EXECUTIVE SUMMARY In 2005 about 3,700 large-cap ($75 million or more) companies underwent the first wave of Sarbanes-Oxley section 404 audits. Here, a firm experienced with Sarbanes-Oxley section 404 audits for accelerated filers shares its best practices to help with compliance for nonaccelerated filers (companies with market capitalization under $75
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TOPICS
Management accounting
Taking Care of Small Business
The Institute’s vice-president for small firm interests describes AICPA programs for small firms and their small business clients. mall businesses—the fastest-growing sector of the U.S. economy—rely on their CPAs for business advice, making them a core practice area for many practitioners. In recognition of this important relationship, the AICPA provides
Manage Your Risks
Risk management can be an intimidating and complex undertaking, but as a company leader you can’t just ignore your company’s vulnerabilities. Save yourself some sleepless nights by avoiding these common mistakes: Failing to understand the consequences and long-term business impact of risk. Half of all businesses that suffer a catastrophe
Smart Stops on the Web
SOX/B&I SITES Brush Up on Compliance http://cpcaf.aicpa.org/Resources/Sarbanes+Oxley/ The+Changing+Regulatory+Landscape.htm CPAs and compliance officers can find background documentation, guidance and tools for implementing the Sarbanes-Oxley Act of 2002 here. Looking for related CPE credit? Follow the link to the CPA2Biz.com store for a CD-ROM webcast. Or read the full text of the
When the Boss Trumps Internal Controls
hen a college was so broke it couldn’t even afford copy paper, toner and other inexpensive supplies, it took some sleuthing to find the reason. This article summarizes the heroic efforts of one CPA, without pay or outside staff (or experience in fraud detection), who helped bring down a powerful
Financial Management Web Site Opens
he AICPA is committed to supporting its members in business and industry, and therefore, the Financial Management Center has been created with the needs of these members in mind. Financial executives’ and financial managers’ responsibilities are vast and cannot be neatly described through titles. Human resources issues, corporate governance, organization
Oh, the Places You’ll Go!
‘‘If a census of business houses could be taken, it would probably be discovered that 90% of the business men of the United States have never employed a public accountant and have no idea that such a man could be of any service to them except possibly in case of
Take a Seat in the Boardroom
CPAs are beginning to see some familiar faces in corporate boardrooms—including their own. Until recently, most boards were made up largely of CEOs of other organizations. In the past few years though, board members’ backgrounds have become more diverse, and more CPAs are serving as directors, in part because of
Playing a Leadership Role in International Convergence
Convergence of international financial reporting standards has received enormous attention over the last decade and particularly over the last few years. Earlier this year, the leaders of the International Accounting Standards Board and the Financial Accounting Standards Board and key regulators from the European Commission and the SEC agreed on
A Tour of Tomorrows Technology
Imagine you’re a CPA from 100 years ago who’s just been zapped into 2005. Would you understand even half of the technology the profession now uses to conduct business? Probably not. But that’s just a fantasy, you might say. Well, think again. Today’s lightning-quick rate of technological innovation could turn
Exploring the Global Marketplace
Walking through the spice markets of Tashkent or down the Champs-Elyses in search of something unique that I can’t find at home, I am struck by two things: Nothing has changed in hundreds of years. Marco Polo, Christopher Columbus and other explorers couldn’t resist the urge to trade in goods
The Value Proposition
CYNTHIA HARRINGTON is a freelance business writer. Her e-mail address is cynharrington@mindspring.com . or most large companies, the setup work to comply with the Sarbanes-Oxley Act is history. While no one says the process was easy or cheap, some companies are seeing added benefits from the enormous compliance effort. For
Limit Practice Liability
SANDRA K. MILLER, JD, LLM, is a professor of business law and taxation at Widener University, Chester, Pa., and is an American Bar Association committee advisor to the National Conference of Commissioners on Uniform State Laws. JAMES J. TUCKER III, CPA, PhD, is an associate professor of accounting and taxation
Exploding Generation X Myths
here’s a lot you should know about the new generation of leaders moving up in America’s top companies and professional services firms. Often referred to as Generation X, it’s made up of people born between 1964 and 1975. Numerous stereotypes and myths about Gen-Xers abound, and scant research has been
“More Talk, More Action”
EXECUTIVE SUMMARY THE INCREASING FOCUS ON ETHICS HAS CREATED an opportunity for CPAs to help their companies foster a corporate culture that promotes ethical decision making. It also has encouraged more boards of directors to be involved with hiring internal audit and other accounting employees with financial reporting and control
Opportunity and Balance: Is Your Organization Ready to Provide Both?
The AICPA’s Work/Life and Women’s Initiatives Executive Committee in 2004 conducted national surveys of CPAs and other accounting professionals in public accounting and in business and industry. (Similar surveys were conducted in 1997 and 2000.) The 2004 surveys yielded responses from 681 public accounting firms of all sizes, 674 CPAs
Will They Throw Eggs?
EXECUTIVE SUMMARY TO MEET THE REQUIREMENTS OF SARBANES-OXLEY, CPAs are making more oral and written presentations than ever before to more diverse groups, including audit committees and department gatherings. CPAs’ ability to communicate will have an impact on how others perceive them and their expertise. A well-organized presentation makes all
How the AICPA Helps Members Serve Small Business
n 2003 small companies made up 99.7% of the 23.7 million businesses in the United States, according to the federal government, and research shows CPAs are among the top professionals to whom small businesses turn for professional and personal financial advice. AICPA members long have maintained important relationships with small
Payroll: A Tie That Binds
EXECUTIVE SUMMARY EVERY BUSINESS HAS TO PAY ITS STAFF and its taxes. Many CPAs are addressing those twin needs by offering to help their small-business clients, not just with taxes but also with the many chores that go into payroll processing, from after-the-fact tax filings to benefits administration. IMPROVED TECHNOLOGY
Frame a Travel Strategy
EXECUTIVE SUMMARY HAVE A CLEAR TRAVEL POLICY signed off on by the highest levels of management, and give someone responsibility for managing the program. BEST PURCHASING PRACTICES are to maximize the amount of business you do with a small number of suppliers. But small firms often do better letting travelers
Features
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From The Tax Adviser
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