Implementing the New ASB Risk Assessment Audit Standards

By Donald K. McConnell, Jr., and Charles H. (Chip) Schweiger

JUNE 2007 - The Auditing Standards Board (ASB) issued its long-anticipated risk assessment audit standards in March 2006: Statements on Auditing Standards (SAS) 104 through 111, which bring sweeping changes and provide definitive guidance for the conduct of audits of nonpublic companies. The primary objective of these standards is to enhance auditors’ application of the audit risk model by requiring auditors to obtain a more in-depth understanding of a company in order to better identify risks of material misstatement of financial statements.

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Publisher's Column

Proposed Tax Incentive for Payers of Child Support

This article proposes a tax incentive for child support in the interest of promoting fairness with respect to child support obligations while also reducing the after-tax cost of such expenditures for the noncustodial parent. Ultimately, the goal of this tax incentive would be to increase the flow of legally mandated child support payments to the child and the custodial parent, while reducing welfare costs, welfare dependency, and enforcement costs for government agencies. Full Story

The Importance of Financial Transparency

In 2004, the Government Accounting Standards Board (GASB), an independent national body that sets the accounting and reporting standards for government entities, issued a new standard with enormous potential implications for state and local governments. Statement 45 established new rules for the way government entities record and measure the projected costs of future retiree healthcare and other post-employment benefits (OPEB).
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2006 Max Block Award Winners Recognized

The winners of the 2006 Max Block Distinguished Article Award were announced and presented at The CPA Journal Editorial Board meeting at the NYSSCPA offices on May 7. The presentations were made by Editor-in-Chief Mary-Jo Kranacher and NYSSCPA President-Elect and Editorial Board Member David A. Lifson. The award recognizes excellence in three categories that reflect The CPA Journal’s mission. Full Story

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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