EXECUTIVE SUMMARY LONG BUSY-SEASON HOURS GIVE CPAs so little time for exercise or regular meals that stress can build. This can weaken a person’s immune system and make him or her more prone to illness. The overload also can diminish employee performance and lead to low morale, absenteeism and high
September 2003 - Journal of Accountancy
FRAUD
Sherlock Holmes, CPA, Part 2
he scenario: During a routine audit of a client, you discovered the company was paying twice the market price for widgets. By looking further, you believe—but are not sure—the purchasing agent is engaging in a pass-through billing scheme, in which he buys the widgets from the supplier, marks up the
AUDITING
How Sarbanes-Oxley Will Change the Audit Process
EXECUTIVE SUMMARY SARBANES-OXLEY WILL MEAN BIG CHANGES FOR BOTH auditors and the companies they audit. The former now will be required to certify a company’s internal controls and will no longer be able to use certain common audit strategies. Management faces the cost of implementing the new rules. ACCORDING TO
PRACTICE MANAGEMENT
Have a Fallback Plan
EXECUTIVE SUMMARY A PRACTICE CONTINUATION PLAN ENSURES that in the event of death or disability, a CPA’s practice will go on and its value will not evaporate. TYPICALLY, SUCH AN AGREEMENT PROVIDES for four basic elements: The mechanism for a smooth and quick transfer of the practice, an agreed-on price
BUSINESS & INDUSTRY
CPAs as Audit Committee Members
EXECUTIVE SUMMARY WITH THE ADVENT OF SARBANES-OXLEY, CPAs ARE LIKELY to receive more invitations to serve on the audit committees of corporate boards of directors. Before accepting these offers, accountants should make sure they are ready for the time commitment and other responsibilities that come along with them. MANY CPAs
PROFESSIONAL ISSUES
Computerized CPA Exam Only Months Away
SPECIAL REPORT Computerized CPA Exam Only Months Away T he Uniform CPA Examination is entering a new era that gives individuals more flexibility as they prepare to take the exam. A joint effort by the AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a developer of
BUSINESS & INDUSTRY
A Strategy for Finding the Right Accounting Software
EXECUTIVE SUMMARY SHOPPING FOR ACCOUNTING SOFTWARE is difficult. The software must be just the right size, it shouldn’t contain more or fewer features than you need and you should feel secure that its publisher will be able to provide upgrades and fix bugs as needed. IT’S NOT ENOUGH TO EXAMINE