May 1998 - Journal of Accountancy

EXECUTIVE SUMMARY CPAs THINKING ABOUT GETTING INTO WebTrust should be well informed about the problems of e-commerce and WebTrust competitors. TRUST IS THE KEY ISSUE. Customers wonder whether they can trust a company and whether sensitive information will be kept private. A NEW SERVICE FROM THE AICPA , CPA WebTrust

EXECUTIVE SUMMARY SAS NO. 82 PROVIDES guidance about auditors’ responsibilities in detecting and reporting possible fraud. Practitioners need to examine the presence of risk factors, assess the risk of material misstatement due to fraud, develop a response, document the performance of their assessment and meet their communication responsibilities. MANAGEMENT HAS

EXECUTIVE SUMMARY IT IS IMPERATIVE THAT the audit engagement team have a thorough understanding of the changes in both the Single Audit Act Amendments of 1996 and the recently revised OMB circular A-133. AUDITORS MUST DETERMINE major programs. That is, they must understand and evaluate the risk of individual federal

With the National Future Forum, held in Phoenix in mid-January, phase one of the CPA Vision Process came to a close. Practitioners in both public practice and business and industry are now deep into tax season. Daydreaming about possible future scenarios has been eye-opening, but now it’s back to business

EXECUTIVE SUMMARY WITH ITS ISSUANCE OF STATEMENT NO. 130 , Reporting Comprehensive Income, the FASB is moving closer to the all-inclusive method of income determination. The statement is effective for fiscal years beginning after December 15, 1997. AN ENTERPRISE REPORTS comprehensive income—nonowner changes in equity—to reflect all of the changes

EXECUTIVE SUMMARY MOST CPA FIRMS FACE A HUGE FINANCIAL liability to their retired and soon-to-retire partners. Few firms have developed a satisfactory solution to this problem. In most instances, the typical firm does not prefund its retirement plan because there is no current income tax deduction for doing so. THE