The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued its updated internal control framework on May 14. The update reflects changes in the business environment, such as advances in technology and globalization, that have occurred since COSO’s original framework was issued in 1992. In this podcast, COSO board member and Brigham Young University accountancy professor Doug Prawitt, CPA, Ph.D., describes the rationale behind the update of the framework, gives implementation tips, and describes how large and small public and private organizations can use the framework to improve their internal control systems – and their compliance and operations.
Not-for-profit accounting and auditing has undergone significant changes in recent years as the number of nonprofits (NFPs) registered with the IRS ballooned from 1.2 million in 1999 to more than 1.5 million 10 years later. In this podcast, CPA not-for-profit experts Chris Cole, Jennifer Hoffman, Frank Jakosz, and Andrew Prather discuss current NFP issues that face CPA preparers and auditors. The experts describe how the AICPA’s newly updated Not-for-Profit Entities Audit and Accounting Guide can be a resource for NFPs. Discussion topics include recent FASB updates, changes in the NFP investment arena, revenue recognition, gifts-in-kind valuation, and taxes and regulatory considerations.
The AICPA is developing the financial reporting framework for small and medium-sized entities (FRF for SMEs) to form the foundation for a new approach to financial reporting for privately owned, for-profit smaller enterprises that are not required to produce financial statements prepared in accordance with U.S. GAAP. Details of the proposed framework are described during this podcast by AICPA Vice President—Professional Standards and Services Chuck Landes, CPA, and two members of the project task force, Pat Piteo, CPA, and Tom Ratcliffe, CPA, CGMA. The goal of the project is to emphasize reliability and simplicity, meeting users’ needs without creating unnecessary costs for smaller enterprises.
The accounting profession is undergoing a period of unprecedented change. The increased globalization of the world economy, rapid advances in technology, and the retirements of myriad baby boomer CPAs will change the face of accounting. What does the future hold for CPAs? The JofA posed that question to five members of the "next-generation" of CPA leaders. The second segment of this two-part podcast features the story of a CPA firm that is in the process of closing its brick-and-mortar office and going 100% virtual. Other topics discussed include the special skills needed by CPAs in business and industry and the reasons why one of the panelists says that playing games is one of the best interview techniques an organization can use.
The accounting profession is undergoing a period of unprecedented change. The increased globalization of the world economy, rapid advances in technology, and the retirements of myriad baby boomer CPAs will change the face of accounting. What does the future hold for CPAs? The JofA posed that question to five members of the "next-generation" of CPA leaders. Part 1 of this two-part podcast looks at how the market for accounting services will evolve over the next two decades and how those changes will reshape the structure of CPA firms. Other areas of discussion include the steps that young CPAs should be taking to move into leadership roles and the skills that employers and cliens will demand of CPAs in the new accounting world.
In the second of a two-part series on the Committee of Sponsoring Organizations of the Treadway Commission's updated internal control framework, COSO Chairman David Landsittel, CPA, and three other prominent COSO experts—COSO Chair Emeritus Larry Rittenberg, CPA; AT&T Director of Accounting Bill Schneider, CPA, CGMA; and Chuck Landes, CPA, AICPA vice president, Professional Standards and Services Group—discuss the importance of the proposed updated operations and compliance objectives as well as the reporting objective and how organizations can benefit from implementing the framework.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is updating its internal control framework 20 years after its origination. COSO Chairman David Landsittel, CPA, and three other prominent COSO experts—COSO Chair Emeritus Larry Rittenberg, CPA; AT&T Director of Accounting Bill Schneider, CPA, CGMA; and Chuck Landes, CPA, AICPA vice president, Professional Standards and Services Group—and discuss the proposed new framework, which is updated with more explicit guidance and examples for relevance, clarity and ease of use. In the first of a two-part series, the conversation focuses on the basics of the framework and its 17 explicitly articulated principles.
In the second of a two-part series, the Journal of Accountancy continues its discussion with five CPAs who have achieved success using cloud computing. This installment covers two main topics, cloud-based business models for CPA firms and advice for CPA firms that are considering a move into the cloud.
Cloud computing has been hailed as the most transformative technology to hit the accounting profession since the advent of the personal computer. Many CPAs, however, have unanswered questions regarding this new frontier. Is the cloud secure? Is there a return on investment? What client services or internal functions should be moved to the cloud? What is the migration process like? How can the cloud benefit my business? What are the pitfalls to avoid? To provide answers to these and other questions, the Journal of Accountancy gathered five CPAs who have achieved success with cloud computing. In the first episode of a two Podcast series, these CPAs share what they have learned about the cloud's benefits, challenges and, yes, ROI.