CPA Letter articles from September 2002

CPA Letter archives from September 2002

Landmark accounting reform legislation signed into law. (legislation).
September 1, 2002... High-profile business failures culminating in a media fixation on Enron called into question the effectiveness of the profession's self-regulatory process as well as the effectiveness of the audit to uphold the public trust in the capital...

PCPS, Texas state society partner to launch national survey on practice management issues.(Brief Article)
September 1, 2002... PCPS, the AICPA Alliance for CPA Firms, and the Texas Society of CPAs are presenting a new--yet old and trusted--firm management tool. The two organizations are partnering to launch the 2002 PCPS/TSCPA National MAP Survey. The survey will...

Finance managers say top executives support their cost and performance management initiatives.(Brief Article)
September 1, 2002... Seventy-two financial executives and managers attending the 2002 CAM-I/AICPA cost and performance management symposium held in May were asked whether performance management initiatives, such as activity-based costing and target costing, are...

Call for nominations for AICPA Distinguished Achievement in Accounting Education award.
September 1, 2002... State CPA societies and individuals are invited to nominate an accounting educator for the 2003 AICPA Distinguished Achievement in Accounting Education award. This award is designed to recognize full-time college accounting educators...

Public meeting notices.
September 1, 2002... For detailed agendas, dial 201/938-3787 from a fax machine and key in document no. 1206 two weeks prior to these meetings. Accounting & Review Services Committee: Sept. 23-24, New York Accounting Standards Executive Committee: Sept....

New FAQs released on sustainability reporting and GHG emissions. (accounting & auditing news).(Brief Article)
September 1, 2002... Frequently Asked Questions (FAQs) on sustainability reporting and Greenhouse Gas (GHGs) emissions trading are now available on our Web site. The FAQs were developed by a joint task force of the AICPA and the Canadian Institute of Chartered...

Greenhouse Gas emissions trading. (accounting & auditing news).(Brief Article)
September 1, 2002... There are several initiatives in the U.S. to enable GHG emissions trading, including the Chicago Climate Exchange, which is currently in the design phase. In addition, private trades of GHG emissions reductions between entities have been...

Exposure draft issued on Accounting and Reporting by Insurance Enterprises. (accounting & auditing news).(Brief Article)
September 1, 2002... The AICPA's Accounting Standards Executive Committee has issued an exposure draft of a statement of position, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and for Separate Accounts....

Practice Alert issued on Reauditing Financial Statements. (accounting & auditing news).(Brief Article)
September 1, 2002... The Professional Issues Task Force has issued Practice Alert 2002-3, Reauditing Financial Statements. The Alert provides practitioners with information that may help them when they are engaged to reaudit and report on financial statements that...

Chair's corner.
September 1, 2002... The Sarbanes-Oxley Act of 2002 is now law, and I am pleased that a number of the reforms advocated by the AICPA are included as substantial elements of this new, far-reaching legislation. The law creates the Public Company Accounting Oversight...

The AICPA and Northstar are producing a new conference called The State of the Profession ... Preparing Today for Tomorrow. (Conferences).(Brief Article)
September 1, 2002... The AICPA and Northstar are producing a new conference called The State of the Profession... Preparing Today for Tomorrow. Sweeping reforms on Capitol Hill, restatement of corporate earnings, imminent regulatory changes and a lack of...

Melancon says profession's mission is to shape an accounting culture for the future that surpasses legacy of the past: speech delivered to business and accounting professionals at Yale Club on Sept. 4.
September 1, 2002... Thank you. I'm grateful to the Yale Graduate School of Management for inviting me to speak. I especially want to thank Rick Antle, Senior Associate Dean and Professor of Accounting, for all his work in setting this up. A year ago, if I had...

Disciplinary actions.
September 1, 2002... As a result of investigations of alleged violations of the Codes of Professional Conduct of the AICPA and/or state CPA societies, the following ethics cases have been resolved by settlement agreement under the Joint Ethics Enforcement Program:...

Firm expelled from SEC Practice Section. (Disciplinary actions).
September 1, 2002... On June 28, 2002, a hearing panel of the SEC Practice Section Executive Committee concluded that the firm of Roger G. Castro, CPA of Oxnard, Calif., was guilty of both failing to comply with SEC Practice Section membership requirements and...

Live Webcast series on new SEC developments debuts September 19.
September 1, 2002... Recognized experts from the AICPA and CFO magazine kick off a new quarterly Webcast series on Thursday, Sept. 19, from 1:00 p.m. to 2:55 p.m., ET. The four-part series coveting important new developments at the Securities and Exchange...

Highlights of Board of directors' July meeting.(Brief Article)
September 1, 2002... Following are some of the more significant actions and events that took place at the AICPA's Board of Directors' meeting July 11-12: * Since the meeting was in mid-July when there was a flurry of activity surrounding new regulation of the...

Surveying members about International tax treaties. (tax info).(Brief Article)
September 1, 2002... The AICPA Tax Division is seeking member input via a short survey on income tax treaties. The input will be used for comments to Treasury regarding United States income tax treaty negotiations. Specifically, we are interested in encouraging...

IRS to broaden circumstances for requesting audit workpapers. (tax info).
September 1, 2002... Evaluating the balance sheet tax liability account and the income statement provision for taxes is an important part of any audit. Workpapers supporting this evaluation often contain sensitive information about contingent or potential liability...

Panelists needed to set passing standards for computer-based CPA exam.(Brief Article)
September 1, 2002... The AICPA is forming panels to help set passing standards for the computer-based Uniform 'CPA Examination. A series of two-day operational standard-setting sessions is scheduled for Dec. 2002, and qualified CPA volunteers are needed to...

NASDAQ Stock Exchange announces use of XBRL for financial reports. (technology).(Brief Article)
September 1, 2002... In what may be the most significant adoption news to date for eXtensible Business Reporting Language (XBRL), the NASDAQ Stock Exchange, along with Microsoft and PricewaterhouseCoopers, announced the launch of a pilot program to provide...

New Senior VP of Public Affairs appointed.
September 1, 2002... James A. O'Malley has been appointed AICPA Senior Vice President-Public Affairs, effective Sept. 9. He replaces John E. Hunnicutt who is retiring after a successful career with the AICPA. O'Malley will head the Institute's Washington, D.C.,...