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April 2009 |  BY Michael H. Brown |  Article

The Tax Court held that the Uniform Standards of Professional Appraisal Practice (USPAP) are not the sole measure of an expert witness’s reliability. The witness had been called upon to provide a value of a conservation easement restricting the use of real property, or “servitude.” Based on that testimony, the court upheld the Service’s denial of the full claimed value of the servitude as a deduction for a charitable contribution.

January 2008 |  BY Paul Kiel, Jennifer Carney, Carla A. Gogin, David A. Johnson |  Article

Eight standards rolled out in 2006 by the Auditing Standards Board are sparking a cultural shift for auditors. The standards—Statement on Auditing Standards nos. 104�—are designed to enhance auditors’ responses to audit risk and materiality and encourage them to focus on areas with the greatest risk of misstatement.

September 2007 |  BY Larry R. Cook |  Article

Have you ever accepted a timesensitive business valuation project then spent many late nights finishing the engagement? These suggestions may help your effectiveness Assess the risks. Timesensitive engagements tend to elevate risks. Make sure the project is worth the risks that will be assumed to complete it and that the compensation will adequately reward the efforts.

September 2007 |  BY John R Gilbert |  Article

SSVS1 applies to any AICPA member who performs “an engagement to estimate value.” According to the statement, any member who performs such an engagement is called a valuation analyst . The statement applies to any engagement to estimate value when the valuation analyst (1) “applies valuation approaches and valuation methods” and (2) “uses professional judgment.” According to the statement, “the use of professional judgment is an essential component of estimating value.” Even with this guidance with regard to SSVS1 implementation, some members may be concerned as to when they should apply the statement.

September 2007 |  BY Robert F. Reilly |  Article

EXECUTIVE SUMMARY CPAs perform valuation services for numerous purposes, including transactions, financings, taxation planning and compliance, intergenerational wealth transfer, ownership transition, financial accounting, bankruptcy, management information, and planning and litigation support . SSVS1 applies to all members and is effective for engagements to estimate value accepted after Jan.

January 2007 |  BY J. Russell Madray |  Article

January 2006 New Fraud Guidance COMPILATIONS REVIEWS Communication is the name of the game where fraud is suspected.

December 2006 |  BY Catherine Allen |  Article

EXECUTIVE SUMMARY The PCAOB in April 2006 issued a set of seven rules for auditors of public companies. The rules focus primarily on tax services, but also address contingent fees, audit committee preapproval of tax services and fundamental requirements for ethics and independence. Individuals who contribute directly and substantially to their firm’s violation of the SarbanesOxley Act, PCAOB rules, professional standards or securities laws can be held personally accountable.

January 2006 |  BY J. Russell Madray |  Article

EXECUTIVE SUMMARY SSARS NO. 12, Omnibus Statement on Standards for Accounting and Review Services�, amended SSARS no. 1, making specific changes regarding the practitioner’s consideration of fraud and illegal acts in compilation and review engagements. ALTHOUGH COMPILATION AND REVIEW performance standards don’t require CPAs to assess the risk of fraud, they still must inform the client of incorrect, incomplete or otherwise unsatisfactory information discovered during an engagement.

November 2005 |  BY Barbara Walters Price |  Article

EXECUTIVE SUMMARY CPAs WHO SEEK TO DEVELOP A BV NICHE should first determine the areas in which the firm can demonstrate expertise to referral sources. Prospects want to know that a firm understands their business. CPAs need technical training and specific valuation credentials to become credible providers of BV services.

April 2005 |  BY David Jentho, Dean Beddow |  Article

EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports to the public and regulators as well as to reviewed firms.