n Wichita, Kansas, police arrested a 22-year-old male who tried to pass two counterfeit $16 bills at an airport hotel. And in St. Louis, a bus carrying five passengers was involved in an accident. However, when the police arrived, 14 more people were aboard the bus, all complaining of whiplash
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Business Bookshelf
A White-Collar Profession: African American Certified Public Accountants Since 1921 By Theresa A. Hammond 146 pages; hardcover; $39.95 The University of North Carolina Press, Chapel Hill, North Carolina, 2002 Theresa A. Hammond, PhD, the author of this history, is an associate professor of accounting and Ernst & Young Research Fellow
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’s accounting standards staff, with the assistance of industry experts, releases the sixth set in a series of questions and
JofA Taken to Task
Has the editor lost all sense of professionalism? The title of the article, “ Make ’Em Pay Up ” ( JofA , Oct.02, page 67), smacks of the style used by the New York Post or a London tabloid. Shame on the JofA ; more shame on our profession. David
Corruption: Causes and Cures
ou’ll never catch Burgin,” television investigative reporter Marsha Halford said to me during an off-camera interview regarding rumors of bribery in the Mississippi senate. “He is the smartest and most corrupt politician in the state.” The Federal Bureau of Investigation had Senator William G. Burgin Jr., chairman of the Mississippi
Business Valuation
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
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
Features
FROM THIS MONTH'S ISSUE
Corporation’s officer held personally liable for its taxes
A corporate officer who facilitated an insolvent company’s transfer of assets to private creditors while knowing of an outstanding federal tax debt was held personally liable for the taxes owed.
From The Tax Adviser
July 31, 2026
