AUDITING / IN PRACTICE
Auditors are the focus of several recent academic studies ranging from auditor-client relationships to the effect of industry specialization on the evaluation of a distressed company. In this article, the authors summarize these and other academic work found in recently published prominent accounting and finance journals.
TAX / PERSONAL FINANCIAL PLANNING
This article explores the opportunities and pitfalls of passing along the deceased spousal unused exclusion amount for gifts and estates.
FROM CGMA MAGAZINE / MANAGEMENT ACCOUNTING
More organizations are voicing a commitment to ethical performance, but their proclamations do not appear to be matched by action—a disconnect that is emerging as financial professionals are facing more pressure to act unethically.
Do your clients know how much they pay in taxes? Not just income taxes, all taxes—sales, utilities, alcohol, etc. The AICPA’s web-based Total Tax Insights calculator offers taxpayers a look at how much of their income goes to paying more than 20 federal, state, and local levies.
PERSONAL FINANCIAL PLANNING
Despite the housing downturn, a home may be an elderly client’s most valuable asset. This popular way of tapping it for current needs requires careful consideration of all the ramifications.
AUDITING / CORPORATE GOVERNANCE
The internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which has long helped audit committees comply with Sarbanes-Oxley Act regulations, is undergoing an update. Audit committees can review the updated framework and share it with key members of their organizations in order to keep their processes and controls in compliance.