AccountingWEB News Wrap-Up - Issue 207
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- Sarbanes-Oxley Leads to Another Firm Split of Consulting Service
- PCAOB Begins Collecting Fees to Fund Its Operations
- Microsoft Flaw Could Affect Homeland Security
- Two More Plead Guilty in HealthSouth Case, IRS Joins Probe
- Former PwC Consulting Recruits Win Class Action Suit
- Lawyers Balk at New Securities and Exchange Commission Rules
- "Subcertification" Becomes Widespread Practice
- SEC Closing in on Choice For Chief Accountant
- James Metzler Joins AICPA to Enhance Services To Small Firms
- FBI Sting Nabs Two AccountantsWorld Employees
Be sure to check out the Hot Topics, Q&A Forum, Sample Premium Content, Top Selling Books, and Membership Information in this week's News Wrap-up!
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For years, the American Institute of CPAs has suffered a
perception problem that it is pandering to the Big Four firms and ignoring the needs of the smaller firms. In a bold move announced this week, the AICPA has created and filled a position that is sure to curb, if not end, the criticism.
By bringing on board James Metzler - a well known practitioner, consultant and advocate for smaller firms - to lead the effort, the AICPA is sending a clear signal that it will continue its efforts to represent the interests of all 45,000 CPA firms in the United States, not just the few large firms.
AccountingWEB applauds this move, and encourages everyone to find out more about the practice management initiatives
currently underway, and future initiatives planned by the
Michael Platt, CEO
e-mail Mike Platt
Birmingham, Alabama-based Summerford Accountancy, P.C., Certified Public Accountants and Fraud Examiners has split from Dixon Odom, PLLC, a direct result of restrictions placed on independence issues by Sarbanes-Oxley.
The bill is in the mail, folks. The Public Company Accounting Oversight Board (PCAOB) has begun mailing invoices to the nation’s 5,200 publicly held companies as well as to another 3,300 investment firms and issuers of equity, all of whom will foot the bill for the board’s $68 million operating budget.
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In July, Microsoft announced a "critical" flaw in several of its operating systems (including Windows XP) and now the U.S. Department of Homeland Security (DHS) is expressing worries about the vulnerabilities to cyber attacks.
And then there were 14. Two more former HealthSouth officials agreed last week to plead guilty to conspiracy charges as part of what investigators say is a $2.5 billion accounting fraud.
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Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.