In Brief Key performance indicators (KPI), long familiar to corporate managers, are increasingly being used by financial managers at notfor-profit organizations to measure the effectiveness…
Not-for-profit organizations continue to face an ever-evolving and challenging landscape. Executives and audit committees must deal with concerns ranging from attracting and retaining donors and…
The advantages of evidence-based decision making are clear, but there are several reasons why data-driven decision making is a relatively new concept for many notfor-profit…
Should CPA Firms Be Worried about Data Breach Claims?
Hurdles to Establishing Standing and Demonstrating Economic Viability
Driven by unceasing news reports, CPA firms are growing increasingly concerned that data breaches are increasing in both frequency and severity. With this deluge of…
ISM Manufacturing PMI The most recent ISM Manufacturing Index increased 2.3% from December 2018, indicating expanding business strength fostered by stronger demand and output. The…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
ICYMI | Overcoming Disclosure Overload and Achieving Greater Disclosure Effectiveness
A Status Report
Although still in the proposal stage, there has been substantial movement by both FASB and the SEC on major issues discussed by this author in…
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released Enterprise Risk Management—Integrating Strategy with Performance in September 2017 to emphasize the importance of enterprise risk…
How Collectors Can Utilize the Opportunity Zone Program
Investors See a Potential Replacement for Like-Kind Exchanges
For many investors in art, coins, or fine wine, their investments are their passion. The pride of ownership and the beauty they bring into the…
Rationalizing Fraud
How Thinking Like a Crook Can Help Prevent Fraud
In Brief The well-known fraud triangle framework includes three distinct components—perceived pressures, perceived opportunities, and rationalizations—but until recently very little was known about perpetrators' rationalizations.…
When I served as Commissioner of Internal Revenue from 2003 through 2007, the two fears that kept me up at night were of a botched…
In Brief The current upward trend of CPA firm merger and acquisition activity shows no signs of slowing down. CPA firms and individual professionals must…
The Risks of Fraud Collusion
Are We Only Looking at Lit Corners?
The Association of Certified Fraud Examiners (ACFE), in reporting on collusion in its 2018 Report to the Nations(http://bit.ly/2BIITfH), indicates that there is a direct correlation between…
A New York sales tax audit can be a grueling experience. The rules are complex, and it often comes down to the records, which are…
New Revenue Recognition Guidance and the Potential for Fraud and Abuse
Are Companies and Auditors Ready?
In Brief Now that FASB's new revenue recognition standard is effective, it is worth considering how well the guidance meets the goals originally set by…
The AICPA Code of Professional Conduct proclaims that its members should serve the public interest, defined as “the collective well-being of the community” (Section 0.300.030, https://pub.aicpa.org/codeofconduct/Ethics.aspx#).…
ICYMI | Questioning the Effectiveness of Independent Audit Committees
Does the Current Regulatory Regime Improve Reporting Quality?
In Brief At the root of over a decade of regulation and best practices is the premise that the structure and independence of a company’s…
Analyzing the LinkedIn Profiles of Audit Partners
A Snapshot of Firm Leadership
As social media has become increasingly important in the recruiting and hiring process, CPA firm leaders have become increasingly visible on professional social media platforms.…
Understanding FBAR Disclosure Responsibilities
When Must an Entity or Connected Individual File?
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) Form 114, the Report of Foreign Bank and Financial Accounts—colloquially known as FBAR—has become famous due to…
Disclosure of Noncompliance with Laws and Regulations
What Whistleblower Protections Exist for CPAs?
In Brief CPAs are charged with protecting the public from financial and corporate fraud; sometimes, that means blowing the whistle on clients or employers who…
Failure Study
A Needed Addition to the Accounting Toolkit
“Those who cannot remember the past are condemned to repeat it.” —George Santayana Public criticism of the accounting profession is intense. Users of financial statements…
The Benefits of Internal Audit Disclosures
A Review of Accounting Research
Traditionally, the key parties involved in maintaining effective corporate governance have included company management, the board of directors (including the audit committee), and the external…
Where The Money Is
Doing What’s Right for the Profession
Editor's note: This month, we introduce a new column dedicated to the current state of cybersecurity and how cybercrime affects CPAs and auditors. Each installment will…
In Brief The risk of fraud or noncompliance with rules and regulations is ever present in the current business and legal environment. Managing this risk…
Integrated reporting is gaining acceptance around the world as a way for businesses to provide investors and other stake-holders with a more holistic approach to…
The development of auditing software and technology applications has lagged behind that of other practice areas, but a steady evolution of automation and data analytics…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Topic 842 will supersede the existing lease guidance (Topic 840), which has been in…
Audit Implications of the New Revenue Reporting Standard
A Panel Discussion
About the Panelists The panel featured Meredith Canaday, CPA, partner in the department of professional practice at KPMG; Sheri Fabian, technical partner in the national…
With the Tax Cuts and Jobs Act (TCJA) coming into effect, completely new forms being issued, and the aftereffects of the government shutdown being felt,…