July 2009 Of Interest

Work-Life Balance Gets a Reality Check at BDO: BDO Seidman, and Work+Life Fit, Inc. a national work life flexibility consulting firm, co-sponsored the 2008 CFO Perspectives on Work Life Flexibility study to gauge CFO points of view on work life flexibility’s potential impact on business growth. Work+Life Fit, Inc. also conducted a study of working individuals to get a “realiity check” on the progress being made in work-life balance. See the results here.

Bonadio’s Dual RenSquare Roles Raise Some Eyebrows:
Thomas Bonadio’s dual roles in the operations of Renaissance Square are raising questions about his ability to be an independent auditor for the project. “I can’t say it’s slam-dunk bad. … It just doesn’t look good,” says said Robert Waxman, chair of the New York State Society of Certified Public Accountants’ Auditing Standards Committee. (Democrat and Chronicle)

PricewaterhouseCoopers Releases Statement on Potential Fraud – Using Coopers & Lybrand Name:
PricewaterhouseCoopers announces that an organization calling itself ‘Coopers & Lybrand’ or ‘Coopers & Lybrand Law’ has been approaching potential investors to sell or buy shares in certain companies which PWC believes are worthless. PwC insists the use of the Copers & Lybrand name is illegal and infringes their intellectual property rights.

Social Media – New Marketing Technologies for CPA Firms:
View Rick Telberg’s slide presentation on new media presented to the Maryland Association of CPAs BizExpo. (MACPAS)

Study: Top CEOs Still Shunning Twitter, Facebook:
If you are still not participating in social media techniques, you are apparently not alone. A new study finds only two Fortune 100 CEOs with a Twitter account and only 19 with a Facebook account. (Computerworld)

AICPA Seeking Members to Profile in CPA Recruitment Campaign:
As part of a refresh to the AICPA student-recruitment campaign’s Web site, StartHereGoPlaces.com, the AICPA is looking to feature some current members who truly break the mold of the CPA stereotype inside and outside of the office. (AICPA)

AICPA Wins 2009 American Business Award – ‘Stevie’ Award:
The AICPA has won the American Business Award ‘Stevie’ for Communications Team of the Year. (AICPA)

How Good Is Your Audit Firm?:
Find out what Businessweek is telling your clients about what their audit committee needs to know in order to choose and oversee an independent auditor. (BusinessWeek)

Managing in a Turbulent Economy – Survival or Opportunity:
Practice management consultant Tim Michel shares his views on what CPAs should be doing to help their clients navigate the choppy waters of the economy. (Tim Michel)

FASB Explains Free and Subscription Access to Codification:
The Financial Accounting Standards Board has stated its terms for access to advanced research functionality for the new accounting rule book that took effect July 1. (FASB)

FASB Adopts New Rule on Subsequent Events:
The Financial Accounting Standards Board has published its final word on when companies should consider the effects of “subsequent events,” or game-changing events that occur after the balance sheet date but before financial statements for the period are published. (Compliance Week)

GAO: IRS Halts Development of Customer Account Data Engine:
The IRS has halted development of its Customer Account Data Engine (CADE) because of unexpected complexities, according to GAO.
CADE is a part of the IRS Business Modernization Program that is intended eventually to replace the legacy Master File processing system and enable faster refunds. (Government Computer News)

PCAOB Adopts Rule Amendment on the Timing of Certain Non-U.S. Inspections:
The PCAOB has voted to adopt an amendment to a rule on the timing of certain inspections of registered non-U.S. public accounting firms. (PCAOB)

PCAOB Rips E&Y on Revenue Recognition:
Ernst & Young failed to note when two clients strayed from revenue-recognition rules, according to the latest inspection report on the Big Four firm by the Public Company Accounting Oversight Board. (CFO.com)

KPMG Should Be Tougher on Testing, PCAOB Finds:
KPMG did not show enough skepticism toward clients last year, according to the Public Company Accounting Oversight Board, which cited the Big Four accounting firm for deficiencies related to audits it performed on nine companies. The deficiencies were detailed in an inspection report released last week by the PCAOB that covered KPMG’s 2008 audit season. (CFO)

Former HealthSouth Boss Found Liable for $2.9 Billion:
Former HealthSouth Corp boss Richard Scrushy was ordered to pay $2.9 billion on Thursday after a judge found him responsible for an accounting fraud that nearly brought down the hospital chain. Scrushy, serving a seven-year prison term in a bribery case, was acquitted of criminal charges
related to the massive HealthSouth fraud in 2005. (Reuters)