The CPA Journal

The CPA Journal is a monthly refereed accounting journal. It has been published by the New York State Society of CPAs since 1930.Subjects for The CPA Journal inlcude accountants and accounting. Carolyn Morrisroe is the managing editor and Anthony H. Sarmiento is a contributing editor.

Articles from Vol. 84, No. 10, October

Automatic Information Exchange and Enhanced Transparency
Tn recent years, the push for broader automatic information exchange and enhanced transparency has risen to the top of the international financial agenda. As governments struggle under economic constraints, base erosion and profit shifting (BEPS) has...
Ethical Attestation: Establishing Higher Standards for Entrants to the Profession
The accounting profession has long held itself above öfters in the preparation, education, examination, and ethics of individuals entering the profession. The preamble to the profession's rules in nearly every state includes a pledge of integrity. But...
Evaluating Financial Fraud Risk during Audit Planning
Corporate financial fraud-related accounting scandals involving companies like Enron, WorldCom, Parmalat, and Adelphia have cost investors hundreds of billions of dollars of lost market capitalization, ruined numerous lives, and created a continuing...
Maintaining Integrity and Objectivity
According to Rule 102 of the AICPA Code of Professional Conduct, "in the performance of any professional service, a member shall maintain objectivity and integrity, shall be free of conflicts of interest, and shall not knowingly misrepresent facts or...
Making Independence Decisions under the Code of Professional Conduct
Consider the hypothetical case of Robert Jones, CPA. Jones, an audit partner in the firm Jones & Smith (J&S), feels quite pleased with himself because he just spoke with the controller of Ace Manufacturing, a nonpublic entity and long-term audit...
Making the Right Choice of Business Entity
Typically, individuals have more contact with their financial advisor or CPA than with their attorney; thus, advisors often tackle questions beyond the usual tax and accounting issues. This is particularly true for sole proprietors who have grown to...
Managing Your Practice, Managing Your Risk
CPAs know about risks and obligations. When a CPA provides an opinion, it's not only the client who relies on that information to be true, but also regulators, the public, stockholders, lenders, and other financial institutions. With so many vested interests,...
Mitigating the Risk of a Professional Liability Claim
As history' has shown, professional accounting malpractice claims can-and will-be instituted, even when a CPA has complied with professional standards and exercised due care in the performance of an engagement. Recent changes in the AICPA's Code of Professional...
Office Sharing for CPAs
In these challenging times, CPAs are not immune from the economic forces that negatively impact the bot- tom line. As revenue streams become more difficult to maintain, CPAs are turning their attention to their expenses. Office sharing is one strategy...
Professional Liability Trends and Developments
Many of the professional liability claims that CPAs reported over the last 18 months fall in line with historical claims data, such as the failure to detect fraud and missed tax deadlines; however, as the profession diversifies and faces increased taxing...
Reframing the Discussion on Internal Control
Although CPAs are uniquely qualified to assist small and entrepreneurial businesses in improving their internal control systems, their recommendations are often quickly dismissed as costly or unnecessary bureaucracy. Many smaller entities associate internal...
Tax & Accounting Update
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most press- ing issues coming down the regulatory and administrative...
The Impact of Unitary Tax Principles on Multistate Corporations
This article explores how the unitary business principle combines separately incorporated, affiliated businesses and apportions the state tax consequences through the methods of worldwide and water's-edge reporting. Illustrations highlight how thoughtful...
The Voice of the Profession
I am honored and appreciative that NYSSCPA Executive Director and CEO Joanne S. Barry chose me as the new Editor-in-Chief of The CPA Journal. In accepting this position, I can now humbly count myself as a member of a club that has, in the past, included...
Website of the Month: Employee Benefit Research Institute
The Employee Benefit Research Institute (EBRI) is a nonprofit research and educational organization that specializes in studying, analyzing, and providing information on employee benefits. Its website, http://www.ebri.org, offers articles, issue briefs,...
What CPAs Need to Know about the FRF for SMEs
In June 2013, the AICPA issued its financial reporting framework for small and medium-sized entities (FRF for SMEs). The framework aims to provide a cost-effective financial reporting process that allows SMEs to produce clear, concise, relevant, and...
Why Audits Cannot Detect All Fraud
Auditors are expected by the public to find financial statement fraud, even though U.S. GAAS has long held that they might not be able to detect all frauds. The following discussion draws upon the experience of an expert witness in numerous major fraud...
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