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| Headlines and Updates for MACPA Members | ||
| February 6, 2012 Issue 609 | ||
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U.S. Labor
Dept. Issues Final Rule on 401(k) Fee Disclosure
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| MACPA Members: Remember to customize your MACPA website homepage to obtain articles, upcoming CPE events and news specifically related to your specialty areas. Once you have updated your information in the Member Profile Section of the MACPA website, you will receive an individualized homepage each time you logon to the MACPA website, http://www.michcpa.org. | For More Resources: Logon to http://www.michcpa.org |
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Members Invited to RMA Networking Event Offering a great opportunity for CPAs to network with other young professionals, MACPA members are invited to the Risk Management Association (RMA) Michigan Young Professionals Kickoff Event on February 25, 2012. A fun-filled night of networking will take place at the MGM Grand Detroit from 7:30-9:30 pm. “This is a great event for young CPAs to start building their professional network,” said Dan Ellis, CPA, Chair of MACPA’s New Professionals Task Force. MACPA members can attend this event at the RMA member rate. Click here for more details and registration information.  Return
to TopIdentity Theft Crackdown Sweeps Across the Nation; More than 200 Actions Taken in Past Week in 23 States The IRS and Justice Department conducted a massive national sweep cracking down on suspected identity theft perpetrators as part of a stepped-up effort against refund fraud and identity theft. Working with the Justice Department’s Tax Division and local U.S. Attorneys’ offices, the nationwide effort targeted 105 people in 23 states, including Michigan. The coast-to-coast effort took place over the last week and included indictments, arrests and the execution of search warrants involving the potential theft of thousands of identities and taxpayer refunds. In all, 939 criminal charges are included in the 69 indictments and information related to identity theft. Read more. The IRS also offers tips to protect you and your clients against identity theft on this new YouTube video. Return
to TopPCAOB to Host a Public Meeting March 21-22 on Auditor Independence and Audit Firm Rotation The Public Company Accounting Oversight Board (PCAOB) will host a public meeting to obtain further input on ways to enhance auditor independence, objectivity, and professional skepticism, including through mandatory rotation, or term limits, for audit firms. The meeting will be held over two days, Wednesday and Thursday, March 21- 22, 2012. The Board issued a concept release on Aug. 16, 2011, that invited comments on measures that might meaningfully enhance auditor independence, objectivity and professional skepticism. The release included a number of questions related to mandatory audit firm term limits, such as whether the PCAOB should consider a firm rotation requirement for audit tenures of more than 10 years, or for the largest issuer audits only. Read more. Return
to Top75% of CEOs Admit There is Room for Improvement in the Measurement of Non-Financial Value In the wake of the financial crisis, three-quarters of the world’s CEOs say more emphasis should be placed on measuring the value of non-financial assets such as intellectual capital and customer relationships to drive long-term performance, according to research from the AICPA and Chartered Institute of Management Accountants (CIMA). But just 51 percent of nearly 300 CEOs surveyed in 21 countries say their organizations currently measure the value of non-financial assets well or very well. Only 12 percent now turn to their finance teams for help with the task. AICPA and CIMA released these findings on January 31 at simultaneous events in New York and London launching the Chartered Global Management Accountant (CGMA) designation. Read more. Return
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