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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.

Medicaid Cost Containment on State's Agendas Across the U.S.

Press Release With most states coping with their fourth year of fiscal stress, all 50 states and the District of Columbia have planned or implemented Medicaid cost containment actions for fiscal year (FY) 2004.
Practice Management

Changing Attitudes on Firm Flexibility

By Phyllis Weiss Haserot and Holly EnglishDespite the desire by many professionals at some time in their careers to have more flexibility in their working arrangements, particularly now that technology makes it so much easier, decision makers and even the candidates for flexibility themselves resist such arrangements.The deterrents to faster progress are perceived fears and uncalculated costs and benefits.
Education & Careers

New Ethics Boot Camp Mandatory For Entering MBAs

Press ReleaseA mental trek through the Himalayas will be one of the ways that the University of California, Davis, exercises the ethical muscles of incoming Master of Business Administration students.At a time when major ethical failings by corporate America have eroded public trust, the Graduate School of Management is introducing a mandatory ethics boot camp for its 150 entering MBA students.

Europe Mulls PCAOB-Like Body

Looking for ways to raise the bar on auditor oversight across Europe, the European Union is considering the development of a European Coordination Auditing Oversight Board (ECAOB), according to today's Financial Times.The Federation des Experts Comptables Europeens (FEE), the accounting profession's European representative body, is driving the effort to create an oversight board for the European Union's 15 member states."At regular intervals, the ECAOB should review the effectiveness of member states' . . . oversight systems.
Education & Careers

Growing Trend: Companies Institute Chief Governance Officer Position

As companies struggle to comply with new rules and regulations stemming from the Sarbanes-Oxley Act and regulatory bodies, a trend toward employing Chief Governance Officers is emerging. It is estimated that about 60 publicly traded companies now employ CGOs, charged with ensuring the company is complying with an ever growing list of new requirements. Robert Lamm, Computer Associates International’s new director of corporate governance, told Investors Business Daily that in the two weeks it took him to drive up the East Coast to start his new job, there was a whole set of new

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