Black Box Accounting

Black Box Accounting: good or bad? I would like to start by saying that just 30 years ago, the set of rules governing corporate accounting in the USA would fill no more than three volumes and would fit in a briefcase of any corporate workers. Since then, nevertheless, the financial and accounting standards have increased […]

Fraud Audit Standards

New Fraud Audit Standards. Speaking about fraud I would like to say that it is rather popular in the USA especially in the large multibillion dollar corporations that probably become too greedy to report all their earnings to the IRS or who try to overstate their statements to attract even more cash from the investors […]

Role of AICPA council

The role of AICPA council in anti-fraud program. Speaking about this AICPA topic I would like to note that it is very instructive in terms of organizational structure and the role-sharing. The special task force was appointed in February to study the role and responsibilities of the governing Council of the American Institute of Certified […]

Sarbanes-Oxley Act

How the Sarbanes-Oxley Act of 2002 Impacts the Accounting Profession Sarbanes-Oxley Act of 2002 signed by Bush certainly impacts the accounting profession in the USA. The first thing I learned from gathering the information about this act is that a new financial authority is to be formed. The so called “Public Company accounting oversight board” […]

Privacy solutions

Topic1: Enterprise-Wide Privacy Solutions and the creation of the Enterprise –Wide Privacy solutions task force for CPAs and companies. The concept of privacy is widely debated nowadays in press and mass media. Accounting profession, namely CPA is no exceptions.  From the article found at i learnt that with the increased advent of information technology […]

Financial fraudulent schemes

Need for overcoming financial fraudulent schemes Most investments are legitimate and the majority of registered salespeople are considered by the US customers to be honest. However, some salespersons are not honest and some “investments” are phony which once again present a fraudulent financial scheme. Everybody should thoroughly research any “investment opportunity” , especially if it […]

Who oversees the audit firms?

Who oversees the audit firms? Here I would like to note that as four government agencies and six committees of the US Congress investigated and assessed the US giant Enron failure, it’s important to recognize that the failure of Enron contributed to the failure of Arthur Andersen (one of the big five accounting firms) as […]