AccountingWEB Weekly News Wrap-Up - Issue 197

This News Wrap-Up Brought To You By:

Association of Government Accountants

THIS WEEK'S TOP NEWS

  1. SEC to Require Stricter Internal Controls
  2. Key Components of The New Tax Legislation
  3. PricewaterhouseCoopers Fined $1 Million
  4. Whistleblower Seeks $2.5 Million in Suit Against Duke Power
  5. KPMG Sued Over United Way Embezzlement
  6. PCAOB Places Limits on Controversial Decision
  7. SEC Under Scrutiny For Settling Fraud Cases
  8. FASB Agrees to Rethink Pension Rule Change
  9. Ban Being Sought on E&Y New Client Additions
  10. Tax Freedom Day Arrived Early This Year

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EDITORIAL- PLATT'S PERSPECTIVE

Accountants have always had a strong love-hate relationship with new tax legislation. While new tax laws provide a whole new set of rules that challenges accountants to become "experts" in, it also provides tremendous opportunities to help and serve clients.

This week, the shouting and arm-twisting of the very vocal debate about the propriety of a tax cut bill came to an end. Congress reached an agreement and the President signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 in an elaborate ceremony at the White House.

Be sure you take advantage of the window of opportunity this new law creates to inform, educate and advise clients and staff on ways to maximize their benefits from the legislation. We'll help you. START HERE.

Michael Platt, CEO
AccountingWEB, Inc.
Editor

THIS WEEK'S TOP NEWS

1. SEC to Require Stricter Internal Controls

As part of its ongoing attempts to show that the buck stops in the CEO's office, the SEC voted this week to approve strict new internal control requirements, requiring CEOs to sign off that the rules are in place and being followed.

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2. Key Components of The New Tax Legislation

The Jobs and Growth Tax Relief Reconciliation Act of 2003, signed into law this week, contains some splashy big tax cuts that will keep payroll accountants busy this summer, as well as a new rebate plan and tax incentives for both individuals as well as small businesses. Find out more today.

NEW TAX LEGISLATION SUMMARY AVAILABLE

Be sure you have the tools you need to communicate to your clients and staff how the new tax laws will affect them. AccountingWEB has prepared a summary of the new law that you can use in client newsletters, on your Web site, and other client and staff communications.

3. PricewaterhouseCoopers Fined $1 Million

On Thursday of last week, the Securities and Exchange Commission announced a settlement with Big Four firm PricewaterhouseCoopers regarding the firm's 1997 audit of SmarTalk Teleservices Inc.

4. Whistleblower Seeks $2.5 Million in Suit Against Duke Power

An accountant with Duke Power Co. - a major utility in North and South Carolina - claims in a federal suit that he was harassed in a five-hour interrogation and was forced to take an unwanted job change.

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MORE TOP NEWS. . .

5. KPMG Sued Over United Way Embezzlement

6. PCAOB Places Limits on Controversial Decision

7. SEC Under Scrutiny For Settling Fraud Cases

8. FASB Agrees to Rethink Pension Rule Change

9. Ban Being Sought on E&Y New Client Additions

10. Tax Freedom Day Arrived Early This Year

Coming up Thursday June 5: ACCOUNTINGWEB CONFERENCE CALL
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PREMIUM CONTENT

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1. What Do Your Clients Really Want?

2. Ways To Recover When You Miss A Business Appointment

3. How to Communicate Your Companies Vision For Your Team

4. Either Lead, Follow or Get Out of The Way

For more Hot Topics visit http://www.accountingweb.com/news/hottopics.html

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Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.