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September 1, 2001

Adding Value to the Profession: The Proposed Global Business Credential

n extraordinary opportunity is before us. We are now considering a credential that adds enormous value to our profession. Its holders can be characterized as rooted in strategy, facilitators of organizational change, savvy in performance measurement systems, entrepreneurial in nature, globally aware and grounded in knowledge integration. They will

September 1, 2001

Golden Business Ideas

Linger Power Whatever you do, don’t dash out of a meeting—even if you feel pressed to attend to other business. Reason: Sometimes the most important discussions occur after the formal meeting breaks up. Details are negotiated, adjustments are made, support for marginal positions is bartered—and you don’t want to be

September 1, 2001

Strategy for Success: Moving Up the Economic Value Chain

SPECIAL REPORT: THE GLOBAL BUSINESS CREDENTIAL Adding Value to the Profession: The Proposed Global Business Credential BY WILLIAM L. REEB, CPA AND MICHAELLE CAMERON, PhD n extraordinary opportunity is before us. We are now considering a credential that adds enormous value to our profession. Its holders can be characterized

August 1, 2001

The Internet as an Investment Tool

EXECUTIVE SUMMARY CPA/FINANCIAL PLANNERS NEED TO BE WEB SAVVY. The Internet makes it possible for CPA/financial planners and individual investors to be notified on-screen when news breaks about a particular stock. INVESTORS FOLLOW A STOCK BY WATCHING its price and trading volume and factors such as the P/E ratio and

August 1, 2001

Recovery of Embezzled Assets Half a World Away

EXECUTIVE SUMMARY THE FIRST STEP IN A FORENSIC INVESTIGATION is to gather as many details as possible about the facts of an alleged misappropriation. But CPAs need to be systematic to guard against “information overload,” which can lead to important factors being overlooked. CPAs, INVESTIGATORS AND ATTORNEYS need to develop

June 1, 2001

Research Summary 13: Workpaper Reviews

FOR THE PRACTICING AUDITOR—RESEARCH SUMMARIES #13 AND #14 Summary #13 Workpaper Reviews Specialized reviews don’t improve audit efficiency. BY E. MICHAEL BAMBER AND ROBERT J. RAMSAY ccounting firms spend a significant amount of time on workpaper review; audit managers devote more than 50% of their time to it. Firms

June 1, 2001

Research Summary 14: Audit Committees and Auditor Selection

May 1, 2001

Build a Bridge to the Internal Audit Department

EXECUTIVE SUMMARY THE RENEWED FOCUS ON AUDIT COMMITTEE OVERSIGHT of the financial reporting function can assist outside auditors in preventing financial statement irregularities. Auditors now have an opportunity to develop a relationship with the audit committee that may promote frank communication in a way that their usual relationship with management

March 1, 2001

Practical Issues in Implementing FASB 133

EXECUTIVE SUMMARY FASB ISSUED STATEMENT NO. 133 TO ACHIEVE its objective of measuring all financial assets and liabilities on company balance sheets at fair value. The accounting standard is effective for fiscal years beginning after June 15, 2000 (January 1, 2001, for companies with calendar-year fiscal years). A blend of

March 1, 2001

Smart Stops on the Web

Compare Quotes Online www.insuremarket.com This site offers quotes for personal insurance coverage that includes auto, home, disability, health and life. Quotes also are available for insuring your business and for group-term life and supplemental health insurance for employees. You can save researched quotes in your personal insurance portfolio on the

February 1, 2001

A Nice Niche—If You Minimize Liability Risk

EXECUTIVE SUMMARY INCREASED ACTIVITY IN ESTATE and succession planning and mergers or acquisitions involving small to midsize businesses has fueled demand for business valuation (BV) services. BV malpractice claims arise most often from a tax planning or consulting engagement that—at the client’s request—morphs into a BV in mid-transaction. THE PREDOMINANT

February 1, 2001

Companies Focus on Derivatives Compliance

BY THE NUMBERS Companies Focus on Derivatives Compliance FASB Statement no.133, Accounting for Derivative Instruments and Hedging Activities, issued in June 1998, requires that companies report their derivatives holdings at fair value and disclose the purpose and effectiveness of their hedging strategy. For most, the standard took effect January

January 1, 2001

International

IFAC Issues Bank Audit ED and Cost Accounting Study The International Federation of Accountants is seeking responses to a proposed international auditing statement that will provide practical assistance to auditors in applying international standards when they audit commercial banks. Special considerations arise in bank audits because of the nature

December 1, 2000

Head of Audit Efficiency Panel Speaks Out

Head of Audit Effectiveness Panel Speaks Out F ormer Price Waterhouse LLP Chairman Shaun F. O’Malley found himself with little free time after he became chairman of the Panel on Audit Effectiveness two years ago. But despite the fact that the panel completed its massive report on the

December 1, 2000

ERISA Liability for CPAs

EXECUTIVE SUMMARY CPAs WHO PROVIDE PROFESSIONAL SERVICES TO employee benefit plans face potential liability exposure under ERISA. A June U.S. Supreme Court case made it clear that CPAs and other service providers are at risk even though in many instances their actions may seem innocuous. ERISA IMPOSES CERTAIN DUTIES

December 1, 2000

Merger Integration: Include a Tax Strategy to Make a Good Deal Better

Putting together the best possible merger depends not only on finding the right target company, but also on successfully integrating the target and acquirer’s businesses after the deal closes. For a deal to succeed—so the new entity is worth more than the sum of its parts—participants must capture value at

December 1, 2000

Some Small Biz Markets Underserved by CPAs

When small business owners need payroll services to whom do they turn? More often than not it’s their CPA—the profession has helped fill that gap for years. But a recent survey of nearly 700 small businesses in the manufacturing, professional services, government, nonprofit and other sectors revealed they generally

November 1, 2000

Is a Contingent Attorney’s Fee Includible in Plaintiff’s Income?

gnes, a 64-year-old resident of California, successfully sued her ex-employer in 2000 for wrongful termination; a jury awarded her $2 million. Agnes paid her attorney $800,000, 40% of the award, in accordance with their contingent fee agreement; thus, her net proceeds from the suit were $1.2 million. In March

October 1, 2000

Money Talks or Partners Walk

EXECUTIVE SUMMARY RECONFIGURING COMPENSATION PLANS to create incentive for younger partners while buying out retiring partners at fair market value can lead to painful clashes. It’s better to have a compensation strategy that’s adaptable to a firm’s needs from start-up to maturity. A NONPIRATING CLAUSE WILL PROTECT a firm

October 1, 2000

CPAs Add HR to the Mix

EXECUTIVE SUMMARY STAFFING IS EVERY COMPANY’S NUMBER ONE problem, and CPAs are in an excellent position to offer human resources (HR) consulting services to clients in need of financial professionals. HUMAN RESOURCES OUTSOURCING IS GOOD for clients that don’t feel they need a full-blown HR department. It can help