AccountingWEB Weekly News Wrap-up - Issue 54

The AccountingWEB Friday Wrap-Up Newswire - Issue 54

August 4, 2000

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* * This week's newswire is sponsored by Netledger * *

http://www.netledger.com

IN THIS WEEK'S NEWSWIRE:

1. Andersen Consulting: A Frankenstein Monster?
2. XBRL Committee Releases Specs, Adds Members
3. Internet Tip: Find Home Prices
4. Have You Implemented SysTrust With Your Clients?
5. 10 Steps Toward Protecting Your Privacy on the Internet
6. Senators Urge 'Caution' in Letter to SEC Chairman
7. Excel Tip: Manipulating 3-D Spreadsheets
8. IRS Employees Caught Taking Bribes
9. PwC Chief Faces Possible Probe over Audit Violations
10. An Easy Way for College Students to Use Credit Cards

Join in the Debate
=============
Last week's news story on "Cognitor," the AICPA-proposed global designation for accounting professionals, has drawn some rather strong commentary from AccountingWEB members. From "psychobabble" to "confusing" to "a futile name to promote," those who commented on the story were not short on emotions about this proposed new name. In his comments on our story, Bryan Hassler, Executive Director of the Alabama CPA Society, cautions the profession to not be too quick to condemn the name until we know more about it. We invite you to join in the debate and share your thoughts on the effectiveness of the proposed designation.
http://www.accountingweb.com/item/22932/101

Michael Platt, CEO
AccountingWEB, Inc.
mailto:mplatt@accountingweb.com

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AccountingWEB's Free Online Workshop Schedule
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Be sure to mark your calendars for these upcoming workshops, and tell others in your firm to join you online!
http://www.accountingweb.com/workshop

Tuesday, August 8, 4:00 Eastern Time -
"E-Mail Privacy: What Every Employer Should Know"
Presented by Steven Abraham, J.D.

Tuesday, August 15, 4:00 Eastern Time -
"Making Business Taxes Less Taxing"
Presented by Lee Walthall
Chairman and CEO, NationTax Online

Thursday, August 17, 4:00 Eastern Time -
"How to Incubate Opportunities in Your Own Practice"
Presented by Bruce Van Horn of CountTheBeans.com

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Editorial
=============
This week AccountingWEB hosted Erin Mackler of the AICPA in a live, interactive workshop regarding SysTrust, a formalized process by which accountants can analyze the reliability of information databases and systems for their clients. The results of this analysis will become a standard part of the financial statement review. Our news story includes a link to the entire workshop transcript, which includes a complete discussion on how SysTrust works and how you can implement this new procedure with your clients.

Gail A. Perry
Managing Editor
mailto:gperry@accountingweb.com

1. Andersen Consulting: A Frankenstein Monster?
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When Arthur Andersen spawned Andersen Consulting, did they realize someday they would end up in a courtroom face off, fighting over clients, services, intra-company fees, and more?
http://www.accountingweb.com/item/23370/101

2. XBRL Committee Releases Specs, Adds Members
----------------------------------------
Over fifty companies strong, the XBRL Committee, which will redefine the future of financial reporting, has released a specification that will enable companies to incorporate the benefits of XBRL into the financial reporting process.
http://www.accountingweb.com/item/23367/101

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This newswire will be read by thousands of accounting professionals this week. For advertising information, contact
Ryan Carmen at mailto:rcarmen@accountingweb.com

3. Internet Tip: Find Home Prices
----------------------------------------
Are you selling or buying a home? Are you interested in what your own home is worth? Are you considering moving to a new neighborhood and want some information about the housing prices? We've discovered a web site that will provide you with information about the prices for which houses in a specific area are selling.
http://www.accountingweb.com/item/23328/101

4. Have You Implemented SysTrust With Your Clients?
----------------------------------------
Part of the auditing process in the 'New Economy' will necessarily include analysis of the reliability of information databases and systems. Erin Mackler of the AICPA visited AccountingWEB this week to tell us all about this new process called SysTrust.
http://www.accountingweb.com/item/23330/101

5. 10 Steps Toward Protecting Your Privacy on the Internet
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Do you know how to make sure that information you send and receive over the Internet is kept private? The AICPA joined with other professional accounting bodies to produce a checklist of 10 ways in which you can make sure your private information stays that way.
http://www.accountingweb.com/item/23523/101

6. Senators Urge 'Caution' in Letter to SEC Chairman
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In the wake of the first day of SEC hearings, members of the Senate Committee on Banking have signed and presented a letter to Securities & Exchange Commission Chairman Arthur Levitt requesting an extension of time on the comment period for the auditor independence guidelines.
http://www.accountingweb.com/item/23258/101

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GET COMPANY CREDIT REPORTS DIRECT FROM ACCOUNTINGWEB

Dun & Bradstreet reports are now available to you on a pay-per-view basis on AccountingWEB to help you do your job better, quicker and easier. Find D&B Rating, company history, and operation performance; special events, payment patterns, and company changes; the firm's recent financial history, including any public filings and lending experiences; and an overview of the company's history. Reports start at $25. Go to:
http://www.accountingweb.com/winstar/duncred.html
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7. Excel Tip: Manipulating 3-D Spreadsheets
----------------------------------------
This week's Excel tip focuses on the use of multiple sheets within a single Excel workbook, and the ease with which you can perform calculations that span the sheets.
http://www.accountingweb.com/item/23525/101

8. IRS Employees Caught Taking Bribes
----------------------------------------
A sting operation uncovered eight Chicago-based IRS employees allegedly taking bribes in exchange for offering breaks on income taxes. Some of the agents have turned coat and are now informants in this shocking case.
http://www.accountingweb.com/item/23124/101

ADVERTISEMENT


Accountants: Help Your Clients Manage Their Business Totally Online. Netledger is online small business management and accounting software. ZDNet Editor's Pick, Netledger runs on a 100% safe & reliable Oracle database. Instantly imports from Quickbooks/Quicken. Allows multi-user access for accountants, customers, vendors, anywhere & anytime. Log on for a FREE 30 day trial. http://promo.netledger.com/cgi-bin/mail.dll?9426

9. PwC Chief Faces Possible Probe over Audit Violations
----------------------------------------
PricewaterhouseCoopers is back in the news this week as several high-ranking members of the firm face possible investigation after a US court refused to dismiss a claim alleging that the Big Five firm had misrepresented audit independence violations at electronic manufacturing firm Emcore.
http://www.accountingweb.com/item/23249/101

10. An Easy Way for College Students to Use Credit Cards
----------------------------------------
The College Parents of America have come up with a great solution for college students who want to use credit cards and their parents who may be a bit skeptical of the whole idea.
http://www.accountingweb.com/item/23375/101

Q&A Forum
========================

Any help you can offer on the following requests for information will benefit many in the AccountingWEB community. Click on the link and offer your insight:

James Lunsford is looking for help in valuing customer lists.
http://www.accountingweb.com/item/22794/101

Scott Bonacker needs clarification of the relationship between employment taxable wage and allocable income.
http://www.accountingweb.com/item/22881/101

Susan Smolenski is looking for a design checklist for building a web page.
http://www.accountingweb.com/item/23083/101

Diane Piros is searching for an Internet site to search by Cusip # to determine the basis for inherited stock.
http://www.accountingweb.com/item/23358/101

Thank you to all of our contributors to the Q&A Forum!

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