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GAO Releases Anticipated 2007
Yellow Book Revision
On February 1, 2007, the Comptroller General David Walker issued the
January
2007 revision of Government Auditing Standards (The Yellow Book), which
supersedes the 2003 revision. The January 2007 version contains the final
2007 revisions to the standards, except for the quality control and peer
review sections in chapter 3. Concurrent with the electronic issuance of
this revision of Government Auditing Standards, GAO is exposing for comment
redrafted sections on quality control and peer review in response to the
wide range of comments the agency has received on those sections. Electronic
versions of the documents can be accessed
online.
The printed version of the complete 2007 revision of Government Auditing
Standards is expected in late spring, after the quality assurance and peer
review sections are finalized. The effective date for the 2007 revision of
Government Auditing Standards is for financial audits and attestation
engagements for periods beginning on or after January 1, 2008, and for
performance audits beginning on or after January 1, 2008.
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Gain Easy Access to IRS
Contacts on New MACPA Web Site
Tax practitioners, you can save time dealing
with the IRS by making sure you are calling the right person from the
get-go. IRS Stakeholder Liaison Great Lakes Area Manager Kristy Washington
provided MACPA with valuable contact information to help tax practitioners.
Visit the
Tax Center in the Professional Resource Center on the new MACPA
web site for Michigan contacts. Tax practitioners are also invited to submit
ideas for improving practices and procedures through the Issue Management
Resolution System. Read more
here.
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Michigan Real Estate
Brokers Group Settles Charges it Illegally Restrained Competition
The Federal Trade Commission today announced
that it has settled charges brought against a group of real estate brokers
in southeastern Michigan. As a result, the group will open its listing
services to all home sellers. The group was charged with violating antitrust laws by adopting and
enforcing rules and policies that block certain property listings from the
MiRealSource Multiple Listing Service (MLS), where the property sellers
contract with their real estate brokers on terms other than what the group
dictates. The FTC also charged the 7,000-member MiRealSource group with enforcing a range of other rules designed to
limit the acceptance, publication and marketing of certain residential real
estate listing contracts, thereby limiting home sellers’ ability to choose
the real estate brokerage services that best serve their specific needs.
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Robert Half Names This
Year's Hot Accounting and Finance Jobs
Which accounting and finance professionals
will have the most promising career prospects in 2007? Robert Half
International identified five jobs positioned for growth. The information is
based on research from the company’s 2007 Salary Guide, actual candidate
placements and discussions with hiring managers throughout the United
States. According to the company, the following positions hold the
most promise for growth in 2007: internal auditor, compliance executive,
financial analyst, staff accountant and external auditors.
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New Study Shows
Advancement, Not Compensation, Is the Driving Factor for New
CPA Recruits
CPA firm partners believe compensation is the driving force behind a new
recruit’s decision to join and stay with the organization. But young
professionals say that’s not the case, that growth opportunities are the
principal factor. These differing perspectives are among the key findings of
the
Top Talent Study conducted by the Private Companies Practice Section (PCPS) of the AICPA. Among the survey participants, 93 percent of partners identified
salary as the top motivator, while 80 percent of young professionals pointed
to the chance to advance in the firm. In contrast, salary was ranked third
by the new accountants, and the partners placed career growth at number
four.
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Can BPM Help Your
Business?
Unlike other business re-engineering programs and strategies, BPM or
Business Process Management aims for continuous improvement in business
processes throughout the enterprise; and these software tools and policies
can improve productivity and efficiency across departments, according to
experts. To read this article in its entirety and much more about developments
in technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc.
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