Small businesses have enough to worry about without having to wade through the intricacies of hundreds of pages of the health care legislation enacted in 2010: the Patient Protection and Affordable Care Act, P.L. 111-148, as amended by the Health Care and Education Reconciliation Act P.L. 111-152, referred to here
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Management accounting
Emerging markets, service-line growth boost Grant Thornton revenue to record high
Global acquisitions, growth in emerging markets, and key service lines helped Grant Thornton report combined global revenues of $4.2 billion during the year ending Sept. 30, a record high for the company. “It was a very good year and something we will build upon,” Ed Nusbaum, Grant Thornton’s CEO, said
Budget, staff projected to rise for internal audit departments
Companies are devoting more money and staff to internal audit. Half of companies are maintaining their internal audit budget, and 41% plan to increase their spending, according to The Pulse of the Profession, a twice-annual survey of North American audit executives by The Institute of Internal Auditors (IIA). That’s the
SEC approves PCAOB standard on communication with audit committees
The SEC has approved PCAOB Auditing Standard No. 16, Communications with Audit Committees, and related amendments to PCAOB standards that were designed to help external auditors communicate effectively with audit committees during public company audits. All U.S. public companies, including emerging growth companies as defined in the Jumpstart Our Business
Technology guidance abundant in COSO internal control proposal
While scanning the Committee of Sponsoring Organizations of the Treadway Commission’s proposed internal control framework, Kenneth Vander Wal counted more than 200 mentions of technology. “That’s probably about 199 more times than the ’92 framework,” said Vander Wal, a member of COSO’s Advisory Council and past president of the Information
Finance professionals: Fiscal cliff could sap U.S. economic growth
Finance professionals warn that U.S. economic growth is in jeopardy if budget issues cannot be resolved quickly, a survey released Monday by the Association for Financial Professionals (AFP) indicates. Respondents to the AFP Business Outlook Survey predict that U.S. GDP will grow 1.7% in 2013, creating an additional 1.3 million
PCAOB finds common threads in ICFR audit deficiencies
Insufficient testing of controls and failure to properly evaluate control deficiencies were among the common findings that led the PCAOB to issue a summary of observations from 2010 inspections of audits of internal control over financial reporting. The PCAOB on Monday released a 31-page report on deficiencies in firms’ audits
Struggling European nations seen as more corrupt, report shows
In most parts of the world, perceived corruption of countries has remained the same during the past year. That’s good news in New Zealand, Denmark, and Finland, viewed in general as the most transparent. It’s more of the same for Somalia, North Korea, and Afghanistan, viewed as having the highest
CPAs continue to forecast storms ahead for U.S. economy
Economic optimism, which started the year on an upswing, has fallen to a 12-month low, according to the latest AICPA Business & Industry U.S. Economic Outlook Survey, which was released Thursday. A big reason for the gloomier mood: Washington. “The overwhelming majority of comments this quarter focused on the fiscal
PCAOB will issue report on problems with audits of ICFR
Persistent problems related to audits of internal control over financial reporting (ICFR) have led the PCAOB to issue a report describing the four problems. The PCAOB will issue a Rule 4010 report to describe the results of recent inspections with regard to audits of ICFR, PCAOB Director of Registration and
From CGMA Magazine: Outsourcing treasury management
The global financial crisis transformed corporate priorities, pushing financial risk management high up the list—a shift that has elevated the profile and broadened the role of the executive who is often responsible for managing that risk: the corporate treasurer. Treasurers have become more involved in big-picture strategy, working closely with
Business etiquette in China
Faux pas and misunderstandings can easily doom a U.S. business deal in China. To improve chances of a successful venture in China, Len Jui, CPA, a partner at KPMG in Beijing who was educated in the United Kingdom and the United States and worked for the SEC, and Jiake Brownbill,
Snyder’s challenge: Reinvigorating Michigan
When Rick Snyder saw the cover of the first comprehensive annual financial report for Michigan produced on his watch as the state’s governor, he smiled and reacted with feigned horror. “So what am I?” he asked State Budget Director John Nixon. “Chicken feed?” The report mentioned Nixon’s CPA credential, but
SEC provides regulatory relief for Hurricane Sandy interruptions
The SEC on Wednesday issued a conditional exemption from certain federal securities law requirements for accountants, publicly traded companies, investment companies, and others affected by Hurricane Sandy. A regulatory relief order issued by the SEC says the storm and flooding have displaced individuals and businesses, and disrupted communications and transportation
Brush up on your anticorruption controls with FCPA guidance
The Department of Justice (DOJ) and SEC released a 120-page guide Wednesday providing a detailed analysis of the agencies’ approach to enforcement of the Foreign Corrupt Practices Act (FCPA), which is designed to prevent bribery and corruption of foreign officials by companies seeking to gain a competitive business advantage. The
Organizations fighting U.S. debt get support of AICPA board
A continuing devotion to fiscal responsibility has led to a resolution by the AICPA board of directors supporting two nonpartisan organizations devoted to combating the U.S. federal debt. In the resolution, the AICPA expresses support for the Campaign to Fix the Debt and the Comeback America Initiative, which express concern
To ascend to CFO role, controllers must take a broader look at business
Controllers hoping to make the move to CFO must be willing to add new words to their vocabulary. The focus on numbers, while important, has to change from lookback mode to look-ahead. Concerns about month-end close should not be forgotten, but they should be accompanied by thoughts such as, “How
Management accounting
After rising significantly at the end of 2011 and the beginning of 2012, CPA business leaders’ optimism about the U.S. economy has faded substantially in recent months, according to the latest AICPA Business and Industry Economic Outlook Survey. With an uncertain political environment in the run-up to the Nov.
Schedule UTP: The early returns are in
The first two years of corporate income tax returns requiring Form 1120, Schedule UTP, Uncertain Tax Position Statement, have been filed, and the IRS has described first-year returns and provided guidance for the growing number of business taxpayers that will be required to file it. Schedule UTP was a required
Award recognizes early-career researcher’s work on management accounting issues
Jasmijn C. Bol, Ph.D., associate professor of accounting at Tulane University’s Freeman School of Business in New Orleans, received the Best Early Career Researcher Award from the AICPA. The $2,000 grant is given to the researcher with the best overall body of research in management accounting and whose research was
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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.
From The Tax Adviser
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Current developments in taxation of individuals: Part 2
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