Audit & Accounting

At long last, the SEC has published its proposed roadmap for the transition to International Financial Reporting Standards, but the “date certain” is as uncertain as ever.

SEC Chairman Christopher Cox acknowledged that the mortgage meltdown may have started in the United States, but he pointed the finger at other countries for helping create a global economic crisis.

A large majority of CPA firms reported continuing strong growth during the past two years, according to a new survey by the American Institute of CPAs and the Texas Society of Certified Public Accountants, but the survey was taken before the financial crisis hit home in recent quarters.

Significant opportunities still exist for optimization of Sarbanes-Oxley Section 404 programs and reductions in compliance cost, according to a new report.

In an article entitled “Address Going-Concern Issues as Early as Possible,” in Camico’s Impact Fall 2008 newsletter, the professional liability insurer offers the following advice: “Going-concern issues should be addressed as early as possible in an engagement. …. Delay makes the necessary conversations more difficult, may impair your objectivity, and usually exacerbates the problem.”

The Securities and Exchange Commission has published its long-delayed roadmap for the transition to International Financial Reporting Standards.

The Securities and Exchange Commission has charged Dallas Mavericks owner Mark Cuban with insider trading charges stemming from his sale of 600,000 shares of the search engine Mamma.com.

"There have been nine pieces of tax legislation passed this year," he noted. "The primary responsibility for accountants is to adequately and accurately reflect things that happen to the taxpayer in a way that gives the taxpayer the greatest benefit allowed by the legal system. Tax planning helps the preparer to meet this responsibility."

A new career in income tax preparation could be a safety net for some of the thousands of bank and financial services employees who are losing their jobs due to the current economic crisis. Many of those being laid off are older employees who would not be able to find another comparable full-time job, but are not ready to retire.Tax professionals need many of the same qualifications that bankers and financial professionals possess. A tax preparer must be able to conduct a thorough interview to extract financial and personal information from their client and hold that information in complete confidence. Preparing income tax returns requires similar skills as completing banking, mortgage or investment documents.

MCGLADREY TO AUDIT JTAThe Jacksonville, Fla., office of McGladrey & Pullen has been engaged to audit the Jacksonville Transportation Authority. The JTA, in conjunction with the Florida Department of Transportation and the city of Jacksonville, develops and implements construction plans to improve traffic flow in the Jacksonville area.