Financial Reporting


The GAO releases a report, Trends, Market Impacts, Regulatory Responses, and Remaining Challenges ( www.gao.gov/new.items/d03138.pdf ), which found the number of times public companies restated their financial results due to accounting irregularities rose 145% from January of 1997 through June of 2002. The agency analyzed 919 restatements made by 845 public companies. About 10% of publicly traded companies made at least one such adjustment during this period, according to the study. Improper recognition of revenue was the most frequently cited reason for the restatements.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

CHECKLIST

Being responsive to clients

CPAs and their firms have daily pressures and hectic schedules, but being responsive is crucial to client satisfaction. Leaders in the profession offer advice for CPA firms that want to be responsive to clients.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.