January 2014 - Journal of Accountancy

Follow best practices in this crucial document for any tax engagement.

For taxpayers and their CPA return preparers, now is the time to power their way through filing season, hopefully with a minimum of hassle. Plus: The JofA’s annual Quick Guide, a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

Companies rarely use technology to effectively identify risks beyond those related to business and transaction processing in financial and operating system internal controls. This article provides techniques to expand the scope of an organization’s risk management processes—in a way that may help some identify hidden risks before they emerge as full-blown crises.

Harnessing data for strategic planning, streamlining processes, and bracing for heightened regulatory concerns are the top priorities for CFOs and the finance function, according to a recent report.

The role and responsibilities of a board member significantly differ from those of a CPA in public practice. To explore the unique responsibilities of external board members—and the exposures they face—two attorneys who defend claims against external board members and accountants were interviewed for this column.

Recent court decisions, especially those involving corporate tax reserve accrual workpapers, indicate that the judicial view of the accountant-client relationship is changing and that courts may be willing to provide greater protection for communications between accountants and their clients.

Accounting firm partners looking to retire need to either find an internal successor or sell their practice to an external buyer. What types of deals are possible in an external sale? Find out in the seventh installment of the series “CPA Firm Succession: Solidifying the Future.”

Three proposed standards were exposed for public comment by the AICPA Accounting and Review Services Committee (ARSC) on Oct. 23.