CPA Letter articles from September 2004

CPA Letter archives from September 2004

Complying with ethics interpretation 101-3 on providing non-attest services to attest clients.(news update)
September 1, 2004... What constitutes impaired independence when a CPA performs non-attest services for an attest client? The answer can be found in Ethics Interpretation 101-3--Performance of Nonattest Services...

Exposure draft issued on outsourcing; focuses on disclosure, oversight.(Professional Ethics Executive Committee)
September 1, 2004... In response to recent discussion and debate by members of Congress, the media and federal and state regulators about the responsibilities of businesses to disclose to customers and clients when they outsource services, the Professional Ethics...

Guidance on Fair Labor Standards Act revisions available.(Brief Article)
September 1, 2004... The first major revisions to the Department of Labor's Fair Labor Standards Act in nearly 50 years took effect Aug. 23. The DOL streamlined and simplified the regulations, in addition to providing guidance on jobs which should be kept exempt....

AICPA supports concept of regulating tax preparers, refund anticipation loan providers.(American institute of certified public accountants)(Brief Article)
September 1, 2004... In a letter to Congress, the AICPA showed support for the concept of regulating all tax return preparers and refund anticipation loan providers, but also raised some public policy and drafting concerns about the registration proposal which...

Technical Practice Aids issued on FASB Interpretation No. 45.(Brief Article)
September 1, 2004... Two Technical Practice Aids were issued by AICPA staff recently: * TPA 6400.45--Applicability of FASB Interpretation No. 45--Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of...

Exam for Business Valuation credential next offered in November.(Brief Article)
September 1, 2004... As previously reported, the Accredited in Business Valuation credential examination is now offered twice each year, giving ABV credential candidates more flexibility in fulfilling this aspect of the credentialing process. Having been...

Revised Standards for Performing and Reporting on Peer Reviews take effect January 1.(revised standards of AICPA.)(Brief Article)
September 1, 2004... The AICPA Peer Review Committee recently issued revised Standards for Performing and Reporting on Peer Reviews in conjunction with revised and new interpretations, effective for peer reviews commencing on or after Jan. 1, 2005. A white paper...

CPA Letter supplements available.(Advertisement)
September 1, 2004... To obtain the public accounting, business and industry, government or education member-segment supplements produced this month with The CPA Letter, visit: www.aicpa.org/pubs/cpaltr/sep2004/index.htm

Public meeting notices.(Brief Article)
September 1, 2004... Accounting and Review Services Committee: Nov. 1-2, Nashville Accounting Standards Executive Committee: Sept. 8-9, New York Annual Members' Meeting/Council: Oct. 25-26, Orlando Auditing Standards Board: Sept. 28-30, Atlanta ...

Moving toward increased transparency in peer review process.
September 1, 2004... AICPA Chairman of the Board Scott Voynich discussed in his July "Chair's Corner" column the governing Council's recent approval of a resolution that supports the need for increased transparency of the peer review process. Specifically, the...

Disciplinary actions.
September 1, 2004... 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:...

GASB issues statement addressing Postemployment Benefits Other than Pensions.(accounting & auditing news)(Governmental Accounting Standards Board)(Brief Article)
September 1, 2004... The Governmental Accounting Standards Board last month issued Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, which addresses how state and local governments should account for...

Now available.
September 1, 2004... FASB Accounting Standards--Original Pronouncements (published by the Financial Accounting Standards Board). Original Pronouncements (No. 005124CPA09) has been issued "as amended." In this new format, all pronouncements amended by subsequent...

Student recruitment campaign this year includes new activities to retain current, gain new future CPAs.
September 1, 2004... "Start Here. Go Places.," the profession's five-year student recruitment initiative, has been moving forward with positive momentum since its launch in Dec. 2001. We would like to share with you plans for the upcoming year, which build on...

Discussion Paper Published on Forensic Services, Audits, Corporate Governance; comments sought.(Brief Article)
September 1, 2004... The AICPA Forensic and Litigation Services Committee has developed a discussion paper called Forensic Services, Audits, and Corporate Governance: Bridging the Gap. The paper provides the FLS Committee's initial observations and views concerning...

Internal controls: design and documentation.(CPE news)
September 1, 2004... Internal Controls: Design and Documentation (No. 731850CPA09). Get up to speed on the COSO framework and the proven techniques available to design and document internal controls. Prerequisite: None. Recommended CPE credit (based on a 100-min....

Public company update: SEC, PCAOB, and AICPA developments.(CPE news)
September 1, 2004... Public Company Update: SEC, PCAOB, and AICPA Developments (No. 731880CPA09). Gain a solid understanding of the latest pronouncements, requirements and proposals and how these developments will impact your company or engagement. Prerequisite:...

Annual update for controllers.(CPE news)
September 1, 2004... Annual Update for Controllers (No. 731970CPA09). The latest trends in accounting, corporate finance, treasury management and business systems are covered in this new self-study course. Prerequisite: Experience in financial management of a...

Small business audits: balancing risk, effectiveness and efficiency in today's world.(CPE news)
September 1, 2004... Small Business Audits: Balancing Risk, Effectiveness and Efficiency in Today's World (No. 732430CPA09). Small businesses bring a unique set of issues for the auditor. Learn how to recognize risks and perform appropriate procedures....

Qualified benefit plans: taxation and administration for small- to mid-sized companies.
September 1, 2004... Qualified Benefit Plans: Taxation and Administration for Small- to Mid-Sized Companies (No. 731900CPA09). Find out how to contain fiduciary risk and develop procedures and best practices. Prerequisite: None. Recommended CPE credit (based on a...

Governmental & nonprofit annual update, 2004-2005 edition.(self study course)(Brief Article)
September 1, 2004... Governmental & Nonprofit Annual Update, 2004-2005 Edition (No. 731930CPA09). Covering the latest in accounting and auditing requirements, this new self-study course also addresses the latest in Single Audit and Yellow Book requirements....

Clever cases on current complexities confronting governments & not-for-profits.(American Institute of Certified Public Accountants)(Brief Article)
September 1, 2004... Clever Cases on Current Complexities Confronting Governments & Not-For-Profits (No. 731910CPA09). Use common sense solutions to common operating problems observed in the government and not-for-profit environment. Prerequisite: Experience in the...

AICPA InfoBytes brings cost-effective CPE to your desktop 24/7.(online library for accounting professionals)
September 1, 2004... AICPA InfoBytes is an online learning library for accounting and financial professionals. It consists of hundreds of one- to three-credit CPE courses, available around the clock. Authored by leading authorities, courses offer expert guidance on...

Chair's corner.(American Institute of Certified Public Accountants, chairman's speech)
September 1, 2004... This year began with talk of renewal and it will end on that same note. The public has demonstrated renewed faith in the CPA profession as reflected in various polls, and this certainly gives us encouragement. We always will be our harshest...

Happenings at July Board of Directors' meeting.(American institute of certified public accountants)(Brief Article)
September 1, 2004... Following are some of the more significant actions and events that took place at the AICPA Board of Directors' meeting July 15-16: * Progress on a proposed exposure draft on outsourcing was discussed. Board members were informed that the...

SEC evaluates accepting filings using XBRL tagged data.(Securities and Exchange Commission's Extensible Business Reporting Language initiative)
September 1, 2004... In a major milestone for the five-year old Extensible Business Reporting Language initiative, the Securities and Exchange Commission recently announced it will consider a staff proposal to accept voluntary supplemental filings of financial data...