BUSINESS TRENDS Recruiting quality people has become a much more difficult task due to a strong labor market. When asked what their biggest short-term staffing hurdle was, accounting and financial professionals said: Source: “2006 Ajilon Workplace Staffing and Workplace Trends Survey.”
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TOPICS / AUDIT & ASSURANCE
Audit
CPA As Private Eye?
ON THE TUBE W atch for “Andy Barker PI,” a new NBC prime-time comedy starring Andy Richter as a mild-mannered CPA. When he rents office space in a site formerly occupied by a detective agency, Barker immediately starts getting calls from people who mistake him for a private investigator. Instead
Coworkers Cause Concern
SURVEY SAVVY What’s causing American workers to stress out on the job? Why, it’s their colleagues! A nationwide study by CareerBuilder.com found 16% of employees surveyed blamed difficult coworkers for their office anxiety. Other causes of workplace stress included unrealistic workloads (15%), tight deadlines (11%), last-minute projects (10%) and overbearing
The Lesson of Enron
ON THE RECORD he take-away from Enron is that ethics and compliance professionals have a terribly important job to do, and there’s a lot more to be done. They still don’t really have the power to say no to a CEO or CFO. Compliance and ethics professionals need to be
Warren Buffet Quote
AS QUOTED “In the business world, the rearview mirror is always clearer than the windshield.” —Warren Buffet
Assessing and Responding to Risks in a Financial Statement Audit
EXECUTIVE SUMMARY The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity’s business and the controls in place to mitigate them. These standards use the more
Enhancing Public Confidence: The GAO’s Peer Review Experience
Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s
Advancing the Audit Documentation Standard
EXECUTIVE SUMMARY SAS no. 103 establishes standards and provides guidance for auditors to follow when documenting their work during audits of private companies. It is effective for audits of financial statements of such companies for periods ending on or after December 15, 2006. The terms must, should and may as
The New World of Auditing Standards
A conversation with the ASB. ver the past several years the Sarbanes-Oxley Act and other events have dramatically affected the setting of auditing standards and the focus of the audit process. While the act requires auditors of public companies—the issuers—to follow the Public Company Accounting Oversight Board’s (PCAOB) auditing standards,
Taxing LTC Premium Refunds
“ LTC Insurance for Owners and Executives ” ( JofA , Mar.05, page 53) speaks about the advantages of using a C-corporation as a funding vehicle for long-term-care insurance. The article is quite useful. However, one issue needs to be clarified. The article talks about the “return or refund of
Crowding on Millionaires Row
SURVEY SAVVY T he number of U.S. households with more than $1 million in net worth (excluding the primary residence) has increased for the third consecutive year. Surprisingly the rise was fueled neither by real estate investments nor stock market growth but, instead, by the householders’ long-term accumulation of wealth.
Key Issues in Global Reporting
ON THE RECORD Patricia McConnell, CPA, senior managing director, Bear Stearns & Co., New York, speaking at the AICPA Business & Industry Financial Executive Forum, October 27, 2005. “ Section 404 of Sarbanes-Oxley really has no teeth itself. The bite, if a company is noncompliant, is the market reaction caused
Improve Computer Training
Many prepackaged computer training programs fail to discriminate between what trainees already know and what they need to learn. Following are guidelines for making such technology training useful: Ask trainees whether they would rather attend group classes, have one-on-one sessions or do self-training with audio tapes or manuals. Most people
Golf Courses
Top Ten Golf Digest picks the country’s best links. 1. Pine Valley Pine Valley, N.J. 2. Augusta National Augusta, Ga. 3. Shinnecock Hills Southampton, N.Y. 4. Cypress Point Club Pebble Beach, Calif. 5. Oakmont Country Club Oakmont, Pa. 6. Pebble Beach Golf Links Pebble Beach, Calif. 7. Merion Ardmore, Pa.
Bill Gates Quote
As Quoted “ Your most unhappy customers are your greatest source of learning. ” —Bill Gates, in his book Business @ The Speed of Thought
SOX and Nonissuing Organizations
“ Stay Out of Trouble ” ( JofA, Aug.05, page 67) highlighted an important issue regarding the confusion over auditing standards for nonissuing organizations. Certainly, some of this confusion stems from the underlying intentions of Sarbanes-Oxley. The act, hastily issued in response to the lack of accountability and transparency in
Convergence: In Search of the Best
EXECUTIVE SUMMARY THE CONVERGENCE AGREEMENT BETWEEN FASB and the IASB is significantly affecting U.S. and international financial reporting. THERE IS NO SINGLE PATH TO CONVERGENCE , but an open-minded pursuit of the highest quality guidance should result in standards that foster superior financial reporting. CONVERGENCE WILL REQUIRE CHANGES
Don’t Let Them Walk
GOLDEN BUSINESS IDEAS After a company has invested in training them, many employees leave for better-paying jobs. In some respects, employers create the problem when they place more emphasis on hiring candidates based on their skills rather than on their history of loyalty. A history of frequent job-switching is likely
Letters to the Editor
Letters to the Editor The JofA encourages readers to write letters on important professional issues in addition to comments on published articles. Because space is limited, letters submitted for publication should be no longer than 500 words. Please include telephone and fax numbers. JofA e-mail address: JOAED@aicpa.org .
A Social Security Solution
“ Promises to Keep ” ( JofA , Jul.05, page 41) did an excellent job of comparing the seven social security reform bills to current law. I’m glad it reminded CPAs “it’s time to get involved” to “help the public understand the plans before us and perhaps help shape even
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
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Current Developments in Taxation of Individuals: Part 1
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