September 2009 - Journal of Accountancy

Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ day-to-day duties, and

As the result of fallout from the ongoing economic crisis, failures associated with existing risk management processes are already generating calls for reform and increased regulatory scrutiny. SEC Chairman Mary Schapiro said in an April 2009 speech to the Council of Institutional Investors that “the Commission will be considering whether

Placing a sizable amount of trust in staff members is part of the cost of doing business. Trusting workers with access to information, products, vendors and funds is necessary to run an effective and efficient operation. But some employees—when faced with sufficient pressure, a perceived opportunity, and the ability to

This white paper written by Thomas A. Ratcliffe and Charles E. Landes and prepared by the AICPA Audit and Attestation Standards and Professional Publications teams seeks to clear up confusion among practitioners relating to the concept of internal control over financial reporting. It describes the concepts of internal control (specifically

To climb the ladder in most finance organizations, CPAs hone their skills in making accounting judgments, closing the books, accurately preparing financial statements and other reports and filing them on time. But current CFOs agree that to reach the top—the CFO position—another skill set is required. Unfortunately, these additional skills

When Bill and Jen decided to divorce, they never expected their personal residence to become a major problem. Initially, Jen thought she wanted to stay in the house. She was emotionally attached to the home, and she thought remaining in it would help minimize the impact of the divorce on

Calculating estimates of the collectibility of accounts receivable and auditing those estimates is difficult. This article describes three techniques for assessing allowance for doubtful accounts estimates and complying with Statement on Auditing Standards (SAS) no. 57 and AU section 342, Auditing Accounting Estimates, which suggest auditors compare prior accounting estimates