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COVER
STORY
Audit
CommitteesConfront Risk
-- Mary Pat McCarthy and Timothy P Flynn
A
rigorous four-part oversight framework focusing on risk, controls,
audit oversight and management's role can offer valuable methodology
for understanding and monitoring key processes, and protect
the audit committee and the company from undue risk exposure.
© June 2004, Financial Executives International (www.financialexecutivemag.com).
Reprinted with permission.
BUSINESS
ENVIRONMENT
WorldCom
Extreme Makeover
-- Joseph McCafferty
How
Robert Blakely and an army of accountants turned fraud-ridden
WorldCom into squeakly-clean MCI.
© July 2004, CFO Magazine (www.cfo.com). Reprinted with premission.
AUDITING
Muddled
Auditing Practices
-- Shann Turnbull
The
muddled audit practices in US are a result of the emphasis
its audit system places on providing `economic value' through
audited accounts whereas the UK model is based on letting
the auditors play the governance role.
© 2004 IUP. All Rights Reserved.
FORENSIC
ACCOUNTING
Fraud
Detection is not Just by the Numbers
-- Francis C Brulenski and Ricardo J Zayas
Existing
guidance under GAAS is confined to fraud detection process.
Beyond this there are more questions , where answers have
to be found on case-by-case basis.
© Summer 2004, the Pennsylvania CPA Journal, a publication
of the Pennsylvania Institute of Certified Public Accountants
(www.picpa.org/asp). Reprinted with permission.
FORENSIC
ACCOUNTING
Emerging
Role of Accountants in Forensics
-- K Prashant
Just
as forensic science has been helping catch the criminals for
long, forensic accounting is fast emerging in the arena of
corporate accounting frauds to play a similar role.
© 2004 IUP. All Rights Reserved.
FINANCIAL
REPORTING
StraightThrough
Reporting: Enhancing Reports and Reporting Processes
-- Taro Ikeda and Mike Willis
Present
business environment necessitates appropriate and quick decisions
that are driven by the process of financial analysis that
precedes it, which remained frozen in time for over a century.
PwC's STP is a tool that promises to overcome this by using
open internet standards of XBRL and web services.
© 2004 PricewaterhouseCoopers (www.procglobal.com). All Rights
Reserved. PricewaterhouseCoopers refers to the network of
member firms of PricewaterhouseCoopers International Limited,
each of which is a separate and independent legal entity.
Reprinted with permission.
INTERVIEW
The
SEC's Top Cop is Watching You
-- Rob Norton
Board
members cannot and should not simply assume that the auditors
or lawyers have looked at the issue, so they need not worry.
Directors should ask the extra question and not be satisfied
until they fully understand and are comfortable with the answer.
©
2004 August, Corporate Board Member, www.boardmember.com.
reprinted with permission.
MANAGEMENT
ACCOUNTING
Activity
Based Costing in Banks
-- Debkumar Mukherjee
True
costs in the banking industry are well determined by activity
based costing techniques rather than the traditional costing
system.
© 2004 IUP. All Rights Reserved.
ACCOUNTING
STANDARDS
Accounting
Standards in India - Need for Single Regulatory Authority
-- Sandip Bhatt
To
ensure uniformity in financial reporting, accounting standards
setting should be taken up by a single regulatory body.
© 2004 IUP. All Rights Reserved.
SPEECH
Remarks
Before the Public Hearing on the IASC Constitution Review
-- Donald T Nicolaisen
Having
capable, High-quality professionals in the standards-setting
process is key to the development,issuance and sustainability
of high-quality standards.
©
U S Securities and Exchange Commission (www.sec.gov). Speech
by SEC staff, June 3, 2004, Baruch College, NY.
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