AccountingWEB Weekly News Wrap-Up - Issue 195

This News Wrap-Up Brought To You By:

Blackbaud's "The Financial Edge"

PPC's Guide to Fraud Risk Assessment


  1. PCAOB Launches New Web Site
  2. Ex-Con Tells All to Auditors
  3. Qwest Executive Agrees to Pay Millions in Settlement
  4. Senate Panel Scrutinizes Wall Street Settlement
  5. Oversight Board Gives IRS a Mixed Review
  6. FASB Grapples With Valuation of Stock Options
  7. Former SEC Chief Pitt Forms Consulting Practice
  8. Senate Votes 'Yea' on $350 Billion Tax Cut Bill
  9. Canadian Regulators Okay Use of US GAAP
  10. AccountingWEB Interviews Ron Baker
  11. Tailor Your Day for Productivity - Focuser or Juggler Quiz


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With state budgets facing crisis situations all across the
country, more and more creative solutions to budget deficits continue to appear. This week we report on a proposal in the Massachusetts legislature to allow for corporate sponsorships of state landmarks, such as Walden Woods. (See Cash-Strapped States Consider Corporate Sponsorship for details.)

Think of the possibilities! The Johnson & Johnson Statue of Liberty; The Frito-Lay Grand Canyon; The Coca Cola Great Lakes; Metamucil's "Old Faithful" (wait, I think I've already seen that one in a television commercial.)

I'm all in favor of good old-fashioned capitalism, but I don't think I can stomach a Mount Rushmore brought to you by Gillette. If you have some other great corporate sponsorship ideas, send them in to me at Editor, and we'll publish the best of the best in an upcoming newswire!

Michael Platt, CEO
AccountingWEB, Inc.


1. PCAOB Launches New Web Site

The Public Company Accounting Oversight Board has launched a new Internet site for those who want to keep up to date on the latest news and information regarding the Sarbanes-Oxley Act and the activities of the Board.

2. Ex-Con Tells All to Auditors - Teleconference

Earlier this year, AccountingWEB featured an article by Mark Morze entitled "Ex-Con Tells How Auditors Fail to Help Clients Guard Against Fraud." Because the interest was overwhelming, we have invited the author to join us in a conference call to describe the processes he went through to create one of the most notorious financial frauds of the 1980s, ZZZZ Best. If you are an auditor or involved with your company's financial reporting system, you won't want to miss this insightful hour. Space is limited, so register today!


IF YOU PROVIDE AUDIT SERVICES, YOU NEED THIS GUIDE! PPC's Guide to Fraud Risk Assessment: Implementing SAS 99 and Related Guidance was developed to give you everything you need to efficiently implement the new standard. This Guide is a complete package of tools--technical guidance, staff training and client education--all in one comprehensive product. Check it out now!

3. Qwest Executive Agrees to Pay Millions in Settlement

In what marks the first time a corporate executive has been
penalized for participating in the practice known as IPO
spinning, former Quest Communications International Inc.
Chairman Phillip F. Anschutz has agreed to pay millions in
the settlement.

4. Senate Panel Scrutinizes Wall Street Settlement

United States Senators have expressed skepticism and have questioned whether the recent Wall Street settlement against large investment banks would lead to meaningful reform and help the average investor.


5. Oversight Board Gives IRS a Mixed Review

6. FASB Grapples With Valuation of Stock Options

7. Former SEC Chief Pitt Forms Consulting Practice

8. Senate Votes 'Yea' on $350 Billion Tax Cut Bill

9. Canadian Regulators Okay Use of US GAAP

10.AccountingWEB Interviews Ron Baker

11.Tailor Your Day for Productivity - Focuser or Juggler Quiz


Below is a sampling of the Premium Content available to subscribers of the AccountingWEB Premium service. Along with your yearly Premium Membership, you gain access to all the archived Premium Content on the Site.

1. Making The Most of Client Meetings

2. How to Detect and Investigate Kickback Schemes

3. The Significance of New Employee Orientation Programs

FROM THE ARCHIVES. . .Visit the Premium Content Page for more archived articles and content available to all Premium Subscribers


Here are the most read articles over the past few weeks on
our site.

1. Two E&Y Partners Suspended by SEC For Failure to Catch Fraud

2. Tyco Audit Uncovers New Accounting Errors

3. Sarbanes-Oxley Implementation: Painful And Costly

For more Hot Topics visit


Don't miss next week's featured articles on AccountingWEB:

1. Press Releases - A Simple Marketing Tool For Your Firm
2. Making Ethical Decisions - Part Two
3. Seven State Sales & Use Tax Exemptions You Should Know About
4. The Importance of Succession Planning


The next time your firm produces an internal or external newsletter, offer your top-level clients a small text advertisement for free! Help plug your clients and promote their services. It's a great inexpensive way to thank your clients.


Click on any link below to find out more about the products and services highlighted.

Industry Profiles - Arm Your Sales Team With Valuable Information

Minimize Risk, Maximize Revenue With D&B Business Reports

Accounting Policy Templates - Systematize Your Accounting Dept.

Legal & Practice Management Downloadable E-Documents

Client Tax Guides - Keep Clients Up-to-date

Recommended Business and Reference Books

Low Cost, High Impact Ways to Win New Clients


Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!


Visit the 2003 Tax Calendar today.


Visit the AccountingWEB news page for the latest news and happenings around the profession.

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