Fraud
OCCUPATIONAL FRAUD: THE AUDIT AS A DETERRRENT
Joseph T. Wells
A study showed that when employees believed their company had controls in place to detect wrongdoing they were less likely to commit fraud. Nonetheless, occupational fraud losses have risen and the methods fraudsters have used range from the silly to the sophisticated.

ROOT OUT FINANCIAL DECEPTION
W. Steve Albrecht and Conan C. Albrecht
Businesses are prime targets for embezzlers and other white-collar offenders. But CPAs, armed with software capable of even simple analysis, can help their clients and employers stop such criminals before they cause extensive damage.

Professional Issues
RESTORING PUBLIC CONFIDENCE
James G. Castellano
In the wake of Enron’s collapse, the AICPA chairman says that to restore public confidence in the auditing profession, CPAs must strengthen the self-regulatory process. The Institute is now implementing reforms on several fronts.

THE RISE AND FALL OF ENRON
C. William Thomas
How the “most admired company in the world” succeeded in eroding analyst and investor trust. The effects of the scandal are far-reaching, but the AICPA and the SEC are working to restore faith in the financial markets.

Auditing
THE NEW AUDIT DOCUMENTATION REQUIREMENTS
Ray Whittington and Gretchen Fischbach
In its first major change to audit documentation guidance in 35 years, the auditing standards board issued a new standard that provides general guidance on the nature and extent of documentation necessary to support an auditor’s report. It also adds to certain other SASs specific guidance on this subject.

Disaster Planning
IS YOUR BUSINESS PREPARED FOR THE WORST?
Joseph A. Gerber and Elliott R. Feldman
Effective disaster planning requires companies to take steps to identify the personnel and issues that need to be part of the process. The tragic events of September 11 showed that planning can’t be put off until tomorrow.

Technology
BACK UP YOUR DATA TO SURVIVE A DISASTER
James E. Hunton
If your organization is struck by a disaster, could you retrieve your mission-critical computer data? Read about ways to protect that information so you can get back in business quickly.

In My Opinion
QUALITY FINANCIAL REPORTING
Paul B. W. Miller
The author’s concept of quality financial reporting urges financial managers to adopt a new attitude. Rather than merely meeting minimum requirements, they can cut capital costs and increase the company’s stock price by voluntarily improving their financial reports.

Financial Reporting
A NEW SCORECARD FOR INTELLECTUAL PROPERTY
James J. Donohue and Cynthia Waller Vallario
FASB’s new standards on business combinations identify intellectual property as intangible assets requiring a separate valuation apart from goodwill. Here’s some guidance on how to spot potential accounting problems to ensure companies are not subject to SEC scrutiny after a deal is completed.

Education/Professional Issues
THE CRISIS IN ACCOUNTING EDUCATION
Alexander L. Gabbin
CPAs can play an important part in improving accounting education. They have a vested interest in helping educators bridge the gap between classroom skills and those businesses demand.