March 2013 - Journal of Accountancy

India remains a market with rapid-growth potential despite the inflationary pressures and fallout from the euro-zone crisis that have slowed economic growth substantially since the end of 2011. The country, the world’s second-most populous, has an expanding middle class of consumers, an improving infrastructure, and a young, innovative workforce. Ernst

As a result of the AICPA Auditing Standards Board’s (ASB) Clarity Project, a new standard has been developed that provides clearer requirements and guidance for audits of group financial statements, in particular those in which part of the work is performed by auditors other than the auditor who expresses the

Recent scandals at Olympus, Barclays, and Wal-Mart, among others, illustrate the ongoing need for organizations to continually review and strengthen their corporate governance practices. CPAs play a key role in this process. Do you know the best practices for setting up a corporate governance system? Can you spot governance weaknesses

Companies with fewer than 100 employees often find it difficult to implement appropriate fraud prevention and detection techniques. The Association of Certified Fraud Examiners (ACFE), in its Report to the Nations on Occupational Fraud and Abuse (2012 issue available here), has consistently reported through the years that small businesses are

For many years, large corporations in this country have enjoyed many benefits from operating their own captive insurance companies. Most were established to provide coverage where insurance was unavailable or unreasonably priced. These insurance subsidiaries or affiliates were often domiciled offshore, especially in Bermuda or the Cayman Islands. The risk

In its Home Concrete decision last year, the Supreme Court limited the ability of Treasury, through regulations, to define the meaning of “omits from gross income” differently than the Court had previously construed. But due to plurality and concurring decisions with different analyses, only limited inferences can be made as to how

The appetite for CFOs to participate on corporate boards is increasing—a demand that, if met, could help not only companies, but also the financial professionals who end up in board roles. They stand to gain a new perspective on running an organization, plus general management experience and exposure to other

Evaluating clients annually is good practice management for a professional services firm. A firm’s strategies, areas of practice, and risk profile change over time. As a result, certain clients may no longer be a desirable fit for the firm. Similarly, some client behaviors become problematic and can harm the staff’s