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
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Firm practice management
Succession-Planning Dos and Donts
EXECUTIVE SUMMARY DON’T FAIL TO PLAN. CPAs have to get moving, experts say. Succession isn’t a process that can be done well under pressure or in a hurry. Firms need to address the issues of finding a new firm owner, nurturing future leaders, transitioning clients, codifying operating processes and drafting
Institute Honors Roussey
The AICPA presented a 2004 Special Recognition Award to Robert S. Roussey, CPA, professor of accounting at the Elaine and Kenneth Leventhal School of Accounting at the University of Southern California (USC), where he has taught since 1992. The award recognized Rousseys extensive contributions in the area of international auditing
AICPA Marketing Effort Wins Prizes
Catch Me If You Can, the forensic accounting contest and promotion conceived as part of the AICPAs five-year Start Here. Go Places recruitment campaign, won two Marketing Agencies Association Worldwide Globe Awards for creativity, originality, execution and results. The Institutes program excelled among the more than 330 campaigns of 2004,
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
Tax Season Defanged
EXECUTIVE SUMMARY WHATEVER CPAs CAN DO TO SYSTEMATIZE the repetitive aspects of individual tax work and spread the workload over the year makes their lives easier and allows their firms to make more money. THE ESSENCE OF A SUCCESSFUL TAX SEASON is effective communication in the office; adherence to procedures
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
Damages Aren’t Always Patently Obvious.
EXECUTIVE SUMMARY IN PATENT DISPUTES, CPA LITIGATION CONSULTANTS help patent holders demonstrate that “but for” an infringement they could have sold more of their product. Quantifying damages in patent infringement cases can be the focus of a forensic and litigation services practice. THE PANDUIT CASE PROVIDED FOUR QUESTIONS CPA litigation
Managing Change
Robert L. Bunting, chairman and CEO of Moss Adams LLP in Seattle, assumed the AICPA chairmanship at the Institute’s annual meeting. His acceptance speech will appear verbatim in a future issue of the JofA . oss Adams is in the vanguard of midsize firms skilled at serving an international clientele.
Are You Spamming Your Clients?
EXECUTIVE SUMMARY WITH THE ADVENT OF FEDERAL LAWS controlling spam e-mail, CPAs must exercise caution in their communications with clients and prospects. In so doing they can improve the look and effectiveness of their e-mail marketing programs. THE CAN-SPAM ACT OF 2003 INCLUDES civil and criminal penalties for predatory and
Who Will Take the Reins?
EXECUTIVE SUMMARY MORE THAN 50% OF PARTNERS AT CPA FIRMS are over 50 years old, and a significant number of firms now are run by baby boomers who will seek retirement during the next five to 10 years. There is a shortage of partnership candidates to take the reins. GROWING
Give Your Skills a CAT Scan
EXECUTIVE SUMMARY PRACTITIONERS CAN USE the AICPA Competency Self-Assessment Tool (CAT) to evaluate which professional performance areas they need to strengthen to refine skills for their present jobs or train for positions they aspire to. Firms and companies can purchase it as a multiuser tool to help with staff development
Create an Effective Direct-Mail Campaign
MONTHLY CHECKLIST SERIES CPA financial advisers who market their services have had to find new ways to target clients ever since the national telemarketer “do not call” list took effect in 2003. Direct mail offers them one such option. Here are some tips on how to overcome the
Tips for the Sarbanes-Oxley Learning Curve
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
Help Companies Assess Their Internal Audit Needs
Now that the SEC has approved the November 2003 New York Stock Exchange rule that listed companies must have an internal audit function, clients and employers are asking their CPAs how it might affect their businesses and exactly what it requires. Here’s a list of frequently asked questions and responses
Marketing Materials and Malpractice Exposure
EXECUTIVE SUMMARY CARELESS ADVERTISING ASSERTIONS can lead to lawsuits. When a plaintiff’s lawyer evaluates a potential accounting malpractice claim, he or she typically will examine all of the advertising materials the CPA provided to the client. ADVERTISING THAT CREATES FALSE or unjustified expectations of favorable results is prohibited by law.
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
The Best-Laid Plans
EXECUTIVE SUMMARY DISASTER ARE UNPREDICTABLE , and one disruption may cause others, so a firm should test its preparedness plan to make sure it will do what it’s supposed to: locate the firm’s people, obtain equipment and support, access job-file and system backups and put staff to work in an
The Rich Truly Are Different
EXECUTIVE SUMMARY CPAs WILL FIND THAT ULTRAWEALTHY CLIENTS DEMAND a broader range of services and skills than the merely wealthy. To serve this group, CPAs will need to tailor their offerings and sharpen their estate planning and investment management skills. Most financial planners define the truly rich as families with
To Compete or Noncompete
EXECUTIVE SUMMARY ONE RISK EVERY CPA FIRM SHOULD CONSIDER is the possibility departing employees may attempt to take clients of the firm with them. Firms can use a noncompete agreement to prevent an employee from engaging in such actions. TO ENSURE AN ENFORCEABLE NONCOMPETE AGREEMENT, a firm should make sure
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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Current developments in taxation of individuals: Part 2
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Current developments in taxation of individuals: Part 1
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