SIGN OF THE TIMES A s family members from New Orleans settled safely into his Houston home, CPA Richard Forrest was approached by a friend who wasn’t so lucky; he had lost touch with his 80-year-old parents as Hurricane Katrina battered the city. So like any good neighbor, Forrest fueled
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TOPICS / AUDIT & ASSURANCE
Audit
Stop Identity Theft in Three Steps
NUMEROLOGY Your credit card bill arrives in the mail and you spot what might be a fraudulent charge—an item purchased in a place you’ve never been or something you know you didn’t buy. How do you correct the error? STEP 1. Call the credit card company immediately to inform them
Given Their Druthers
NUMEROLOGY When asked what they would do if money was no object and they had young children, 53% of executives said they would continue to work, but at a reduced load. 39% said they would devote themselves full-time to the family, opting to become stay-at-home parents. 9% said they’d continue
Different Standards for Nonpublic Companies?
Many members of the AICPA believe FASB-promulgated GAAP should not be applicable to nonpublic business entities (NBEs). The AICPA’s council now is asking FASB “to identify and implement a process that would evaluate, where appropriate, potential changes to recognition, measurement and disclosure differences from current GAAP as applied to public
Remodeling Sanity Tips
HOME FRONT Redoing your home can be exciting, but it also takes careful planning. Here’s some advice to keep you on track. Organize. Keep copies of all contracts, change orders, invoices, receipts and permits in a three-ring binder or expandable file folder, so all your important documents and good ideas
Tom Jones Quote
ON THE RECORD On the difficulty of developing international standards: “ We are under enormous pressure from all sides. I rarely address an audience that isn’t at least 50% hostile. Whatever we do, half the world wants it and half the world hates it. ” —Tom Jones, vice-chairman, International Accounting
Taking Stock of Options
NUMEROLOGY FASB 123(R) is causing companies to move away from stock options. Incentives offered Companies under FASB 123(R) Companies not under FASB 123(R) Stock options 83% 93% Performance awards 71 55 Stock appreciation rights 10 1 Source: Survey of the 250 largest companies, Frederic W. Cook & Company Inc., New
The Accounting Profession: Looking Ahead
CHANGES IN STANDARD SETTING After a challenging period, the profession has demonstrated it maintains tremendous respect from the public it serves. A study earlier this year by the independent research firm of Penn, Schoen & Berland Associates found, among other favorable results, that CPAs received very high favorability ratings among
Take a Seat in the Boardroom
CPAs are beginning to see some familiar faces in corporate boardrooms—including their own. Until recently, most boards were made up largely of CEOs of other organizations. In the past few years though, board members’ backgrounds have become more diverse, and more CPAs are serving as directors, in part because of
Playing a Leadership Role in International Convergence
Convergence of international financial reporting standards has received enormous attention over the last decade and particularly over the last few years. Earlier this year, the leaders of the International Accounting Standards Board and the Financial Accounting Standards Board and key regulators from the European Commission and the SEC agreed on
A Tour of Tomorrows Technology
Imagine you’re a CPA from 100 years ago who’s just been zapped into 2005. Would you understand even half of the technology the profession now uses to conduct business? Probably not. But that’s just a fantasy, you might say. Well, think again. Today’s lightning-quick rate of technological innovation could turn
Exploring the Global Marketplace
Walking through the spice markets of Tashkent or down the Champs-Elyses in search of something unique that I can’t find at home, I am struck by two things: Nothing has changed in hundreds of years. Marco Polo, Christopher Columbus and other explorers couldn’t resist the urge to trade in goods
Answer Please: Fraud-Based Interviewing
EXECUTIVE SUMMARY ONE WEAPON AUDITORS CAN USE AGAINST FRAUD is simply to speak to clients, managers and employees while observing their behaviors. Normal interview skills may be insufficient to determine whether an individual is withholding information, shading the truth or outright lying, so it’s wise to learn fraud-based interview skills
Stay Out of Trouble
EXECUTIVE SUMMARY DEBATE HAS RAGED FOR YEARS i n financial and accounting circles over issues of independence, auditing and accounting standards, and corporate governance. In the event of an auditing malfeasance trial, a juror—unaware of this larger context—must arrive at a verdict based on what he or she learns about
Institute Appoints Liaison for International Activities
New director to manage Institutes international relationsAICPA personal finance Web site twice honoredInstitutes CPA Marketing Tool Kit cited for excellence. The AICPA in June named Gary M. Scopes, CPA, to be its director, international relations. He brings to the position experience in auditing, standards implementation and ethics enforcement. In addition
AICPAs Financial Literacy Site Wins Laurels
The Institutes online personal finance community won honors in two competitions. The primary site ( www.360financialliteracy.org ), which promotes CPA pro bono efforts to educate the public in personal finance, earned a Communicator Crystal Award for excellence in communication to its target audience. In addition, the sites latest addition (
Institutes Marketing Resource Gains Prize
The AICPAs CPA Marketing Tool Kit won a Big Apple Award from the Public Relations Society of America for exceptional support of marketing communications. Meanwhile, the Institute augmented the kit with a new brochure and speech designed to help members market their business consulting services to clients ( www.aicpa.org/cpamarketing ).
With Integrity and Fairness: A Conversation With the Commissioner of Internal Revenue
hink you’re busy this month? Imagine being Mark W. Everson, Commissioner of Internal Revenue, heading into tax season with a $10 billion budget and a staff of 100,000 to manage. Appointed by President Bush in 2003, Everson is a man on a mission. He’s almost halfway through his five-year term—and
Peer Review Is Stronger and Better Now
EXECUTIVE SUMMARY THE AICPA REVISED ITS STANDARDS for performing and reporting on peer reviews for firms that do not audit SEC registrants. The revised standards, effective for reviews commencing on or after January 1, 2005, will enhance the quality of peer reviews and increase the usefulness of peer review reports
XBRL: A Multitalented Tool
PAs have a rare opportunity to help the business world take a giant leap forward. The extensible business reporting language (XBRL) can vastly improve the timeliness, accuracy and flexibility of data in financial statements and other business reports. Many experts think it will boost today’s commerce just as double-entry bookkeeping
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