Practice Management
Firms that hire the best people, train and supervise them well, fire difficult clients and carefully vet new ones get an important benefit—a culture that mitigates risk. Here are practical suggestions to raise standards and avoid problems.
Business & Industry / Technology
A pilot project is exploring the feasibility and practicality of making XBRL-tagged financial data publicly available via the Internet. If the pilot succeeds—and there is every reason to believe it will—it could change the way such information is distributed.
Investments
More and more investors are asking their financial advisers to evaluate a company’s social conscience to make sure its products and services aren’t objectionable. With socially screened mutual funds outperforming conventional funds, 2003 may be the time for CPAs to offer this investment strategy to their clients.
Auditing / Business & Industry / Fraud
The new standard, SAS no. 99, Consideration of Fraud in a Financial Statement Audit, provides improved guidance to help auditors and audit engagement teams better plan and perform their audits. For example, new obligations mandate a preliminary “brainstorming” session to determine the potential for fraud, extend the scope of inquiries and call for tests to address the risk that management may perpetrate a fraud by overriding controls. This standard represents the AICPA’s first step on behalf of its number one priority—rebuilding the confidence of investors in the audit process.
Auditing / Practice Management
As reaudits become more common, CPA firms—both predecessor and successor auditors—will need guidance on facilitating this process. Help is available from several sources, including a recently issued AICPA practice alert.
Personal Financial Planning
At a time when managing investments has become a day-to-day challenge and new products and services are being introduced regularly, CPAs with investment advisory practices need to know how to identify what is worth their time—and what isn’t.
Practice Management
Seven talented planners share tips about what helped make their PFP practices successful.
Litigation Issues / Practice Management
CPAs who contribute services to not-for-profit organizations need to protect themselves from potential lawsuits if an accident happens or the entity has a careless—or criminal—director at the helm. The author describes steps to take to be safe, not sorry.