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Ethics: What’s SOX Got to do With It?
Congress enacted Sarbanes-Oxley
in 2002 in the wake of the spectacular collapse of Enron Corporation in an
accounting scandal. Soon after Enron imploded, telecom giant WorldCom met
its demise with a notorious accounting scandal. It was with
WorldCom in mind that lawmakers added the section 404 to
SOX, which requires chief executives and chief financial officers
to personally certify that financial statements are complete and accurate, and
requires auditors to attest to management's assertions. Many believe the
added costs and constraints are onerous. Is SOX too oppressive and costly for American
companies? Vince Crew, author of Everyday Ethics Everlasting
Consequences, explains how SOX has
affected financial professionals, why it is necessary and how it has
benefited the image of U.S. companies across the globe.
Catch Vice Crew at the MACPA's
seminars Not in the Clear Yet...Financial Professionals and the Ethics Chase
on
May 19 in Grand Rapids or on
May 20 in Auburn Hills.
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Increase Staff Retention
and Business
with MACPA's Customized Training Solutions
The MACPA knows investing in your employees' professional growth is the key
to staff retention and increased business. This is why the MACPA is offering
Customized Training Solutions. As a trusted source for continuing education,
the MACPA is now offering to bring our curriculum and instructors to your
organization. You pick the area of study, training date and location, and we
handle the rest. Visit the MACPA's
web site
for a list of training topics. Plus, Customized Training Solutions is a
great gas saving CPE alternative for your entire staff. Do not wait,
schedule your in-house training program today! Contact
Jean Jernigan for more
information.
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MACPA's Spring Members
Advisory Forum is May 13 - Register Today Before it is too Late!
The MACPA Spring Members Advisory Forum on Tuesday, May 13, 2008 at the
Lansing Center promises to be more exciting than ever – covering national
and local topics and how they will affect you, your business and your
clients. Mobility, XBRL and Forensic Accounting are just a few of the topics
you do not want to miss. To see the event information in its entirety, view
the event agenda
here. You can earn up to 6 hours of CPE, including 1.5 hours of
accounting and auditing hours.
Register today before it is too late.
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Reserve Your
Management Information Show Exhibitor Booth Now!
Gain exposure and meet with individuals ready to use your services at
MACPA’s Management Information Show in Novi, June 25-26. Reserve your booth space today – only
ten booths available! Contact Vanessa Gerber at 248.267.3700,
vgerber@michcpa.org or visit our
web site at
www.michcpa.org to reserve space and for more information on this
exciting opportunity.
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Americans Divided on
their Plans for Economic Stimulus Tax Rebate
Americans are divided about how they plan to use their economic stimulus tax
rebates, with almost equal numbers saying they will save it, spend it or pay
down debt with it, according to a
survey by the AICPA. Eligible taxpayers will receive rebates ranging
from $300 for individuals to $1,200 for families over coming weeks.
Twenty-eight percent of respondents in the poll said they plan to save their
rebates, followed by 27 percent who said they would spend it and 25 percent
who would pay down debt. The AICPA survey showed that those most likely to
save their rebate are single, while retirees and married individuals seem to
be the ones who will spend it. Those most likely to use the rebate to pay
down debt are working women with children.
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SEC Piggybacks Refund
Check with Investor Tips
Investors awaiting their refund checks from the IRS will simultaneously be
receiving information about a
new SEC phone-based resource that can help them learn more about various
investing topics and avoid investment scams. More than 3 million Americans
will receive an SEC investor information card as an insert with IRS refund
checks. The mailing represents the SEC's largest-ever direct mail outreach
effort and is intended to reach millions of Americans, particularly senior
citizens, who do not have Internet access to online investor education
information.
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AICPA Issues Revised
Peer Review Standards
The AICPA Peer Review Board has issued new standards for performing and
reporting on peer reviews to promote quality in CPA firms’ accounting and
auditing practices. The new standards are intended to produce simpler more
readable reports that will provide greater transparency to state boards of
accountancy, federal agencies such as the Government Accountability Office,
and the private sector. A key difference in the new peer review standards is
elimination of letters of comment and the old three-tier system of
unmodified, modified and adverse grades given to firms by reviewers. The new
standards require a simple pass, pass with deficiencies, or fail grade. The
revised Standards and Interpretations are effective for peer reviews
commencing on or after Jan. 1, 2009. Read
more.
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