EXECUTIVE SUMMARY Many companies are raising the expectations for their chief audit executives (CAEs) to include operating at more strategic levels of risk management and corporate governance. Successful CAEs must partner effectively with the audit committee and other members of the senior management team to achieve their objectives. To be
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Strategy
Cherry-Picking Sarbanes-Oxley
EXECUTIVE SUMMARY Private companies and charities aren’t required to comply with the Sarbanes-Oxley Act. But they can adopt some of its requirements as best practices. Cherry-picking the provisions that will help them the most means they can get maximum benefit at minimum cost. Among the private entities that might want
What’s in IT for You (and Your Company)?
EXECUTIVE SUMMARY The difficulty of calculating the return on an IT investment often has weakened the case for funding such initiatives. Financial managers and other decision makers expect requests for IT funding to be framed in an ROI or shareholder value format so they can compare them with other
Section 404 for Small Caps
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
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
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
“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
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
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
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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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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