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DECEMBER Features
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The CPA Journal Millennium Series
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| Preventing Fraudulent Financial Reporting
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By Mark S.
Beasley,
Joseph V. Carcello, and
Dana R. Hermanson
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Detecting financial fraud
and communicating it to management can be difficult for even
the best auditors. A recent study by the Committee of
Sponsoring Organizations (COSO) highlighted six key
areas in a "fraud profile" that auditors can use to
reduce exposure to fraudulent financial reporting. (Article)
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| Giving and Receiving
Performance Evaluations
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By Mark J. Koziel
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Employees typically dread
performance evaluations, but they can be a
valuable opportunity for feedback and planning. Setting
specific goals and establishing a dialogue on how best to meet
them will ensure that the goals of both the employee and the
company are
met. (Article)
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| Alternative Minimum
Tax
Market Segment Specialization
Program
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By Darlene Pulliam Smith
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Taxpayers are increasingly
affected by the alternative minimum tax (AMT). The IRS's new
audit guide in it's Market Segment Specialization Program
(MSSP) addresses the AMT for individual taxpayers and includes
examples that the author supplements with audit techniques. (Article)
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| The New Economics
of Exempt Organizations
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| By Bruce M. Bird and Mark A. Segal
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The number of
organizations exempt from federal income taxation has grown
significantly in recent years. Managers looking for revenue
have moved beyond donations, tapping new resources such as
sponsorships and affinity programs that may constitute
unrelated business taxable income. (Article)
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| Statements on Standards for Tax
Services: An
Examination and Overview
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By John C. Gradner, Susan L. Willey,
and Barbara J. Eide
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Unlike the advisory
SRTPs they are based on, the Statements on Standards for Tax
Services (SSTS) are enforceable under the AICPA's Code of
Professional Conduct and acceptable on a de facto basis by
courts in certain jurisdictions, the IRS, and some government
agencies. They delineate CPA's responsibilities to their
clients and demonstrate that the AICPA is trying to develop
tax practice standards that balance advocacy and compliance
against cost-effectiveness. (Article)
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