July Features

The Computerized CPA Examination: What You Should Know

The new computerized CPA exam, scheduled to arrive in 2004, will be profoundly different from the current exam in a number of ways. Besides the notable change in format, the content itself will be revised to reflect the changing skill set needed by entry-level CPAs. The exam will focus more on simulating real-world problem, encompass a broader base of knowledge, and test the mastery of higher-order skills and reasoned analysis. (Article)

Independence and Objectivity: Retired Partners on Audit Committees

Retired audit firm partners possess many attributes, including financial expertise, that would make them excellent audit committee members. Nonetheless, they face strong public scrutiny and tough regulatory requirements in proving their independence and objectivity. (Article)

New GAO Independence Standard

The long awaited GAO independence standard calls for strict restrictions on the scope of services that go far beyond the recent SEC and AICPA independence rules. The public practice community and the government audit community are divided over the controversial provisions, as evidenced by their response to the original exposure draft. Critics claim that the standard is too complex and will significantly drive up the cost of audits for everyone using the Yellow Book. (Article)

The Job Creation and Worker Assistance Act of 2002

The Job Creation and Worker Assistance Act of 2002 provides a wide range of tax relief benefits for businesses and individuals affected by the terrorist attacks of September 11, 2001. Although many benefits are available for affected taxpayers nationwide, the act especially focuses on the area of lower Manhattan designated the Liberty Zone. (Article)

June Departments


Corporate audit committees: An approach to continuous audit improvement (Article)

The CPA in Industry

Dual-Rate cost assignment to evaluate performance (Article)

Federal Taxation

Noncommercial aircraft travel deduction (Article)

Estates and Trusts

Increased flexibility in planning for generation-skipping transfer tax (Article)
Effect of the new $1 million exemption for estate planning purposes (Article)

Corporate Governances

A prescription for company health (Article)

Accountant's Liability

Avoiding fiduciary liability (Article)

The CPA Manager

Regulation of accounting titles and designations (Article)

The CPA and the Computer

Designing relational database systems (Article)

Guest Editorial

Would continuous auditing have prevented the Enron mess? (Article)

By Miklos Vasarhelyi, Alex Kogan, and Michael G. Alles


News & Views

   A call for individual tax simplification
   Peer Review: Raising the Bar for Audit Quality
   After Enron: Let's not throw out the baby
   Who speaks for certified public accountants?
   Website of the month: BDO.com
   Directors and officers insurance update
   Book review: Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results
   The truth about turnaround professionals
   Aligning information security imperatives with business needs
   The success trap

Letters to the Editor

   Activity-based costing is no quick fix


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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at public practitioners, management, educators, and other accounting professionals. It is edited by CPAs for CPAs. Our goal is to provide CPAs and other accounting professionals with the information and news to enable them to be successful accountants, managers, and executives in today's practice environments.

2002 The CPA Journal. Legal Notices

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