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
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Management accounting
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
Jump-Start Success
EXECUTIVE SUMMARY MANY OF THE CPAs WHO ARE HIRED AS chief audit executives for public companies will have the opportunity to start a new internal audit function or reshape an existing department in the wake of the Sarbanes-Oxley Act of 2002. BEFORE ACCEPTING THE OFFER, candidates should interview the management
Hedge Fund Investing
EXECUTIVE SUMMARY SINCE THE BEAR MARKET IN STOCKS STARTED FOUR years ago, hedge funds have become one of the hottest investment vehicles, growing at a rate of 20% a year. The hedge fund market is expected to increase to $1.5 trillion in the next two to five years. A HEDGE
Selling To Audit Committees
EXECUTIVE SUMMARY SARBANES-OXLEY HAS CHANGED the relationships CPAs have with the entities that employ them. Before, an audit committee was essentially an extension of a company’s board of directors, often rubber-stamping the CFO or CEO’s choice of auditor. Since the act, corporate boards and audit committees have taken
Create a Sound Investment Plan for Clients
Individual investors sometimes prove to be their own worst enemies. CPAs can help them avoid repeating common investment mistakes that could have a dramatic impact on their returns. To help clients establish a well-thought-out investment program, advise them to Make a plan. Help the client develop an investment
The PCAOB and the Future of Oversight
he objective of the Sarbanes-Oxley Act of 2002 was to make registrant audit committees, corporate management and the auditing profession work together to mitigate the risk of catastrophic audit failures. But as an experienced auditor, I fear the current business and regulatory environment may hinder achieving that objective. THE PCAOB
How to Keep Them Once You’ve Got Them
EXECUTIVE SUMMARY A REGIONAL FIRM, PLANTE & MORAN (P&M), developed and implemented a strategy called “rerecruiting,” an ongoing program based on staff recognition and appreciation, to maximize staff retention. Its turnover rate for the past decade ranks between 8% and 15% annually—well below industry standards. MANAGEMENT-CREATED WORKSHOPS explain the value
Smart Stops on the Web
THE INTERNET BUSINESS VALUATION SITES Add a New Credential bvfls.aicpa.org Institute members looking for a new challenge can register at this section of the AICPA Web site to take the November 15 or 30 Accredited in Business Valuation (ABV) exam. Other resources include the BV Competence Assessment Tool, Exam Candidate’s
Internal Audit’s New Role
EXECUTIVE SUMMARY NYSE-LISTED COMPANIES MUST HAVE INTERNAL audit departments in place in advance of an October 31 deadline. Internal auditors also are evaluating the scope of work their departments should take on to comply with Sarbanes-Oxley and other rules. A COMPANY STILL PUTTING TOGETHER ITS INTERNAL audit department should proceed
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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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