| The
Computerized CPA Examination: What You Should Know By Chula
G. King 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 By Dan M. Guy and Stephen A. Zeff 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 By Craig Foltin 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 By Mark H. Levin 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) | 