November 2003 - Journal of Accountancy

or S. Scott Voynich, a CPA’s most important asset is his or her reputation for honesty and fairness. It’s not that the new chairman—who assumed his post in October at the Institute’s annual meeting—doesn’t recognize the value of competence. As managing partner for the last 15 years of Robinson, Grimes

EXECUTIVE SUMMARY THE PASSAGE OF SARBANES-OXLEY LEFT MANY TAX practitioners wondering where they fit in under these new rules. The act did not list most tax services as one of the prohibited nonaudit services but said firms could perform such functions for audit clients with audit committee approval. THE ACT

EXECUTIVE SUMMARY FEW ISSUES INVOLVING THE PREPARATION of financial statements in conformity with generally accepted accounting principles have been more elusive and difficult to address and resolve—or of greater importance—than materiality. It also has proved challenging in planning and conducting financial statement audits in accordance with generally accepted auditing standards.

EXECUTIVE SUMMARY THE SEC REGULATES THE ADVERTISEMENTS investment advisers create to promote their services under rule 206(4)-1 of the Investment Adviser Act of 1940. The goal is to prevent advertisements that are false and misleading. RULE 206(4)-1(a) INCLUDES FIVE RESTRICTIONS advisers must follow. They can overcome two of these restrictions

EXECUTIVE SUMMARY AS A RESULT OF THE CSX DECISION, SOME COMPANIES may be due refunds of Social Security, Medicare and unemployment taxes they had made on severance payments to separated employees following a layoff or termination. The court ruled such amounts are supplemental unemployment compensation benefits (SUCBs) and thus are

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ith a sixth-grade education, legendary gangster Al Capone thought he was smart enough. By the time he was 26, “Scarface” had 1,000 employees and a weekly payroll of $300,000. In the 1930s, when the average American worker made about $2,400 annually, Capone was raking in more than a hundred million

EXECUTIVE SUMMARY A SPECIALIST SUCH AS A CPA/ABV can optimize results for owners who want to sell to an outsider for the maximum the market will reasonably bear. HOW THE CLENT WILL USE A BUSINESS VALUATION (BV) determines the procedures a CPA/ABV will follow to produce the end result. At