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1. Flaw in non-LIFO balance sheet  

BY Mike Bohan, CPA
I enjoyed the LIFO article in the August 2012 issue of the JofA (“Avoiding Missteps in the LIFO Conformity Rule,” page 60). I did note one flaw in the presentation of the non-LIFO balance sheet information in Exhibits 1 and 2, and in the balance sheet and supplement presentation in Exhibit 4.

2. More on auditors' reporting duties to the SEC  

BY Howard A. Scheck and Kara Novaco Brockmeyer
We are writing in response to the JofA’s February 2012 article, “What’s your fraud IQ?” (page 36). The article discusses the Foreign Corrupt Practices Act (FCPA) and includes a 10-question quiz on the FCPA. The JofA’s coverage of this topic is to be commended as it is important for CPAs to understand the scope and application of the FCPA to protect investors.

3. Periodic payout reviews also advisable  

BY Eduardo Jordan, CPA
What a great article and wonderful sage advice that appeared in the JofA (“When a client leaves or loses a job,” Feb. 2012, page 40). As a CFO and controller in industry, may I add that it would be wise for participants to periodically review their choices of payout to make sure that their choices reflect their desires and current lifestyles.

4. Variance analysis of forecasts also important to financial close  

BY Sid Harris, CPA
In his article “Building Blocks of a Successful Financial Close Process” (Dec. 2011, page 18) author Kevin Kelso failed to identify one of the most important aspects of the close process—analysis of variances to budget. He correctly states comparisons should be made with prior periods so that significant variances can be identified and explained.

5. Trust issues  

BY Bradley R. Gould, Esq.
The article “Advising Clients in Same-Sex Relationships” (Dec. 2011, page 48) was generally well written and complete in coverage. However, I note an incorrect legal analysis concerning the integrity of trusts, specifically revocable trusts, over wills. The last sentence of the section “Retirement Benefits and Transfer Tax Planning” states, “Since a will can be contested, a revocable living trust may provide a more secure way for domestic partners to provide for a survivor.” While it is true that a will can be contested, it is equally true that any trust, revocable or irrevocable, may be

6. A matter of interest rates  

BY Gary Pokrassa, CPA
I am CFO of Lakeland Industries Inc., which acquired a Brazilian company in 2008. I have been intimately involved with the Brazilian operations ever since, and I would like to comment on the excellent article “Business Basics in Brazil” (Nov. 2011, page 34). In the section addressing exchange rate risk, the interview subjects point out that “[t]he most common contracts are future, forward, options and swaps.

7. An appreciation for regulation  

BY James A. Johnson, CPA
After reading the item about an attempted tax-free rollover to a Roth IRA (“Tax Matters: Roth

8. Advising Clients on the Collections Question  

BY Charles Parker II, J.D.
I enjoyed the well-written and informative article, “Advising Financially Stressed Clients” (Sept. 2011, page 50). Due to my germane knowledge and background working as a special assets officer at a community bank, I would like to elaborate on two areas in the article. The deed in lieu of foreclosure is, as noted, cheaper for the lender, but is also beneficial to the client.

9. Time for Action on Private Company Financial Reporting  

BY Thomas G. Malkoch, CPA
I wrote [the following] letter to Chairman Leslie Seidman of the Financial Accounting Standards Board after I read her Questions & Answers

10. Low-Cost Tech Options Help Small Firms Stay Competitive  

BY Brad Garland, CPA
In the April 2011 issue, the article about emerging technology trends (“Survey Highlights Emerging Tools for Firms of All Sizes,” page 28) was encouraging to me, as I came to realize that the local firm at which I am employed utilizes many of the tools highlighted, such as multiple screens and a well-maintained website.
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