News Wrap-Up - Issue 234

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THIS WEEK'S NEWS
  1. Board Approves Internal Control Rule, Confirms Registration Deadline
  2. Prosecutors Identify 30 KPMG "Subjects of Interest" in Tax Probe
  3. Firm Settles Two Class-Action Lawsuits over Tax Shelters
  4. SEC Subpoenas 65 Former NYSE Directors in Grasso Pay Flap
  5. AICPA Task Force to Explore Financial Reporting for Private Companies
  6. NJ Moving to Hold Professionals Accountable for Ad Statements
  7. FASB Stock Option Rules Subject of House Bill
  8. Quintiles Hit with $153.1M Tax Bill from 2000 Sale to WebMD
  9. CPA Claims Ties to Royalty as Part of his $45M Fraud
  10. Judge Throws Out Most Serious Count in Tyco's Kozlowski Case
  11. SEC to Scrutinize Companies Doing Business in Rogue Nations

See the Microsoft Critical Security Update highlighted below. And check out the "Just For Fun" article, Hubble Digs Deeply, Toward Big Bang. Find out more below!

Don’t miss "Firms in the News", Premium Content, Hot Topics, Tax News and more in this week’s News Wrap-up...

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THIS WEEK'S NEWS
  1. Board Approves Internal Control Rule, Confirms Registration Deadline

The Public Company Accounting Oversight Board this week approved an auditing standard for audits of internal control over financial reporting and proposed amendments to the Board’s existing interim auditing standards to conform them to the new standard. The Board also voted to extend the registration deadline for non-U.S. accounting firms from the previous deadline of April 19, 2004.

  1. Prosecutors Identify 30 KPMG "Subjects of Interest" in Tax Probe

Federal prosecutors have contacted an unusually high number of current and former KPMG partners and employees to let them know they are "subjects" of the government’s investigation into tax shelters formerly sold by the nation’s fourth-largest accounting firm.

  1. Firm Settles Two Class-Action Lawsuits over Tax Shelters

One of the biggest law firms in Dallas has agreed to pay $75 million to about 100 former clients who claim the firm designed and sold tax shelters that were rejected by the IRS.

*** SPONSOR OFFER ***

AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm. Over 200 accounting department policy templates, written in Microsoft Word format by PolicySoft, are available individually or in groups for immediate download. Find out more today! Be sure to download the Travel & Business Reimbursement Expense sample policies for free!

  1. SEC Subpoenas 65 Former NYSE Directors in Grasso Pay Flap

Former New York Stock Exchange Chairman Richard Grasso has made it clear he has no plans to return any of the $139.5 million compensation package that forced his ouster last September. Now, the Securities and Exchange Commission is setting its sights on as many as 65 former NYSE directors who approved the package.

  1. AICPA Task Force to Explore Financial Reporting for Private Companies

With the vast majority of U.S. businesses being privately owned, the American Institute of Certified Public Accountants is formally studying whether there are issues with private company financial reporting.

  1. NJ Moving to Hold Professionals Accountable for Ad Statements

New Jersey’s legislature has taken steps toward ensuring that licensed professionals, including accountants, can be sued for false claims made in their advertising.

MORE HEADLINES...

  1. FASB Stock Option Rules Subject of House Bill
  2. Quintiles Hit with $153.1M Tax Bill from 2000 Sale to WebMD
  3. CPA Claims Ties to Royalty as Part of $45M Fraud
  4. Judge Throws Out Most Serious Count in Tyco's Kozlowski Case
  5. SEC to Scrutinize Companies Doing Business in Rogue Nations
  6. Hubble Digs Deeply, Toward Big Bang

NASA has released the deepest-ever view of the universe - amazing pictures from the Hubble telescope. NASA says the image contains an estimated 10,000 galaxies 13 billion light years away.

  1. Microsoft's Critical Security Update

On Wednesday, Microsoft upgraded a recent security warning to "critical" after discovering new ways in which an attacker could run malicious software on a vulnerable computer. Find out more and update your computer now!

MORE ACCOUNTINGWEB NEWS

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  1. Cross-Selling Tactics: The Two Major Objectives
  2. Don't Sabotage Your Job Search with False Assumptions
  3. "How Do We Do That Around Here? A Question of Policies & Procedures"

TAX RELATED ARTICLES
  1. Child Tax Credit: IRS Tax Tip
  2. Industry Issue Resolution Program Seeks New Applicants
  3. Child Tax Credit Could Cause Confusion
  4. Are You Eligible For Any Of These Tax Credits?

FIRMS IN THE NEWS
  1. E&Y Named Outstanding Training Organization Third Straight Year
  2. Deloitte & Touche Hosts "School to Work Day"
  3. KPMG'S Report: Poor Controls Over "Self-Reporting" Costs Companies Millions
  4. AMEX Offers Rocket Into Orbit Rewards; Is a Trip to Mars Close Behind?
  5. CBIZ Announces Tender Offer to Repurchase Stock

HOT TOPICS ON ACCOUNTINGWEB

Visit the AccountingWEB Hot Topics page for the latest trends, news, scandals and more. Check out the hottest issues with your colleagues:

  1. "The Future of the Accounting Profession" Special Report
  2. Deloitte to Defend Executives Caught Up in Parmalat Scandal
  3. Stapler-wielding Tax Preparer Scares off Would-be Robber
  4. More Taxpayers Ensnared by Alternative Minimum Tax

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