Confusing the Issues


I raised my eyebrows when I scanned “New Rules, New Responsibilities” ( JofA, Aug.00, page 53). The section, “Quarterly independent audits,” (page 55), contained a small, but important, error.

In the text that followed, the author noted “Under SEC rules, a company must have an independent public accountant review its quarterly financial statements before filing them with the SEC. This requirement previously applied only to annual financial statements.”

Readers unfamiliar with the SEC’s requirements may be somewhat confused. I believe the author wants readers to know independent audits have been required on an annual basis for SEC filers but that now reviews of quarterly financial statements also are required.

In my opinion, this issue is extremely important. Much of the general public does not understand what an audit entails, much less a review. It would be unfortunate if an article in the JofA added to the confusion.

Robert J. Dosch, CPA
Assistant Professor of Accounting
University of North Dakota
Grand Forks, North Dakota


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.