The Social Security Act of 1935 (SSA) was enacted by the 74th United States Congress and signed into law by President Franklin D. Roosevelt. Part…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law by President Trump on December 20, 2019, as part of funding legislation…
U.S. Treasury Yield Curve The U.S. Treasury yield curve is inverted from 30 days to 3 years, reflecting the fear of an economic slowdown due…
In PricewaterhouseCoopers's 2018 Global Economic Crime and Fraud Survey, fraud is identified as “the biggest competitor you didn't know you had,” which is an interesting way of…
The Social Security Act of 1935 (SSA) was enacted by the 74th United States Congress and signed into law by President Franklin D. Roosevelt. Part…
Deception is the main tool of fraudsters and the hallmark of many types of fraud. When used skillfully, deception often leads to not one incident…
A Discussion of Practical Expedients in ASC Topic 842
The New Leasing Standard
The new lease accounting guidance in Accounting Standards Codification (ASC) Topic 842, “Leases,” is currently in effect for public business entities preparing financial statements for…
It was a bellwether year for cyber-crime worldwide in 2019. As a patchwork of new regulations began to emerge in the United States and the…
Section 7623 of the Internal Revenue Code (IRC) allows for the payment of financial awards to those who blow the whistle on individuals or corporations…
“Rather fail with honor than succeed by fraud.” —Sophocles This article is a broad-strokes review of what forensic accountants do, how the profession has developed,…
In Brief Examinations or audits of an organization's quality control assurance system (QCAS) are not presently required, despite the fact that defective products or services…
Last October's column was about the need for change in the way accounting is taught in high school and college (“The Accounting Curriculum Needs a…
In Brief Financial statement fraud is often thought of as an “inside job,” something perpetrated by the management or employees of the organization being audited.…
Fiduciary Duty, Due Care, and the Public Interest
A Practical Dilemma for CPAs
The times have changed dramatically for CPAs. No longer are there only purely traditional CPA firms providing accounting, attestation, and tax services. The major firms…
In Brief Fraud continues to be a pervasive problem for businesses across the world. Nevertheless, most business ethics programs are compliance driven and thus fail…
Streamlined Disclosure in U.S. v. Brian Nelson Booker
A Former CPA Sets a Dubious Precedent
Brian Nelson Booker has the dubious distinction of being the first person criminally charged by the Department of Justice (DOJ) with allegedly making false statements…
Codifying the Fundamental Principles of ‘Professional Behavior’
Strengthening Professionalism by Enhancing Moral Conduct
In Brief Acts considered “discreditable to the profession” are those that bring harm to one's reputation or that of the profession. Acts of “moral turpitude”…