July 2006 - Journal of Accountancy

QUESTIONS 1. Which of the following is not a legal element of fraud? a. A material false statement. b. Intent. c. Reliance by the victim. d. All of the above are legal elements of fraud. 2. If a company adds fake sales to boost its revenues, the cost of sales

EXECUTIVE SUMMARY Despite their modest size, local practices have many real advantages that give them a competitive edge in recruiting, retention, client service and other vital business areas. PCPS is undertaking many new efforts to support its small firm members, and is rededicating itself to initiatives and publications that highlight

   July 2006 > Going Forward With Reverse Mortgages   RETIREMENT PLANNING/WEALTH MANAGEMENT     Going Forward With Reverse Mortgages The benefits and pitfalls of borrowing against your home. by Howard Godfrey and Edward Malmgren EXECUTIVE SUMMARY Increased life expectancy has caused the elderly to need more funds after retiring,

EXECUTIVE SUMMARY In determining the age at which a worker should apply for Social Security benefits, consideration should be given to current and expected future sources of income, age of beneficiary and spouse, health issues that could affect longevity and whether the beneficiary will continue to work while receiving benefits.

   July 2006 > Social Security: What?s the Magic Age?   RETIREMENT PLANNING     Social Security: What’s the Magic Age? When to start collecting your benefits. by Kathryn Garnett EXECUTIVE SUMMARY In determining the age at which a worker should apply for Social Security benefits, consideration should be given

EXECUTIVE SUMMARY Increased life expectancy has caused the elderly to need more funds after retiring, especially if they elect early retirement. The home is often the most valuable asset an individual owns. Reverse mortgages allow homeowners to continue to live in their homes while borrowing against the equity. A reverse

EXECUTIVE SUMMARY CPAs can use Web sites to store many years of data, permitting clients quick and easy access 24/7. The sites, also called reporting portals, can handle data that are formatted in many different ways. Data that are otherwise hard to display can be formatted without any special technology

Origin and Mission The GAO is part of the legislative branch of the federal government and thus is independent of the executive branch. Congress established the GAO in 1921 to investigate all matters relating to the receipt, disbursement and application of public funds. Since then, Congress has expanded the GAO’s

EXECUTIVE SUMMARY The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity’s business and the controls in place to mitigate them. These standards use the more

EXECUTIVE SUMMARY Many companies are raising the expectations for their chief audit executives (CAEs) to include operating at more strategic levels of risk management and corporate governance. Successful CAEs must partner effectively with the audit committee and other members of the senior management team to achieve their objectives. To be