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Pension Liabilities to Hit Government Financial Statements
It is no secret that the preponderance of government pension and welfare benefit plans are under funded. For over a decade, pundits have been raising alarms about this situation to anyone who would...
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Welcome, New CPAs!
While I admit I have not kept an official count, I do know that our Firm has enjoyed significant success in the past twelve months with respect to the number of (young) staff members passing the CPA...
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AICPA 125th Anniversary
Congratulations to the American Institute of Certified Public Accountants (AICPA) on the 125th anniversary of its founding. When the AICPA convened for its Spring Meeting of Council it celebrated its...
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Changes are A Comin’!
Consistency. It is a basic tenet of the accounting and auditing profession. We like things to be consistent from one period to the next. When they are not our antennas immediately go up....
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Political Conventions Versus Financial Reporting
Now that both the Republican and Democratic national conventions are over, we will soon decide who the next President of the United States will be. This will clearly be a time of significant debate...
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Internal Control – A History Lesson
Would you like a little history lesson today? Okay, let’s look at the last 20 years of developments in what we auditors call “internal control.” First of all, what is internal control? In accounting...
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Will Your Auditor Pass the Test? Tools For Evaluating Your External Auditor
Last week, the Journal of Accountancy published an article which cited that The Center for Audit Quality (CAQ), which is affiliated with the American Association of Certified Public Accountants...
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Internal Controls and the US Department of Justice
In a recent The Auditor’s Opinion blog… my colleague, Beverly Linane, wrote about the evolution of thinking on internal control over the past twenty years starting with the 1992 release of the Treadway...
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Even a Tattoo Artist Needs a Process!
I recently watched the season finale of the television show “Inkmaster.” Now before we go any further, I would like to make it clear that I have no tattoos (unfortunately, I am just not cool enough,...
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Is There a Resolution to the Big GAAP Versus Little GAAP Controversy?
There has been a long-standing discussion about the financial reporting needs of diverse groups of entities and whether small companies would be better served with a different financial framework that...
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