Financial Reporting / Fraud
The ASB issued an exposure draft designed to expand audit procedures to address financial statement fraud. The ED does not change the auditor’s existing responsibility to detect fraud in a financial statement audit, but introduces new concepts, requirements and guidance to help him or her meet that responsibility. Practitioners can offer informed opinions on the ED through May 31, 2002.
Business & Industry / Career Development
Today’s CFOs move easily from balance sheets to boardroom strategies and handle other responsibilities as well. Here are several who broke the mold of the traditional CFO—with advice for CPAs seeking to do the same.
Business & Industry / Management Accounting
September 11 sent insurance rates soaring—doubling and even tripling in some cases—prompting many businesses to form their own insurance companies as a way to self-insure at lower costs. CPAs should consider doing the same for their firms and their clients.
Software / Technology
The 10 leading enterprise resource planning (ERP) products are put to the test and the results are described here.
Practice Management
Charts enhance written and oral financial communications by putting numerical-relationship data in an easily grasped pictorial form. Fit your chart format to the information you need to convey.
Investment Planning
CPAs can help clients look beyond stocks to diversify their holdings into alternative investments such as hedge funds. By doing this, they help clients preserve capital and build on it at a consistent rate in all kinds of markets.
Insurance Issues
As the baby boom generation begins to age, here’s what CPAs must know about long-term-care insurance to advise clients about their need for this coverage.
Fraud
Prevention—not detection—is the most effective anticrime strategy. But it takes good controls and a strong communications program to convince would-be criminals their plans—no matter how clever—will fail and that they will suffer the consequences.
Investment Planning
CPAs shouldn’t mistake the allure of hedge funds for a reason to invest. These complex funds aren’t right for all investors. But despite some risks, when they’re good, they can be very good.