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CPA Journal Education Forum Anticipates Future
By Robert H. Colson
The CPA Journal recently organized a forum to address the state of the educational requirements for aspiring accountants. The forum brought two eminent educators and two respected firm partners together in a panel to discuss, amongst other topics, the 150-hour requirement, graduate accounting programs, and continuing education. Their opinions, and the responses from several forum participants, should further the debate over the best education for new CPAs.
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Auditor Skepticism and Revenue Transactions
By Jimmy W. Martin
The profession and regulators have devoted considerable attention to providing foolproof guidance on revenue transactions, but, as recent accounting scandals demonstrate, there remain serious flaws in the system. The author studied recent SEC Accounting and Auditing Enforcement Releases (AAER) having to do with revenue recognition in order to identify problem areas that should trigger auditor skepticism.
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Leading Low End Accounting Software
By Anthony Basile, Louis J. Papa, and Randy Johnston
Small companies face unique challenges when choosing an accounting software package. New programs offer more features than ever before, but other considerations, such as ease of installation and technical support, may be even more important. Making the right decision requires soliciting input, setting a budget, and weighing all options.
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Abusive Earnings Management and Early Warning Signs
By Lorraine Magrath and Leonard G. Weld
Over the last three years, the SEC has uncovered earnings management practices that have pushed the boundaries of GAAP to the point of fraud. The distinction between good business practices and abusive earnings management can appear all too fuzzy. There are warnings signs, however, that management can indicate to auditors that management may be about to cross the line.
(Article)
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