Training the Automated Auditor

Training the Automated AuditorPresented by Carolyn J.

SEC May Start Curtailing Pro Formas

For years, companies have used pro forma statements as a means of better comparing previously reported financial statements with current statements where circumstances have changed significantly, as in a merger or acquisition.But recently, companies have been using pro forma statements to reflect what they believe to be the "true" financial health and well being of the company, taking into consideration various assets that may not appear on traditional accounting books, such as brand loyalty, market share, patents and other intellectual property.It is through this pro forma reporting pro

cyberCFO Extends Reach

cyberCFO, an outsourced strategic financial services firm for emerging-growth technology companies, announced the opening of its Boston office to be headed by Mary Bevelock, former Managing Partner of PricewaterhouseCoopers' Entrepreneurial Services Center in Cambridge, MA. As Managing Director for Boston, Bevelock will oversee the operations, client service delivery, and business development for the Boston region.
Community News

CBIZ Announces Share Repurchase Program

The Board of Directors of Century Business Services, Inc. has authorized a stock repurchase plan for up to one million shares of stock over the next six months.The stock is expected to be used for future corporate acquisitions and for strengthening its employee stock plan.

Are Smart Credit Cards Really Smart?

American Express entered the 21st Century by putting a computer chip on its new Blue Card, looking high-tech and positioning itself as a tool for more secure online shopping. It issued over 2 million cards in the first 14 months. A number of the banks in the Visa network will issue over 7 million cards with "smart chips" in them this year. And Mastercard will enter into the competition with its own smart card.But beyond looking really cool, what else do smart cards do? Not much, according to a commentary by Saul Hansell, published this week in the New York Times.Mr.

Moving to the Paperless Audit Engagement

Moving to the Paperless Audit EngagementPresented by Duke SmaroffDirector of Development, Advanced Practice SolutionsContact Duke at, August 14, 2001, 4:00-5:00 p.m. EDTVisit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThe paperless environment has arrived in the world of accounting.

Are You At Risk For Identity Theft?

The Identity Theft Resource Center (ITRC) is a nonprofit organization dedicated to developing and implementing a comprehensive program against identity theft -- in supporting victims of identity theft, broadening public awareness and understanding of identity theft, and decreasing the potential victim population. Take this "Identity Quotient" test, offered by the ITRC, to find out if you are at risk of identity theft.I receive several offers of pre-approved credit every week.

SEC Urged to Speed Up Investigations

In an interview reported in the Financial Times today, Jim Copeland, CEO of Deloitte Touche Tohmatsu, urged the SEC to speed up its investigative processes and bring more definitive conclusions to its investigations of audit failures.Mr. Copeland lamented the fact that the credibility of the auditing profession was at stake when investigations drag on for many months or sometimes many years. "You never come to closure on these things," he said.

State and Federal Labor Law Posters Via the Internet

Keeping up-to-date on the labor law posters doesn't have to be expensive or time consuming.
Practice Management

Indiana Joins Others in Allowing Non-CPA Ownership of Firms

In case you missed it earlier last month, the Indiana state legislature has passed a law which allows non- CPAs to own 49 percent of a firm, minimizes barriers to CPAs practicing in more than one state, and relaxes requirements to become a CPA.Indiana is just the latest in a number of states to have radically changed the way a CPA firm ownership is structured.By allowing non-CPA ownership, firms can better compete by attracting workers through stock options, and other equity models.

U of Mississippi Becomes THE Library to the Accounting Profession

The largest and most prestigious accounting library collection in the world - that of the American Institute of Certified Public Accountants (AICPA) - has arrived at the University of Mississippi (UM) to be housed permanently in the John Davis Williams Library.Last week, officials from the New York-based organization presented the collection of 125,000 items to University officials on the Oxford campus. Participating were Jay Rothberg, AICPA Vice President - Office of the CEO, and Dr. Gary J. Previts of Case Western Reserve University, a member of the AICPA Foundation Board of Trustees.

International Showdown Brewing Over Accounting Standards

The International Accounting Standards Board, formed earlier this year to " promote convergence on a single set of high-quality, understandable, and enforceable global accounting standards" announced its technical agenda earlier this month, and the reaction already has sent shock waves through the US business community.The IASB has indicated that it plans on attacking some of accounting's most disputed issues, including an examination of whether companies should

Happy 20th Anniversary, PC!

This weekend marked the 20th anniversary of the release of IBM's revolutionary new product, something called a personal computer.It was August 12, 1981.
AccountingWEB Life

Five Time Management Tips of the Commanders in Chief

Many American Presidents have been fast learners in the areas of time management and perfecting the art of the discipline.From noted historian, William Doyle, author of The Oxford History of the French Revolution, and Inside the Oval Office: The White House Tapes from FDR to Clinton, here are five tips practiced by U.S. Presidents of the 20th century who have mastered the skill of time management: 

AccountingWEB Weekly Resource Guide - Issue 13

AccountingWEB Weekly Resource Guide - Issue 13 August 13 - 17, 2001 ACCOUNTINGWEB'S WEEKLY FEATURED RESOURCES1. Workshop: Moving to the Paperless Audit Engagement2. Workshop: Training the Automated Auditor3. Are 529 Plans the Best Way to Save for College?4. Free 401(k) and the Ability for Professionals to be Compensated5. The Value of Direct Marketing and Lead Generation6. How Well Do You Know Your 401(k)?7. New Income Tax Brackets - Guest Article8.

FEI Study: US Companies Face International Disadvantage

A new study performed by the Financial Executives International (FEI) Research Foundation finds that US companies doing business in the international market face tax disadvantages in comparison to their international counterparts.Tax laws that allocate US interest expense to foreign source income and that limit the use of foreign tax credits can frequently result in double taxation for US companies.The study, which is the second edition of a study performed in 19

PC World Reviews New Version of Peachtree

Peachtree's Complete Accounting 2002 program is now in its testing phase and the staff at PC World Magazine has some nice things to say about the program.The most highly-touted feature is an expansion of the multi-pricing component which enables the user to assign up to 10 prices to each item that is for sale. Prices can be fixed or calculated based on a percentage of the cost.

Taming the E-Mail Tiger Before it Bites You

By Scott Cytron, ABC, Cytron and CompanyI have a friend who does marketing for a national accounting group. She confessed to me recently that if her e-mail system is down, she might as well not come to work. In fact, she blatantly admitted that she spends her entire day sending and receiving e-mails. You must keep in mind that my friend is very good at her job, and is incredibly successful in bringing together members of the group who are spread, literally, across the United States.

AccountingWEB Weekly News Wrap-Up - Issue 107

AccountingWEB Weekly News Wrap-Up - Issue 107August 10, 2001This AccountingWEB Newswire Sponsored by:PricewaterhouseCoopers ComperioTHIS WEEK'S NEWS FROM ACCOUNTINGWEB1. We Are Cognitors2. Second Generation Worm is At Large3. Dell Pulls in Reins on Linux4. How Well Do You Know Your 401(k)?5. It's (Un)Official - New SEC Chair Sworn In6. Study Shows Consulting Does Affect Auditor Independence7.

Tip: Using Excel's SUMPRODUCT Function

Excel provides a useful function called SUMPRODUCT which can be used to find summation of multi dimension data series. For example: You have number of cartons in cells A1:A5Number of units in each carton in cells B1:B5Price of each unit in cells C1:C5 You want to find the total cost of the stock. The answer is simple. You use the following formula: =SUMPRODUCT(A1:A5,B1:B5,C1:C5) You don't need to multiply A1*B1*C1 and then copy it down. This function seems to be quite handy and can be used for many other calculations.


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