Preview: January 2003 Issue

Subscribe to the print version

January 2003 Features

Auditor Communications: Still More To Do

There is a clear need for better communication between the auditor, management, and audit committee. Standards in other countries offer examples of critical communication requirements, especially communications that go directly to the users of financial reports. While such communication standards might not have prevented failures like Enron, they might have alerting financial statement users to the risks of off-balance sheet debt and certain compensation arrangements. (Article)

ISB's Conceptual Framework for Auditor Independence

The ISB's major contribution to the standards-setting process was its Conceptual Framework for Auditor Independence. The ISB approach identified threats to auditor independence that could be mitigated by safeguards that would reduce independence risks. Although this approach has been rejected by the SEC and the Sarbanes-Oxley Act, the core ISB concepts have been used by both the International Federation of Accountants and the European Commission. (Article)

Internal Control Systems for Auditor Independence

As determined by an analysis of numerous violations found by the SEC at a Big Five firm several years ago, independence problems do not generally stem from wanton disregard for the rules but rather the malfunctioning of internal controls. Avoiding these kinds of problems requires independence rules that can be realistically enforced along with internal control procedures that work reliably. (Article)

New Safe Harbor for Reverse Like-Kind Exchanges

Like-kind exchanges are powerful tools that can defer gain recognition for taxpayers. The IRS has made like-kind exchanges of qualified property an even more attractive and flexible tax-planning tool through a safe harbor for reverse like-kind exchanges that can takes much of the risk out of the transaction. (Article)

 

January Departments

Auditing

Research about audit quality (Article)

Accounting/

Cumulative effect of a change in accounting principle: Remove it from the income statement (Article)
SFAS 143 on asset retirement obligations (Article)
Implementation of SAB 101 (Article)

State and Local Taxation

Simple sales tax planning (Article)

Business Valuation

Business valuation basics (Article)

Personal Financial Planning

State-sponsored 529 plans for higher education (Article)

The CPA Manager

Documenting manual systems (Article)

The CPA in Industry

Lenders' use of accountants' projections (Article)

The CPA and the Computer

The application service provider option (Article)

The CPA in Mediation and Arbitration

Practical guide to mediation (Article)
Evaluating the New Jersey Presumptive Mediation Pilot Program

Estates and Trusts

Generation-skipping transfers (Article)
Reducing the value of assets (Article)

E3Generation

Effects of the 150-hour requirement (Article)

Guest Editorial

What happened? The extraordinary business of restructuring the CPA profession
By Robert J. Bricker (Article)

 

News & Views

Enron and beyond: What's the 'WorldCom'ing to?

Through the eyes of an auditor: Trust and verify

Accountants' responsibilities and the New York State Attorney General's Charities Bureau

The role of professional associations

Should the accounting profession take a step backward?

Book Review: Intellectual Property Assets in Mergers and Acquisitions

Expensing stock options or not: Does it matter?

Website of the month: Tax analysts

The accounting profession then and now



This Month | About Us | Archives | Advertise | Subscribe | NYSSCPA


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.



2003 The CPA Journal. Legal Notices