May 2010 Of Interest

Quantum of Paperless: Partner’s Guide to Accounting Firm Optimization (Ch. 1 Excerpt)

We are pleased to provide you with an introduction and first chapter to technology consultant Roman Kepczyk’s “Quantum of Paperless: Partner’s Guide to Accounting Firm Optimization” which outlines how your firm can make quantum leaps in improving your firm’s technology utilization. Since the core busy season is over, now is the time to take a look at what you can improve upon today! (InfoTech Partners North America)

IFAC President Bob Bunting: “IFRS Adoption Is Necessary to Keep U.S. Businesses Competitive

Bob Bunting shares his views of IFRS implementation, the US profession’s acceptance, client resistance to IFRS, cost concerns and how the world of academia will prepare students for the international environment that we are moving in to. Going Concern)

IRS Updates FAQs on Proposed Return Preparer Registration Plan

The IRS updated its online frequently asked questions page about its proposal to require return preparers to register with the IRS and for unenrolled preparers to pass a test and take annual continuing professional education (CPE) courses. Journal of Accountancy)

KPMG Wins Dismissal of Madoff Feeder Fund Lawsuit

In an opinion issued at the end of March, Judge Thomas Griesa, of the U.S. District Court in Manhattan, said the audit firm could not be sued in the case because it lacked actual intent to deceive, manipulate, or defraud the investors in the funds that brought the suit. (Reuters)

PCAOB Seeks Director, Financial Reporting Fraud Resource Center

The Public Company Accounting Oversight Board is seeking to fill a newly created position of Director of the Financial Reporting Fraud Resource Center, which is being established in response to a recommendation from the Treasury Advisory Committee on the Auditing Profession. (PCAOB)

Characteristics and Skills of the Forensic Accountant

The AICPA recently published Characteristics and Skills of the Forensic Accountant, a survey of attorneys, forensic CPAs and academics that presents their “views on the qualities they believed were essential in a forensic accountant.” (AICPA)

2010 Global Internal Audit Study: Internal Auditors Should Serve as Strategic Advisors on Risk Assessment and Management

PricewaterhouseCoopers’ sixth annual Global state of the internal audit profession survey found that with global industries, economies and regulatory environments forever altered by the recent financial crisis, strategic risk management has become a key issue for business leaders. According to the 2010 survey of more than 2,000 executives from more than 50 territories, internal audit professionals have the companywide visibility and mandate to lead their organizations in enhancing this capability. (PWC)

Clifton Gunderson Technology Solutions Identifies Top Five Technology Trends for 2010

During the economic downturn, technology spending was focused primarily on maintenance rather than strategic growth. Even after nearly two years, some businesses continue to take a “wait and see” approach to technology plans and investments. Clifton Gunderson Technology Solutions has identified the top five trends that will impact technology investments for the remainder of 2010. (Clifton Gunderson)