Preview: February 2004 Issue



In Focus

Reclaiming the Profession's Heritage

Remarks by Arthur Levitt, Jr.

As SEC Chairman, Arthur Levitt, Jr., was openly critical of accounting practices and urged reforms that would benefit and protect individual investors. Since he left the SEC in February 2001, Levitt's concerns have proven to be prescient, and he has continued to stress the need for changes that would restore trust in the U.S. financial markets. His speech to the KPMG partners adapted in this issue reiterates many of Levitt's long-standing positions. But it also highlights the vital role that auditors play in keeping the financial markets running smoothly. Levitt is critical of the role accountants have played in the recent spate of corporate scandals, but believes that the accounting profession occupies a unique position in society and can play a vital role in restoring investor confidence. (Article)



Accounting & Auditing


Independence and Nonpublic Companies (Article)


The Hidden Risk in Analytical Procedures: What WorldCom Revealed (Article)


Ripple Effects of the Sarbanes-Oxley Act (Article)

Assurance Services

Reviews of Interim Financial Information (Article)


Federal Taxation

Tax Issues Arising with IRC Section 338(h)(10) Acquisitions (Article)

Estates & Trusts

Old Provision Can Lower Taxes for Trust Beneficiaries (Article)

State & Local Taxation

Section 1127 Payments May Not Offset Tax Liability (Article)


Personal Financial Planning

College Aid and Tax Planning. Part 1 of 2 (Article)


Practice Advice

Billings Discipline Builds Good Business (Article)

Responsibilities & Leadership

Career Paths

Fellowship Opportunities at the SEC and FASB (Article)


Online Resources

Financial Websites as Financial Advisors (Article)

What to Bookmark

Website of the Month: Tax Talk Today (Article)



Homer St. Claire Pace, 1879-1942: A Torchbearer of Accounting Education

On High Standards of Auditing Ethics and Behavior

Nonprofit Recovery Using Statistics and Business Skill

A Dialogue on Accounting Education

Why Internal Auditors Audit

The High-Tech Community Must Surrender on Accounting for Options

Book Review: API's Guide to Accounting Procedures for Non-Profit Organizations

Letters to the Editor

Economic & Market Data; Click here (Required Adobe Acrobat)



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.

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