Quality Review
Working Toward an Ideal System for the Public and the Profession

MARCH 2006 - Since the audit of Enron and the audit of Roslyn’s school district—both of which were performed by peer-reviewed firms that have since gone out of existence—many questions have been raised about the efficacy of the AICPA’s current peer review program. In an effort to address some of the common criticisms of the peer review program and determine how it should best be run, the New York State Society of CPAs formed the Quality Enhancement Policy Committee (QEPC) in August 2004. The AICPA has also created a task force to look at the peer review process.

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Publisher's Column

Accounting Shenanigans on the Cash Flow Statement

CPAs typically focus on uncovering items that would impact the reported earnings or the balance sheet of a company. Knowing that investors use the balance sheet and the income statement to make investment decisions, companies sometimes engage in unusual or aggressive accounting practices in order to flatter their reported figures, especially earnings. In the wake of recent high-profile scandals, the landscape is beginning to change. Full Story

Using Peer Review to Protect the Public Interest

The proposal on revamping peer review developed by the NYSSCPA’s Quality Enhancement Policy Committee (QEPC) and approved by our board of directors last December has been generating significant interest. Many diverse viewpoints are being expressed, which is both constructive and welcome.
A significant change that the proposal calls for is that peer reviews should be conducted by individuals drawn from a pool of reviewers from different firms. Full Story

Hurricane Katrina Tax Relief

When Hurricane Katrina hit the Gulf Coast with a vengeance in August 2005, Congress acted to provide tax relief for its victims with the Katrina Emergency Tax Relief Act of 2005. It passed both houses of Congress by a unanimous vote, and President Bush signed the act into law on September 23, 2005. The act provides special rules for use of retirement funds, employment relief, charitable-giving incentives, and additional tax relief provisions.
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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.

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