January 2001 - Journal of Accountancy

EXECUTIVE SUMMARY ONE WAY CPAs CAN UPGRADE THEIR INVESTMENT advisory services is to offer their clients the services of individual money managers. Managed portfolios permit the CPA to gain more control over the investment process vs. mutual funds and to develop customized investment and tax strategies to meet clients’ special

he accounting profession is attempting to redefine itself, in part by expanding the types of services it provides. This expansion of services has raised questions about whether CPA firms can maintain their independence and still provide an ever-increasing array of other types of services to audit clients. In this study

hen commercial lending officers make a loan decision, are they able to distinguish among different levels of attestation? Or is a personal characteristic such as their “tolerance for ambiguity”—the way people react to uncertain situations—an important factor in lending decisions? In our research, we assume that loan officers make three

EXECUTIVE SUMMARY IF YOU WANT TO place explanatory comments on a complex spreadsheet, there are tools in Excel and Windows that perform such chores. YOU CAN LINK COMMENTS to spreadsheet cells with a single mouse click. And there are effective ways to review the comments in sequence or to print

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EXECUTIVE SUMMARY IN AN EFFORT TO SIDESTEP POTENTIAL LIABILITY, CPAs may obscure rather than clarify important information presented to clients. The types of documents least affected by professional standards are the ones that are most important for practice development. A CPA WHO SPEAKS AND WRITES PLAIN ENGLISH develops a reputation

EXECUTIVE SUMMARY UNDER IRC SECTION 1041, PROPERTY TRANSFERS between spouses incident to a divorce are generally tax-free. However, the tax consequences may be less predictable when the transfer involves a third party. IN CASES INVOLVING DIVORCING SPOUSES WHO OWN closely held corporations, the courts have had conflicting opinions about the

EXECUTIVE SUMMARY THE AICPA ACCOUNTING AND REVIEW SERVICES committee concluded more than 20 years of debate by issuing Statement on Standards for Accounting and Review Services no. 8, Amendment to Statement on Standards for Accounting and Review Services No. 1, Compilation and Review of Financial Statements in October 2000. EFFECTIVE

he poet T.S. Eliot said, “You can not at the same time be an innovator and a perfector.” Certainly, we as members of a profession—spurred on by the Institute and our state societies—have been remarkable innovators during the last few years. Our efforts, most notably the Vision Project, have been

EXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied