AccountingWEB News Wrap-Up - Issue 210
- PCAOB Lists Public Accounting Firm Registration Applicants
- Firms Are Backing Away From Offering Auditing Services
- Colorado Surpasses Expectations With Tax Amnesty Windfall
- Whistleblower Receives Close to $1 Million in Settlement
- NC Balancing "Doing The Right Thing" With Increased CPA Risk
- Freddie Mac Executives to be Replaced, Again
- Crowe Chizek Brings Cash Management System to Banks
- Auditor Acquitted of Tax Evasion: Uses "Computer Virus Defense"
- Corporate Governance Recommendations Filed For MCI
- Corp. Directors: More Responsibility Brings More Compensation
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Over the last few months, inside conference rooms of over 850 public accounting firms across the country, firm owners have discussed and debated their continued role in the lucrative but increasingly risky service of auditing publicly held companies. Discussion time is now over, and decision time is here.
The Public Company Accounting Oversight Board has given U.S. public accounting firms until October 22, 2003 to register with the Board in order to be eligible to perform audits of public companies. HOWEVER, the Board has the right to take up to 45 days to review registration applications, which means, for all practical purposes, that applications must be submitted by the first week of September to ensure that the deadline is met.
As of August 27, fewer than 90 firms have applied with the PCAOB. No one is certain whether this is a sign of a major shift in strategy for hundreds of CPA firms, or if it is simply a sign of simply waiting until the last moment to apply. If yours is among the other 750 CPA firms who performed audits of public companies last year and you are still debating whether or not to continue, you need to decide now, otherwise the decision will be made for you. For more information, click here
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The Public Company Accounting Oversight Board has published a list of public accounting firms that have applied for registration to perform public company audits.
With about ten days left to effectively file with the PCAOB in time for a review and acceptance of their registration, a surprisingly small percentage of public accounting firms who audited public companies last year have yet stepped up to preserve their right to compete for this lucrative, yet risky, business.
When officials from the State of Colorado announced a tax amnesty program for the month of June, they were hoping that the program would collect over $5 million in back taxes from delinquent taxpayers. The results are now in, and officials are delighted.
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4. Whistleblower Receives Close to $1 Million in Settlement
Two whistleblowers have found out it pays to take a chance and tell the truth. The University of California agreed to pay nearly $1 million to one former investigator who even the university admits was unfairly terminated when he helped to expose mismanagement at the university-run
Los Alamos National Laboratory in New Mexico.
CPAs around the country are wrestling with an ethical question: Now that Sarbanes-Oxley protects CPAs who expose a public company's shoddy accounting practices, should the same standard of disclosure be used for the private companies they audit? The North Carolina State Board
of CPA Examiners says "no," at least for now.
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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.