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
Advertisement
TOPICS
Information management and technology assurance
Highlights
The IRS clarified certain instructions for form 1040, schedule D, which the AICPA had said imposed significant burdens on individual taxpayers reporting capital gains and losses ( www.irs.gov/formspubs/article/0,,id=109875,00.html; www.irs.gov/businesses/small/article/0,,id=153349,00.html). Taxpayers can continue using a substitute statement to provide this information in a format similar to lines 1 and 8 of
Word Shortcuts
1 1 / 2 -line paragraph spacing: Ctrl+5 Centered paragraph: Ctrl+E Double-spaced paragraph: Ctrl+2 Justified paragraph: Ctrl+0 Left-aligned paragraph: Ctrl+L Right-aligned paragraph: Ctrl+J Single-spaced paragraph: Ctrl+1. Stanley Zarowin, a former JofA senior editor, is now a contributing editor. His e-mail address is zarowin@mindspring.com . Do you have technology questions for
Access Format Painter via the Keyboard
There is. But, like many Microsoft shortcuts, it’s hard to find. If you click on F1 for information you won’t find even a clue that such a shortcut exists. The icon tool operates like the keyboard shortcut, except without the mouse. Highlight the area you want the format copied and
E-mail Blind Copy (Bcc) Addresses Are Secure
Key to Instructions To help readers follow the instructions in this article, we used two different typefaces: Boldface type is used to identify the names of icons, agendas and URLs. Sans serif type shows the names of files and the names of commands and instructions that users should type into
Break Excel Formulas into Bite-size Sections
My spreadsheets contain very long, complex formulas that are hard to read. Is there some way to break them into smaller pieces without affecting the integrity of the formula? There is an easy solution. For example, take this long formula: Wouldn’t it be easier to read if it were broken
Castellano Wins Institute’s Top Citation
James G. Castellano, CPA, received the AICPA’s Gold Medal for Distinguished Service at the fall council meeting. Doyle Z. Williams, CPA, chair of the AICPA Awards Committee, presented the medal, which recognizes those who have had an extraordinary positive influence on the profession. Castellano, a former AICPA chairman, is chair
Ensure Today’s Data Are Readable Tomorrow
When I started with computers in the 1980s, we had those 5 inch floppy disks—and they really were floppy. Then PCs and DOS came along with three-inch disks (and although they were still called floppies, there were no longer floppy). Now my new computer doesn’t even have a floppy slot.
Privacy
The IRS issued proposed regulations on the disclosure and use of tax-return information by return preparers. While a related IRS press release describes how the regulations will affect the offshoring of tax returns or tax-return information, they have broader implications for tax practitioners. Generally, the regulations revise the manner and
See Double on Command
I frequently need to view two Internet browser windows at the same time—for example, when I’m comparing results on two financial sites. Is there a way to do this? Indeed there is. The technique, called tiling, can be done with any screen image, whether it’s from a browser or an
It’s no joke, you can edit documents with your mouse
I was watching one of my colleagues edit a document with her mouse. She just dragged words and whole paragraphs to different locations and even copied sections. When I tried it, nothing happened. She told me she spent weeks training her smart mouse. She was kidding me—right? Well, she was
Auditing
The AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) no. 102, Defining Professional Requirements in Statements on Auditing Standards, and Statement on Standards for Attestation Engagements (SSAE) no. 13, Defining Professional Requirements in Statements on Attestation Engagements, which apply to audit and attestation engagements performed for nonissuers
Ethics
The AICPA Professional Ethics Executive Committee (PEEC) adopted two ethics rulings that provide guidance on how members’ offer or acceptance of gifts or entertainment to or from clients, customers or vendors of their employer affects the members’ independence and objectivity ( www.aicpa.org/download/ethics/ ). The ethics rulings under Rule 101, “Independence,”
Jenkins Hailed for His Effect on the Profession
Edmund L. Jenkins, CPA, FASB chairman from 1997 through 2004, received the Institute’s 2005 Special Recognition Award from AICPA Chair Leslie Murphy at the AICPA National Conference on Current SEC and PCAOB Developments in December. The award honors those who have significantly influenced the profession. Jenkins chaired the AICPA Special
International
The European Commission (EC) adopted a regulation endorsing the amended International Accounting Standard (IAS) no. 39, Financial Instruments: Recognition and Measurement, also known as the fair value option ( http://europa.eu.int/comm/internal_market/accounting/ias_en.htm ). The regulation endorses the fair value option, which previously had been carved out of the EC’s endorsement of IAS
FYI
Following the resignation of William J. McDonough, the SEC appointed William D. Gradison Jr. acting chair of the PCAOB and adopted new procedures for SEC Chairman Christopher Cox to use in filling the position. Gradison is a founding member of the PCAOB. The PCAOB selected Thomas Ray to succeed Douglas
Accounting
FASB issued Staff Position (FSP) FIN 45-3, Application of FASB Interpretation No. 45 to Minimum Revenue Guarantees Granted to a Business or Its Owners, which amends Interpretation no. 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others ( www.fasb.org/fasb_staff_positions/fsp_fin45-3.pdf ). The FSP clarifies that
AICPA Financial Literacy Campaign Adds to Its Laurels
The Institute’s 360 Degrees of Financial Literacy program garnered a 2005 Platinum Award from the League of American Communications Professionals and was on the organization’s list of Top 50 Communications Materials for 2005. The campaign also won a Financial Planning Award of Excellence from CPA Wealth Provider magazine and a
Overcome Excel’s Sort Function Shortcoming
I have a spreadsheet that lists products with identifiers that go from C1 up to C1267. Since they are all unsorted, I tried to use Excel’s Sort function to put them in order, but then I ended up with C1, C10, C100, etc. What am I doing wrong? What you
Meyners Does a Reality Check
EXECUTIVE SUMMARY Four years ago Meyners + Co. began an intensive business development initiative to align staff performance and compensation with its core values and competencies to better prepare employees to handle additional work. Difficulty in executing the plan surfaced over time. The core of Meyners’s training is developing demonstrable
Features
FROM THIS MONTH'S ISSUE
Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
