News Wrap-Up - Issue 246

This News Wrap-Up Brought To You By:

GEAC, Inc.

AMAA

THIS WEEK'S NEWS
  1. IRS Accused of Failing to Aggressively Track Tax-Exempt Organizations
  2. Virchow Krause Merger Opens Doors to the Windy City Market
  3. New Scheme to Steal Identity and Financial Data Released
  4. House Bill Would Simplify Elderly Tax Forms
  5. HealthSouth Probe Uncovers Huge Deficiencies; Executive Sentenced
  6. KPMG to Split off Australian Insolvency Practice
  7. Lesser-Known Enron Executives Face First Criminal Trial
  8. Accenture Wins $10B U.S. Department of Homeland Security Contract
  9. SEC Overhauls Controversial Rule Proposal for Banks
  10. Enron Traders Gloat over Misdeeds during California Power Crisis
  11. Interest Rates Drop for the Third Quarter of 2004

Check out the News Page for this week's news and more.

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GEAC, Inc.

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PLATT’S PERSPECTIVE

Wouldn’t it be great if you could read the minds of your staff to see what they think about working for your organization? What about staff who leave – wouldn’t it be great to know the REAL reason for their departure?

Unfortunately, exit interviews, which are designed to do just that, end up being a very-polite-but-no-substance discussion where the departing employee doesn’t have much to offer and generally wants to keep everything positive. Why not try this instead: about a month after an employee leaves, ask them if they would be willing to consult with you for an hour (at a consultants fee). Pay them handsomely for an hour of their time and ask them to offer advice on what’s working and what’s not.

By engaging their services, you show your ex-employee a level of respect for their knowledge, you keep a professional relationship alive, and they feel more obliged and willing to share the “true” picture of your firm with you (or at least a closer-to-the-truth version). This may not solve all of the problems of the “exit interview syndrome,” but will go a long way towards extracting a greater version of the truth behind what’s really happening in your firm. (If you do try this approach, drop us a line and let us know how it helped...)

Michael Platt, Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. IRS Accused of Failing to Aggressively Track Tax-Exempt Organizations

Campaign-finance watchdog groups are questioning the ability of the Internal Revenue Service to track soft-money fundraising in light of a multi-million-dollar mistake by the Republican Governors Association.

  1. Virchow Krause Merger Opens Doors to the Windy City Market

Last week, Virchow Krause & Company, LLP announced its merger with KGN Financial Group. The firms combine to have more than 850 staff including 122 partners in 12 offices.

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  1. New Scheme to Steal Identity and Financial Data Released

The IRS warned on Tuesday of a fraudulent scheme targeting non-resident aliens who have income from a United States source. This scheme has surfaced in South America, Europe, and the Caribbean so far.

  1. House Bill Would Simplify Elderly Tax Forms

A new bill pending in the U.S. House would make filing taxes asier for seniors but its chief proponent is considered extremely vulnerable in the fall election and there’s no similar bill in the Senate.

  1. HealthSouth Probe Uncovers Huge Deficiencies; Executive Sentenced

New filings with the Securities and Exchange Commission show that HealthSouth’s internal review found more than $2.7 billion in "false or unsupported entries in the company’s accounting systems."

MORE HEADLINES...

  1. KPMG to Split off Australian Insolvency Practice
  2. Lesser-Known Enron Executives Face First Criminal Trial
  3. Accenture Wins U.S. Department of Homeland Security Contract
  4. SEC Overhauls Controversial Rule Proposal for Banks
  5. Enron Traders Gloat over Misdeeds during California Power Crisis
  6. Interest Rates Drop for the Third Quarter of 2004

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  1. Matching Your Values to Your Company's Values
  2. How to Use Public Speaking to Attract Clients
  3. Ten Things Small Firms Can Do to Compete
  4. How to Manage a Rapidly Growing Business

HOT TOPICS ON ACCOUNTINGWEB

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  1. Audit Firm Settles $50 Million Class-Action Suit
  2. Treasury Releases Report On "Phishing" Identity Theft Prevention
  3. Grand Jury Investigating Ernst & Young Tax Shelter Sales
  4. SEC Shoots Down Contingent Fee Loophole
  5. Survey Says, Employees are Dissatisfied with Managements’ Communication Skills

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