EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT HAS HAD a far-reaching impact on CPA firms, whether large, midsize or small. Firms that audit public companies have been working out strategies for coping successfully in their internal operations as well as in their relations with clients and prospects. THE STEPPED UP INTERNAL AUDIT
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TOPICS / MANAGEMENT ACCOUNTING
Strategy
Enterprising Views of Risk Management
EXECUTIVE SUMMARY ENTERPRISE RISK MANAGEMENT (ERM) IS A STRATEGY organizations can use to manage the variety of strategic, market, credit, operational and financial risks they confront. ERM calls for high-level oversight of risks on a portfolio basis, rather than discrete management by different risk overseers. ERM HAS GIVEN RISE TO
Small Firms: Think Big!
EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT HAS CREATED new requirements for public companies, spurring greater demand for professional services and for a range of engagements that offer opportunities to well-positioned smaller firms. ONE RESULT IS A CHAIN REACTION in which the big firms are going to focus on certain services and
A Changing Corporate Culture
EXECUTIVE SUMMARY RECENT CORPORATE FAILURES HAVE CALLED INTO question the value of the financial statement audit. One of the results was the Sarbanes-Oxley Act of 2002, which has the potential to change corporate culture by mandating additional governance responsibilities and reporting requirements for top management. A SURVEY OF FINANCIAL EXECUTIVES
Sarbanes-Oxley: What It Means to the Marketplace
EXECUTIVE SUMMARY THE ACCOUNTING PROFESSIONALS interviewed for this article were positive about some Sarbanes-Oxley requirements, saying management’s reporting on and the external auditor’s attestation to the internal controls are good ideas. They advocated audit committees’ hiring CPAs because it could reduce the pressure on audit fees and lead to better-quality
Corporate Governance and Client Investing
EXECUTIVE SUMMARY AS CORPORATE GOVERNANCE ISSUES TAKE ON INCREASED importance in the value of a stock, CPAs should take the opportunity to get ahead of the curve and help clients monitor such issues. There is general agreement that the quality of corporate governance and the effectiveness of a board of
Working With a Solicitor to Get New Business
EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT HAS HAD a far-reaching impact on CPA firms, whether large, midsize or small. Firms that audit public companies have been working out strategies for coping successfully in their internal operations as well as in their relations with clients and prospects. THE STEPPED UP INTERNAL AUDIT
Tax Services After Sarbanes-Oxley
EXECUTIVE SUMMARY THE PASSAGE OF SARBANES-OXLEY LEFT MANY TAX practitioners wondering where they fit in under these new rules. The act did not list most tax services as one of the prohibited nonaudit services but said firms could perform such functions for audit clients with audit committee approval. THE ACT
Finds DCA Strategy Lacking
I’m surprised that the article “ Investing After 50 ” included dollar-cost averaging (DCA) among the recommendations for CPAs who advise clients age 50 and over. Academic research over the past 20 years has shown that a DCA strategy does not necessarily result in superior returns even after adjusting for
A Strategy for Finding the Right Accounting Software
EXECUTIVE SUMMARY SHOPPING FOR ACCOUNTING SOFTWARE is difficult. The software must be just the right size, it shouldn’t contain more or fewer features than you need and you should feel secure that its publisher will be able to provide upgrades and fix bugs as needed. IT’S NOT ENOUGH TO EXAMINE
CPAs as Audit Committee Members
EXECUTIVE SUMMARY WITH THE ADVENT OF SARBANES-OXLEY, CPAs ARE LIKELY to receive more invitations to serve on the audit committees of corporate boards of directors. Before accepting these offers, accountants should make sure they are ready for the time commitment and other responsibilities that come along with them. MANY CPAs
On U.S. Health Care
The article, “ Health Care Costs on the Rise ” ( JofA , May03, page 59), made me realize just how far the United States is from providing its citizens the basic human right of affordable health care. This article, like many similar ones I have been reading lately, discussed
Business Aircraft and Depreciation
When I read the article “ Deductibility of Business Aircraft ” ( JofA , Jul.03, page 57), I was surprised the depreciation issue was not discussed. In light of recent tax law changes, taxpayers may be allowed significant depreciation deductions if the aircraft is used for business purposes. Tax savings
Letters To The Editor
The JofA encourages readers to write letters on important professional issues in addition to comments on published articles. Because space is limited, letters submitted for publication should be no longer than 500 words. Please include telephone and fax numbers. JofA e-mail address: JOAED@aicpa.org .
Maintaining Independence
As all CPAs know, the two great pillars of our ethical responsibility are independence and public disclosure. This formula goes back a long time, even before the establishment of the Securities and Exchange Commission. Today, the structure of our economy is greatly different from what it was when the profession
CPAs and Incidental Investment Advice
The article “ Investing After 50 ” ( JofA , Jun.03, page 20) tells CPAs how to advise their clients about investments. As a CPA and chartered financial consultant (ChFC), I have been working exclusively in financial planning and related services for several years. My primary market is working with
Fine-Tune Your Marketing Know-How
MONTHLY CHECKLIST SERIES Both professionals and firms must forge an identity. As the CPA, you are the brand and you have to put that brand in front of your intended audience. You accomplish this by getting the word out about your firm’s services. Prospective clients need to associate you and
NYSE Sets Audit Committees on New Road
EXECUTIVE SUMMARY THE NEW YORK STOCK EXCHANGE HAS PROPOSED NEW standards for its listed companies to compel audit committees to change their makeup, broaden their oversight of external auditors and assume greater responsibility for their fiduciary obligations. The audit committee would have the sole authority to retain and terminate
The Home Sale Gain Exclusion
EXECUTIVE SUMMARY TO EXCLUDE GAIN ON THE DISPOSITION OF A HOME from income under IRC section 121, a taxpayer must own and occupy the property as a principal residence for two of the five years immediately before the sale. However, the ownership and occupancy need not be concurrent. The
Regulations Under the Sarbanes-Oxley Act
EXECUTIVE SUMMARY THE SARBANES-OXLEY ACT OF 2002 is a major reform package mandating the most far-reaching changes Congress has imposed on the business world since FDR’s New Deal. THE ACT ESTABLISHES THE PUBLIC COMPANY Accounting Oversight Board (PCAOB) to regulate accounting professionals that audit the financial statements of public
Features
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.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
