December 2013 - Journal of Accountancy

The new imperative for internal auditors is clear. Companies increasingly expect their internal audit function to take on a more strategic, collaborative role within the business. At first glance, that seems to be a complex notion. Independence and objectivity safeguards indicate that internal auditors should not be proposing or setting

Humana is a company of 50,000 people, so assessing and addressing all the risks that each segment of the company encounters is no easy feat. For years, Humana, a multibillion-dollar player in managed health care and health insurance, had a top-down approach to risk. But a few years ago, the

CPAs often have clients with an interest in or signature authority over a foreign account. The IRS has emphasized compliance in reporting requirements for U.S. owners of foreign accounts, but many taxpayers may still not know their responsibilities and liabilities. This article outlines these responsibilities and liabilities and describes current

Key to a successful merger or acquisition is keeping the process moving. For firm leaders, there is rarely any item of greater importance than a merger they are pursuing. The adage “time kills all deals” is absolutely true with mergers, and this is why: – Adversarial positions: Naturally, both parties

Securing an overseas assignment may look like a daunting challenge to a U.S. CPA who isn’t working for a Big Four accounting firm with offices worldwide, but it can be done. The JofA sought tips from three experts on how U.S. CPAs can gain international experience. Senior editor Sabine Vollmer talked

As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize Social Security benefits. Mastering the intricacies of the rules is no easy task, especially for accountants who don’t concentrate full time

The Health Care and Education Reconciliation Act of 2010 (Reconciliation Act), P.L. 111-152, imposes an additional 3.8% tax on net investment income, which includes income from common financial investments and from passive trade or business activities, including real estate rentals. Starting in 2013, this tax raises the stakes for taxpayers

Being able to delegate well allows effective leaders to free themselves to do high-value tasks and to improve their own performance. Here are seven tips on how to delegate more effectively. Consider the benefits. Delegation isn’t just about freeing yourself from tasks that are beneath your pay grade—it is also

Many CPAs consider billing an unpleasant task, and that distaste leads to procrastination and lax practices. However, poor billing and collection practices may adversely affect the defense of a professional liability claim. Kerry Callahan, a principal and chairman of the litigation department of Connecticut-based Updike, Kelly & Spellacy PC, told