Trends

Community News

Former Rite Aid Counsel First to be Convicted After Scandals

Franklin C. Brown, former Rite Aid chief counsel, was convicted Friday after a jury found him guilty of conspiracy and other charges, the first jury verdict in the wake of corporate scandals. Brown was convicted of conspiracy to inflate earnings, several obstruction charges, witness tampering and five charges of lying to SEC investigators, in a case that came to light a year before Enron erupted. He was acquitted of wire fraud and is free until sentencing at a date to be named later."We're all satisfied. This jury did what one hopes juries will do.
Community News

US, EU Close to Agreement on PCAOB Registration

U.S. and European Union regulators are nearing agreement over the once-controversial matter of European companies registering with the Public Company Accounting Oversight Board (PCAOB).As part of the Sarbanes-Oxley Act, all domestic and foreign firms auditing publicly held firms in the U.S. must register with the PCAOB. Domestic firms have until October 22, 2003.
Community News

2003 MAP "Top Five Issues" Survey Provides Insight into Accounting Profession

For the sixth consecutive year, “finding and retaining qualified staff” is the top pressing issue for CPA firms, according to this year’s “Top Five MAP Issues” survey, conducted by the American Institute of Certified Public Accountants (AICPA).

New Poll Ranks The Accounting Profession (Not So) Prestigious

The latest Harris Poll of Most Prestigious Occupations ranks accounting almost at the bottom of the list. So why doesn't this seem like a problem?The poll, the result of telephone interviews during August 2003 among a cross section of 1,011 U.S. adults, provided insight into what Americans feel are the most prestigious occupations. Accounting came in at 18th place out of a possible 22 occupations. Fifteen percent of those questioned said that accounting is an occupation of very great prestige.
Education & Careers

Arthur Levitt to Chair Academic 'Think Tank'

Morgan Stanley, IBM Corp. and General Electric Co.’s GE Foundation will join forces and resources with Columbia University’s business school to create an academic think tank to take the lead in improving accounting standards and stock research.Called the Center for Excellence in Accounting and Security Analysis, the center will be chaired by Arthur Levitt, former chairman of the Securities and Exchange Commission.
Community News

PCAOB Proposes Auditing Standards For Internal Control Over Financial Reporting

On Tuesday, October 7, the Public Company Accounting Oversight Board unanimously voted to propose and issue for public comment a standard on an audit of internal control over financial reporting. The Board also unanimously voted to propose and issue for public comment a rule which clearly defines terms used in auditing to assist firms in complying with the standards.
Community News

Klotsche Joins IRS to Help Combat Abusive Tax Shelters

John C. Klotsche, a former chairman with leading international law firm Baker & McKenzie, will join the Internal Revenue Service to help coordinate the agency’s efforts to combat abusive tax shelters and improve enforcement processes.He will serve as Senior Advisor to IRS Commissioner Mark W. Everson and will also work with Mark E. Matthews, the Deputy Commissioner for Services and Enforcement.

The 'New Color of Money', Colorized $20's Hit The Streets

The first currency with a hint of color for greater security and safety begins circulation today.
Community News

PCAOB Adopts Final Rules For Inspections of Accounting Firms

On Tuesday, October 7, the Public Company Accounting Oversight Board adopted final rules relating to inspections of registered public accounting firms. Section 104(a) of the Sarbanes-Oxley Act directs the Board to conduct a continuing program of inspections to assess the degree to which each registered public accounting firm and its associated persons are complying with the Act, the Board's and the Commission's rules, and professional standards in connection with audits, audit reports, and related matters involving U.S. public companies.

