AccountingWEB Weekly News Wrap-Up - Issue 107

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AccountingWEB Weekly News Wrap-Up - Issue 107

August 10, 2001

This AccountingWEB Newswire Sponsored by:

PricewaterhouseCoopers Comperio


1. We Are Cognitors
2. Second Generation Worm is At Large
3. Dell Pulls in Reins on Linux
4. How Well Do You Know Your 401(k)?
5. It's (Un)Official - New SEC Chair Sworn In
6. Study Shows Consulting Does Affect Auditor Independence
7. E&Y Takes Top Spot on Survey of Top 100 Firms to Work For
8. Film Shows Accountants in New Light
9. PwC Enters New Phase of Layoffs
10. SEC Looking for a Few Good Accountants


For over a year, AccountingWEB has provided a home to those who wish to debate the topic of the AICPA's proposed global business credential, referred to previously as "Cognitor" and "XYZ."

As the national body prepares to conduct a vote of its members on the need for this new credential, AccountingWEB is pleased to host an open forum with Kathy G. Eddy, Chairman of the AICPA, wherein AccountingWEB members will be able to learn more about the global credential and voice their opinions.

The live discussion is scheduled for Wednesday, August 22, 2001, at 11:00 a.m., Eastern Time. Please mark your calendars and join us for this important online discussion. Follow the link below for additional information:

Michael Platt
CEO, AccountingWEB
[email protected]


1. We Are Cognitors

Read the opinions of several key members of the accounting profession as they discuss the issues behind the AICPA's proposed global designation. Then attend the live discussion on August 22 with Kathy G. Eddy, Chairman of the AICPA.

2. Second Generation Worm is At Large

The first worm scare set the stage for an even bigger threat - a new worm was unleashed last weekend and has infected hundreds of thousands of computers. Machines that were patched with the fix for the original worm are immune from this new worm. Make sure your computer is protected.


Simplify and streamline your accounting research with comprehensive, up-to-date information in one convenient web site. PricewaterhouseCoopers Comperio includes financial reporting and assurance literature from authoritative bodies around the world. Visit us for your FREE 30-day trial of Comperio.

3. Dell Pulls in Reins on Linux

Dell Computer has announced plans to discontinue pre-installation of Linux software on its desktop and laptop computers. The change is due to low demand for the product.

4. How Well Do You Know Your 401(k)?

Take this quick quiz and share it with your clients - test your knowledge in such areas as the tax treatment of 401(k) plans, employer and employee rights regarding the plans, the annual limit on contributions, and – most importantly - what that (k) stands for!

5. It's (Un)Official - New SEC Chair Sworn In

Reports have surfaced that Harvey Pitt, recently confirmed by the Senate as the new Chairman of the SEC, has been secretly sworn in and officially holds the office - even though no official announcement has been made. What's going on?

6. Study Shows Consulting Does Affect Auditor Independence

A recent study by the Stanford Graduate School of Business shows that a company's forecast earnings are more likely to be exceeded when the auditing firm is paid more for its consultancy services. If this is true, how is a CPA firm's perceived independence affected by this situation?


AccountingWEB is proud to announce CareerZONE, a new service developed in association with CareerBank, a job listing service dedicated exclusively to the accounting and finance profession, to help match employers with potential employees, and help bridge the staffing gap. Check it out today!

7. E&Y Takes Top Spot on Survey of Top 100 Firms to Work For

A position that was once the exclusive possession of Arthur Andersen now seems to be up for grabs. The CPA Personnel Report Annual Survey of Accounting Professors placed Ernst & Young in the top spot and Deloitte & Touche in second place. Andersen, which was at the top of the list for 18 consecutive years, found itself in third place.

8. Film Shows Accountants in New Light

This film will not go down in history as a classic, but the time passes quickly and very enjoyably in this latest offering on the silver screen about an accountant who finds an innovative way to save his job.

9. PwC Enters New Phase of Layoffs

Spring layoffs of nearly 1,000 employees and job offer deferrals were not enough to combat the overcapacity at one of the world's largest accounting and consultancy firms. PricewaterhouseCoopers has announced plans to lay off another five percent of its workforce. This translates into approximately 800 employees, most of them consultants and support staff, and most of them in the United States.

10. SEC Looking for a Few Good Accountants

The Office of the Chief Accountant of the Securities and Exchange Commission is accepting applications for four Accounting Fellow positions. The four who are selected will be required to sever all ties with their current employer in exchange for the two-year term which will begin in June 2002.


Tuesday, August 14, 4:00-5:00 EDT
Topic: Moving to the Paperless Audit Engagement
Presenter: Duke Smaroff, Director of Development, Advanced Practice Solutions
Sponsor: HA&W Innovative Technologies, LLC

Thursday, August 16, 4:00-5:00 EDT
Topic: Training the Automated Auditor
Presenter: Carolyn J. Newman, CPA, CISA, President of Audimation Services, Inc.

Wednesday, August 22, 11:00-12:30 EDT
Topic: AICPA Open Discussion on the Proposed Global Business Credential: Should CPAs Lead the Way?
Presenter: Kathy G. Eddy, Chairman of the AICPA
Sponsor: American Institute of Certified Public Accountants

Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.


Click on the link(s) below to offer your insight and feedback or to see what others recommend:

1. How formal do working papers have to be?

2. In a full scope audit as to evidence of the assets held, will the certification from the trustee-bank as received in a limited scope audit be adequate or is there a requirement to receive a separate confirmation as to the assets held?

3. Errors occur when a shared Excel 97 file is refreshed. Is this a flaw of the program or is there a workaround?

4. A Controller of a malpractice insurance company is searching for a suitable accounting software package. The choices have been narrowed down to two: Sage's MAS90 and Navision Financials. Does anyone currently use either of these packages and if so, how satisfied are you with them?

5. Can anyone provide a sample business evaluation engagement letter?

6. A member needs help in calculating the interest that should have accrued on a $20,000 CD.

Visit the Q&A Forum to post your questions and share your ideas!
Simply click on the Add Comments option at the bottom of any question to add your response and comments.


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Copyright (C) 2001 AccountingWEB, Inc. All rights reserved.

AccountingWEB Inc.

"To inform, to enrich, to enlighten, to entertain."

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