AccountingWEB News Wrap-Up - Issue 222
- Senate Probe Targets KPMG Tax Shelters KPMG Responds
- SEC Alleges Fraud at Gateway, Charges Three Former Execs
- Professional Costs in Enron Bankruptcy May Hit $1 Billion
- Morgan Stanley Pays $50 Million to Settle SEC Action
- "Tough Love" Approach Sought For Accounting Firms That Don't Reform
- Gates Unveils Technology to Fight Spam, Boost Security
- 2003 MAP Survey Reveals CPA Firm Growth Despite Sluggish Economy
- IRS Issues New Guides For Charitable Organizations
- ASA, AICPA Reach Educational Equivalency Agreements For BV
- Software Firms, California at Odds Over Free E-Filing Services
Survey Says: A recent survey revealed, "Clients Deeply Dissatisfied With Professional Service Providers" See details and link below.
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Change is everywhere - including for me personally and for AccountingWEB.com. After four and a half years of growing AccountingWEB (has it been that long!) I have decided to pursue a very exciting career opportunity to develop and grow a continuous improvement consulting practice called Upstream Midwest, a division of William F. Gurrie & Co., Ltd. (Gurrie) a Chicago area CPA firm.
This opportunity incorporates many of the best practices and idea sharing techniques that have been a staple of AccountingWEB since its beginning, combined with new tools such as the Blueprint for Excellence Program to help organizations consistently achieve their goals.
So, what about AccountingWEB? First and foremost, it is in very capable hands. My business partner, my life partner, my wife - Kelly McRae-Platt - has been a dynamic force in the growth of AccountingWEB since its inception and will be stepping into the leadership role here. Since 1999, Kelly has been intimately involved with every aspect of AccountingWEB, handling editorial development, business development, operations, and preparation of these newswires that you receive each and every week. And while I'm stepping down as CEO, I'm not stepping out of AccountingWEB - I still have too much to say, and will continue with these editorials and with presentations at association and state society meetings and other accounting related conferences.
AccountingWEB will continue to bring you relevant, timely and provocative news and information on what's happening in the accounting profession, and will continue "to inform, to enrich, to enlighten and to entertain you".
Michael Platt, CEO
Accounting firm KPMG's efforts to market four questionable tax products were the focus of Senate hearings this week. Find out what they were investigating, and read KPMG's response.
The Securities and Exchange Commission (SEC) last week charged three former Gateway Inc. executives with fraud for an earnings manipulation scheme engineered to meet the expectations of Wall Street analysts.
Enron has already spent more than $514 million in legal, professional and accounting fees since the company filed for reorganization in December 2001. According to other reports, the company predicts it will spend $146 million on professional fees in the second half of this year alone.
Join Ernst & Young and Financial Executives International (FEI) on December 2nd at 1:00 p.m. ET for a live webcast on year-end financial reporting updates. This webcast will inform and add perspective on financial reporting developments that can affect your company and can help you address issues before you are faced with implementation questions. Register today.
The SEC announced this week the institution and simultaneous settlement of an enforcement action against Morgan Stanley for failing to provide customers important information relating to their purchases of mutual fund shares.
Accounting firms should "save themselves" to restore confidence in the industry, but those that don't clean up their practices will face tough penalties, said the head of the new accounting oversight board.
Find out what a recent survey revealed about the overall satisfaction level of the professional services client base... Read: "Clients Deeply Dissatisfied With Professional Service Providers"
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"To inform, to enrich, to enlighten, to entertain."
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.