AccountingWEB Weekly News Wrap-Up - Issue 160

This Week's Wrap-Up Brought To You By:

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THIS WEEK'S TOP NEWS

  1. California Enacts New Laws Affecting Accountants
  2. E-Mails Show How WorldCom Blocked Auditor Communications
  3. KPMG to be Named in Fraud Action
  4. IRS Gets Approval For 'John Doe' Summons
  5. Andersen Worldwide to Pay $60 Million in First Enron
    Settlement
  6. SEC Agrees to Phase in Faster And Fuller Reporting Rules
  7. Accountants Gear Up to Support New Reporting Guidelines
  8. Andersen Worldwide Faces $350 Million RICO Action
  9. Accountants Involved in Top 10 Investment Scams
  10. AICPA Names James A. O'Malley to Head Public Affairs Division

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EDITORIAL

Exactly one hundred and twenty years ago this week, the first Labor Day holiday was celebrated in New York City. The Department of Labor states that Labor Day "is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country."

So before you bug out of town this weekend to go to the beach, to the lake, to visit your family or to go fishing, take a moment and thank your staff for their efforts over the past year. If we can all be honest with ourselves we would all recognize that we're not the easiest people to work with, and a little appreciation, recognition and thanks can go a long way.

To that end, I'd like to publicly recognize the staff, contributing editors and technical team behind AccountingWEB for all the hard work they put into this organization, and to thank them all for their contributions this past year and for their ideas, efforts and contributions yet to come. Now go enjoy the weekend...Happy Labor Day!

Michael Platt, CEO

THIS WEEK'S TOP NEWS

1. California Enacts New Laws Affecting Accountants

New, tougher laws enacted in California this week may signal a move towards individual states taking more control of reforms in the accounting profession.

2. E-Mails Show How WorldCom Blocked Auditor Communications

A series of WorldCom e-mails released by the House Financial Services Committee confirms that members of WorldCom management were not forthcoming in their discussions with the company's auditors. Some e-mails hint at a "coverup."

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3. KPMG to be Named in Fraud Action

KPMG-U.S. has been caught in the net of shareholder lawsuits that will relate to accounting work performed for voice recognition software company Lernout & Hauspie. The company's auditor, KPMG-Belgium, will share defendant status with its U.S. counterpart as the shareholder suits alleging fraud go to trial.

4. IRS Gets Approval For 'John Doe' Summons

A federal district judge in Miami has approved a request by the Internal Revenue Service to obtain access to records of owners of MasterCard credit cards in 30 countries. The IRS suspects U.S. citizens are using the offshore credit cards as a means of diverting income from U.S. taxation.

CPA PARTNER RETREAT
OCTOBER 17-18, 2002 - INDIANAPOLIS, IN

Registration Deadline is September 13. A unique AccountingWEB sponsored conference presented by well-known consultant and CPA partner Sam Allred will get to the heart of issues that challenge many firm leaders - issues like accountability, a poor track record of reaching goals, lack of commitment and false starts with new firm endeavors. During the conference you will learn the Blueprint for Excellence process, which carefully combines three very important components to ensure that the impact on your firm will be immediate and lasting. You won't want to miss this opportunity. Find out more today.

5. Andersen Worldwide to Pay $60 Million in First Enron Settlement

Andersen Worldwide has agreed to pay $60 million to settle
claims in a class-action suit relating to the organization's role in Andersen U.S.'s audit of Enron Corp. The settlement resolves all Enron audit-related claims against Andersen Worldwide, however additional actions against Andersen U.S. will be forthcoming.

6. SEC Agrees to Phase in Faster And Fuller Reporting Rules

The Securities and Exchange Commission agreed to phase in some of its new rules over time and according to the size of the company, thereby allowing smaller companies to grow into the faster and fuller reporting requirements.

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Open The Door To New Opportunities With Your Clients

Trends, ratios, significant developments, resource links and aggregate company statistics are now available for over 130 industries through Industry Profiles on AccountingWEB, with several new industries being added this week. Find out what hundreds of your peers are discovering - how you can use these profiles to generate new business with your top clients.

7. Accountants Gear Up to Support New Reporting Guidelines

Expanded guidelines on corporate responsibility reporting provide timely new ways for accountants to help their clients restore trust. The guidelines were developed by the Global Reporting Initiative.

8. Andersen Worldwide Faces $350 Million RICO Action

Troubles continue to plague Arthur Andersen Worldwide. The
worldwide firm is now being sued under federal racketeering
laws for the role of Andersen accountants in the takeover
operation of the Brazilian bank, Banco Excel Economico SA.

9. Accountants Involved in Top 10 Investment Scams

The North American Securities Administrators Association updated its list of the top 10 investment scams. Sad to say, some of the examples published by NASAA have involved accountants.

10. AICPA Names James A. O'Malley to Head Public Affairs Division

On September 9, the AICPA will have a new Senior Vice President in charge of public affairs. James A. O'Malley, a former New York advertising executive, will step in to fill the shoes of John Hunnicutt, retiring after many years of outstanding service in the position.

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1. Ten Tips to Getting Paid Promptly

2. Shortcuts For Copying Cells in Your Excel Workbook

3. Motivating Your Staff - Questions to Lead By

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