Professional Issues
To the AICPA’s new chairman—who became a CPA 26 years ago and has worked for the same local firm since college—the words “trusted adviser” now more than ever represent the uniqueness and importance of being a CPA.
Compliance / Personal Financial Planning
With investment adviser advertising heavily regulated, CPAs with advisory practices have to be cautious not to run afoul of SEC rules. This article describes the key provisions of the Investment Adviser Act concerning false and misleading advertising.
Career Development / Fraud
Ask a financial investigator the best way to uncover fraud, and the answer will likely be: “Follow the money.” This article examines the three most effective methods used to trace funds from criminal activity such as embezzlements, bribes and asset misappropriations.
Business Valuation
Valuation specialists such as CPA/ABVs can help owners of closely held businesses to reorganize and recast their financial information for optimum results when they want to sell their company. Here’s how.
State / Local Government Audits
Preparers and auditors of state and local government financial statements need to clearly understand how to assess materiality. Recent SEC and AICPA auditing standards board actions underscore the importance of this topic.
Technology Workshop
Replacing spreadsheet cells’ letter-number identifiers with descriptive names speeds work and reduces errors. And users will find financial reports easier to read.
Tax
As a result of the decision in the CSX case, companies may be able to recoup payroll taxes on payments they made to terminated employees. Here’s a step-by-step guide for CPAs on how to do it.
Practice Management / Tax
How does Sarbanes-Oxley apply to tax practitioners? The SEC rules shed only some light on this important question and are discussed in this article. CPAs may have to leave the rest to future guidance and audit committee discretion.