CPA Letter articles from February 2003

CPA Letter archives from February 2003

Financial statement fraud, integrity of financial information continue to be front-burner issues.(American Institute of Certified Public Accountants webcast series)
February 1, 2003... Last year's financial failures highlighted some of the more egregious examples of corporate fraud. But they also brought to mind another concern: aggressive accounting. The entrepreneurial spirit of many fast-growing companies of the 1990s led...

SEC proposals on auditor independence, non-audit services affect tax practitioners.
February 1, 2003... AICPA Comments Zero in on Ambiguity in Approach, Tax Minimization The Securities and Exchange Commission's proposed regulations on auditor independence, while aimed primarily at accountants engaged in audit work, also have great...

AICPA committee applications process running until May 1.(American Institute of Certified Public Accountants)(Brief Article)
February 1, 2003... Applications are now being taken for the next committee year (Oct. 2003-Oct. 2004). The Web-based application process to apply to available committees, expert panels or tax resource panels is a simple five-step process. Members interested in...

Members offered airline, car rental, Amtrak discounts.
February 1, 2003... The AICPA has a special agreement with Carlson Wagonlit Travel--The Leaders Group, to assist you with travel arrangements (call 800/345-5540) when attending eligible AICPA meetings or conferences. If you prefer to make your own travel plans,...

Business Valuation Hall of Fame winners announced.(American Institute of Certified Public Accountants awards James Alerding and Neil Beaton)(Brief Article)
February 1, 2003... The AICPA Business Valuation Hall of Fame Award recognizes individuals whose achievements and contributions have significantly advanced the business valuation discipline and enhanced the valuation profession for CPAs. Co-winners of this award...

Information security ranks #1 in tech issues.(American Institute of Certified Public Accountants 2003 Top Technologies survey )(Brief Article)
February 1, 2003... The AICPA's 2003 Top Technologies survey revealed that information security once again is the number one technology issue (it held that spot in 2001). Of particular note this year, six new items appeared on the final ranking: business...

Public meeting notices.(Calendar)
February 1, 2003... For detailed agendas, dial 201/938/-3787 from fax machine and key in document no. 1206 two weeks prior to these meetings. Accounting Standards Executive Committee: Mar. 4-5, New York; Apr. 29-30, Conn. Auditing Standards Board: Apr....

Trust Services Principles and Criteria included in AICPA professional literature. (assurance services).(American Institute of Certified Public Accountants)(Brief Article)
February 1, 2003... The new version 1.0 of the Trust Services Principles and Criteria framework, which includes the WebTrust and SysTrust services, is now included in the AICPA Technical Practice Aids (Volume 2) loose-leaf edition (Jan. 2003) and will be part of...

AICPA supports SEC's proposed rule on retention of audit, review records. (regulatory matters).(American Institute of Certified Public Accountants, Securities and Exchange Commission)(Brief Article)
February 1, 2003... Last month's CPA Letter provided information on numerous proposals released by the Securities and Exchange Commission and the AICPA's comment letters in response. Consistent with this effort to help accomplish the timely and effective...

Chair's corner.(American Institute of Certified Public Accountants)
February 1, 2003... For many of our members, this issue of The CPA Letter will arrive during one of the busiest times of the year. As you pause for a few minutes to catch up on recent events, I urge you to also take a moment to make sure that you are truly...

How to request copyright permission from the AICPA.
February 1, 2003... Members and others who wish to reproduce content from any AICPA publication (or Web site) must first obtain copyright permission from the Institute. The most expeditious way to do so is through our Web site (www.aicpa.org). Click on the...

IRS encourages individuals, small businesses, tax practitioners to file returns electronically. (tax info).(Brief Article)
February 1, 2003... With more and more tax practitioners considering how electronically filing returns can increase efficiencies, cut costs, reduce errors, help improve client privacy and security as well as expedite refunds, CPAs are expected to e-file more tax...

CPA2Biz wins "Web Star of the Week" award from ElectronicAccountant.com.(ElectronicAccountant.com)(Brief Article)
February 1, 2003... ElectronicAccountant.com named CPA2Biz its "Web Star of the Week" on Jan. 3. In its review of the profession's portal, the trade publication said the site has "evolved into a valuable information resource for tax and accounting professionals."...

A CPA's guide to valuing a closely held business. (CPE news).(Book Review)
February 1, 2003... A CPA's Guide to Valuing a Closely Hheld business (No. 181170CPA02), by Gary Trugman, CPA/ABV. This new video-course, based on Trugman's best-selling publication of the same title, is ideal for group training. It provides a working knowledge of...

Accounting trends & techniques, 2002. (now available).(Book Review)
February 1, 2003... Accounting Trends & Techniques, 2002 (No. 009894CPA02). This new edition is your guide to current financial reporting practices used by 600 of the nation's top manufacturing, merchandising, technology and service corporations. Price: $108.80...

Investment advisory services: managing client expectations in an uncertain market. (now available).(Book Review)
February 1, 2003... Investment Advisory Services: Managing Client Expectations in an Uncertain Market (No. 056512CPA02). Authors Phyllis Bernstein, CPA/PFS, and Robert K. Doyle, CPA/PFS, lay the groundwork for managing a client's expectations using a combination...

AICPA practice report. (CPE news).(Brief Article)
February 1, 2003... AICPA Practice Report (No. SP3CPA02). This new monthly videotape CPE subscription program delivers the hottest topics directly to your office via your VCR. Developed in partnership with SmartPros, Ltd., this program includes study guides that...

Seven principles for effective firm management. (now available).(Book Review)
February 1, 2003... Seven Principles for Effective Firm Management (No. 090480CPA02), by J. Curt Mingle, CPA. Create a more effective and efficient working environment with this new practical guide filled with exhibits and examples. Price: $39.20 member/$49...

SOP issued on accounting for derivatives, hedging. (accounting & auditing news).(American Institute of Certified Public Accountants statement of position for not-for profit health care organizations)(Brief Article)
February 1, 2003... Statement of Position 02-2, Accounting for Derivative Instruments and Hedging Activities by Not-for Profit Health Care Organizations, and Clarification of the Performance Indicator (No. 014935CPA02), has been issued by the AICPA's Accounting...

Exposure draft of SOP issued on audits of investment companies. (accounting & auditing news).(American Institute of Certified Public Accountants issues statement of position)(Brief Article)
February 1, 2003... The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a statement of position, Clarification of the Scope of the Audit and Accounting Guide Audits of Investment Companies and Accounting by Parent Companies and...

IFAC names Charles Horstmann of U.S. as Deputy President. (accounting & auditing news).(Council of the International Federation of Accountants)(Brief Article)
February 1, 2003... At a recent meeting, the Council of the International Federation of Accountants elected Charles Horstmann of the U.S. as Deputy President for a two-year term. Among other responsibilities as Deputy President, Horstmann will be involved in the...

Disciplinary actions.(American Institute of Certified Public Accountants)(Brief Article)
February 1, 2003... Under the automatic disciplinary provisions of the Institute's bylaws, the following members have had their AICPA memberships: --Terminated because of final judgments of conviction for crimes punishable by imprisonment for more than one...

Happenings at the Board of Directors' December meeting.(American Institute of Certified Public Accountants)
February 1, 2003... Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting Dec. 5-6, 2002: * Kathy G. Eddy, chair of the Special Committee on State Regulation, reviewed the committee's mission,...