AccountingWEB News Wrap-Up - Issue 223

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PricewaterhouseCoopers’ Comperio

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THIS WEEK'S NEWS

  1. SEC Addresses Late Trading, Market Timing and Related Abuses
  2. Audit Fees Go Uncollected by The PCAOB
  3. Enron Creditors Allowed to Sue Lawyers, Auditors, Former Execs
  4. HealthSouth Ousts Five Directors to Settle Suit
  5. SEC to Return $30 Million in Unspent Funds
  6. Report: Execs, Lawyers, Accountants to Blame For Enron’s Fall
  7. Are Your Employees Responsible For Spam? Is Your Organization Liable?
  8. Merrill Lynch to Pay $11M to Overcharged Mutual Fund Buyers
  9. Texas Society of CPAs Speaks Out About Foreign Outsourcing Trends
  10. IMA Launches Sarbanes-Oxley Knowledge Network

OTHER NEWS...

  1. Freddie Mac Outlines Details of Earnings Manipulation
  2. SEC Adopts Stricter Rules to Improve Disclosure to Investors
  3. IRS Helps Military Personnel Get New Law’s Tax Breaks
  4. FASB Close to New Pension Reporting Rule

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*** PLATT’S PERSPECTIVE ***

It’s been an unusually odd week in the Board rooms of corporate America. Consider the following list of companies whose CEOs resigned this week in “surprise” announcements, many as a result of pressure from constituencies or government investigations: AT&T, Boeing, Mitsubishi Motors North America, Strong Financial Fund, Janus International, Skandia Insurance, Semco Energy, and Delta Airlines. Even Disney’s Chairman Michael Eisner is being pressured to step down after Roy Disney – the last of the Disney family holding any control of the company - was forced into retirement this week by the entertainment giant.

Perhaps it was just the right time to leave. Perhaps post-Enron public pressure was finally starting to take hold. Or maybe, just maybe, in the spirit of the holiday season, a wave of moral and ethical values washed over these CEOs and they stepped down because they could no longer look in the mirror and feel good about what they saw.

Yeah, that must have been it. And maybe Santa Claus and the Tooth Fairy really do exist...!

Michael Platt
AccountingWEB, Inc.
editor@accountingweb.com

THIS WEEK'S NEWS

  1. SEC Addresses Late Trading, Market Timing and Related Abuses

At an open meeting this week, the Securities and Exchange Commission took action on three measures to address late trading, market timing and related abuses in the mutual fund industry.

  1. Audit Fees Go Uncollected by The PCAOB

William McDonough, chairman of The Public Company Accounting Oversight Board, told reporters this week at the Economic Club of Washington’s Winter Luncheon Meeting that hundreds of public companies still owe the Board dues. "Those companies that have not paid cannot get a clean opinion from their auditor," said McDonough.

  1. Enron Creditors Allowed to Sue Lawyers, Auditors, Former Execs

The bankruptcy judge in the Enron case has ruled that the energy company’s creditors can sue two Houston law firms, an accounting firm and about three dozen former executives connected with the company’s demise.

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  1. HealthSouth Ousts Five Directors to Settle Suit

HealthSouth will replace five of its directors to settle a lawsuit with the Teachers Retirement System of Louisiana, ending one of many lawsuits pending against the country’s leading operator of outpatient surgery centers and physical therapy clinics.

  1. SEC to Return $30 Million in Unspent Funds

Increasingly under fire for failing to properly regulate the mutual fund industry, the Securities and Exchange Commission was dealt another blow when Congress moved to return $120 million in unspent funds to the U.S. Treasury, $30 million of which the SEC will not get back.

MORE NEWS...

  1. Report: Execs, Lawyers, Accountants to Blame For Enron’s Fall
  2. Are Your Employees Responsible For Spam? Is Your Organization Liable?
  3. Merrill Lynch to Pay $11M to Overcharged Mutual Fund Buyers
  4. Texas Society of CPAs Speaks Out About Foreign Outsourcing Trends
  5. IMA Launches Sarbanes-Oxley Knowledge Network

OTHER RELATED NEWS...

  1. Freddie Mac Outlines Details of Earnings Manipulation
  2. SEC Adopts Stricter Rules to Improve Disclosure to Investors
  3. IRS Helps Military Personnel Get New Law’s Tax Breaks
  4. FASB Close to New Pension Reporting Rule

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HOT TOPICS ON ACCOUNTINGWEB

  1. Non-Big Four Accounting Firm Places 2nd in U.S. Audit Rankings
  2. Survey Reveals More Organizations Detecting Fraud
  3. IMA Launches Sarbanes-Oxley Knowledge Network
  4. Comprehensive Tax Guide Available at IRS.gov

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