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August 13, 2009

Publisher's Note
While playing Battleship with my son the other night, it made me think about competition between accounting firms. With the state of the economy, I've heard far fewer comments along the lines of "snagging accounts from our competitors" and "knocking out the firm across the street." Instead, what I've been told has been more like "we're just focused on our own firm, trying to just get past this downturn." I've heard about more firms - some being fierce competitors - working together on community projects, too. This "we're all in this together" sentiment has been refreshing.

I guess there's always a silver lining.....

Rob Nance
AccountingWEB, Inc.

Current Trends in Transactions and Business Valuations
Recently one of my partners, Kurt Trimarchi, attended the 2009 summer conference of the Alliance of Merger & Acquisition Advisors (AM&AA).

DiPascali, Pleading guilty to Criminal Charges, Faces Up to 125-Yer Sentence
In a Manhattan courtroom this afternoon, Frank DiPascali, former CFO at admitted Ponzi schemer Bernard Madoff's firm, Bernard L. Madoff Investment Securities LLC, pleaded guilty to a ten-count criminal charge.

The Foundation for Audit Documentation
Underpinning the small audit documentation outlined in my last blog, a CPA firm’s operating philosophies can contribute significantly to engagement efficiency.

I have a loss. I don't need to file a tax return
A recent TaxQuips question was from someone whose Supplemental Security Income checks were about to be levied by IRS because he had not bothered to file tax returns for 2006 and 2007.


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Top News
Money Laundering
Large money laundering schemes often go undetected
Identifying and then unraveling money laundering schemes in a global financial network where as much as one trillion dollars is circulating each day amounts to “finding a needle in a haystack of needles.” more >>
IRS begins mailing refunds to Madoff victims
The Internal Revenue Service (IRS) has begun sending refund checks to Madoff investors who paid taxes on investment income from the giant Ponzi scheme. more >>
Could accounting standards be the next political football?
Accountants who attended the annual meeting of the American Accounting Association had some weighty questions for their guest, Barney Frank. more >>
PCAOB adopts Accounting Standard No. 7
The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 7, Engagement Quality Review, and to issue a Concept Release on requiring the engagement partner to sign the audit report. more >>
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Nicolas Cage in tax trouble again
When it comes to income taxes, Nicolas Cage can’t catch a break. more >>
House swapping becoming popular in a down market
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PCAOB looking for a few good men (or women)
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Firm/State/People News
IPA Top 100 Firm 2009 INSIDE Public Accounting announces its Top 100 Firms ranking
INSIDE Public Accounting (IPA) is proud to present its19th annual report on the nation’s Top 100 accounting firms.
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U of Hawaii accounting professor receives Excellence in Teaching award
University of Hawaii West O‘ahu recently recognized an outstanding accounting faculty member for his contributions to the University. more >>
Barfield Murphy Shank & Smith receives two national awards
Birmingham, AL-based CPA firm Barfield Murphy Shank & Smith is proud to announce it has received two national awards. more >>
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