Two big accounting firms chosen for rescue program

WASHINGTON (AP) — The government has selected two major accounting firms to help it manage the $700 billion rescue program for the financial system.

The Treasury Department said Tuesday it had chosen PricewaterhouseCoopers to be the auditor for the program. Ernst & Young will provide general accounting support.

The two firms will work on the part of the rescue program that is handling the purchase of troubled assets from banks as a way of encouraging them to resume more normal lending.

Treasury said that Ernst & Young will be paid $492,006.95 initially while Pricewaterhouse Coopers will be paid $191,469.27 for its services initially. The two contracts last until Sept. 30, 2011.

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BPOs see big money in global accounting norms

NEW DELHI: Business process outsourcing (BPO) outfits in India are gearing up to rake in moolah as India Inc gets ready for convergence with the global accounting norms. Many of the Indian KPOs and BPOs have started assessing their capabilities in providing support for managing the required changes.

According to Nasscom officials, outfits that lack the necessary skills to provide the convergence-related support are putting their employees on training.

According to Grant Thornton partner Khazat Kotwal, International Financial Reporting Standards (IFRS) cannot be looked as a mere technical exercise limited to change from one accounting principle to another.

It is expected to impact all aspects of the way in which India Inc operates, including accounting policies and procedures, financial reporting and disclosures, and information technology systems.

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Accounting Firm Launches New Website for Students and Job Seekers

Aronson & Company (A&C), a nationally-ranked top 50 accounting and consulting firm, recently announced the launch of its TeamAronson.com website geared toward college accounting and finance majors entering the job market. The site, which was designed in support of the firm's recruiting efforts, is part of an initiative to help reinforce their employer brand and put a recognizable face on their on-campus recruiting program. Furthermore, the firm intends to develop the site as a resource for prospective and current accounting professionals, by giving them direct and immediate electronic access to industry information. The company expects to add a blog function to the site shortly, which will open a direct line of communication between recruiters, college students and job seekers.

As part of this initiative, A&C is giving away a Dorm Room Super Bowl Party grand prize. In addition to the prize entry form, the site features information about the company, press releases and other news, useful links about the accounting industry, and even profiles for their recruiters, giving job seekers direct access to the staff and humanizing what can be a daunting process for many college students.

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Why small accounting firms matter

How they can save you money in the current economic downturn.

With the current economic slowdown, mid-sized companies need to overcome their bias towards the larger professional firms and become more discerning buyers of audit, accounting and legal services in pursuit of better value for money and greater efficiencies.

Smaller and medium-sized legal and accounting firms have built up their specialist services, their teams and their broad capabilities and have shown that they can compete with the much larger firms at a much lower price.

In addition, the draft Companies Bill exemption of small businesses from rigorous financial reporting requirements and audits has acted as a catalyst for a change in buying behaviour.

The Companies Bill is good for South Africa's accountancy profession as smaller companies will be drawn to those firms that are focused on providing non-audit services that are better suited to their requirements.

The new legislation will not kill off the livelihood of the smaller accountancy firms but that they will need to redefine their roles and rethink their structures.

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Accounting firms can't help on tax

If policymakers think the big auditors are going to help them roll back tax avoidance, they may have a long wait

Don't let the fox guard the henhouse." It may be an old proverb, but many involved in financial regulation do not appear to be aware of it. Blinkered policymakers think that major accounting firms are somehow going to help them to stem the tide of tax avoidance. Such aspirations have little chance of becoming reality until major accounting firms are forced to put their own houses in order.

Earlier this year, Christian Aid (pdf) reported that big accounting firms are at the heart of a global tax avoidance industry. It showed how depriving governments of vital revenues for investment in social infrastructure can cause death and misery for millions. Big accounting firms are protected by a cocoon of secrecy and confidentiality laws, but some evidence of their activities is publicly available.

KPMG has been the subject of what the US justice department described as the "largest criminal tax case ever filed".

KPMG admitted that it engaged in fraudulent practices that enabled its clients to generate phoney losses. The firm collected huge fees and the tax authorities lost billions of dollars in tax revenues. The firm paid $456m in fines, but escaped closure. A number of its partners may face prosecutions.

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Accounting firm says Omaha has competitive taxes

A new study from a major accounting firm says Omaha offers businesses a lower tax burden than other mid-sized cities in America.

The study from KPMG International says Omaha's total tax index is 5.8% lower than the national average. That was the best rating for cities with populations between 500,000 and 2 million in their metropolitan areas.

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Accounting change not meant to shock: SEC's Cox

WASHINGTON (Reuters) - An accounting change that could force banks to bring trillions of dollars of off-balance sheet transactions back on their books will be implemented in a way that will not create unnecessary shocks, the chairman of the U.S. Securities and Exchange Commission said on Thursday.

"We want to make sure that the discussion of this and the implementation of this is done in such a fashion that the market can absorb it and it does not create any unnecessary shocks," SEC Chairman Christopher Cox told a Congressional panel.

Accounting rule-maker the Financial Accounting Standards Board is working on a proposal to eliminate certain off-balance sheet entities called qualified special purpose entities (QSPEs) that are used to pool debt such as car loans and mortgages.

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Bookkeeping Express partners with Intelligent Office

Bookkeeping Express has teamed with Intelligent Office to provide accounting services to small businesses in the D.C. area.

This is the first partnership in the area for the McLean-based bookkeeping company, which was acquired last year by Merritt Green, Bob Stocker and Greg Jones.

The owners moved the 20-year-old bookkeeping company's headquarters from California, and aligned the company with the American Institute of Professional Bookkeepers in Rockville. They plan to launch a national franchise system later this month.

Intelligent Office, a virtual office base that offers remote receptionist services, will provide bookkeeping services to its 800 small business clients in the D.C. area through the new partnership. Services include accounts payable and receivable, monthly reporting, and bank reconciliation.

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Bookkeeping Express partners with Intelligent Office

Bookkeeping Express has teamed with Intelligent Office to provide accounting services to small businesses in the D.C. area.

This is the first partnership in the area for the McLean-based bookkeeping company, which was acquired last year by Merritt Green, Bob Stocker and Greg Jones.

The owners moved the 20-year-old bookkeeping company's headquarters from California, and aligned the company with the American Institute of Professional Bookkeepers in Rockville. They plan to launch a national franchise system later this month.

Intelligent Office, a virtual office base that offers remote receptionist services, will provide bookkeeping services to its 800 small business clients in the D.C. area through the new partnership. Services include accounts payable and receivable, monthly reporting, and bank reconciliation.

Read More Article...

Bookkeeping Express partners with Intelligent Office

Bookkeeping Express has teamed with Intelligent Office to provide accounting services to small businesses in the D.C. area.

This is the first partnership in the area for the McLean-based bookkeeping company, which was acquired last year by Merritt Green, Bob Stocker and Greg Jones.

The owners moved the 20-year-old bookkeeping company's headquarters from California, and aligned the company with the American Institute of Professional Bookkeepers in Rockville. They plan to launch a national franchise system later this month.

Intelligent Office, a virtual office base that offers remote receptionist services, will provide bookkeeping services to its 800 small business clients in the D.C. area through the new partnership. Services include accounts payable and receivable, monthly reporting, and bank reconciliation.

Read More Article...