As the curtain prepares to fall on 2005 and we present our final issue of the year, this space has traditionally been reserved for reflection on the events affecting the profession over the past 12 months. I see no reason why this year should be any different, especially considering all that has impacted on the profession, whether man-made or via natural disasters.There were headline-grabbing fines against audit firms, including the mammoth $456 million payout by KPMG to avoid prosecution for selling tax shelters, while a total of 19 defendants are currently awaiting trial in that malaise.

The American Institute of CPAs discovered that real estate prices and employee salaries were lower in North Carolina than Jersey City, and announced that it would relocate about 400 workers to Durham. My guess is that season tickets for Duke basketball won't be part of the package.

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