This column is the first of a series that will review accounting research journals to distill practical pointers for busy CPAs. The resulting summaries offer useful suggestions practitioners can apply immediately to day-to-day activities. This installment is devoted to auditors in the field. “Audit Partner
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TOPICS
Management accounting
S Corporation Update
EXECUTIVE SUMMARY S corporations have become the dominant business entity type, in part because requirements for electing the status have been relaxed and clarified. An S corporation may now have more shareholders because certain family members may be counted as a single shareholder. When an
Internal Control Guidance: Not Just a Small Matter
EXECUTIVE SUMMARY In its most recent guidance for compliance with Sarbanes-Oxley section 404 requirements for smaller entities, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has provided principles and examples of effective internal control. Titled Internal Control Over Financial Reporting—Guidance for Smaller Public Companies,
Economics of Scale
EXECUTIVE SUMMARY Faced with a major piece of new business, many clients find they instantly need more equipment, space, inventory, people and working capital. They must obtain capital quickly while simultaneously managing the other, physical aspects of the total opportunity. Many entrepreneurs are accustomed to pushing
Automate Your Internal Controls
Overwhelmed by the documentation and testing requirements of the Sarbanes-Oxley Act? Consider these tips to automate your efforts. Use a database. Many companies document internal controls with spreadsheets. This process isn’t very secure and can quickly become cumbersome. Put the information underlying the documentation into a
Weather Any Storm
EXECUTIVE SUMMARY Sound contingency plans can prevent or minimize damage in a crisis. Although natural disasters are the most obvious and dramatic, firms also should be prepared to resume business after a fire or theft, or the loss of a key firm member. Business continuation insurance can pay for time
The Risks of Being Global
EXECUTIVE SUMMARY Increased international trade regulations have led to greater risks for companies that do business abroad. How CPAs help companies manage these risks will vary based on the countries and products involved, the size of the company, the potential penalties and the company’s import/export structure. In going global, companies
Ways Americans Spend Spare Cash
TOP 10 Paying off debts, credit cards and loans Savings Out-of-house entertainment New clothes Holidays and vacation Home improvements and decorating New technology Mutual funds and stocks Retirement fund Don’t know/Undecided (So it’s in the mattress?) Source: ACNielsen Online Consumer Confidence Study, www.acnielsen.com , 2006.
Data Point
200 Hours per year the average American spends commuting to and from work. Source: U.S. Census Bureau.
Talk Turkey
NUMEROLOGY $3.6 billion Value of turkeys shipped by U.S. poultry processors in 2002. Arkansas led the way with $581.5 million in shipments. Businesses that primarily processed turkeys operated out of 35 establishments, employing about 17,000 people. 7.3 billion pounds The total weight of turkeys produced in the United States in
Stay Warm, Safely
SAFETY TIPS When the weather begins to cool, many people turn to space heaters to add a little extra warmth where it’s needed. The U.S. Consumer Product Safety Commission ( www.cpsc.gov ) offers these tips for staying safe: Place the heater on a level, hard and nonflammable surface (such as
Preventing Flu at Work
ON THE JOB lu, which is in season from October to May, is a leading cause of employee absenteeism, costing employers millions of dollars. The single best way to prevent flu is to get a flu vaccination. The Centers for Disease Control recommends getting the vaccine by November, but says
The Focus Is on Employees in 2007
SURVEY SAVVY Half of all CEOs surveyed recently by the NYSE Group ( www.nyse.com ) planned to increase their employee education and retention programs. Eight out of 10 said operational efficiency, driven by employees, would be the greatest internal factor impacting profitability in 2007.
A Major-League Dream Come True
SPOTLIGHT As one of 10 children of a die-hard New York Yankees’ fan, Berna Greer, CPA, grew up in a house that revolved around baseball. But she never expected to make it to the Major Leagues. Still, there she was, throwing out the first pitch at the Detroit Tigers game
Take Control of Your Job Search
GOLDEN BUSINESS IDEA Attention CPAs at all levels. Well-meaning colleagues give you many tips about how to find your dream job. Here are four things not to do when conducting your search. 1 | Don’t rely on only one technique to land a job. Just 10% of all jobs are
Social Spending
SURVEY SAVVY eople who buy socially responsible mutual funds are more likely to use their wallets in other socially conscious ways as well, a February survey by TIAA-CREF ( www.tiaa-cref.org ) found. The company surveyed 1,002 TIAA-CREF customers, split evenly between those who invested in its Social Choice Account (SCA)
Hired Help: Finding the Right Consultant
EXECUTIVE SUMMARY CPAs can help companies hire consultants to deal with a wide variety of employee benefits challenges including managing the rising cost of health insurance, maintaining competitive benefits offerings and dealing with the complexity of pension and other retirement plans. Before hiring a benefits consultant, companies should check
Edward W. Trott Quote
AS QUOTED “My hesitancy about fair value became outweighed by my desire to have financial statements communicate as much information as possible. I learned that there’s a better way.” —Outgoing FASB member Edward W. Trott
Smart Stops on the Web
HUMAN RESOURCES SITES Staff Smart www.adphire.com CPAs responsible for filling open positions will want to check out Automatic Data Processing Inc.’s (ADP) Web site for its calculator that determines the cost of a bad hire and of high turnover. The site also offers free information on screening candidates and adhering
Keep Peace With Your Boss
GOLDEN BUSINESS IDEA Have a difficult manager? Try some of these coping strategies from CareerBuilder.com: Take a look in the mirror. Maybe you’re being a pain in the neck, too. Clean up your act, concentrate only on work and see whether things change. Focus on the boss’s needs. Employees who
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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