CPAs who are new to insurance may find they are sometimes confused by policy illustrations. In truth it’s not easy to digest the complex information they present without some training. Insurance illustrations are what the industry gives clients to help them understand a policy. They are simply hypothetical representations that
February 2003 - Journal of Accountancy
FRAUD
The Padding That Hurts
avenport, an independent auditor, had a hot potato on his hands. He had just learned from Robert, his client’s internal auditor, that an employee had reported to him possible expense account abuses by one of the company’s managers. Robert said that this employee accompanied Murphy, a senior vice-president, on many
WORTH REPEATING
Standing Up for What We Stand For
t’s a great honor to represent the members of this distinguished profession. As you know, during the past year the Institute, under the leadership of President and CEO Barry C. Melancon and Past Chairman James G. Castellano, launched many initiatives. Some were responses to the crisis thrust upon us while
TECHNOLOGY WORKSHOP
Spreadsheets With Something Extra
Key to Instructions To help readers follow the instructions in this article, we use two different typefaces. Boldface type identifies the names of icons, agendas, URLs and application commands. Sans serif type indicates instructions and commands that users should type and file names. ave you ever created a spreadsheet only
MARKETING
Period of Adjustment
EXECUTIVE SUMMARY THE NONAUDIT SERVICES Sarbanes-Oxley prohibits CPAs from providing to their public company audit clients are bookkeeping or services related to the accounting records or financial statements of the client; financial information systems design and implementation; appraisal or valuation services, fairness opinions or contribution-in-kind reports; actuarial services; internal audit
TAX
Is the Tax Court Becoming a Divorce Court?
EXECUTIVE SUMMARY THE IRS WORKLOAD IS INCREASING AS A RESULT OF MORE innocent spouse claims. A 1998 change in the law is also bringing more work to the Tax Court, which is considering a wide range of domestic issues that previously were the purview of the divorce courts. THE 1998
BUSINESS & INDUSTRY
Ensuring Ethical Effectiveness
EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT NOW REQUIRES PUBLICLY traded companies to disclose whether they have adopted a code of ethics for senior financial officers. In addition, the New York Stock Exchange is considering new rules that would require listed companies to have a code of business conduct that applies to