Survey Reveals Executives Seeking Results-Oriented Consultants

In a first annual survey "Management Consulting in the USA 2003" eight of ten U.S. senior executives say they're looking for consultants to become more results-oriented and to deliver more quantifiable outcomes. 66% say they're pressing consultants to complete projects in shorter timeframes.
Community News

Auditor Consolidation: Views From The Fortune 1000

Earlier this summer, The General Accounting Office issued a report on the effects of consolidation in the auditing profession, resulting in the Big Four firms which audit the majority of public companies.
Community News

Practice Differentiator: Written Guarantee To Clients

Brown Smith Wallace, LLC, a locally-owned CPA and business consulting firm in Missouri, has completed a re-branding process, which includes issuing a written guarantee to reinforce the values, traditions, and commitment to their clients.
Education & Careers

What Recruits Want to Know

By Phyllis Weiss Haserot With retention issues a significant cause for concern at most firms, it is useful to follow the trends on what job candidates are looking for. What kinds of questions are they more likely than previously to ask? Knowing what's on their minds enables interviewers to prepare responses and to push for reasonable changes that will make the firm more attractive to desirable recruits.

PCAOB Adopts Rules on Investigations, Registration Withdrawal

The Public Company Accounting Oversight Board adopted two separate sets of rules this week: rules on investigations and adjudications, and a rule on the process by which a registered public accounting firm may seek to withdraw from registration. The rules will be submitted to the Securities and Exchange Commission for approval pursuant to Section 107 of the Act. The Board's proposed rules will not take effect until approved by the Commission.
Tax

SEC Looks at Hedge Funds, Amex Irregularities

Seeking to better understand how hedge funds are managed and how their assets are valued, the Securities and Exchange Commission will consider a staff proposal to put hedge funds under its oversight umbrella.“Hedge funds for the most part operate below the commission’s radar screen,” SEC Chairman William Donaldson said at a press conference in Washington, at which the SEC staff proposal was unveiled.
Practice Management

McCall Resigns as NYSE Director

The fallout from the flap surrounding former New York Stock Exchange Chairman Richard Grasso’s compensation continued late last week with the resignation of NYSE board member H. Carl McCall.McCall, the former New York State controller, had the supreme bad luck of having to defend the earlier actions of the NYSE’s compensation committee after he took over as its chair in June.

New York Takes on Payday Loan Scams

New York State Attorney General Eliot Spitzer has sued a Delaware-based bank and two out-of-state financial companies for operating a "payday" loan scam that saddles middle to low income New Yorkers with huge debt. Supporters of the enforcement proceedings joined Spitzer in warning consumers against these high-interest loans that violate consumer protection laws. "This modern day ‘loan sharking’ scheme exploits vulnerable consumers with offers of quick cash, when in reality, the exorbitant, illegal interest rates trap people in a cycle of long-term debt," Spitzer said.
Education & Careers

AARP Survey Finds Most Americans Plan on Working Into 70s

A recent nationwide survey conducted by the AARP of 2,001 workers, between the ages of 50 and 70 years old found that many workers plan to continue working well beyond the customary retirement age of 65.Findings reveal that most workers still adhere to the traditional image of retirement, such as spending more time with loved ones and receiving pension and Social Security benefits. It was also uncovered that the majority of respondents said that their personal definition of retirement includes some form of work.
A&A

8th Annual State by State Rankings of Small Business Climates

Last week, the Small Business Survival Committee (SBSC) released its eighth annual rankings of the states according to their respective policy climates for small business and entrepreneurship in the "Small Business Survival Index 2003."In terms of their policy environments, the most entrepreneur-friendly states under the "Small Business Survival Index 200" are: 1) South Dakota, 2) Nevada, 3) Wyoming, 4) New Hampshire, 5) Florida, 6) Texas, 7) Tennessee, 8) Washington, 9) Michigan, 10) Mississippi, 11) Alabama, 12)

New York Society of CPAs to Reveal Ethics Violations to Authorities

The membership of the New York State Society of Certified Public Accountants has passed a bylaw amendment that requires its professional ethics committee (PEC) to share ethics violations with regulatory authorities. Violations by members will now be brought to the attention of state and federal authorities giving the ethics process more bite to better serve the public interest.

Pages


Already a member? log in here.