FYI


The General Accounting Office on July 7, 2004, changed its name to the Government Accountability Office in accordance with the GAO Human Capital Reform Act of 2004, which reorganized the watchdog agency’s personnel management and compensation systems ( www.gao.gov/about/namechange.html ).

The Public Company Accounting Oversight Board (PCAOB) named Richard D. Clark, CPA, director of the office of financial analysis and risk assessment, which will collect, assimilate and analyze risk assessment and other information for the board. Clark has 27 years of experience as a forensic accountant and is a retired Naval Reserve intelligence officer and former IRS special agent.

Philip T. Calder, CPA, retired as GAO representative on the Federal Accounting Standards Advisory Board (FASAB), on which he had served since 1996. Calder joined the GAO after a 35-year career with Arthur Young & Co. and Ernst & Young.

FASAB’s sponsors—John W. Snow, Treasury secretary; Joshua B. Bolton, Office of Management and Budget director; and David M. Walker, U.S. comptroller general—who authorize accounting and financial reporting standards for federal entities, reappointed three CPAs to the board: Chairman David Mosso, James M. Patton and John A. Farrell.

Correction
The glossary that accompanied “ The Lowdown on Lean Accounting ” ( JofA , Jul.04, page 69) incorrectly defined the term inventory turnover. The correct definition is “the ratio of cost of sales to the average value of inventory.” Our apologies for the error.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.