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A Matter of Perspective

A Matter of Perspective F ifty may be the new 40 as the nation’s 78 million baby boomers approach their 60s, but stereotypes still affect how some managers view older workers, according to an AARP survey. Executives who managed at least some employees over age 50 rated the workers higher

For Love or Money?

SURVEY SAVVY For Love or Money? I t turns out money buys a little bit of happiness, but love conquers all. In a Gallup survey of 1,010 adults, those who were married, at any income level, were as likely, if not more likely, to report being happy and satisfied than

Highlights

       HIGHLIGHTS With FASB affirming its implementation date for FIN 48, several organizations, including the AICPA and FASB itself, are producing educational materials or additional guidance to help issuers comply with its new requirements for recognizing and measuring tax assets and liabilities. FASB Interpretation no. 48, Accounting for

Valuing Preferred Stock

         EXECUTIVE SUMMARY Preferred stock—a class of ownership with priority over common stock— once was issued mainly by large companies but now is common in small to midsize privately held companies, too. CPA/ABVs may be engaged to value preferred stock (also called preferred shares) to assist with

Highlights

       The PCAOB proposed a standard, An Audit of Internal Control Over Financial Reporting That Is Integrated With an Audit of Financial Statements, to replace PCAOB Audit Standard no. 2 (AS2). The proposal is designed to focus audits on the matters most significant to internal control, eliminate unnecessary

Education

For news from the AICPA and state societies, visit www.cpa2biz.com, which also offers online CPE, AICPA professional literature, practice management aids and links to state society Web sites.   State CPA societies and individuals are invited to nominate an accounting educator for the 2007 AICPA Distinguished Achievement in Accounting Education

Business Leaders’ Take on Fraud: Corrosive

U.S. GIANT RESPONDS QUICKLY TO BID-RIGGING CHARGES Michael G. Cherkasky, president and CEO of Marsh & McLennan Cos. Inc. (MMC), has had a distinguished career as a manager, prosecutor, investigator and trial attorney and spent 16 years in the criminal justice system, including serving as chief of the Investigations Division

New Fraud Guidance

   January 2006 > New Fraud Guidance COMPILATIONS / REVIEWS   Communication is the name of the game where fraud is suspected. New Fraud Guidance BY J. RUSSELL MADRAY EXECUTIVE SUMMARY SSARS NO. 12, Omnibus Statement on Standards for Accounting and Review Services—2005, amended SSARS no. 1, making specific changes

AICPA and ACFE Join Forces to Prevent Fraud

The American Institute of CPAs (AICPA) and the Association of Certified Fraud Examiners (ACFE) have teamed up to create the Institute for Fraud Prevention (IFP)—the world’s first entity dedicated to fight all forms of corporate fraud in the United States and abroad. Fraud is as certain as death and taxes.

Business Bookshelf

     REVIEWS     Business Bookshelf A step-by-step guide for finding breaches of controls to build a strong foundation for a fraud case. by Barbara J. Shildneck Forensic Accounting and Fraud Investigation for Non-Experts (2nd ed.) by Howard Silverstone and Michael Sheetz 294 pages; hardcover; $50 John Wiley &

Worldwide: Looters Have a Foothold

       CPAs are very aware of the rise in global securities fraud and are working hard to combat it. Terrorists and insurgents frequently use fraud to finance their operations and launder their funds. When fraud becomes endemic in a nation, it can produce radical political changes that bring

Highlights

         HIGHLIGHTS The SEC enhanced the Internet-based search capability of its EDGAR database of company filings. Users now can search the contents of disclosure documents with a full-text search tool. The newly searchable information includes registration statements, annual and quarterly reports and other filings by companies and

Need More ZZZs

Nearly 30% of working adults said they missed work or made errors at work because of problems sleeping. Seventy-five percent of all adults reported at least one symptom of a sleep problem, although most said they could live with it. Among adults with sleep partners, 77% said that person kept

Hands-Off Investors

ar from being day traders, most participants in 401(k) plans are content to sit tight and leave their allocations alone, according to a Wharton School of Business study. Eighty percent made no trades in two years, and 10% made only a single trade, researchers found. The study analyzed retirement accounts

Global Networking Tips

Doing business in a foreign country can be tricky. One wrong move or mistranslation by you or your clients can poison vital relationships. Here are three points to remember: 1 | Know your business card etiquette. Exchanging business cards is an integral part of business relations in some cultures. For

G.K. Chesterton Quote

AS QUOTED “Price is a crazy and incalculable thing, while value is an intrinsic and indestructible thing.” —G.K. Chesterton

Out of Balance

ore than half (53%) of business executives had not achieved a satisfactory work/life balance, according to a survey by the Association of Executive Search Consultants (AESC). And in a sign that things may not get much better soon, 46% said their work/life balance worsened in the past five years. A

Unlucky Investor Traps

1 | Affinity fraud. Con artists target members of religious, political or ethnic groups. 2 | Churning. Unethical securities professionals make unnecessary or excessive trades to generate commissions. 3 | Equity-indexed certificates of deposit. In a volatile market, these uninsured CDs pose liquidity problems and are not suitable for most

Lawyers, Bankers Lose Out

While it should come as no surprise to CPAs, a recent survey found that the nation’s small business owners overwhelmingly favored their accountants—over their bankers or lawyers—for business advice. Nearly 82% of respondents said they turned to their accountant for advice. Lawyers came in second with 14%, while only 4%

Data Point

$2.4 Trillion Total assets of 401(k) plans at the end of 2005. The average account balance increased 50% from 1999 to $102,014. Sixty-eight percent of assets were invested in equities. Sources: Investment Company Institute/ Employee Benefit Research Institute.

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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.