CPA Letter articles from January 2003

CPA Letter archives from January 2003

Fraud resource center launched, free corporate governance training program available. (news update).
January 1, 2003... Since Oct. 2002, the AICPA has been delivering to members and others in the financial community guidance, tools and resources to combat fraud and rebuild trust in the CPA profession. The most recent additions to the list are the Antifraud and...

Student scholarships to be awarded by AICPA, Accountemps.(Brief Article)
January 1, 2003... The AICPA and Accountemps have announced the 2003-2004 AICPA/ Accountemps Student Scholarship. Accountemps is awarding two one-year scholarships worth $2,500 each. Candidates must be AICPA student affiliate members as well as meet additional...

Online resource developed on "privacy."
January 1, 2003... Privacy of information continues to be a concern among businesses and consumers, both in the online and offline environments. To build awareness about privacy issues among CPAs, the AICPA has developed an online resource that explains the risks...

CPA Exam needs volunteers to help set passing scores.(Brief Article)
January 1, 2003... The AICPA needs qualified CPAs to participate in two-day sessions to set passing scores on the computer-based Uniform CPA Examination. CPAs who have participated in prior standard-setting panels say it is a great opportunity to network with...

Practice Alert issued on Audit Confirmations.(Brief Article)
January 1, 2003... The Professional Issues Task Force has issued Practice Alert 2003-1, Audit Confirmations, to emphasize the importance of the confirmation process. Additionally, the Alert focuses practitioners on the other benefits of confirming accounts...

CPA Letter supplements available.(web site)(Brief Article)
January 1, 2003... To obtain any of the public accounting, business and industry, internal audit, or government member-segment supplements produced this month with The CPA Letter, visit: www.aicpa.org/pubs/cpaltr/index.htm

Public meeting notices.
January 1, 2003... For detailed agendas, dial 201/938-3787 from a fax machine and key in document no. 1206 two weeks prior to these meetings. Accounting Standards Executive Committee: Jan. 16-17, New York Auditing Standards Board: Feb. 11-13, location TBD...

Seven professional associations jointly issue antifraud programs and controls for management.(Brief Article)
January 1, 2003... Seven professional associations have developed a set of recommendations specifically to help boards of directors, audit committees and management prevent and root out fraud. These recommendations are contained in a new document titled...

Turning the Pro Bono Corner--provide services to those in need.(includes list of income tax training programs)
January 1, 2003... Public service is an important responsibility of any profession. A small but growing number of CPAs contribute their professional services in many ways. One example is preparing taxes for people with low incomes--even during tax season. More...

Materials and CPE on fraud prevention and detection.(list of books and tapes )(Brief Article)
January 1, 2003... * SAS No. 99: Consideration of Fraud in a Financial Statement Audit (No. 060701CPA01). Price: $15 member/$18.75 non-member. * Fraud Detection in a GAAS Audit-SAS No. 99 Implementation Guide (No. 006613CPA01) provides detailed information,...

FASB asks for comments on stock-based compensation, issues guidance on disclosure requirements. (accounting & auditing news).(Brief Article)
January 1, 2003... The Financial Accounting Standards Board has issued an Invitation to Comment, Accounting for Stock-Based Compensation: A Comparison of FASB Statement No. 123, Accounting for Stock-Based Compensation, and Its Related Interpretations, and IASB...

AICPA comments on numerous SEC proposals stemming from Sarbanes-Oxley. (regulatory matters).
January 1, 2003... The AICPA has expressed its firm commitment to work with the Securities and Exchange Commission in accomplishing the timely and effective implementation of the Sarbanes-Oxley Act. To that end, the AICPA has commented on numerous SEC proposals...

Guidance on auditing fair value measurements, disclosures issued. (accounting & auditing news).(Brief Article)
January 1, 2003... Nonauthoritative guidance for auditing fair value measurements and disclosures under FASB Statements Nos. 141, 142 and 144 has been issued by the AICPA Audit and Attest Standards team. The toolkit is available without charge from...

Census Bureau mails 2002 Economic Census forms to 5 million businesses.(Brief Article)
January 1, 2003... Last month five million businesses around the country received the 2002 Economic Census forms from the Census Bureau. In case any member's business, or client, received the form, be advised that responses are required by law and the completed...

