For much of the past year, U.S. finance executives have been optimistic about their companies’ prospects, but they’ve been somewhat lukewarm on the prospects of the overall economy. That dichotomous view is changing, according to results of the second-quarter AICPA Business & Industry Economic Outlook Survey, which was released Thursday. The
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Management accounting
Protiviti exec Hirth named COSO chairman
Robert Hirth, CPA, a founding managing director of global consulting firm Protiviti, has been named chairman of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO is a joint initiative of five private-sector organizations, including the AICPA, that provides thought leadership by developing frameworks and guidance on enterprise
From CGMA Magazine: Risks remain as companies combat fraud
Fraud poses a serious risk to any business. While progress is evident on some fronts, many organizations still need to improve systems and procedures to prevent, detect, and respond to fraud. Coverage in CGMA Magazine in recent months has highlighted the journey toward better fraud prevention. E-PAYMENT METHODS DECREASE FRAUD
Cultivating leadership
Most CPAs promoted to leadership positions get there because of their technical skills and professional prowess. In many cases, however, the same CPAs have not been prepared to act as leaders. The following steps show what employers can do to cultivate leadership skills. Emphasize business acumen, curiosity, and strategic sensibility
The leadership cycle: How to effectively lead and develop talent
Richard Oliver, CPA, CGMA, is the president of familyowned THORLO Inc. in Statesville, N.C. He got his start in accounting with a fiber-optics company in Hickory, N.C., then went to work as an auditor for Deloitte. He returned to the fiber-optics field after three years, before he was recruited to
Boot the budget? Why rolling forecasts might make more sense
When it comes to budgeting, accountants should stop presenting the numbers and letting others analyze what those numbers mean. If accountants don’t change, warns consultant Steve Player, CPA, CGMA, they’ll lose relevance and possibly lose jobs. “It’s our process that’s broken,” Player said. “We’ve got smart people in finance doing
Six key components of analytics-based performance management
As companies face a thinning margin for decision error, the ability to use business analytics effectively—everything from correlation, segmentation, clustering, regression analysis, as well as forecasting and predicting outcomes—is becoming mission-critical. There is now a strong need to gain insights, foresight, and inferences from the treasure chest of raw transactional
A nontraditional approach to finance management
Tom Steiner would like to get CFOs to stop thinking so logically all the time. He contends that the world is emotional, not logical, and that “linear, logical people that concern themselves with numbers” are too focused on tasks instead of the people performing those tasks. Steiner, nicknamed “Dr. Tom”
How can diversity be improved in the CPA profession?
Even as members of the recently created National Commission on Diversity & Inclusion work to improve opportunities for under-represented minorities in the CPA profession, they are reminded of just how much work needs to be done. During a panel discussion of commission members held Monday at the AICPA Council meeting,
SOX compliance costs rise for many companies, report finds
New developments associated with the Sarbanes-Oxley Act of 2002 (SOX) have companies changing their compliance processes more than a decade after the law was enacted, according to a new survey report. Organizations reporting rises in SOX compliance costs and external audit fees in 2012 vastly outnumbered those reporting decreases, according
Newly released COSO framework a fresh look at internal control
An important development in the internal control landscape was completed Tuesday with the release of an update to the integrated framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO). COSO’s popular original internal control framework, released in 1992, was accepted by the SEC as a framework for
8 steps to update internal control
Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and
Key factors cited as discussion of audit quality indicators nears
An effective definition of audit quality should encompass two key factors, the Center for Audit Quality (CAQ) told the PCAOB in a comment letter dated May 13. The CAQ, which is affiliated with the AICPA, has been working over the past several months to develop perspectives that could help define
AICPA provides guidance on auditing conflict minerals reports
Recently implemented federal rules on disclosure of conflict minerals have mandated new audit requirements for some U.S. issuers. The AICPA Conflict Minerals Resources webpage provides background and other useful information about the use of conflict minerals, which are gold, tantalum, tin, and tungsten. In addition, new Questions and Answers have
How audit committees can meet risk management oversight challenges
Risk management oversight is one of the most challenging areas for audit committees across the globe, according to a new report issued Tuesday by the Center for Audit Quality (CAQ), the Federation of European Accountants (FEE), and the Institute of Chartered Accountants in Australia (ICAA). The report summarizes the results
CFOs most crave these 2 nonaccounting skills
General business knowledge and IT expertise are the nonaccounting skills CFOs in the United States are seeking most from finance and accounting job candidates, according to a new survey. One-third of 2,100 CFOs surveyed by specialized staffing service Accountemps said general business knowledge is the attribute or area of expertise
Time to recruit talent
Millions of Baby Boomers will leave their jobs in the next 10 to 12 years. This exodus of talent will place extraordinary pressure on every U.S. organization’s talent recruitment and retention efforts. Consider these strategies to help your organization compete in an unprecedented people cycle: Ensure your HR leadership
Analyzing liquidity using the cash conversion cycle
A good assessment of a company’s liquidity is important because a decline in liquidity leads to a greater risk of bankruptcy. FASB describes liquidity as reflecting “an asset’s or liability’s nearness to cash” (Statement of Financial Accounting Concepts No. 5, Recognition and Measurement in Financial Statements of Business Enterprises). Creditors
From CGMA Magazine: Delayed retirements slow career progression
Retirement seems like more of a distant goal for a significant number of CFOs—and that might be a problem for those who are looking to move up. According to a Robert Half Management Resources survey of more than 1,400 U.S. CFOs, 38% are more uncertain about when they’re going to
Integrated reporting takes a big step with international framework draft
The release of a highly anticipated proposed framework Tuesday heralded a new chapter in the evolution of corporate reporting. The International Integrated Reporting Council (IIRC) made public a framework consultation draft—a blueprint for how the group hopes businesses will communicate with stakeholders. Developed with input from business, investors, standard setters,
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Making the right choice when no one is watching
The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.
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Current developments in taxation of individuals: Part 2
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