AccountingWEB News Wrap-Up - Issue 207


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First Research Industry Profiles

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THIS WEEK'S NEWS

  1. Sarbanes-Oxley Leads to Another Firm Split of Consulting Service
  2. PCAOB Begins Collecting Fees to Fund Its Operations
  3. Microsoft Flaw Could Affect Homeland Security
  4. Two More Plead Guilty in HealthSouth Case, IRS Joins Probe
  5. Former PwC Consulting Recruits Win Class Action Suit
  6. Lawyers Balk at New Securities and Exchange Commission Rules
  7. "Subcertification" Becomes Widespread Practice
  8. SEC Closing in on Choice For Chief Accountant
  9. James Metzler Joins AICPA to Enhance Services To Small Firms
  10. 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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PLATT'S PERSPECTIVE

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
AICPA.

Michael Platt, CEO
AccountingWEB, Inc.
e-mail Mike Platt

THIS WEEK'S TOP NEWS

1. Sarbanes-Oxley Leads to Another Firm Split of Consulting Service

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.

2. PCAOB Begins Collecting Fees to Fund Its Operations

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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3. Microsoft Flaw Could Affect Homeland Security

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.

4. Two More Plead Guilty in HealthSouth Case, IRS Joins Probe

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.

MORE NEWS. . .

5. Former PwC Consulting Recruits Win Class Action Suit

6. Lawyers Balk at New Securities and Exchange Commission Rules

7. "Subcertification" Becomes Widespread Practice

8. SEC Closing in on Choice For Chief Accountant

9. James Metzler Joins AICPA to Enhance Services to Small Firms

10. FBI Sting Nabs Two AccountantsWorld Employees

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LAST WEEK'S HOT TOPICS

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1. SEC Issues Study on Principles-Based Accounting System

2. Executives Less Favorable to Sarbanes-Oxley One Year Later

3. Crowe Chizek: Adding Partners, Offices For National Growth

4. Privacy Advocates Cry 'Foul' Over IRS Tactics

5. SEC Sets Example by Barring Two Auditors

Click here for more Hot Topics on AccountingWEB

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ACCOUNTINGWEB Q & A FORUM

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