The AICPA releases an online tool kit ( www.aicpa.org/members/div/mcs/vm_toolkit.asp) to facilitate the performance of valuations related to business combinations and to acquired goodwill and other intangible assets, as discussed in FASB Statement nos. 141 and 142, respectively. In addition to practical information on performing fair value measurement engagements for purchase
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Forensic services
Fraud
The Institute issues a competency assessment tool that enables CPAs to evaluate their knowledge of fraud prevention, detection and investigation techniques and develop a learning plan to refine their skills in this area ( www.cpa2biz.com/cpeconferences/cat.htm ). The tool is available to members at no charge.
Professional Issues
The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric, a technology-based testing company, announce the April 5, 2004 commencement of a computerized version of the uniform CPA exam ( www.aicpa.org/news/2003/p030205a.asp ). Prometric will offer the test up to six days a week during two of every
Management Is Responsible, Too
he audit standard issued by the AICPA auditing standards board (ASB) in October 2002—SAS no. 99, Consideration of Fraud in a Financial Statement Audit —does something no audit standard has ever done. It contains a document titled Management Antifraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud,
Takes Issue With Report Cited
It is more than disappointing the JofA chose to publish unsubstantiated allegations made against ExxonMobil in a study by Claros Consulting (“ Is Disregard for the Environment Bad Business? ” JofA , Jan.03, page 55), especially without seeking our comment or response. At the very least this does not represent
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 .
Financial Reporting
The AICPA releases an online tool kit ( www.aicpa.org/members/div/mcs/vm_toolkit.asp ) to facilitate the performance of valuations related to business combinations and to acquired goodwill and other intangible assets, as discussed in FASB Statement nos. 141 and 142, respectively. In addition to practical information on performing fair value measurement engagements for
More About Payroll Fraud
I read with interest “ Keep Ghosts Off the Payroll ” ( JofA , Dec.02, page 77) and would like to share what our firm discovered a number of years ago while conducting some basic auditing procedures for a local business. The payroll clerk in this particular company was a
FYI
The AICPA and the Association of Certified Fraud Examiners release an interactive CD-ROM CPE course, “Fraud and the CPA,” that can be ordered at www.cpa2biz.com/cs2000/products . It features a series of presentations by fraud-detection-and-prevention specialists who explain how CPAs can help corporations spot and thwart fraud. The Institute releases Consulting
Auditor Should Resign
“ The Padding That Hurts ” ( JofA , Feb.03, page 67) was an excellent discussion of the reactions of various parties to fraud. However, I believe an independent auditor should resign from the audit of any company such as the one described. The external auditor knew a major officer
Protect Small Business
EXECUTIVE SUMMARY SMALL BUSINESSES—ESPECIALLY THOSE that do not have regular audits—have every reason to worry about fraud. According to a recent report, the per-employee losses from fraud in the smallest businesses are 100 times greater than those at their largest counterparts. Thus, this is an area in which CPAs can
The Padding That Hurts
avenport, an independent auditor, had a hot potato on his hands. He had just learned from Robert, his client’s internal auditor, that an employee had reported to him possible expense account abuses by one of the company’s managers. Robert said that this employee accompanied Murphy, a senior vice-president, on many
Auditors’ Responsibility for Fraud Detection.
Auditors will enter a much expanded arena of procedures to detect fraud as they implement SAS no. 99. The new standard aims to have the auditor’s consideration of fraud seamlessly blended into the audit process and continually updated until the audit’s completion. SAS no. 99 describes a process in which
Keep Ghosts Off the Payroll
urner, a payroll specialist for a large Florida nonprofit organization, was a sick man. Most employees who steal do so out of greed, but Turner had a different motive—he was HIV-positive and needed expensive drugs to control the disease. Complicating matters, he hid his illness from his employer and
Business Bookshelf
The Financial Numbers Game: Detecting Creative Accounting Practices By Charles W. Mulford and Eugene E. Comiskey 378 pages; hardcover; $39.95 John Wiley & Sons, New York, 2002 I n a September 1998 speech, former SEC Chairman Arthur Levitt said: “I’d like to talk about another widespread but little challenged
Ten Steps to a Top-Notch Interview
t takes a combination of careful observation and inquiry to conduct an effective audit. Although auditors are adequately trained to be alert at a client site, most learn on the job how to ask questions to elicit specific information.This is a matter of no small importance because CPAs frequently
Retirement
A survey ( www.socialsecurity.org/dailys/07-29-02.html ) conducted during a week in July when the Dow Jones industrial average plummeted nearly 700 points found 68% of likely voters nevertheless favor letting workers invest part of their Social Security taxes in personal retirement accounts, say researchers at the Cato Institute.
Professional Issues
The AICPA is forming four panels (one for each of the proposed CPA examination sections) to help set standards for passing the computer-based exam. Qualified CPA volunteers are needed for a series of two-day standard-setting sessions between December 11 and 19. Participants should have three to seven years’ experience in
Financial Reporting
Most of the 947 companies whose CEOs and CFOs are required by the SEC to certify the accuracy and completeness of corporate financial statements met the commission’s initial August 14 deadline. To assist investors and others in tracking which of these large corporations have complied, the commission listed on its
Auditing
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. President Bush signed into law on July 30 the Sarbanes-Oxley Act of 2002 (www.aicpa.org/info/sarbanes_oxley_summary.htm), establishing the Public Company Accounting Oversight Board,
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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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