A Year for Real Audit Risk
The new audit risk standards SAS no. 104 to SAS no. 111 issued by the AICPA in June 2006 will really come home to roost this year. They will put more pressure on auditors to apply the standards in the...
View ArticleThe Reality of IFRS
I am sure many CPAs have seen IFRS and heard there was going to be a convergence from Generally Accepted Accounting Principles (GAAP) to international accounting standards. But how many of them realize...
View ArticleUnderstanding Risk
The first thing to realize is that risk will evolve from either internal or external sources with the potential to affect strategy. Risk represents the possibility that some event will occur....
View ArticleAppetite for Risk
How much appetite for risk does an entity have relative to its pursuit of value? Each entity has to develop its own appetite for risk. This will depend on achieving an acceptable balance between...
View ArticleTone at The Top
Management philosophy is synonymous with “tone at the top” and provides direction as to how the organization will manage its financial reporting and articulate its objectives relative to internal...
View ArticleMonitoring Internal Control
COSO issued new information and direction on monitoring internal control during January 2009 in a three volume publication titled Guidance on Monitoring Internal Control. Monitoring of internal control...
View ArticleVirtual Consulting Concepts
Why not virtual consulting and business support? Since I have always performed consulting services at client’s sites, this represents an interesting question. In the current economic environment when...
View ArticleGetting Virtual Consulting Help
In the current economic environment there are lots of business owners struggling to deal with issues and problems and no idea on where and how to get help. Likewise there are CPAs who are asked by...
View ArticleHealth Care Cost Control
Health care costs are outrageous and continue to climb. A Business Week article reported that over 700 hundred billion dollars is wasted on countless wasted procedures, fraud, and unnecessary...
View ArticleBack to Basics
I just looked the date of my last blog post and thought I better let everybody know that I am still writing and creating. A lot has happened over the last few months so I’ll quickly get you up to date...
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