Despite making progress in safeguarding sensitive or confidential information, the SEC still lacks consistency in implementing key data controls, the GAO said in its annual audit released in April. Information security control weaknesses identified included 13 that remained unresolved from the previous year’s audit, plus 15 new ones, the GAO
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Management accounting
Value Proposition
EXECUTIVE SUMMARY The CPA is the gold standard in financial credentials, but CPAs are increasingly in short supply. The result is that it is more difficult and more expensive for companies to find qualified CPAs. CPAs can benefit companies in a number of ways that they
Summits Address Capital Market Concerns
The AICPA participated in two meetings on the competitiveness of U.S. capital markets in Washington in March. The first, hosted by Treasury Secretary Henry M. Paulson on March 13, included an open discussion among 45 of the nation’s top business and association executives on whether the U.S.
Optimizing Company Cash: A Guide for Financial Professionals
by Michèle Allman-Ward and A. Peter Allman-Ward AICPA, 2007, 271 pp. Cash flows, liquidity, the banking system and other touchstones of business finance are laid out in this comprehensive and easy-to-follow guide to cash management, with copious exhibits and examples. Of particular interest to practitioners in this increasingly specialized field
Perfect Storm Prompts Changes in Pension Accounting
EXECUTIVE SUMMARY FASB has issued Statement no. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans, to reform accounting for pension and other postretirement benefit plans. The new statement requires companies to move off-balance-sheet items onto their financial statements. The schedule of comprehensive income
Dirty Little Secrets of 401(k) Plan Fees
In September 2006, eight Fortune 500 companies were named in class action lawsuits alleging they failed to monitor and disclose 401(k) fees under so-called revenue-sharing arrangements. To protect your company or client, watch for these red flags when reviewing a 401(k) plan offering: Determine how expenses in
Mining Audit Research
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
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
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Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
