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May 1, 2006

The Newspaper of the NYSSCPA

Vol. 9, No.8

What's Inside

Wall Street Still Needs Cleanup, Author Says

NYSSCPA Comment Letter Update

Members in the Spotlight During Tax Season

NYSSCPA Honors Top Financial Journalists

The Conference Year Begins Anew

Ethics CPE: Choosing 'Course' of Action

Federal Income Tax 'Believe It or Nots'

PCAOB Suit Seeks to Abolish Sarbanes-Oxley Act

AP Reporters Learn Forensic Accounting


Business reporters with the Associated Press attended an educational seminar on forensic accounting on April 3. Society member Debbie Cutler (center) was a guest speaker at the seminar.

By Stephanie R. Myers

NEW YORK—The group that recently filed a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board (PCAOB) has made no secret of the fact that the actual end goal of the suit is the abolishment of the Sarbanes-Oxley Act of 2002 (SOX). The Free Enterprise Fund (FEF), a free-market advocacy group headed by Council on Foreign Relations member and political fundraiser Mallory Factor, filed the lawsuit in February and has characterized SOX as “a dramatic expansion of regulatory power that has ultimately failed in achieving the intended objectives.”

Continue...

Studies Show SOX Costs Declining

By Allison Schiff

NEW YORK—Perhaps in the case of SOX 404 audit costs, a sophomore slump can be viewed as a good thing. Continue...

Taxpayer Privacy Takes Center Stage

By Forrest Whitesides

NEW YORK—Identity theft, phishing, e-mail scams: these personal-privacy topics have made major headlines in recent months, ranging from Nigerian scam artists to corporate blunders that resulted in the leak of sensitive client data. Continue...

Avoid Common Deficiencies in Yellow Book Audits

By William R. Lalli, Tax Policy Manager

In a joint meeting of the NYSSCPA’s Not-for-Profit Organizations Committee and its Government Accounting and Auditing Committee, guest speaker Reynaldo L. Padilla fielded technical questions while committee members and practitioners vented their frustration with common practice problems. Continue...

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