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Audits at the Crossroads

On January 12, 2015, The CPA Journal sponsored a symposium featuring three of the profession’s foremost thought leaders, who discussed the state of the auditing profession— specifically, the rationale behind the PCAOB’s current initiatives, recent PCAOB inspection and peer review findings, and developments in financial reporting and auditor communications. The panelists were Gregory J. Jonas, director of the Office of Research & Analysis at the PCAOB; Rita Piazza, a director in the Professional Practice Group at Marks Paneth LLP; and Cynthia M. Fornelli, executive director for the Center for Audit Quality (CAQ).

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Publisher's Column

Related Parties, Then and Now

The notion that related-party transactions
require heightened scrutiny has a long history. Transactions with related parties have historically been associated with misstatements and fraud. Several prominent frauds—Refco, Enron, Adelphia, and Tyco—serve as familiar examples. New guidance from the PCAOB in the form of AS 18 should lead to increased auditor scrutiny of the relationships and transactions, and result in improved audits.
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What’s Past Is Prologue

In a 1932 issue of Fortune magazine— tucked in between stories about U.S. Steel and the possible ways “moving pictures” could serve as a promotional tool—the editors took an in-depth look at certified public accountants. The country was mired in the Great Depression, and the need for credible, impartial financial information made CPAs all the more newsworthy.
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Can Professionalism and
Commercialism Coexist in CPA Firms?

The news concerning
(PwC) acquisition of Booz & Company rekindled discussions surrounding independence issues with respect to accountants providing both assurance and other services to their clients. Upon closer examination, however, more is involved than just independence.
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The CPA Journal is broadly recognized as an outstanding, technical-refereed publication aimed at practitioners, educators, regulators, and other financial professionals. Our goal is to provide the Journal’s readers with insight and analysis on developments in the areas of accounting, auditing, taxation, finance, management, technology, and professional ethics.

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