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Audit Quality and the Expectations Gap
Leaders of the profession have conflicting views on the state of audit quality today. According to current SEC Chair Mary Jo White, “investor confidence in audited financial statements and independent...
View ArticleState and Local Tax Considerations for Business Acquisitions and Divestitures
There are several points in a business’s life cycle that represent increased risk. One prime example is the buying or selling of all or part of a business. Aside from the operational risks in such an...
View ArticleImproving Audit Quality through Auditor Communication
The state of audit quality is strong—and getting stronger. Annual tallies of financial restatements have dropped dramatically from post—Sarbanes-Oxley Act of 2002 peaks and have held steady at lower...
View ArticleWhat Auditors Need to Know about SOX Section 404(a) Reports
Since the PCAOB’s Auditing Standard (AS) 5, now reorganized as AS 2201, replaced AS 2 in 2007, auditors for publicly held companies (i.e., issuers) no longer attest to the fairness of management’s...
View ArticleEuropean Audit Reform
In April 2014, European Union (EU) legislation was adopted to reform the European statutory audit market. In this context, a statutory audit is a legally required audit of an entity’s financial...
View ArticleIt’s Amazing What CPAs Can Do
Hollywood has long stereotyped accountants as boring number crunchers. In my view, that is not the case. For the past 25 years, the accounting profession has allowed me to develop the skills necessary...
View ArticleHave Audits Become Too Inefficient And Expensive?
In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly declining the service. The authors posit that the...
View ArticleUnsolved Problems in Auditing
In Brief Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved over the last half century? This article will...
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Audit Deficiencies Related to Internal Control
In Brief As part of its oversight mission, the PCAOB has sought to improve the quality of U.S. public company audits. A major part of its focus has centered on auditors’ assessments of companies’...
View ArticleTreating Social Security as an Asset Class
Instead of looking at Social Security as a government entitlement that one should start receiving as soon as eligible, one should consider it an investment that will provide a far greater return on...
View ArticleChanges to Social Security Optimization Strategies
On November 2, 2015, President Obama signed into law H.R. 1314, the Bipartisan Budget Act of 2015, which made significant changes to Social Security optimization strategies. Two in particular are...
View ArticleA Busy Season That Has Nothing to Do with Filing Taxes
February marks the time of year when a good number of our members suddenly go quiet. But we know why: February is the start of tax season. With our conference season over, the calls slow down, our...
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In this Issue: February 2016
What is the state of audit quality today? There are a number of different ways to interpret, as well as answer, that question. The variety of viewpoints presented in this issue grapple with the...
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Changes to Going Concern Disclosures
Historically, auditors of financial statements have been charged with the assessment of an entity’s ability to continue as a going concern (see AU 341, “The Auditor’s Consideration of an Entity’s...
View ArticleThe Going Concern Gap in U.S. GAAP
Recent events, such as the fiscal crisis of 2007–2008 and the economic recession that followed, have prompted concerns about whether investors have received sufficient notice of impending corporate...
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Auditors’ and Management’s New Approach Regarding the Going Concern Assessment
With its issuance of Accounting Standards Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue...
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Audit Analytics
Audit Analytics is an independent research firm that provides customized databases for audit, regulatory, and disclosure applications. Its website (http://www.auditanalytics.com) allows access to data...
View ArticleTax & Accounting Update
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most...
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Forté Capital’s Selected Statistics
The post Forté Capital’s Selected Statistics appeared first on The CPA Journal.
View ArticleIn Defense of CPAs in Pension Planning
I found it puzzling The CPA Journal would publish a guest editorial like the one in the November 2015 issue (“It’s Amazing What CPAs Can Do: Pension Consulting Is an Old Practice but a New Specialty,”...
View ArticleThe Author Responds
My article was not meant as a “put-down,” but rather the exact opposite. For the past 60 years, Integrity Advisors Pension Consultants has been working within the CPA community. My sister and I were...
View ArticleICYMI | Have Audits Become Too Inefficient And Expensive?
In Brief For many companies, an audit is a necessary part of business operations. For others, however, it is not, and such businesses are increasingly declining the service. The authors posit that the...
View ArticleICYMI | Unsolved Problems in Auditing: A Half Century Retrospective and an...
Auditing has been an ever-changing discipline since its birth over 100 years ago, but how much have the challenges auditors face really evolved over the last half century? This article will review...
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