Archives for April 2009

April 2009 Of Interest

Accounting Firm Association Comparative Analysis:   If you are looking to join a CPA firm association, or are considering switching, the Platt Consulting Group offers 40 questions that you may want to ask your prospective association. (Platt Consulting Group)

The Role and Responsibility of the Managing Partner:   Timothy Michel, former MP of New Philadelphia, Ohio-based Rea & Associates, who was featured in the April 2009 issue of INSIDE Public Accounting, offers ten responsibilities each managing partner needs to address to ensure the success of the firm. (Tim Michel)

Keeping The Millennials:   With thousands of Millennials entering the boomer-dominated workplace everyday there are bound to be conflicts. While it is often easy to react to the differences between generations, it may be more important to focus on the similarities. That’s one key to managing different generations in the workplace. For a more comprehensive look at the promise and potential of the Millennial generation you may be interested in the forthcoming book, Keeping the Millennials: Why Companies Are Losing Billions in Turnover to This Generation and What to do About it, by Joanne G. Sujansky, Ph.D., CSP and Jan Ferri-Reed, Ph.D. (KEYGroup)

Why Isn’t My CPA Asking These Questions?:   A surprising number of business owners think their CPA is watching their books for things to be concerned about. This blog touts the value of a CFO, and points out the unmet-expectations of business owners – many of which can be filled by CPAs or CFOs. (Chief Executive Boards Blog)

Accounting Firms No Longer Recession-Proof:   Because taxes are one of the two inevitable aspects of life, the accounting industry has long been considered recession-proof. The recent downturn in the economy has shattered that myth. (Nashville City Paper)

Law Will Swell Ranks of Registered CPAs:   For the first time in 62 years, New York has changed what it means to be a public accountant. Reform legislation signed into law by Gov. David Paterson expands the scope of practices that fall under the definition of “public accountancy” to include tax preparation, consulting, private industry jobs and government posts. (Albany Business Review)

Deloitte Survey and White Paper Highlight the Growing Role of the Board in Corporate Responsibility, Sustainability and Climate Change:   Boards of directors are increasingly paying attention to the risks and opportunities associated with corporate responsibility, sustainability and climate change, according to a survey commissioned and released in March by Deloitte and Corporate Board Member magazine. (Deloitte)

De-Equitizing Partners May Not Be the Best Solution:   The legal profession is taking advantage of the economic downturn to make some tough decisions on underperforming partners. What might this mean for the accounting profession? (The National Law Journal)

Former Trucker Now Offers Tax and Accounting Services:   Niche practices pop up in the oddest of places. Arlene Wannamaker drove a big rig coast to coast and considers truckers to be her second family. Now the Ontario, Canada resident is changing gears – she has opened a tax and accounting service which caters primarily to truckers although others can use her services as well. (Brockville Recorder and Times )

AICPA Comments on Second Part of International Accounting Standards Committee Foundation’s Constitution:   Read the letter from the AICPA offering comments on IASC’s MOnitoring Board, the IASB Permanent Funding Solution, and the representation of private entities. (AICPA)

New York CPAs Slam IFRS Roadmap:   The New York State Society of CPAs has filed a comment letter with the Securities and Exchange Commission displaying deep skepticism about the workability of the current roadmap for requiring U.S. public companies to use international financial reporting standards. (CFO Magazine)

Europe Faces Off Against US Over Audit Inspections:   A row between Europe and the US over audit inspections looms after the EC suspended its work on co-operation with non-EU audit oversight bodies over fears that the US is not ready to make the same leap. (Accountancy Age)

PCAOB Reproposes Auditing Standard on Engagement Quality Review:   The PCAOB in March voted to repropose for comment an auditing standard on Engagement Quality Review (EQR). The Board first proposed a new standard on EQR on February 26, 2008. (PCAOB)

IRS Releases 2008 Data Book:   The Internal Revenue Service has released the 2008 IRS Data Book, which is an annual snapshot of IRS activities for a given fiscal year. During fiscal year 2008, the IRS collected more than $2.3 trillion in taxes (net of refunds) and processed more than 250 million returns. More than 101 million returns, including 58 percent of individual income tax returns, were filed electronically. (IRS)

IRS Seeks to Recover $227 Million in Unpaid Taxes From Allen Stanford:   The IRS asked a judge to let it continue to seek at least $226.6 million in back taxes from Stanford, the Texas financier accused of running an $8 billion Ponzi scheme. (Bloomberg)

Madoff Updates:  

(Various News Sources)