Accountant’s Guide to the Internet, Second Edition

By Eric E. Cohen, CPA

Published by John Wiley & Sons, Inc. (ISBN 0-471-35834-7; $44.95)

Reviewed by Paul D. Warner

This book offers accounting professionals an in-depth tour of the Internet, including what it is, how to use it, and how to find accounting-specific resources. Many of the chapters include facinating interviews, and, overall, the book is interesting to read.

Chapter 1, “The Internet: What It Is and Why It Is Important,” provides an historical perspective on the Internet’s origins and where it is going. In addition, it delves into accountants’ changing business environment, the Internet’s impact on independence, extensible markup language (XML), and the continuous audit.

The next chapter, “What You Can Do on the Internet,” discusses types of services available to Internet users, including e-mail, file transfer, discussion groups (Usenet), chat rooms, mailing lists, and the World Wide Web (www). Numerous reference lists are included, including a 12-page listing of U.S. government news groups. The last part of the chapter describes what’s not-so-hot on the Internet.

The third chapter, “Accessing the Internet: Getting Connected,” covers various methods of accessing the Internet: commercial online services, Internet service providers (ISP), and direct connections. “Software for the Internet” outlines the how-to tools accountants need in order to get the most from the Internet.

Chapter 5, “Marketing Tips for Accountants: Establishing a Market Presence,” discusses how to complement traditional marketing through an online presence.

“Research and Search Tools” discusses the different tools that can be used to find information on the Internet, such as search engines and commercial databases. Numerous websites are described. The next chapter, “Electronic Commerce,” deals with issues related to conducting business on the Internet, including standards, security, payment methods, and auditing.

“Security and Privacy,” Chapter 8, highlights real and imaginary security hurdles on the Internet. The security section explains how to restrict access to necessary users. This section is comprehensive and leaves little untouched, discussing privacy problems along with potential solutions. One such problem is best described by the quote, “Big Brother no longer works for the government. He works for direct marketing.” This chapter also includes a discussion of assurance services, in particular the AICPA’s WebTrust. The author makes the case that WebTrust is the best Web-based assurance service currently available. The following chapter, “Productivity Ideas for Professionals,” provides examples and descriptions of how other financial professionals use electronic resources.

Chapter 10, “Accounting-Oriented Electronic Resources,” discusses the resources available to accountants, auditors, and financial professionals, such as Listservs, newsgroups, and websites. This comprehensive reference section alone is worth the cost of the book. The final chapter, “International Issues,” provides information for conducting business outside of the United States. A comprehensive glossary of Internet-related terms is also included at the end of the book.

This is truly a definitive work, and all accountants should have a copy in their reference library. It contains a wealth of advice and how-to guidance on all things Internet.

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