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AUGUST Features
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| The Report of the Panel on Audit Effectiveness: Recommendations and Implications
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By Brian W. Carpenter and
Daniel P. Mahoney
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The findings of the POB
Panel on Audit Effectiveness should come as no surprise: On
the whole, audits are being performed effectively and
properly. However, the report, released June 6, recommends
changes including a strengthened POB and ISB, modernized
guidance from the ASB, increased focus on peer review, and
renewed commitment to the value of the audit. (Article)
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| The Taxing Trade-offs of Day
and
Online Trading
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| By William R.
Simpson, Dean W. DiGregorio, and John L. Crain
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As more investors become
actively involved in the stock market, a host of tax
questions arise. Tax treatment hinges on whether an individual
that trades often and speculatively is considered a
trader or an investor, and the difference can be significant. (Article)
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| The
State of Consolidation of Accounting
Firms
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| By Max
Krotman and Joel Sinkin
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The wave of consolidation
and merger announcements that so recently flooded the
accounting press seems to have receded. Does this mean the
movement has lost its momentum? Or does this just mark the end
of a first phase and the beginning of something
completely different? (Article)
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The CPA Journal Millennium Series
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| What It Will Mean to Be a
CPA
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A Panel
Discussion
By James L. Craig, Jr.
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Many consider 2000
an opportunity to take stock, look forward, and think
big. Will the accounting profession of the future be more
prosperous and rewarding? Will being a CPA still be fun? (Article)
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| James J. Leisenring
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A
Profile
By Anthony H. Sarmiento
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Throughout
his distinguished career, James J. Leisenring has
actively championed technical purity and emphasized quality
over convenience. After 13 years as a FASB member,
he is turning his attention overseas, assuming the position of
FASB director of international activities. (Article)
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| Traps and Pitfalls of the
Final
Q Sub Regulations
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By Randy A. Schwartzman
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The recently released
final qualified subchapter S subsidiary regulations, which
differ significantly from those originally proposed, provide
much needed guidance. Careful planning will be required to
avoid the pitfalls of Q Sub formations, acquisitions,
terminations, and dispositions. (Article)
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