.The program, called "Real Information," allows cardholders to see their FICO credit score online. FICO is the most widely used score, which is computed from monthly credit data. Customers can plug hypotheticals into a score simulator to see how actions such as a missed payment or payoff of a balance can affect the score.Customers can look at their scores anytime they like, as often as they like, at no charge.
Technology

Wireless Internet Networking is Great, Right? Yes, But Beware

The image is enticing, a modern day Norman Rockwell portrait. Your children are upstairs on the home computer, and you and your spouse are downstairs in the den, each with your own laptop – everyone comfortably sharing the same Internet connection, and everyone getting the individual computer time that they need in today’s fast paced world. Wireless networking is now affordable for everyone, and as a result, thousands of consumers have recently or will soon set up a wireless network. But there is a dark side to this convenience, one that could cost you money, time and reputation.

Global Accounting Standards Mired in Dispute

The lofty goal of one world: one set of accounting standards remains just out of reach as three major players in the world economy grapple over some major sticking points.The European Union is insisting that Japan use international accounting standards rather than Japan’s generally accepted accounting principles (GAAP) if Japanese companies want to list in Europe in 2005, Dow Jones Newswires reported.
Tax

Tax Refunds: Skip The Check, Go Right to Plastic!

Debit cards are in these days. From tax preparation firms to state governments, organizations that provide access to tax refunds are providing consumers with more options, and debit cards are among the most popular.Tax preparation services such as Jackson Hewitt and H&R Block are targeting over 25 million taxpayers who do not currently have a checking account, using pre-paid debit cards as an alternative way to speed a cash refund to their customers. Similar to pre-paid calling cards, the pre-paid Visa or MasterCards carry a balance and can be used anywhere those brands are accepted.
Education & Careers

Does Corporate America Need CPOs?

First there was the chief executive officer and the chief financial officer. With scandals and fraud came the advent of the chief accountability officer and the chief ethics, knowledge, regulatory and disclosure officers, to name a few. Technology brought us the chief information officer.
Community News

EU Considers Audit Firm, Lead Partner Rotation Rule

The European Union is considering rules that would require publicly listed companies to rotate auditors every seven years or to change the senior partner in charge of the audit every five years, Financial Times reported.The proposed rules changes come from the European Commission in the wake of the Parmalat scandal in Italy, which was Europe’s version of Enron.

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