Preview: April 2003 Issue

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May 2003 Features

Assurance Services in a Changing Environment

The authors present a generalized framework for audit, review, assurance, and investigative engagements that can be adapted and used for a variety of situations. The framework includes weighing considerations at the time of accepting the engagement; obtaining knowledge about the entity and its environment; remaining alert to unusual conditions; and communicating the results. Each phase of the framework should be tailored the specific nature of each engagement. (Article)

Securing the Annual Gift Tax Exclusion for Transfers of Interests in Family Entities

Family entities have long been used to manage a family's accumulated wealth and facilitate business and estate planning. The practice of using these entities to secure the annual gift tax exclusion for transfers of interests in the entity has come under increasing IRS scrutiny. Recent regulations and court decisions suggest how to structure family entities and gifts to maximize wealth protection. (Article)

Twenty Questions About Deferred Realty Exchanges Under IRC Section 1031

Deferred realty exchanges under IRC section 1031 can provide significant tax benefits for taxpayers. The author answers the most basic questions about 1031, such as what real estate is eligible for like-kind treatment, to the most complex, such as how to structure more complex transactions and realty conversions. The author also discusses the role of the qualified intermediary and the implications for partnerships and closely-held entities. (Article)

The Accounting Credibility Crisis

An Interview with Charles Bowsher

Few people have the breadth and depth of insight and connectedness that Charles Bowsher does. The former partner of Arthur Andersen spent 15 years as comptroller general of the United States, and most recently served as chair of the Public Oversight Board. In this frank interview, he discusses why the POB chose to disband, the effects of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board (PCAOB), and the leadership at the SEC and AICPA. (Article)


May 2003 Departments


Continuous auditing: Levraging technology (Article)

The CPA and the Computer

Building an XBRL IFRS taxonomy (Article)

Personal Financial Planning

The home sale exclusion and current events (Article)

Federal Taxation

Taxing corporate aircraft use (Article)

State and Local Taxation

Disallowance of claim of timely filing (Article)

The CPA in Industry

Estimating cost of capital using bottom-up betas (Article)

Guest Editorial

On reviving the Profession
By Stuart Kessler (Article)

Defining 'public responsibility'
By Robert H. Colson (Article)


News & Views

A prognosis for restructuring the market for audit services

For accounting reform, think globally, act locally

Outsourcing HR paperwork

Not your parents' CPA exam

Customer relationship management overkill

How companies can benefit by addressing privacy issues

Website of the Month: LocalAccountingJobs.con

Book Review: Brink's Modern Internal Auditing, Fifth Edition

The effect of the dot-com decline on independent accountants and auditors

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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.

2003 The CPA Journal. Legal Notices