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SEC Approves SOX Section 404
Changes
The Securities and Exchange Commission
unanimously approved new
guidance for corporate management on Sarbanes-Oxley Section 404, which
requires checks on internal controls of financial statements. The guidance
allows managers to satisfy the requirements of the law by identifying the
biggest risks to their companies' books, rather than carrying out extensive
checks. While the guidance is intended to help public companies of all
sizes, smaller companies, which will begin complying with Section 404 this
year, should benefit from its scalability and flexibility.
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Register Online to
Win $100 CPE Credit
Each week through the end of June, one lucky
CPE registrant will win a $100 credit toward a future MACPA CPE program. Register online for a CPE program between now and June 30, and
your name will be automatically entered into the weekly drawing each time
you register. Drawings will be held on Monday from all the previous week’s
registrants. Winners will be announced in E-News (with permission).
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Michigan Credit
Rating Takes Another Hit
For the third time this year, Wall Street has
downgraded
Michigan's credit rating. Last Tuesday, Standard and Poor's lowered
Michigan's General Obligation Credit Rating to AA- from AA. As with previous
downgrades from Fitch and Moody's, S&P cites delays in securing budget
agreements and the legislature's elimination of the Single Business Tax
without replacement revenue as key factors. "We have heard warnings for
months now and today's statement should ring loud and clear: We must get our
fiscal house in order...now," responded State Treasurer Robert J. Kleine. In
making today's announcement, S&P said ongoing revenue weakness, use of
onetime solutions, and "the nature of the cuts that may be required at the
end of 2007 because of failed negotiations on previous gap closing measures
all suggest that the state could struggle with fiscal imbalances even beyond
2008." Michigan is now rated AA- by Fitch and Aa3 by Moody's.
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Take AICPA Survey on
Interstate Practice Privileges (Mobility)
As part of an ongoing effort to communicate
and educate members on the complexities associated with obtaining interstate
practice privileges (mobility), the AICPA is conducting a web-based survey.
Go to
http://vovici.com/wsb.dll/s/4e5ag27cbb to access the online survey,
which will be available for only a short time. Learn more about interstate
practice privileges (mobility) in these articles appearing in the May/June
Leaders’ Edge:
State’s Woes, Interstate Practice Dominate Members Advisory Forum, the
Chair’s Message, and
Mobility – the Drive for Easier Interstate Practice (March/April issue).
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Theodore Roosevelt Will
Address Michigan Legislature on Thursday
If you’re in the Lansing vicinity on Thursday,
you may want to catch a history lesson in action. The public is invited to
attend a free reenactment commemorating the 100th anniversary of
President Theodore Roosevelt's May 31, 1907 visit to the Michigan
Legislature. Only one other U.S. president, President Bill Clinton, has
addressed a joint session of the legislature. Keith McGough, a speaker and
Theodore Roosevelt impersonator, will portray President Roosevelt and
deliver his 1907 speech on Thursday, May 31, 2007
in the Senate Chambers of
the Capitol Building. He will arrive at the Capitol aboard an R.E.O.
automobile driven by Gregory Olds Stephens, the great-great grandson of R.E.
Olds. Seating in the Third Floor Senate Gallery is limited and will be
granted on a first-come, first-served basis. This Senate session will air
live on Michigan Government Television. Go to
MGTV.org for local channel
numbers and availability, or visit
Michigan Senate Live to access streaming video.
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Doing Business With Open
Source
The upsurge in open source products from
commercial entities translates into more free software options for small
businesses, particularly in the realms of messaging, customer relationship
management (CRM), office productivity, and accounting. However, not all open
source products are free, as users must cough up money for support, hosting,
premium services, and customization. To read this article in its entirety
and learn 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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