Arabs Want Harmony
Arab Society of Certified Accountants (ASCA), which represents
the professional accounting bodies in 22 Arab nations,
announced its support for adopting international accounting
standards for all its member countries. The ASCA declaration
said the move would greatly help the economic development and
capital flow into the region of Arab countries.
CPA Recognized for
Helping the Little
H. Shubert, CPA, was named the Accountant Advocate of the Year
by the U.S. Small Business Administration. Shubert, a member
of the North Carolina General Assembly, helped pass the
biggest tax cut in North Carolina history. She received her
award in June during Small Business Week.
Back at the Helm
Andrew C. Hove, Jr., succeeded Ricki Helfer as the acting
chairman of the Federal Deposit Insurance Corporation (FDIC).
Hove, who is serving his third term in the position, is the
former chairman and chief executive officer of the Minden
Exchange Bank & Trust Co., Minden, Nebraska. Hove will
serve at the helm until the FDIC finds a full-time replacement
for Helfer. Helfer announced her resignation in March after
serving as chairwoman for two and a half years.
The International Federation of Accountants (IFAC) issued
an exposure draft on the growing importance of managing the
risks associated with information technology (IT). The draft,
Managing Security in Information and Communications
, is the first in a series of guidelines being developed
by the IFACs IT committee. For a copy of the ED, whose comment
deadline is September 30, call the IFAC at 212-302-5952.
Small Business Gets New Champion
U.S. Senate unanimously confirmed Aida Alvarez as
administrator of the Small Business Administration. President
Bill Clinton designated this position as a member of the
Cabinet and the White House economic policymaking team;
Alvarez is thus the first Hispanic woman and the first person
of Puerto Rican heritage to hold a Cabinet spot. Previously
she was director of the Office of Federal Housing Enterprise
Oversight, where she had
supervisory authority for the Federal
National Mortgage Association (Fannie Mae) and the Federal
Home Loan Mortgage Corporation (Freddie Mac).
National Association of Corporate Directors has organized a
panel, the NACD/Grant Thornton Best Practices Council, to
address how corporate boards are responding to laws designed
to protect investors against fraud. Joseph R. Hardiman,
immediate past president and chief executive officer of the
National Association of Securities Dealers, is the panels
chairman; vice-chairman is Robert E. Nason, executive partner
and CEO of Grant Thornton, which is sponsoring the panel.
Other members include Donald J. Kirk, former chairman of the
Financial Accounting Standards Board; A. A. Sommer, Jr.,
chairman of the Public Oversight Board; and David L.
Landsittel, who was chairman of the task force that drafted
Statement on Auditing Standards no. 82, Consideration of
Fraud in a Financial Statement Audit . The panel plans
to issue a white paper by yearend.
Making a Federal Case Out of It
President Bill Clinton has directed all federal departments
and agencies to provide 24 hours of unpaid leave each year for
family obligations such as school meetings, child care and
doctor visits. This is an expansion of the Family and Medical
in the recording and motion picture industries may be worried
that pirated copies of songs and movies are being distributed
over the Internet, robbing artists and publishers of
royalties. Recently, Intersect Inc., a search and reporting
company, announced MusicReport, a service designed to locate
unauthorized publishing of audio and video on the Internet.
More information is available from Intersect at 213-614-7931.
Addressing the Crisis
The Employee Benefit Research Institute published Assessing
Social Security Reform Alternatives . This book
is based on the results of a policy forum of leading Social
Security experts and discusses the role of social insurance in
a market economy as well as defining the appropriate balance
between individual and collective responsibility, among other
issues. To order a copy of the book, call EBRI at