Categories
CPA Journal, The

IRS reform on its way to becoming law

IRS reform on its way to becoming law With the Senate unanimously approving IRS restructuring legislation on May 7th, the bill is certain to become law. At press time, differences between last year’s Housepassed bill (with an overwhelming 426-4 vote) and the Senate’s version have to be worked out, and most political analysts do not […]

Categories
CPA Journal, The

Standards of behavior: Rules are not enough

Standards of behavior: Rules are not enough Colson, Robert H Everyone is subject to numerous standards of behavior, but their significance in specific cases depends on their source or authority. Awareness of the distinctions and commonalities of different behavioral standards is helpful in understanding the role and importance of professional ethics. I have found, based […]

Categories
CPA Journal, The

Computer Monitoring and Surveillance

Computer Monitoring and Surveillance Wakefield, Robin L Balancing Privacy with Security Information security and employee privacy are important issues facing all organizations. E-mail monitoring software will grow significantly in the next five years, from $139 million in sales (2001) to $662 million (2006), according to International Data Corp. (IDC). Federal legislation mandates that companies actively […]

Categories
CPA Journal, The

Accounting irregularities and financial fraud

Accounting irregularities and financial fraud Love, Vincent J ACCOUNTING IRREGULARITIES AND FINANCIAL FRAUD Principal Author and Editor: Michael IR Young, Esq., Introduction by Mario M. Cuomo Harcourt Professional Publishing, $99 This excellent book is a must-have for the professional or businessperson interested in learning more about financial fraud and how to prevent and respond to […]

Categories
CPA Journal, The

Understanding Hollywood’s (creative) accounting practices

Movie money: Understanding Hollywood’s (creative) accounting practices Zimmerman, Richard S The natural affinity that people feel for the movies has crossed over to the business side of filmmaking and distributing. Every Monday morning newspapers across the country publish the weekend box office receipts of the too ten grossing movies. In some cases these figures, representing […]

Categories
CPA Journal, The

Generational Accounting

Generational Accounting Kranacher, Mary-Jo An Alternative Method of Fiscal Accountability Laurence J. Kotiikoff, a professor of economics at Boston University and a research associate at the National Bureau of Economic Research, discussed the concept of “generational accounting” at the International Federation of Accountants’ (IFAC) World Accountancy Forum in New York City last month. What follows […]

Categories
CPA Journal, The

Auditors’ Responsibilities with Respect to Fraud: A Possible Shift?

Auditors’ Responsibilities with Respect to Fraud: A Possible Shift? Apostolou, Nicholas Public companies are required to prepare and issue financial statements that fairly reflect their performance. The SEC requires companies whose shares are publicly traded to obtain an audit by an independent auditor. The audit involves an examination to assess whether the financial statements and […]

Categories
CPA Journal, The

Balanced Scorecard and Government Entities

Balanced Scorecard and Government Entities Lang, Sandra S Moving Forward at the Illinois Department of Transportation Government entities are generally not considered to be models of good business management. The state of Illinois, however, is trying to change this perception. In 1999, Illinois began a strategic planning initiative (SPI) using the balanced scorecard (BSC) as […]

Categories
CPA Journal, The

new standard on predecessor successor communication, The

new standard on predecessor successor communication, The Tatum, Kay W In the past 20 years, the auditing profession has changed dramatically. Bidding and solicitation are now accepted as a way of life. The Securities Litigation Reform Act of 1995 stresses the auditor’s responsibility for the detection of fraud. The complexity of business trans actions and […]

Categories
CPA Journal, The

Estate planning for business owners

Estate planning for business owners Maccarrone, Eugene T Foresighted valuations help maintain wealth The complexity of estate planning increases markedly when the subject of the plan is a business owner. The taxpayer’s business interests can complicate the usual planning considerations in designing a strategy that minimizes estate and gift taxes and maximizes family wealth. This […]