News Wrap-Up - Issue 252

This News Wrap-Up Brought To You By:

Geac Performance Management

The Marketing Director CD System

THIS WEEK'S NEWS
  1. PCAOB Ponders Tax Service, Auditor Independence
  2. Denver Accounting Firm Settles SEC Case
  3. California CPA's Appeal of Disbarment Denied
  4. U.S. Corporations Struggling to Meet First SOX Filing Deadline
  5. AICPA Launches Survey on GAAP Statements; Private Co. Stakeholders
  6. Ex-KPMG Partner Joins Freddie Mac as Sr. VP and General Auditor
  7. Aetna to Receive $740 Million Tax Refund
  8. Bonuses to IRS Attorneys Questioned
  9. SEC Votes to Propose Requirements on Hedge Fund Advisers
  10. FDIC Suit Against Ernst & Young Ruled to be Without Merit
  11. Defense Department to Hire up to 300 Auditors

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

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PLATT'S PERSPECTIVE

This week marks a special anniversary for AccountingWEB. It was five years ago this week - July 15, 1999 - that AccountingWEB first opened it's doors for business. Statistics show that 40% of new businesses fail within the first year - and close to 80% of new businesses fail within the first five years. Well, we've made it past that five year milestone now, and we're looking forward to the next five!

A lot has happened in the profession during these past five years - many say it has been the most tumultuous time in the profession's history. Over those years, more than 100,000 accounting and finance professionals have turned to AccountingWEB for guidance, and I can tell you that our staff recognizes the responsibility and has appreciated the opportunity to be invited into your offices and homes to share news, insights and updates with you throughout that time.

So, the first five are down - time to take a quick break and celebrate AccountingWEB's success with all of you who have helped make it possible. On behalf of AccountingWEB's team - past, present and future thank you for our first five years.

Michael Platt, Founder
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. PCAOB Ponders Tax Service, Auditor Independence

Do the auditor independence rules outlined in the Sarbanes-Oxley Act of 2002 go far enough or should they be tweaked to include language governing tax advice? This is a growing concern of the PCAOB. Also during a recent roundtable meeting, Donald T. Nicolaisen, the SEC's chief accountant signaled that the agency's staff would like to see the new PCAOB become the nation's primary regulator on auditor- independence issues, assuming duties held by the SEC.

  1. Denver Accounting Firm Settles SEC Case

Denver-based Levine Hughes & Mithuen settled a Securities and Exchange Commission (SEC) complaint related to its audit work, paying a $50,000 fine and neither admitting nor denying wrongdoing.

  1. California CPA's Appeal of Disbarment Denied

The Treasury Department has denied the appeal of Joseph R. Banister from an administrative law judge's decision that Banister be disbarred from practice before the IRS. Banister is a CPA from San Jose and former IRS criminal investigation agent.

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  1. U.S. Corporations Struggling to Meet First SOX Filing Deadline

Despite an extension in the deadline from June 15, 2004 to November 15, 2004, half of large U.S. companies polled are still less than 60 percent complete in meeting their Sarbanes-Oxley Section 404 filing requirements.

  1. AICPA Launches Survey on GAAP Statements; Private Co. Stakeholders

The AICPA last week launched a Web-based survey to poll the stakeholders of private company financial reporting to determine if general purpose financial statements prepared for private companies' stakeholders are meeting their needs.

MORE HEADLINES...

  1. Ex-KPMG Partner Joins Freddie Mac as Sr. VP and General
  2. Aetna to Receive $740 Million Tax Refund
  3. Bonuses to IRS Attorneys Questioned
  4. SEC Votes to Propose Requirements on Hedge Fund Advisers
  5. FDIC Suit Against Ernst & Young Ruled to be Without Merit
  6. Defense Department to Hire up to 300 Auditors

$$ PREMIUM SUBSCRIPTION CONTENT $$

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  1. Creative Strategies for Delivering 5-Star Customer Service
  2. Managing the Sophisticated Client's Expectations - Part I
  3. Herding Cats into Groups: The Attributes That Distinguish Effective Group Performance
  4. Three Things Every Recruiter Looks for in a Resume
  5. From the Archives: "The Future of the Accounting Profession"

HOT TOPICS ON ACCOUNTINGWEB

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  1. The Year of Internal Control: The Clock Is Ticking for Sarbanes-Oxley Compliance
  2. IL CPA Society Wins Legislative Victory for CPAs and Public
  3. KPMG CFO Resigns Amid Continuing Investigations
  4. IRS Issues Revised Tax Form for Corporate Tax Returns
  5. Regional Firm Raises the Bar for Competition With Web Site

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