Internal Controls


Public Company Accounting Oversight Board (PCAOB) member Daniel L. Goelzer said in a recent speech that Sarbanes-Oxley Act section 404 compliance costs will fall and benefits rise, especially if certain principles become better understood in the marketplace ( www.pcaobus.org/news_and_events/events/2005/speech_text/04-29.asp ). He emphasized that internal control audits require professional judgment and that auditors should advise clients on accounting and control issues, focus on higher risk areas with potential for material findings, integrate financial statement and internal control audits and bear in mind that small companies don’t need the same types of controls or audits as their larger counterparts.

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The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a 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.