New retirement programs available for members.
January 1, 2003... The AICPA has selected Nationwide Financial as the provider of qualified retirement plans, including 401(k) plans, for its members. With this arrangement, two new and distinct programs are now available to members: the AICPA Member Retirement...

Disciplinary actions.(Codes of Professional Conduct cases)
January 1, 2003... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Program. ...

Chair's corner.(American Institute of Certified Public Accountants contributions)(Editorial)
January 1, 2003... We continue to work on many important programs and initiatives: fraud prevention and detection, new business reporting models, student recruitment, etc. At the same time, we are working closely with the Securities and Exchange Commission as it...

Women's Financial Health Week takes place this month.
January 1, 2003... The second annual Women's Financial Health Week campaign takes place Jan. 13-17. The purpose of the program, which the AICPA is co-sponsoring with Money magazine, is to help women take control of their finances and promote the role of the CPA...

Tax management in the personal financial plan. (CPE news).(course)(Brief Article)
January 1, 2003... Tax Management in the Personal Financial Plan (No. 730830CPA01). Discover ways to minimize the impact of federal income taxation on the personal financial planning process. Prerequisite: None. Recommended CPE Credit: 9. Level: Intermediate....

Exploring issues in valuing stock options and other assets you can't see. (CPE news).(course)(Brief Article)
January 1, 2003... Exploring Issues in Valuing Stock Options and Other Assets You Can't See (No. 731260CPA01). Solve the special valuation problems and avoid pitfalls in the valuation of ESOs and intangibles. Prerequisite: Moderate amount of business valuation...

2002/2003 audit risk alerts. (now available).(Brief Article)
January 1, 2003... 2002/2003 Audit Risk Alerts: General Audit Risk Alert (No. 022333CPA01); Compilation & Review Alert (No. 022303CPA01). Price each: $18.40 member/$23 non-member.

Industry audit risk alerts. (now available).(Brief Article)
January 1, 2003... Industry Audit Risk Alerts: Banks, Credit Union, and Other Financial (No. 022293CPA01); E Business (No. 022323CPA01); Healthcare Organizations (No. 022343CPA01); High Technology (No. 022403CPA01); Insurance Companies (No. 022353CPA01);...

NASDAQ vice chairman talks about XBRL, capital market transparency and role of CPAs. (technology).(Alfred Berkeley; extensible business reporting language)
January 1, 2003... In Aug. 2002, the NASDAQ Stock Market, Inc., Microsoft Corp. and PricewaterhouseCoopers teamed up to launch a pilot program that would demonstrate the power of XBRL (eXtensible Business Reporting Language) (The CPA Letter, Sept. 2002). The...

8 technologies driving business today. (CPE news).(Brief Article)
January 1, 2003... 8 Technologies Driving Business Today (No. 731360CPA01). A must for all CPAs advising management, this self-study course provides an introduction and overview of eight of the most important technologies, like Web services and business...

Process-based accounting: revolutionizing management decision making. (CPE news).(Brief Article)
January 1, 2003... Process-Based Accounting: Revolutionizing Management Decision Making (No. 731390CPA01). Find out how to put into place a forward-looking accounting system based on process management principles. Prerequisite: Basic knowledge of accounting....

Checklists and illustrative financial statements. (now available).(Brief Article)
January 1, 2003... Checklists and Illustrative Financial Statements: Banks and Savings Institutions (No. 008913CPA01); Corporations (No. 008933CPA01); Life & Health Insurance (No. 008953CPA01); Property and Liability Insurance (No. 008963CPA01); State and Local...

Supplements to corporations checklist. (now available).(Brief Article)
January 1, 2003... Supplements to Corporations Checklist: Construction Contractors (No. 008923CPA01); Investment Companies (No. 008943CPA01); Real Estate Ventures (No. 008973CPA01). Price each: $15.60 member/$19.50 non-member.

Special Committee on State Regulation established.(Brief Article)
January 1, 2003... A new special committee is studying possible implications that the Sarbanes-Oxley Act may have on state legislation and regulation. Headed by Kathy Eddy, a former chair of the AICPA Board of Directors, the Special Committee on State Regulation...