Year End News Wrap-Up & Resource Guide

HAPPY NEW YEAR!

THE NEWS IN REVIEW

  1. PwC to Settle Travel Expenses Lawsuit For $54.5 Million
  2. Grant Thornton Proclaims Its Innocence in Parmalat Scandal
  3. NYSE to Try to Recoup up to $100 Million From Grasso
  4. Janus to Restore $31.5 Million For Improper Trades
  5. Sprint Settles Federal and State Suits From Failed WorldCom Merger
  6. NYSE, SEC Agree on Big Board Reforms
  7. HealthSouth Victim of Its Own Fraud, Prosecutors Say
  8. IRS Issues Guidelines For Tax-Exempt Groups, Public Advocacy
  9. Regulator Wants Ex-Freddie Mac Officers to Give Up $37.8 Million
  10. Board Adopts First Auditing Standard, Technical Amendments

RESOURCES IN REVIEW
  1. CEO Pay Increases, Outside Director Pay Also on The Rise
  2. 1/3 of Corporate America May Use Smart Cards For Corp. Security
  3. Restatements: Differentiating Between Bad and Necessary
  4. Fraud, Compensation Top PCAOB Priority List
  5. Creating a "Stress Free" Busy Season
  6. GAO Report: More Can be Done to Ensure Federal Agencies File Accurate Returns
  7. Report Addresses Executive Compensation
  8. Microsoft Office 2003 – Is It Worth the Upgrade?
  9. Second Annual "What Directors Think" Study Published
  10. "What Would I Find in Your Refrigerator?" and Other Strange Interview Questions

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  5. Experts Offer Tips For a More Restful Holiday Season
  6. Three Critical Elements of a Successful Job Search
  7. Cause-Related Marketing: Embracing a Cause Just Makes Good Sense
  8. Ten Things to Know About Bringing Home the Bacon in Your Firm

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THE NEWS IN REVIEW
  1. PwC to Settle Travel Expenses Lawsuit For $54.5 Million

PricewaterhouseCoopers LLP has agreed to pay $54.5 million to settle its part of a class-action lawsuit that contends the accounting firm overcharged its clients for travel-related epenses.

  1. Grant Thornton Proclaims Its Innocence in Parmalat Scandal

Grant Thornton's Italian unit claims it is the victim of fraud in the multi-billion-euro scandal surrounding Parmalat, Italy’s biggest food maker.

  1. NYSE to Try to Recoup up to $100 Million From Grasso

The New York Stock Exchange and Richard Grasso, its former chairman, could be headed for a legal showdown over the $188 million compensation package that forced Grasso's Sept. 17 resignation from the Big Board.

  1. Janus to Restore $31.5 Million For Improper Trades

The Janus Capital Group announced last week that it will pay $31.5 million to funds or shareholders harmed by improper trades.

  1. Sprint Settles Federal and State Suits From Failed WorldCom Merger

Last week, two judges approved a $50 million dollar settlement between Sprint Corp. and the shareholders who sued the company over its failed merger with WorldCom Inc.

MORE NEWS...

  1. NYSE, SEC Agree on Big Board Reforms
  2. HealthSouth Victim of Its Own Fraud, Prosecutors Say
  3. IRS Issues Guidelines For Tax-Exempt Groups, Public Advocacy
  4. Regulator Wants Ex-Freddie Mac Officers to Give Up $37.8 Million
  5. Board Adopts First Auditing Standard, Technical Amendments

RESOURCES IN REVIEW

  1. CEO Pay Increases, Outside Director Pay Also on The Rise

Median total compensation for outside (non-employee) directors of U.S. boards in 2003 is up from last year in all three major industry sectors covered in The Conference Board's annual study of outside director pay. The study is based on a survey of director compensation and board practices in 606 companies.

  1. 1/3 of Corporate America May Use Smart Cards For Corp. Security

A recent study, performed by Frost & Sullivan, a growth consulting company, provides insight into the present security systems, needs, and prospective future trends of American Fortune 500 companies.

  1. Restatements: Differentiating Between Bad and Necessary

Regulators are trying to help investors understand the difference between "bad restatements" and ones issued simply due to accounting policy changes.

  1. Fraud, Compensation Top PCAOB Priority List

The Public Company Accounting Oversight Board (PCAOB) expects to focus on fraud in its 2004 inspections, which should begin in May and end in the fall.

MORE RESOURCES...

  1. Creating a "Stress Free" Busy Season
  2. GAO Report: More Can be Done to Ensure Federal Agencies File Accurate Returns
  3. Report Addresses Executive Compensation
  4. Microsoft Office 2003 – Is It Worth the Upgrade?
  5. Second Annual "What Directors Think" Study Published
  6. "What Would I Find in Your Refrigerator?" and Other Strange Interview Questions

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  1. How to Resolve Personality Conflicts at Work
  2. Are You a Job Search Hermit? Get Out and Meet and Greet!
  3. America's New Breed of Millionaire: How to Find and Sell to Them
  4. Internet Resource: Business Terms Glossary
  5. Experts Offer Tips For a More Restful Holiday Season
  6. Three Critical Elements of a Successful Job Search
  7. Cause-Related Marketing: Embracing a Cause Just Makes Good Sense
  8. Ten Things to Know About Bringing Home the Bacon in Your Firm

THE YEAR IN REVIEW

Below is a summary of the trends, challenges, and news to hit the profession this year.

  1. Audit Reform
  2. Audit Reform – PCAOB
  3. Accounting Scandals
  4. AICPA
  5. IRS, Taxation
  6. Potpourri

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