SURVEY RESULTS: Despite Fiscal Cliff, Accountants Remain Relatively Upbeat for the Year Ahead

Not so sure, however, about their clients or the rest of the U.S.
Click here to take survey and get the results.

Tax and accounting professionals are entering 2013 with deep concerns about the U.S. economy, but are more confident about their abilities to survive and thrive nonetheless, according to a new CPA Trendlines poll.

How confident are you…?

The poll compares the industry’s confidence levels for the economic outlook in four areas: themselves and their families, their firms or organizations, their clients and customers, and for the nation in general. The discrepancies are sometimes jarring – and their remarks reveal much about the industry’s psyche, as well as some business strategy. READ MORE →

A&A Update: Clarified auditing technical literature [PODCAST]

Practical accounting and auditing guidance from the Plain-English A&A update service by Dr. Thomas A. Ratcliffe, PhD, CPA

EXECUTIVE SUMMARY

The accounting and auditing issues that are discussed in this bi-weekly report are as follows:

1) AU-C Section 560: Subsequent Events & Subsequently Discovered Facts – In implementing the clarified auditing technical literature beginning with calendar-year 2012 financial statement audit engagements, auditors will find new guidance that needs to be followed in addressing subsequent events and subsequently discovered facts.

2) AU-C Section 580: Written Representations from Management – The clarified auditing technical literature also contains new guidance associated with written representations from management that are required to be received as an integral part of each financial statement audit.

3) AU-C Section 585: Consideration of Omitted Procedures – In implementing the clarified auditing standards, auditors also need to consider new guidance associated with how omitted procedures should be addressed.

Click here for the quick, 12-minute podcast:

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