AccountingWEB News Wrap-Up - Issue 211

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THIS WEEK'S NEWS

  1. NYSE Chief's Pay Package Under SEC Scrutiny
  2. Grant Thornton Ends Select Services For Audit Clients
  3. Debit Cards Facilitate Use of Flexible-Spending Accounts
  4. Tax Lawyers Exit Big Four, Head For Law Firms
  5. PCAOB Miscalculation Leads to Criticism, Correction
  6. BearingPoint Restates Earnings, Faces Legal Action
  7. New Security Alert Issued by Microsoft
  8. Investor Lawsuits Settled With Governance Changes
  9. Deloitte Relieved of Duties After Questioning Accounting Methods
  10. Virginia Tax Amnesty Program Underway

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*** PLATT'S PERSPECTIVE ***

These days following the Labor Day holiday always remind me of the back-to-school feeling after taking the summer off from school as a kid. Remember that first day of school? Your mind really has to make a mental shift from "off" to "on" as you get recalibrated to get back to the business at hand.

For many professionals, this calendar change into September should also be a reminder of "it's time to get back into the swing of things." What have you been putting off, or procrastinating on, for the last few months because of client vacations, staff vacations, holiday "mindsets" or other "now-is-not-the-right-time" beliefs?

Well my friends, summer is over and now is the time to get back to work. Contact that client. Mentor that staff person. Call that prospect. Realign your business plan. Because pretty soon you will have the excuse of the Thanksgiving holiday, then it will be Christmas, then of course it's busy season and it will be May again before anything gets done. . .

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

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THIS WEEK'S NEWS

1. NYSE Chief's Pay Package Under SEC Scrutiny

With executive pay packages under increased scrutiny after recent scandals, the Securities and Exchange Commission (SEC) is looking into the compensation of Richard A. Grasso, chairman of the New York Stock Exchange.

2. Grant Thornton Ends Select Services For Audit Clients

Grant Thornton LLP, announced that it will not provide a number of services for its public audit clients that it believes is in keeping with the intent of the Sarbanes-Oxley Act of 2002.

3. Debit Cards Facilitate Use of Flexible-Spending Accounts

Flexible spending plans offered by some corporations just got a whole lot easier to use, with new rules allowing debit cards to track the use of pretax dollars employees put away to pay for medical expenses not covered by health plans. Also, the Treasury Department and the IRS announced over-the-counter drugs can be paid for with pre-tax dollars through health care flexible spending accounts.

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4. Tax Lawyers Exit Big Four, Head For Law Firms

Six high profile tax attorneys have left their positions with a Big Four firm, and have landed at DC law firm Shaw Pittman. Is this the start of a trend? Shaw Pittman thinks it is.

MORE NEWS. . .

5. PCAOB Miscalculation Leads to Criticism, Correction

6. BearingPoint Restates Earnings, Faces Legal Action

7. New Security Alert Issued by Microsoft

8. Investor Lawsuits Settled With Governance Changes

9. Deloitte Relieved of Duties After Questioning Accounting Methods

10. Virginia Tax Amnesty Program Underway

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LAST WEEK'S HOT TOPICS

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1. CPA Firms Are Backing Away From Offering Auditing Services

2. Auditor Acquitted - Uses "Computer Virus" Defense

3. PCAOB Lists Public Accounting Firm Registration Applicants

4. Colorado Surpasses Expectations With Tax Amnesty Windfall

5. IRS Offers Weekly Electronic Newsletter For Tax Professionals

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