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Management accounting

PCAOB Chairman Calls for More Global Cooperation on Audit Regulation

When national regulators cooperate and share information, investors everywhere benefit from the enhanced protection such communication provides, said PCAOB Chairman James Doty in a speech Thursday to the Federation of European Accountants (FEE) Conference on Audit Policy in Brussels. “In a crisis, when a nation’s (or a region’s) economic well-being

Expanding Service Organization Controls Reporting

Several prominent internal control breakdowns and increased focus on internal control by regulators, boards of directors and others charged with governance have led to increased demand for attestation reports on controls over subject matter other than financial reporting provided by an independent CPA. Neither Statement on Auditing Standards (SAS) no.

U.K. Government White Paper Calls for Tracking Green Losses, Gains

The U.K.’s Department for Environment, Food and Rural Affairs (DEFRA) presented a white paper on the environment to Parliament June 7 that calls for the creation of an annual statement of green accounts showing what the British economy has withdrawn from nature versus what’s been invested in it. This approach

Finance Exec Compensation Increase Likely in 2011

Following a decline in total compensation between 2008 and 2010, CPA financial executives expect to see compensation increases this year, according to an AICPA-sponsored report released June 2. The report, authored by Professor Michal Matějka of Arizona State University’s W.P. Carey School of Business, examined financial executive compensation and incentive

KPMG Poll: Many Anticorruption Programs Fall Short

While awareness is growing about the dangers posed by bribery and other forms of corruption in various countries around the world, many U.S. and U.K. companies still have gaps in the programs they put in place to mitigate such risks, according to a newly released survey by KPMG International. The

Economic Optimism Drops Among CPA Financial Executives

Unemployment and increasing debt and energy prices have CPA financial executives more pessimistic about U.S. economic prospects and increasingly concerned about inflation, according to results released Thursday from the AICPA Business & Industry Economic Outlook Survey Q2 2011. One-third of respondents were optimistic or very optimistic about the U.S. economic

Courting Venture Capital

Whether you’re in the C-suite or playing a supporting role, the skills you’ve honed as a CPA can help you land that venture capital or private equity investment that either keeps your company afloat or contributes capital for necessary growth. One of the most important ways venture capitalists and other

Beef Up Internal Audit

In March, Protiviti published its 2011 Internal Audit Capabilities and Needs Survey. The JofA interviewed Protiviti’s executive vice president and head of global internal audit, Robert B. Hirth Jr., CPA, for tips on how CPAs who oversee or conduct internal audits can take their group to the next level: —By

Business Insurance: What to Do Before You Renew

Conditions in the insurance market present CPAs a great opportunity to enhance their business insurance coverage as well as to educate their small business clients on key policy renewal strategies. Here are several tips on enhancements to look for and other factors to consider when renewing coverage: Following these tips

Business Basics in China

With U.S.-China trade at record highs and China as the world’s second largest economy, the JofA asked Timothy J. Hilligoss, CPA, MST, partner in charge of Asia for Southfield, Mich.-based firm Clayton & McKervey PC, to share some basics on what U.S. companies face when investing in Chinese ventures. LEGAL/REGULATORY

U.K. Bribery Act Requires New Precautions for Global Companies

The U.K. Bribery Act 2010 taking effect July 1 represents one of the biggest changes in global anticorruption law since the USA Patriot Act in 2001, but awareness of its provisions remains very low, according to a Deloitte webcast poll. While 78% of respondents who participated in the poll said

Researchers Win Management Accounting Award

Eddy Cardinaels and Eva Labro received the American Accounting Association’s Greatest Potential Impact on Practice Award for research in management accounting. Sponsored by the AICPA, the Chartered Institute of Management Accountants and the Society of Management Accountants of Canada, the award recognizes academic papers that are considered most likely to

How to Manage Fluctuations in Foreign Currency Rates

Managing the P&L and cash flow impacts related to foreign exchange exposures can appear daunting. The following steps, while not all-inclusive, make this task easier: —By Pam Heye, CPA, (pam.heye@bluewin.ch) a treasury management expert based in Raleigh, N.C.     Sample Foreign Currency Management Policy Foreign currency management policies, including

Renewed Focus on Loss Contingency Disclosures

The SEC appears to be increasing its scrutiny of compliance with financial statement disclosure rules regarding potential court losses. The heightened attention is intersecting with a three-decades-old treaty for lawyers and accountants forged by the AICPA and the American Bar Association. The JofA spoke with attorney Michael Young, chair of

Demski Honored for Lifetime Achievement in Management Accounting

Joel Demski, Ph.D., received the 2010 Lifetime Contribution Award from the Management Accounting Section of the American Accounting Association. Sponsored by the AICPA, the award recognizes individuals who have made an important mark on management accounting education, research and practice. Demski was honored for his research and teachings on applications

AICPA, CIMA Joint Venture Would Offer New Management Accounting Designation

The AICPA and the London-based Chartered Institute of Management Accountants (CIMA) are proposing forming a joint venture to develop and promote a new global management accounting designation. The joint venture is designed to give management accounting a higher profile in the United States, advance the science of management accounting worldwide,

Optimism Growing Despite Rising Inflation Concerns

Economic outlook is brightening this quarter, with optimism for the U.S. economy up sharply and expectations for hiring and business expansion improving as well, according to results from the AICPA/UNC Kenan-Flagler Business & Industry Economic Outlook Survey Q1 2011. However, optimism was slightly tempered by an increase in concern over

Scenario Planning: Navigating Through Today’s Uncertain World

Imagine you are sitting at your desk in September 2007. The Dow is close to 13,900; U.S. unemployment is 4.5%; and oil is $45 a barrel. You are in the middle of developing your organization’s plans and budgets for 2008. How likely is it that the assumptions in your 2008

Corporate Finance Salary Outlook

In corporate finance these days it pays to specialize. A look at anticipated starting salaries for 2011 shows positions that are more niche than generalist in flavor are likely to see the biggest pay gains compared with 2010. “The more specialized you are, the more desirable you are,” said Carol

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