Audit

TOPICS / AUDIT & ASSURANCE

June 1, 1999

What Constitutes Control?

EXECUTIVE SUMMARY FASB ISSUED A REVISED ED SEEKING TO DEFINE what constitutes control of an entity. Under current rules, the condition for a controlling financial interest is ownership of a majority voting interest–unless control is temporary or does not rest with the owner of the majority voting interest. FASB’s goal

November 1, 1998

Professional Issues

The Accounting Hall of Fame has named Arthur R. Wyatt its 61st member. Wyatt spent the early part of his career teaching at the University of Illinois, where he received his PhD in 1953. He became a full professor and wrote books and articles, including a study of accounting for

September 1, 1998

Coping With NPO Standards Its Not Difficult

EXECUTIVE SUMMARY NOT-FOR-PROFIT ORGANIZATIONS have had to cope with a number of accounting pronouncements in recent years. The experiences of the Museum of Undersea Exploration, a hypothetical NPO, should help CPAs understand the impact these new rules have had on NPOs. FASB STATEMENT NOS. 116 and 117 require MUSE and

January 1, 1998

World meeting of accountants is success.

IASC Board Says No to Adopting FASB Financial Instruments Rules; Core Standards Will Be Delayed The International Accounting Standards Committee board of directors rejected a proposal by the IASC executive committee and its secretary-general, Sir Bryan Carsberg, to adopt the Financial Accounting Standards Board’s rules on financial instruments reporting, including

January 1, 1998

Do We Understand Each Other?

EXECUTIVE SUMMARY THE AUDITING STANDARDS BOARD issued SAS no. 83 and SSAE no. 7 to provide CPAs with guidance on establishing an understanding with the client. THE TWO NEW STATEMENTS ARE IN LINE with SQCS no. 2, which requires firms to have policies and procedures in place for obtaining an

November 1, 1997

AmEx wins

Florida First Amendment Case Settles Little On the surface, its a simple court decision: The 11th Circuit Court of Appeals ruled that CPAs, even when working for an unlicensed entity, may advertise their designation. American Express and one of its CPA employees, Stephen M. Miller, had sued the Florida Board

October 1, 1997

Poor results

SEC Grades Year 2000 Compliance Efforts T he Securities and Exchange Commission issued a report on the readiness of the securities industry, including the SEC, for year 2000 information technology challenges. Most computer hardware, such as mainframes and personal computers, use a two-digit internal clock that will not roll over

August 1, 1997

SEC chairman reiterates

Levitt Defends FASB “W hat is the Financial Accounting Standards Boards great sin?” asked Arthur Levitt, Jr., chairman of the Securities and Exchange Commission. Speaking to the Economic Club of Detroit in May, Levitt was responding to a throng of criticisms leveled by corporate executives at the accounting standard-setting process

June 1, 1997

Short takes

F Y I Short takes, notes and items of interest Small Businesses Pay the Piper If a small business such as a hair salon plays a radio as background music, the business owner may have to pay a royalty even though the radio station is already paying a licensing fee.

May 1, 1997

The Smart Way to Invest in Computers

EXECUTIVE SUMMARY KEEPING CURRENT WITH OFFICE technology doesn’t have to be overly expensive. With the proper planning, it can be both economical and a productivity booster. Here are some of the steps you must take to accomplish that goal: Don’t base your computer-buying decisions solely on price. Plan ahead so

April 1, 1997

Litigation Services: Standards and Ethics

EXECUTIVE SUMMARY LITIGATION SERVICES continue to grow in popularity, and practitioners must understand the standards and ethics that govern them. MANAGEMENT CONSULTING SERVICES standards govern litigation services. These include serving the client interest, understanding with client and communication with client. AUDITING STANDARDS, ATTESTATION standards and accounting and review services standards

February 1, 1997

Raising Capital Overseas

EXECUTIVE SUMMARY MORE AND MORE COMPANIES are trying to raise capital by listing their securities for sale on foreign exchanges; however, the costs of reconciling U.S. accounting standards with their foreign counterparts can be high. Therefore, it is important that companies know the questions they will face when going global.

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.