News Wrap-Up - Issue 264

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THIS WEEK'S NEWS
  1. IRS to Look at Exec. Compensation at Nonprofits, Charities
  2. Fighting Fraud Calls for Assertive Auditors, Whistleblowers
  3. Alabama Pension Fund Nets $111M from WorldCom Settlement
  4. Insurer Warned; Misleading Statements May Result in SEC Action
  5. Former Grant Thornton Auditors Stand Trial in Parmalet Scandal
  6. SEC Proposes Voluntary Rule for Reporting on Edgar Using XBRL
  7. PeopleSoft CEO Ousted for "Situational Ethics"
  8. Some Returns to be Sent to Different IRS Centers This Year
  9. "Repatriated" Earnings Subject of Tax Reduction Effort
  10. Canadian Merger in Doubt as Accountant Groups Stay Separate
  11. Ex-Peregrine Executives Charged in Accounting Fraud
  12. RS Investments Settles Market-Timing Probes for $25 Million
  13. CPA Firms Given Deadline to Make Auditing Changes

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

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THIS WEEK'S NEWS
  1. IRS to Look at Executive Compensation at Nonprofits, Charities

Nonprofit organizations, especially hospitals, better be ready
to show the Internal Revenue Service that they did their
homework in determining executive pay. The IRS will be
contacting nearly 2,000 tax-exempt charities and nonprofit
organizations by next summer to determine how executive pay
was set and to figure out if it is excessive.

  1. Fighting Fraud Calls for Assertive Auditors, Whistleblowers

Auditors already know that they must be on the lookout for fraud, but they may be uncomfortable playing the bad guy with high-powered corporate clients. Clients should understand up front that accounting and auditing firms are not only risking their reputation, but also their survival if they don't make finding fraud the central goal of their auditing services.

  1. Alabama Pension Fund Nets $111M from WorldCom Settlement

As the Alabama state pension fund waits to see what will happen with U.S. Airway's bankruptcy filing, the fund received a $111
million settlement from three companies over claims in the
WorldCom collapse.

  1. Insurer Warned; Misleading Statements May Result in SEC Action

The Securities and Exchange Commission has threatened legal action against American International Group Inc., saying the insurer made misleading statements about government investigations into questionable financial transactions.

  1. Former Grant Thornton Auditors to Stand Trial in Parmalet Scandal

As a turnaround expert tries to relaunch a smaller, streamlined Parmalet Finanziaria SpA in Italy, two former Grant Thornton
auditors were ordered to stand trial for false accounting and market rigging in relation to the collapse last year.

MORE HEADLINES...

  1. SEC Proposes Voluntary Rule for Reporting on Edgar Using XBRL
  2. PeopleSoft CEO Ousted for "Situational Ethics"
  3. Some Returns to be Sent to Different IRS Centers This Year
  4. "Repatriated" Earnings Subject of Tax Reduction Effort
  5. Canadian Merger in Doubt as Accountant Groups Stay Separate
  6. Ex-Peregrine Executives Charged in Accounting Fraud
  7. RS Investments Settles Market-Timing Probes for $25 Million

  8. CPA Firms Given Deadline to Make Auditing Changes

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  1. Some Accounting Firms Offering Large Raises to Keep Talent
  2. Auditors are Urged to Test Information System Integrity
  3. Companies Deciding Big Four Seal of Approval Not Worth the Cost
  4. SEC Considers Easing SOX Rules for Small Businesses
  5. Managing Partner Bruce Carlin Dies Just Days after Firm Merger

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