The PCAOB issued proposed standards for audits of broker-dealer and issuer engagements for public comment Tuesday. The proposals consist of two attestation standards related to the auditor’s examination of compliance reports and review of exemption reports of broker-dealers proposed by the SEC as part of its amendments to the broker-dealer
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Management accounting
GASB Proposes Changes to Calculating, Reporting Pension Costs
GASB issued two exposure drafts that the board said would establish a definition of pension plan that reflects the primary activities of a fund that is used to provide pensions—the accumulation and management of assets dedicated for pensions and the payment of pensions to plan members as the benefits come
Polish What’s Dull, and Wax What Shines
For managers, the one activity more dreaded than receiving a performance review is writing one. So it’s no wonder many reviews fall short of their real intention: to provide a springboard for further growth and accomplishment. How can the performance review guide a productive discussion about an employee’s potential or
PCAOB, SEC to Meet With Chinese Officials on Auditing Oversight
The PCAOB said Wednesday that a joint PCAOB-SEC delegation will meet next week in Beijing with representatives of China’s Ministry of Finance and the China Securities Regulatory Commission (CSRC) to discuss issues relating to auditing oversight. “This meeting is the commencement of our accelerated efforts with the People’s Republic
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
AICPA, CIMA Approve Joint Venture, Clearing Way for International Management Accountant Credential
The AICPA Governing Council on Monday unanimously approved a new credential called the Chartered Global Management Accountant (CGMA), a joint venture of the AICPA and the London-based Chartered Institute of Management Accountants (CIMA). “This new credential will offer a very unique value proposition to our members,” Arleen Thomas, AICPA’s senior
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
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