Audit

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

They do it for the Academy Awards, so why not for the presidential elections?

The Securities and Exchange Commission and the North American Securities Administrators Association said they would waive for nine months the initial set-up and annual renewal fees paid by investment adviser firms to join their registration system.

“As the economic slump deepens, more companies are expected to join General Motors in suspending matches of contributions to their employees' 401(k) retirement accounts. “GM last week became only the latest on a list of well-known companies trying to conserve cash to weather the downturn by halting 401(k) account matches. Also among them are Goodyear, Frontier Airlines, commercial real estate firm Cushman & Wakefield, broadcast group Entercom and rental car agency Dollar Thrifty Automotive Group. “ The above was from USA Today of October 28, 2008 and indicates a very interesting new, possible growing trend that will probably increase and become especially attractive to companies hardest hit in these tough economic times. The ramifications, if this becomes widespread, are extremely significant, and this is true even on the firm level, whether it involves business clients currently matching 401(k) employee contributions or individuals saving for retirement. Beside costs and retirement savings, there is the obvious concern of the impact on attracting and retaining talent, and the need for development of special compensation packages for key employees. It also indicates that businesses will be making some very tough decisions as a result of this extended, and continued financial and economic crisis. Some firms are already creating internal financial crisis teams. This is a time to be proactive and respond, not a time to wait and react. What is your firm doing?

New York-based accounting firm Citrin Cooperman has acquired its second Philadelphia-area firm, Matarazzo Goldis.

The Public Company Accounting Oversight Board has fined a Big Four partner $25,000 for his audits of Navistar Financial Corp.

Barry Salzberg became CEO of Deloitte LLP in June of 2007, after serving for four years as U.S. managing partner, and has steered the Big Four firm toward increased revenues, while launching a number of new initiatives in the firm's practice areas and culture, including its much-heralded plan to build a large learning and development facility in Texas.Accounting Today sat down with Salzberg a little after his first anniversary as CEO to discuss Deloitte University, "green" consulting, mass career customization and more.

JEFFERSON WELLS OFFERS IFRS READINESS CALCULATORMilwaukee - Consultancy Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

The Treasury Department's Advisory Committee on the Auditing Profession has released its final report with recommendations on how to improve the sustainability of the profession - but not without some dissension.The committee approved the report by a vote of 14-1, with the lone dissenting vote cast by Lynn Turner, a former chief accountant of the Securities and Exchange Commission.

The way things are going in Washington and Wall Street, we fully expect a decree from Congress that henceforth all photographs and mirrors will be outlawed.Why on earth would they do that? Well, it turns out that various powerful individuals are growing dissatisfied with their diet and personal fitness programs. They are growing a bit paunchy around the middle, and they're picking up wrinkles, while more of their scalps are showing than they would prefer.

The Deloitte Foundation has announced the regional winners of the Deloitte Tax Case Study Competition, an interscholastic competition that brought together nearly 60 teams from colleges and universities in 11 cities across the country in October to tackle complex tax case studies.

AARP Financial, a registered investment adviser and a subsidiary of AARP, has provided proactive steps that people can take to help protect their nest egg amidst a financial market that is in turmoil. According to Mac Hisey, president of the company, he has been hearing from many AARP members who are expressing the fact that it is a rough time for people who are planning for retirement. “The natural instinct is to pull all your money out of the market and put it under your mattress. This is not a time to abandon your retirement plans or take drastic measures," He says that the financial advisors at AARP Financial can provide investment guidance and help make the most of retirement investments. In fact, in order to guide people through challenging economic times, the company has prepared the following tips: 1) Don't Make Rash Decisions. It’s clear that one needs to have a financial plan that can be followed no matter what the market swings are. Keep in mind that emotions shouldn’t be driving investment decisions. 2) Revisit Reasons for Investing. In volatile markets, sometimes the best course of action may simply be no action. That’s why it’s important to maintain a long-term time horizon. Only make changes when it is absolutely necessary. 3) Establish an Emergency Fund. It’s prudent to keep at least six months of living expenses that are easily accessible; they can be in a savings or money market fund account. The idea is to be able to meet unexpected financial obligations. 4) Make Saving Automatic. Clearly, the best way to ride the volatile economy is to make investing automatic. For example, establish an automatic investing plan by regularly deducting a set amount from the paycheck or checking account and transferring it to a retirement savings account. 5) Review Fees and Expenses. This needs a review on what is being paid on financial products and services such as mutual funds, credit cards, interest rates, and bank transaction charges. Switching to a lower cost product may save some money. 6) Resist Impulse Purchases. Watch that discretionary spending and pretty much avoid incurring debt on any impulse purchases regardless of the "deal." Instead, put that money in a savings or investing account. 7) Have a Plan. Better late than never to put a retirement plan in place. This helps determine whether the right path is being followed. Again, a plan, not emotions, should drive investment decisions. 8) Consult an Expert. Financial advisors are specially trained to help people manage their finances. Discuss all concerns. 9) Get Informed. Research shows that many people struggle with fundamental financial terms and concepts. Take steps to get the needed information. 10) Don't be Afraid to Ask for Help. For example, AARP Financial's salaried financial advisors provide personalized investment advice. They can be reached at 1-888-778-6187.

Crowe Horwath has signed an agreement with Grobstein Horwath that will effectively merge the two firms.

The Securities and Exchange Commission held the first of two roundtable discussions on fair value accounting standards, receiving input from accounting firms such as PricewaterhouseCoopers and Grant Thornton, along with other organizations.

The Securities and Exchange Commission plans to hold its annual forum on small business capital formation on Nov. 20 at its headquarters.

Krista McMasters made history in April when her firm, Clifton Gunderson, named her to succeed Carl George as chief executive next year.

Deloitte Financial Advisory Services has elected a new CEO and U.S. chairman.

“An emperor of a prosperous city who cares more about clothes than military pursuits or entertainment hires two swindlers who promise him the finest suit of clothes from the most beautiful cloth. This cloth, they tell him, is invisible to anyone who was either stupid or unfit for his position. The Emperor cannot see the (non-existent) cloth, but pretends that he can for fear of appearing stupid; his ministers do the same. When the swindlers report that the suit is finished, they dress him in mime. (acting out a story through body motions, without use of speech—Ed.) The emperor then goes on a procession through the capital showing off his new ‘clothes.’ During the course of the procession, a small child cries out, ‘But he has nothing on!’ The crowd realizes the child is telling the truth. The Emperor, however, holds his head high and continues the procession.”

The International Auditing and Assurance Standards Board said it is getting close to completing an 18-month project aimed at making audit standards more understandable.

Leaders of six business associations have written a joint letter to the Securities and Exchange Commission complaining that recent guidance about the use of judgment in fair value accounting "has the potential to cloud transparency."