CPA Letter articles from April 2006

CPA Letter archives from April 2006

New audit risk assessment standards issued to enhance audit process.(news update)
April 1, 2006... Eight new statements on auditing standards collectively referred to as the "Risk Assessment Standards" have been issued by the Auditing Standards Board. The new statements, SAS No. 104 through SAS No. 111, will be effective for audits of...

AICPA in the media--first quarter 2006 highlights.(American Institute of Certified Public Accountants)(Brief article)
April 1, 2006... The AICPA's ongoing media relations efforts work to keep the national and business press informed about the Institute's wide-ranging initiatives. This is the first of a new, regular feature highlighting the Institute's recent media activity....

Business and promotional merchandise in accessories collection proudly sport "CPA" logo.
April 1, 2006... Tens of thousands of members visibly display the "CPA" logo on their business cards, letterhead, promotional literature, signage, and even on lapel pins. In addition, many members use business gifts and giveaway merchandise which also...

AICPA study shows women making progress in public accounting firms, both sexes benefiting from work/life initiatives.
April 1, 2006... Women increasingly are attaining leadership positions in public accounting firms, and many more women, as well as men, are taking advantage of alternative career paths offered by an increasing number of firms. These are two of the findings of a...

AICPA volunteer applications accepted until May 1.
April 1, 2006... Vacancies still exist for some of the nearly 90 volunteer groups (committees, boards, panels and centers) seeking new members for the Oct. 2006-Oct. 2007 time period. If you are interested in contributing to the profession and networking with...

Public meeting notices.(Calendar)
April 1, 2006... Accounting & Review Services Committee: May 30-31, New York Auditing Standards Board: Apr. 25-27, Savannah, Ga.; June 20-22, Chicago Council: May 22-23, Salt Lake City Peer Review Board: May 1-2, Indianapolis

AICPA seeks comments on exposure draft, Reporting on Internal Control.(accounting & auditing news)
April 1, 2006... The AICPA's Auditing Standards Board has issued an exposure draft of a proposed statement on standards for attestation engagements that would supersede AT 501, Reporting on an Entity's Internal Control Over Financial Reporting, with the same...

GASB releases exposure draft on pollution remediation costs.(accounting & auditing news)
April 1, 2006... The Governmental Accounting Standards Board recently issued an exposure draft intended to provide guidance and consistency with respect to the accounting and reporting of obligations and costs related to pollution remediation. The proposal...

FASB issues proposal on fair value reporting options, standard on reporting of hybrid financial instruments.(accounting & auditing news)
April 1, 2006... The Financial Accounting Standards Board has issued an exposure draft that would provide companies with the option to report selected financial assets and liabilities at fair value. Under the option, any changes in fair value would be included...

Tweens savvy about saving money, AICPA survey shows.
April 1, 2006... In a time when Americans have a negative savings rate and carry crushing credit-card debt, their children seem to be learning financial prudence, so says a recent survey of American "tweenagers" conducted by Weekly Reader Research and the...

AICPA partners with IRS to provide free tax assistance to hurricane victims.(tax info)
April 1, 2006... As part of its many efforts to assist the victims of last year's hurricanes, the AICPA is one of two professional organizations that entered into an agreement with the Internal Revenue Service to assist taxpayers impacted by Hurricanes Katrina,...

Tax Talk Today[R] Web cast covers election year do's and don'ts for charities, churches.(tax info)
April 1, 2006... "Political Intervention: Do's and Don'ts for Charities and Churches" was the topic of Tax Talk Today's Mar. 14 Web cast. Tax Talk Today is a monthly Web cast aimed at educating tax practitioners and others on the most contemporary and complex...

Highlights of Board of Directors' February meeting.(member news)(Brief article)
April 1, 2006... Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Feb. 9-10: * Board members heard an update on the AICPA and FASB Working Group's recent discussions regarding the effort...

Open Forums at May council meeting enable members to express views.(member news)
April 1, 2006... The AICPA's governing Council will be meeting on May 21-23 at the Grand America Hotel in Salt Lake City. All members of the Institute are invited to attend. During the meeting, there will be two Open Forums at which members wilt have the...

Chair's corner.
April 1, 2006... I want to share with you a moment of pride for me on behalf of our profession when I attended the AICPA National Conference on Current SEC and PCAOB Developments last Dec. Securities and Exchange Commission Chairman Christopher Cox was one of...

Help AICPA Benevolent Fund help your colleagues.
April 1, 2006... The AICPA Benevolent Fund was started in the 1930s to assist members and their families as they struggled through various medical and financial hardships. It represents a way for CPAs to support those who have gone before them in the profession...

2005 Bankruptcy Act: Sweeping Changes CPAs Must Know.(CPE news)
April 1, 2006... 2005 Bankruptcy Act: Sweeping Changes CPAs Must Know (No. 733120CPA04). The impact of provisions affecting businesses, creditors, landlords and the professionals involved in this field are explained in this new CPE self-study course authored by...

Financial Fraud in the Smaller Company: The Inside Story from the FBI.(CPE news)
April 1, 2006... Financial Fraud in the Smaller Company: The Inside Story from the FBI (No. 780008hsCPA04). Based on a live AICPA Web cast featuring senior members of the FBI, this course gives you "lessons learned" from actual cases pursued by the FBI. Find...

Compilation and Review Risk Alert, 2005-2006.(CPE news)
April 1, 2006... Compilation and Review Risk Alert, 2005-2006 (No. 780051hsCPA04). Follow leading professionals as they cover key issues impacting your engagements. Based on a recent AICPA Web cast. Prerequisite: None. Recommended CPE credit: 6. Level:...

FASB Stock Options: An Advanced Analysis of Statement 123R.(CPE news)
April 1, 2006... FASB Stock Options: An Advanced Analysis of Statement 123R (No. 737174hsCPA04). Leading experts cover the more challenging issues for preparers and auditors like picking the appropriate valuation model, tackling the calculation of the...

Disciplinary actions.
April 1, 2006... Under the automatic disciplinary provisions of the Institute's bylaws, the following members have had their AICPA memberships:--Terminated following disciplinary action imposed by the Public Company Accounting Oversight Board: * Clyde B....

Update on California practice privilege requirement.
April 1, 2006... Much attention has been focused on the California Board of Accountancy's new Practice Privilege Notification Requirement that became effective on Jan. 1, 2006. The new rule requires out-of-state licensees that are providing services for Calif....