FYI


The SEC appoints Scott A. Taub, CPA, its deputy chief accountant. A recent partner of Andersen’s professional standards group in Chicago, Taub previously had served with the commission as a professional accounting fellow.

John T. Smith, CPA, joins the International Accounting Standards Board as a part-time member, filling the post Robert H. Herz vacated to become FASB chairman. Smith, a partner of Deloitte & Touche USA LLP, who has expertise in standard-setting issues and in accounting for financial instruments, will remain a member of his firm while serving on the board for a five-year term ending June 30, 2007.

Correction
In the November issue of the JofA , a News Digest item on auditing (page 19) erroneously stated that Statement on Auditing Standards (SAS) no. 98, Omnibus 2002, amended Statement on Standards for Attestation Engagements (SSAE) no. 1, Attestation Engagements. SAS no. 98 did not amend the SSAE.

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The technology assessment engagement

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Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.