TEXTAREA_ID

By George Violette and John Sanders In 2003, PricewaterhouseCoopers published a paper titled Educating for the Public Trust, in which the company outlined its position on accounting education. The paper suggested reforms in the delivery of formal accounting education that are needed to attract and develop “a consistent flow of quality talent” to the profession. … Continue reading Helping Students Identify Opportunities in the Accounting Profession

By George Violette and Charlotte Pryor MARCH 2005 - There is a sentiment among some public accountants that if they could do it all over again, they would not enter the accounting profession. Some say the hours are too long, and the resulting strain on family and personal health is more than they wish to … Continue reading The Importance of Educators and Coursework in Choosing an Accounting Career

By Joseph O’Donnell and Jennifer Moore MAY 2005 -Auditors often provide assurance on computerized controls, where electronic transactions are processed without a paper audit trail. Section 404 of the Sarbanes-Oxley Act (SOA) requires auditors to evaluate a company’s internal controls. SAS 94, The Effect of Information Technology on the Auditor’s Consideration of Internal Control in … Continue reading Are Accounting Programs Providing Fundamental IT Control Knowledge?

By Michael J. KrauseNOVEMBER 2005 - While the accounting cycle and FASB’s conceptual framework are a dominant part of the initial instructional unit in an intermediate accounting course, these two topics should also serve as a pervasive reference point for all subsequent financial accounting discussions. Successful accounting education depends upon students knowing why professional practice … Continue reading Bridging the Gap Between Professors and Practitioners: ‘Quasi-’Case Studies

By Jacqueline A. Burke, Robert Katz, Sheila A. Handy, and Ralph S. Polimeni JANUARY 2008 -The 21st century accountant is more of a consultant than in the past, and needs to be able to locate both financial and nonfinancial information. Accountants need to know what databases and other resources to access, how to extract the … Continue reading Research Skills: A Fundamental Asset for Accountants

By Paul E. Zikmund JUNE 2008 - Auditing is increasingly difficult and challenging, with new rules and regulations encouraging, if not requiring, auditors to enhance their efforts to detect fraud during an audit. Unfortunately, these rules and regulations contain terms like “reasonable,” “material,” “professional skepticism,” and “brainstorming,” whose meanings vary in the minds of different … Continue reading Reducing the Expectation Gap Forensic Audit Procedures

By Jill P. Giles, Elizabeth K. Venuti, and Richard C. Jones The Sarbanes-Oxley Act of 2002 represents the most significant securities law reforms since the Securities Act of 1933 and the Securities Exchange Act of 1934. Due to widespread outrage over financial frauds, including Enron and WorldCom, Congress acted swiftly to pass laws that increase … Continue reading The PCAOB and Convergence of the Global Auditing and Accounting Profession

By Elizabeth K. Venuti and Richard C. Jones The International Accounting Standards Board (IASB) has taken a leadership position among accounting standards-setting bodies in the global effort to require the recognition of share-based payments (i.e., equity-based compensation) at fair value. International Financial Reporting Standard 2, Share-based Payment (IFRS 2), was issued February 19, 2004. The … Continue reading Developments in International Standards Setting: Equity-Based Compensation

By Richard C. Jones and Elizabeth K. Venuti FEBRUARY 2005 - The International Accounting Standards Board (IASB) has found the task of establishing standards on accounting for financial instruments, including derivatives, as challenging as FASB has. The international guidance on accounting for financial instruments is contained mainly in two standards: International Accounting Standard (IAS) 32, … Continue reading Accounting and Reporting for Financial Instruments: International Developments