Global CPA Report June‌ 4, 2014
Spotting Fraud  Free Guide for Non-Profits

Top Stories
Gaining insights when data is sparse
Advanced analytics and data mining require giant datasets, but Big Data is often not available, for example, in emerging markets or in specialized niche industries. Find out how to make smart decisions based on limited intelligence.
Strategy + business
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How good leaders can fail
Good leaders tend to see the future, seize it, and shape it. But amidst their confidence and charisma, they can easily fail by underestimating the challenges they’re up against.
INSEAD
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Converged revenue recognition standard introduces new steps
The newly released financial reporting standard introduces a five-step process to recognize revenue and is designed to create greater comparability for financial statement users across industries and jurisdictions.
Journal of Accountancy
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Africa
US companies train their eyes on African markets
African markets are receiving increased attention from the United States as three senior U.S. trade and economic officials are looking to strengthen ties with Africa by boosting the presence of U.S. companies on the continent.
Financial Times
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Americas
Eight attributes of high-functioning CPA firms
Why do some firms flourish while others struggle? High-functioning CPA firms all seem to share eight attributes. Find out what they are.
CPA Insider
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How to assess culture fit before a firm merger
When asked why a merger between two accounting firms failed, managing partners often say something like, “The culture of the other firm was not consistent with ours.” Find out how to assess and manage fit earlier in the process.
Journal of Accountancy
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What you can learn about fraud prevention from a casino
An internal auditor at Caesars Palace, one of Las Vegas’s most iconic casinos, shares the house’s tips for detecting and combating fraud.
FVS News
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IRS will let disbarred practitioners prepare tax returns
Journal of Accountancy
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Asia
Hong Kong securities regulator must be able to see Chinese audit documents
A Hong Kong court ruled that international auditors must hand over their mainland China documents to Hong Kong securities regulators in spite of Chinese secrecy laws.
South China Morning Post
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Tax disputes with multinationals could hamper India's economic growth
The lingering disputes between Indian tax authorities and several multinational companies could steer corporate investments away from India. It’s a major problem India’s new finance minister must tackle.
Business Insider
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China's state-owned enterprises must get rid of U.S. consultants
Reuters
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Australia/Oceania
Professional skepticism is an auditor's tool of the trade
Amir Ghandar, CPA Australia policy adviser, and Damian Cotchett, psychologist and senior consultant at Nous Group, discuss what professional skepticism means for auditors, and how they can hone it.
InTheBlack
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Europe
Bank audits continue to disappoint UK regulator
The U.K. Financial Reporting Council found that more than half of all audits of banks and building societies, which are mortgage providers, were in need of improvements. Bad debts were of particular concern to the regulator.
Guardian | Economia | Financial Times
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Swiss to hand over tax haven list
Swiss banks have agreed to provide U.K. authorities with a list of the top 10 tax havens used by U.K. taxpayers to transfer money from their Swiss bank accounts.
AccountancyAge | Economia
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UK launches criminal bribery investigation of GSK
Reuters
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Mandatory audit firm rotation rules become part of EU laws
CGMA Magazine
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France's tax revenues fall short of expectations
BBC
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AICPA News
AICPA proposes changes to peer review standards
The exposure draft Proposed Changes to the AICPA Standards for Performing and Reporting on Peer Reviews outlines changes the AICPA Peer Review Board has proposed to remove inconsistencies and improve the transparency of reports for engagement reviews.
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AICPA Resources
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Global CPA Report
Lead Editor: Sabine Vollmer
AICPA
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GlobalCPAReport_Editor@aicpa.org
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The American Institute of CPAs is the world's largest member association representing the accounting profession, with more than 394,000 members in 128 countries and a 125-year heritage of serving the public interest. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant (CGMA) designation to elevate management accounting globally.

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