Business & Industry / Corporate Governance / Financial Reporting / Government Auditing and Financial Reporting
Should company management be required to report on internal controls? As participants in the reporting process, CPAs should know the nature and content of these reports and how they are used.
Business & Industry / Compensation and Benefits
Many executives depend on supplemental executive retirement plans (SERPs). However, these plans are not an efficient way to transfer wealth—taxes can erode up to 85 cents of every dollar. Some companies allow executives to swap SERP benefits for tax-favored life insurance.
In My Opinion
People who issue financial reports are often concerned more about what the reports tell about them than they are about how well the reports reflect real-world events. Unfortunately, GAAP tilts toward the issuers, the author says.
Technology Workshop
You don’t need fancy computer software to create graphic representations of data flow and organizational structures. Excel can do the job just fine. This article explains how and provides time-saving tips.
Fraud
Ironically, the accountant has come full circle over the course of 5,000 years. Beginning as a scribe-cum-financial-watchdog in ancient Egypt and evolving into the auditor of huge conglomerates’ financial reports at the start of the 21st century, the CPA is again assuming a leading role in the war against fraud.
Practice Development
The need to find, train and keep staff tops nearly every company’s list of urgent requirements. Some firms are stepping in with human resources expertise to help clients vet hires, deal with policy issues and keep costs down.
The Century Timeline, Part 1
What was the first school of accounting? When was the first professional standard created? What early court cases defined the breadth of accountants’ liability? Get answers to these questions and follow the profession’s path through the first nine decades of the 20th century.
Compensation and Benefits
Splitting a firm’s profits among partners with varied stakes and diverse talents requires a formula that factors in everyone’s contribution, provides incentives—and leaves capital in the business.
Business & Industry / Compensation and Benefits
With a limit on the compensation a company can deduct for its CEO and other top executives, a newly public company must avoid disallowed deductions. Companies may be able to postpone the limit or structure packages to avoid it
General Interest