EXECUTIVE SUMMARY HIDDEN TAXES CAN MAKE IT DIFFICULT FOR CPAs to do accurate tax planning. Sometimes, a client’s marginal tax rate is not what it might appear to be because of the alternative minimum tax, tax credits and other provisions that come into play in determining the correct tax liability.
March 2001 - Journal of Accountancy
FINANCIAL REPORTING
Special Task Force Addresses Implementation Issues
Keeping up with the ever-evolving guidance on FASB Statement no.133 is nearly a full-time job. In the two and a half years since FASB first issued the standard, it has been deferred by the issuance of FASB Statement no. 137, Accounting for Certain Derivative Instruments and Certain Hedging Activities—an Amendment
FOR THE PRACTICING AUDITOR
Research Summary 8: The Effects of Formal Sanctions on Auditor Independence
his study investigated practicing auditors’ perceptions of the likelihood of facing sanctions as a result of an aggressive auditor reporting decision. Participants were given an audit case in which an auditor succumbed to client pressure to issue an unqualified opinion on a set of financial statements, even after having had
FOR THE PRACTICING AUDITOR
Research Summary 7: The Effect of Independence on Additional Audit Work: A European Perspective
his study examined the judgments of a sample of 198 managers and partners from four of the former Big 6, in seven Western European countries on two case scenarios that dealt with auditor independence: In the first case, the client wanted to release earnings information before all the audit work
GENERAL INTEREST
Raises Steady But Not Spectacular
According to a 2000 survey of 933 midsize and large corporations, annual salary increases for corporate finance, accounting and tax professionals ranged from 0.2% to 9.3%. Source: William M.Mercer, Inc., www.wmmercer.com .
PROFESSIONAL ISSUES
Pencils Down, Computers Up—The New CPA Exam.
EXECUTIVE SUMMARY AFTER DECADES OF USING THE Uniform CPA Examination to test CPA candidates, the profession is seeking a totally new exam that is being designed by a committee representing many areas of the accounting profession. THE NEW EXAM WILL DIFFER IN ADMINISTRATION. Paper will go and in its place
PRACTICE MANAGEMENT
Nine Ways to Make Your Firm More Exciting
EXECUTIVE SUMMARY THE EFFORT TO CREATE EXCITEMENT rewards modest expenditure with a generous payoff, fostering a pleasant, energetic workplace and making clients look forward to your visits. An exciting business will grow more than one that isn’t. SEMINARS, WORKSHOPS AND CONFERENCES are an important opportunity to learn and network. Motivational
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Exhibit 9
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Exhibit 8
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Exhibit 7
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Exhibit 6
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Exhibit 30
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Exhibit 1
AUDITING
Follow Fraud to the Likely Perp
s CPAs it is important to understand both the methods and motivations at play when otherwise ethical executives participate in fraudulent financial statement schemes. According to a 1999 study by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in three-quarters of fraud cases the chief executive officer is
BUSINESS & INDUSTRY
Flexible Benefits for Small Employers
EXECUTIVE SUMMARY THE RISING COST OF EMPLOYEE BENEFITS HAS LED some small employers to find creative funding solutions benefits for themselves and their employees. Two popular alternatives are cafeteria plans under IRC section 125 and non-125 flexible benefit plans. IF AN EMPLOYER GIVES AN EMPLOYEE THE CHOICE between tax-free benefits
TECHNOLOGY WORKSHOP
Do It On the Web
EXECUTIVE SUMMARY IF YOU’RE THINKING of launching a retail site on the Internet for yourself, your client or your employer, you probably want a simple but dynamic site where customers can place orders and prospects can browse. IT’S POSSIBLE TO BUILD such a site yourself using off-the-shelf software. Several products