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February 2016 Issue

Home /Magazine/February 2016 Issue
Featured

ICYMI | Unsolved Problems in Auditing: A Half Century Retrospective and an Update

2016 Max Block Award Winner: Outstanding Article in the Area of In Focus/Feature

By  Howard B. Levy, CPA

March 2018 0

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…

Feature Articles

ICYMI | Have Audits Become Too Inefficient And Expensive?

By  Arthur J. Radin, CPA and Miriam E. Katowitz, CPA

March 2018 0

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…

Letters to the Editor

The Author Responds

By  Matthew Gaglio, CPA

February 2016 0

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…

Letters to the Editor

In Defense of CPAs in Pension Planning

By  Joseph V. Bencivenga, CPA (retired)

February 2016 0

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…

News & Views

Forté Capital’s Selected Statistics

By  CPAJ Staff

February 2016 0

News & Views

Tax & Accounting Update

By  Thomson Reuters Checkpoint

February 2016 0

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…

News & Views

Audit Analytics

By  Susan B. Anders, PhD, CPA/CGMA

February 2016 0

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 on…

Featured

Auditors’ and Management’s New Approach Regarding the Going Concern Assessment

By  Stefanie Tate, PhD and Alan Reinstein, CPA

February 2016 0

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 as…

Featured

The Going Concern Gap in U.S. GAAP

Filling a Hole in Existing Standards

By  Jennifer Edmonds, PhD, Ryan Leece, PhD, CPA and James Penner, PhD, CPA

February 2016 0

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…

Featured

Changes to Going Concern Disclosures

Accounting Guidance Shifts Responsibilities to Management

By  Kayla D. Booker, PhD, CPA and Quinton Booker, PhD, CPA

February 2016 0

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…

February 2016 Issue

In this Issue: February 2016

By  CPAJ Staff

February 2016 0

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…

Publisher's Column

A Busy Season That Has Nothing to Do with Filing Taxes

By  Joanne S. Barry, CAE

February 2016 0

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…

Columns

Changes to Social Security Optimization Strategies

By  Peter A. Weitsen, CPA

February 2016 0

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…

Featured

Treating Social Security as an Asset Class

By  Edward Mendlowitz, CPA/PFS, ABV and Sidney Kess, JD, LLM, CPA

February 2016 0

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…

Featured

Audit Deficiencies Related to Internal Control

By  Thomas G. Calderon, PhD, Hakjoon Song, PhD, CPA and Li Wang, PhD, CPA

February 2016 0

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…

Featured

Unsolved Problems in Auditing

A Half-Century Retrospective and Update

By  Howard B. Levy, CPA

February 2016 0

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…

Featured

Have Audits Become Too Inefficient And Expensive?

By  Arthur J. Radin, CPA and Miriam E. Katowitz, CPA

February 2016 0

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…

News & Views

It’s Amazing What CPAs Can Do

A Career Spent Wearing Many Hats

By  Anthony S. Chan, CPA

February 2016 0

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…

Columns

European Audit Reform

How It Could Affect U.S. Companies

By  Allan B. Afterman, PhD, CPA

February 2016 0

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…

News & Views

What Auditors Need to Know about SOX Section 404(a) Reports

Hidden Risks and Responsibilities

By  Howard B. Levy, CPA

February 2016 0

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…

News & Views

Improving Audit Quality through Auditor Communication

Charting Recent Progress and Looking Ahead

By  Cindy Fornelli

February 2016 0

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…

Columns

State and Local Tax Considerations for Business Acquisitions and Divestitures

By  Corey L. Rosenthal, JD, Patrick Duffany, JD, CPA and Milo W. Peck, JD

February 2016 0

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…

Featured

Audit Quality and the Expectations Gap

It’s Time for a Model that Fits the Data

By  Jim Peterson, JD

February 2016 0

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…

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Our Latest Content

  • First Look at the Secure Act 2.0 January 2023
  • CPAJ News Briefs: FASB, IASB, AICPA January 2023
  • Toward Resolving IRS Staffing Shortages January 2023
  • Seven Ways to Decrease Stress at Work January 2023
  • Practice Management and Tax Practice in the Current Environment January 2023












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