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August 13, 2009


Publisher's Note
While playing Battleship with my son the other night, it made me think about competition between accounting firms. With the state of the economy, I've heard far fewer comments along the lines of "snagging accounts from our competitors" and "knocking out the firm across the street." Instead, what I've been told has been more like "we're just focused on our own firm, trying to just get past this downturn." I've heard about more firms - some being fierce competitors - working together on community projects, too. This "we're all in this together" sentiment has been refreshing.

I guess there's always a silver lining.....

Rob Nance
Publisher
AccountingWEB, Inc.

publisher@accountingweb.com



Current Trends in Transactions and Business Valuations
Recently one of my partners, Kurt Trimarchi, attended the 2009 summer conference of the Alliance of Merger & Acquisition Advisors (AM&AA).


DiPascali, Pleading guilty to Criminal Charges, Faces Up to 125-Yer Sentence
In a Manhattan courtroom this afternoon, Frank DiPascali, former CFO at admitted Ponzi schemer Bernard Madoff's firm, Bernard L. Madoff Investment Securities LLC, pleaded guilty to a ten-count criminal charge.


The Foundation for Audit Documentation
Underpinning the small audit documentation outlined in my last blog, a CPA firm’s operating philosophies can contribute significantly to engagement efficiency.


I have a loss. I don't need to file a tax return
A recent TaxQuips question was from someone whose Supplemental Security Income checks were about to be levied by IRS because he had not bothered to file tax returns for 2006 and 2007.




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Money Laundering
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The Internal Revenue Service (IRS) has begun sending refund checks to Madoff investors who paid taxes on investment income from the giant Ponzi scheme. more >>
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The Public Company Accounting Oversight Board has voted to adopt Auditing Standard No. 7, Engagement Quality Review, and to issue a Concept Release on requiring the engagement partner to sign the audit report. more >>
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Rutgers Business School
Get the only online Masters Degree in Governmental Accounting at Rutgers Business School

Delivered completely online, the 10-course program is designed for prospective CPAs, practicing CPAs, MBAs, MPAs, and accounting students who want to specialize and advance their careers as they build their knowledge and expertise. Government workers are eligible for in-state tuition. Read what our graduates say.

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Firm/State/People News
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U of Hawaii accounting professor receives Excellence in Teaching award
University of Hawaii West O‘ahu recently recognized an outstanding accounting faculty member for his contributions to the University. more >>
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If your clients are using Sage MAS 90 or MAS 200, Better Read This!

Find out why former users of Sage’s legacy ERP products have made the change to the much more responsive Microsoft Dynamics GP enterprise software. Download this Microsoft whitepaper on ERP, courtesy of CEO Teams.
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