News Wrap-Up - Issue 259

This News Wrap-Up Brought To You By:

SBC's Web Advantage


The Guide to Paperless Firm Administration

THIS WEEK'S NEWS
  1. Investigators Tell of Ex-CEO's Looting of Hollinger Millions
  2. PCAOB Auditing Standard No. 3 Approved by SEC
  3. KPMG Tax Shelters Under Scrutiny Once Again
  4. AFC Enterprises Takes Former Auditor Arthur Andersen to Court
  5. Freddie Mac Ordered to Cease Withholding $60M in Ex-CEO's Pay
  6. SEC Proposes to Delay Accelerated Filing
  7. GAO Study: Tax Haven Companies Have Federal Contracting Edge
  8. IRS Announces Interest Rate Increase for Q4
  9. SEC Supports Extension of Statute of Limitations on Fraud Cases
  10. Judge Allows Tax Shelter Suit Against Law Firm to Proceed
  11. FASB, "Let Companies Decide How to Value Stock Options"

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

*** SPONSOR OFFER ***

SBC Web Advantage

Introducing SBC Web Advantage. Fast Internet access and more reliable Web Hosting to get online and stay online better. Built to your situation, Web Advantage gives you an integrated control panel, customized domain and email features and scalability to serve, grow and compete. Order and save up to 20% off Web Hosting. Find out more today.

If you've forgotten your AccountingWEB.com login details, we can send you a reminder.

THIS WEEK'S NEWS
  1. Investigators Tell of Ex-CEO's Looting of Hollinger Millions

Conrad Black, the former CEO of Hollinger International, boldly
and methodically abused his power to pocket millions of dollars that should have gone to the company, an internal investigation revealed.

  1. PCAOB Auditing Standard No. 3 Approved by SEC

The Public Company Accounting Oversight Board (PCAOB) announced that its Auditing Standard No. 3, Audit Documentation, has been approved by the U.S. Securities and Exchange Commission.

  1. KPMG Tax Shelters Under Scrutiny Once Again

A series of e-mails dating from the mid-1990s to 2003 show that even after KPMG was ordered by the IRS to stop pushing tax shelters considered abusive, the firm continued to promote at least a dozen new similar shelters.

*** SPONSOR OFFER ***

The Guide to Paperless Firm Administration

AccountingWEB is pleased to provide you with the guide to transitioning into and managing a paperless CPA firm. This concise seven-step guide is easy-to-follow and will provide you with the information you need to be a paperless CPA firm. It also dedicates a chapter to instruction on growing your business the paperless way. This downloadable e-book is an excellent resource for all who are considering becoming a paperless firm. Find out more today!

  1. AFC Enterprises Takes Former Auditor Arthur Andersen to Court

AFC Enterprises wants its former accounting firm, Arthur Andersen, to pay back the fees it received from the fast-food chain from 2000 to 2002 and to cover the cost of professional fees it took to get its books back in order. "We relied on Arthur Andersen to tell us if we had violated any generally accepted accounting procedures and standards, and they did not do that," said Neal Pope, whose law firm represents AFC.

  1. Freddie Mac Ordered to Cease Withholding $60M in Ex-CEO's Pay

The former chief executive of mortgage giant Freddie Mac will receive about $60 million in compensation that was withheld by the company on orders from its regulator.

MORE HEADLINES...

  1. SEC Proposes to Delay Accelerated Filing
  2. GAO Study: Tax Haven Companies Have Federal Contracting Edge
  3. IRS Announces Interest Rate Increase for Q4
  4. SEC Supports Extension of Statute of Limitations on Fraud Cases
  5. Judge Allows Tax Shelter Suit Against Law Firm to Proceed
  6. FASB, "Let Companies Decide How to Value Stock Options"

$$ PREMIUM SUBSCRIPTION CONTENT $$

See a sampling of this week's featured content below. Subscribe today for only $49/year and gain access to the Premium Content Archives. If you've forgotten your login details, we can send you a reminder.

  1. Tips for Loss Prevention Policies; Employee Theft Solutions
  2. Targeting the Best Prospects, Narrow Your Focus
  3. The Road to Success; Growing Your Network

HOT TOPICS ON ACCOUNTINGWEB

If you've forgotten your login details, we can send you a reminder.

  1. Board Releases Report on Inspections of Big Four Firms
  2. Addiction Drives Florida CPA to "Moral and Ethical Bankruptcy"
  3. CA Shareholders Defeat Plan to Recall Bonuses; Vote to Keep KPMG
  4. PCAOB Simplifies Whistleblowing, Opens Hot Line
  5. AICPA Launches Privacy Services Resources for CPAs

*** SPECIAL OFFER ***

The AccountingWEB Premium Subscription! Expert insight on managing an accounting practice, growing your business, professional development and personal improvement is just a click away for AccountingWEB Premium subscribers. Find out more today.

WHAT'S ON ACCOUNTINGWEB

ACCOUNTINGWEB MARKETING SOLUTIONS

Let AccountingWEB help your organization customize a marketing campaign for your products and services. Make sure you book your ad campaign in advance! Get your message in front of our audience of accounting and finance professionals today. Our team can help you uncover promotional opportunities that are right for you.


Your Personal Membership Information

Take a moment today to ensure that we have accurate, up-to-date information in our records. Just go to your Profile Page and login to update your information today! If you've forgotten your AccountingWEB.com login details, we'll send you a reminder.

Premium Subscriber Information

Access to the growing library of the latest insights, ideas and tools is available for only $49 a year. Subscribe today!

Copyright © 2004 AccountingWEB, Inc.
All rights reserved.
http://www.accountingweb.com
"To inform, to enrich, to enlighten, to entertain."

Contact AccountingWEB, Inc.
P.O. Box 68748, Indianapolis IN 46268
Contact Us

You may like these other stories...

Read more from Allan Boress, CPA, in the "Truth be told about business development" archive. Ours is an unusual business, in that very few CPAs are actively involved in their communities and giving back...
Four Minneapolis-Based Return Preparers Indicted for Conspiracy, Aggravated Identity Theft, and Preparing False Returns A sixty-three-count superseding indictment charging Chatonda Khofi, Ishmael Kosh, Amadou Sangaray,...
By Jason Bramwell, Staff WriterAreas of general accounting and finance – including forecasts and budgets, financial reporting, and mergers and acquisitions – were cited by more than half of CFOs as projects they...

Upcoming CPE Webinars

Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.