Journal of Accountancy Large Logo
March 2013
Clarifying the standard for group audits
AUDITING
Auditors of group financial statements will find clearer requirements and guidance in a new standard developed as a part of the AICPA Auditing Standards Board’s Clarity Project. Read about the changes in terminology and more precisely articulated group auditor responsibilities described in the new standard.
How to do business in India
MANAGEMENT ACCOUNTING

India is a top investment destination, but the country’s regulations can be cumbersome, enforcing contracts can be difficult, and corruption remains a problem. The JofA asked Vikas A. Sekhri, a CPA and chartered accountant in India, who has been an adviser managing tax due diligence, transaction structuring, reorganizations, and related projects for transactions from $10 million to $800 million worldwide, to talk about India’s laws and business culture.

TAX
The U.S. Supreme Court’s decision on the examination period for basis overstatements leaves questions about judicial review of IRS regulations.
PROFESSIONAL LIABILITY SPOTLIGHT
Evaluating clients annually is good practice management for a professional services firm. A firm’s strategies, areas of practice, and risk profile change over time. As a result, certain clients may no longer be a desirable fit for the firm.
MANAGEMENT ACCOUNTING

The appetite for CFOs to participate on corporate boards is increasing—a demand that, if met, could help not only companies, but also the financial professionals who end up in board roles.

FRAUD

Corporate governance practices are essential in the fight against fraud in organizations. Are you up to date on the hot issues and recent developments in corporate governance? Find out in our Fraud IQ quiz.

TAX
Captive insurance companies offer many advantages to corporations and shareholders, but many people associate them with large enterprises that set up offshore subsidiaries. This article examines the advantages of this type of arrangement for closely held businesses, including reducing insurance costs, shielding assets from creditors, and lowering taxes.
FRAUD
Small businesses often lack resources to implement appropriate fraud prevention and detection techniques. CPAs can help small business clients combat fraud with this easy-to-use assessment tool that can help pinpoint potential trouble spots.

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