PFP SITES Plan Tomorrow Today www.choosetosave.org CPAs and financial planners will find resources for clients at this smart stop’s Financial Tools section: for example, a retirement planning worksheet and a checklist, “Women and Pensions: What Women Need to Know and Do.” Users can access mutual fund, Roth IRA and life
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Forensic services
AICPA Launches Community Web Site for Business Valuation and Forensic & Litigation Services
he AICPA is committed to supporting its members who specialize in business valuation and forensic & litigation services (BV/FLS). Through member research and feedback, the AICPA learned that CPAs in BV/FLS believed that a sense of community was a top priority. “Our goal is to provide an online home for
Small Business, Big Losses
ccupational fraud has become—at least so far—the crime of the 21st century. It is a widespread phenomenon that affects practically every organization. The frauds in the 2004 Report to the Nation on Occupational Fraud and Abuse, from the Association of Certified Fraud Examiners, caused over $761 million in total losses,
The Mutual Fund Trading Scandals
EXECUTIVE SUMMARY SINCE THE FIRST MAJOR MARKET-TIMING and late-trading scandal broke, a barrage of federal and state enforcement actions against funds has followed. LATE-TRADING IS ILLEGAL UNDER FEDERAL securities laws and some state statutes. It occurs when a mutual fund or intermediary permits an investor to purchase fund shares after
The Quarter-Million-Dollar Caper
et’s face it—conducting a routine audit of a good, stable client can be boring and repetitive. Every year seems much like the last: tracing and vouching, reconciling, ticking and footing, examining documents and ledgers, evaluating controls. But despite the humdrum, good auditors are always on the lookout for abnormalities. The
Smart Stops on the Web
THE INTERNET BUSINESS VALUATION SITES Add a New Credential bvfls.aicpa.org Institute members looking for a new challenge can register at this section of the AICPA Web site to take the November 15 or 30 Accredited in Business Valuation (ABV) exam. Other resources include the BV Competence Assessment Tool, Exam Candidate’s
Smart Stops on the Web
TAX SITES Links for Professionals www.taxsites.com CPAs and tax preparers will want to bookmark this directory to accounting, payroll and tax Web sites. In the tax software category, users can find many links to electronic programs for income tax preparation, payroll and 1099s, estate, trust and retirement, and sales and
Basic Legal Concepts
CPA was hired to be an expert witness in a civil fraud case. On cross-examination the opposing attorney asked the expert a seemingly simple question: “Would you please define ‘fraud’ for the jury?” The CPA replied, “Do you want to know the legal definition or my definition?” The attorney countered,
So You Want to Be an Expert Witness
EXECUTIVE SUMMARY THE RANGE OF ACCOUNTING ISSUES involved in court disputes today covers so many aspects of finance that CPAs of all types may be qualified to offer expert witness services in one or more areas. CPA LITIGATION SERVICES ENCOMPASS several roles: expert witness (who renders an opinion before a
Accounting
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. The Institute launched a Web-based survey to assess how well private company financial reports meet the needs of those who
Fraud Risk: Are You Prepared?
ncentives that reward individuals for short-term results, a culture that has been insufficiently vigilant, advances in technology and more sophisticated business transactions have increased opportunities for fraud and abuse and enabled fraudsters to flourish. Consider this: 75% of companies responding a 2003 KPMG fraud survey said they had experienced at
Fraud
The Association of Certified Fraud Examiners (ACFE) issued its 2004 Report to the Nation on Occupational Fraud and Abuse ( www.cfenet.com/report ). Based on a survey of certified fraud examiners from late 2003 through early 2004, the report analyzes more than 500 cases representing a loss of $761 million to
Government Accounting
The Governmental Accounting Standards Board (GASB) issued two exposure drafts (EDs). One, Net Assets Restricted by Enabling Legislation—an Amendment of GASB Statements no. 34 and 44, proposes standards intended to clarify for preparers of state and local government financial statements the requirements for reporting net assets contained in GASB Statement
Professional Issues
PCPS—the AICPA Alliance for CPA Firms—and the Texas Society of Certified Public Accountants launched the 2004 Management of an Accounting Practice Survey. The Association for Accounting Administration and firms from 43 states are participating in the online survey. Information is available at http://map.pcps.org . The survey, which provides local and
Auditing
Subject to approval by the Securities and Exchange Commission, the Public Company Accounting Oversight Board adopted PCAOB Auditing Standard no. 3, Audit Documentation; an amendment to a related interim auditing standard on documentation; and two rules ( www.pcaobus.org/pcaob_news_2004-06-09.asp ). One rule sets forth the terminology the PCAOB will use to
A Former AICPA President Is Dead at 88
Ralph E. Kent of Durham, North Carolina, died on June 26, 2004. He served as president—the title then held by the Institute’s highest ranking volunteer—for the 1968–69 committee year and then as a life member of the AICPA council until the time of his death. A distinguished member of the
International
PCPS—the AICPA Alliance for CPA Firms—and the Texas Society of Certified Public Accountants launched the 2004 Management of an Accounting Practice Survey. The Association for Accounting Administration and firms from 43 states are participating in the online survey. Information is available at http://map.pcps.org . The survey, which provides local and
An Update on Review Engagements
EXECUTIVE SUMMARY SSARS NO. 10, PERFORMANCE OF REVIEW ENGAGEMENTS, effective for reviews of financial statements for periods ending on or after December 15, 2004, amends SSARS no. 1, Compilation and Review of Financial Statements, by introducing new requirements for performing such services. CPAs MUST APPLY THEIR KNOWLEDGE OF FINANCIAL
Golden Business Ideas
The Right Way to Use PowerPoint Do you use PowerPoint, the Microsoft presentation software, to make sales pitches for new clients? Or do you use it, as a consultant would, to lay out in-depth analyses in an effort to convince a client or your boss to adjust complex business strategies?
The Case of the Pilfering Purchase Manager
hris, we have a problem,” said the voice on the other end of the line. “Our purchasing manager, Bruce, is on vacation and we think we have discovered some irregularities.” Chris Rosetti, CPA, swung into action. Rosetti—a partner with BST Advisors LLC in Albany, New York—had done limited work for
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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.
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