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Investments
MUTUAL FUND STRATEGIES
Cynthia Harrington
With more sophisticated analysis tools and mutual funds that have adapted over time to meet investor needs, CPA/financial planners are likely to find an increased role for these funds in their clients’ portfolios. Here are some strategies to take maximum advantage of this nearly century-old investment.

Investment Planning
WHEN THE SEC KNOCKS…
Brian Carroll
Sooner or later, SEC-registered investment advisers can expect a visit from a representative of the commission’s Office of Compliance Inspections and Examinations. Here are the procedures the SEC uses to examine investment advisers. Forewarned is forearmed.

Practice Management/Legal Issues
AN ETHICS QUIZ
John F. Raspante
A liability insurer shares lessons from its archives to refresh CPAs’ awareness of the everyday ethical issues that are part of performing client services. Here are nine scenarios along with the standards citations that pertain to them. How will you measure up?

Financial Reporting
HAZY REPORTING
Thomas J. Phillips Jr., Michael S. Luehlfing and Cynthia Waller Vallario
Earnings releases containing non-GAAP, pro forma numbers that are incomplete or misleading can create inconsistencies with companies’ financial statements and confusion for investors. Corporate CPAs who prepare numbers for earnings releases and external auditors, when asked to review them for their clients, can ensure that reporting remains consistent with or reconcilable to GAAP-based information by following interim SEC and FEI/NIRI guidelines.

In My Opinion
TODAY’S BUSINESS: THINK VALUE, NOT DOLLARS
Steven L. Goldman
The growth of outsourcing places a heavy burden on accountants—they will have to determine the true value of a business beyond mere numbers.

Technology Workshop
BLOCK THAT SPREADSHEET ERROR
Theo Callahan
A single mistyped value entered into a spreadsheet cell can upset an entire workbook. An effective way to block errors is to use Excel’s validation function. While it doesn’t prevent the original mistake, it does sound an alarm so a user can correct it before it ruins the spreadsheet.

The Fraud Beat
BILLING SCHEMES, PART 2: PASS-THROUGHS
Joseph T. Wells
When the cost of a business’s raw materials skyrockets, auditors and management should find out why and determine whether employees and vendors are involved.

Inside AICPA
PRIVACY FRAMEWORK HELPS CPAs PROTECT CONSUMERS
J. Louis Matherne and Erin P. Mackler
Bad press, lost business and even litigation can await companies that violate any of the diverse regulations protecting the confidentiality of customers’ personal information. So the AICPA is developing a set of best practices to help practitioners keep their clients and employers in compliance and out of trouble.

News Digest
Accounting…Auditing…Corporate Governance…Education…Employee Benefits…Financial Reporting… Fraud…Government Accounting… International…Professional Issues…FYI.

Correction
The date for complying with the Standards for CPE programs is corrected.

The Internet
Smart stops on the Web.

At a Glance: Charts and Graphics
Customers a high priority.
What drives women entrepreneurs.
Starting salaries up from last year.
It’s costly to comply.

Letters
Enron affects all CPAs.
When foxes guard the hen house.
Profession should police itself.
Revisiting hedge funds.

Checklist
Speed up the writing process.

Tax Matters
Tax brief: New break for teachers.
Tax case: Clarifying unrelated business income.
Tax case: Some severance not subject to employment taxes.
Line items.
Tax notes.

From the Tax Adviser
Determining the form of doing business in Canada.

Technology Q&A
Open multiple e-mails simultaneously…Wrap Excel text with just a double-click…How to remove (or spare) cookies…Enlarge the tiny text in the Comment and Track Changes balloon…Replace the missing msconfig file…A better way to make a copied Excel formula constant…Excel and Word shortcuts.

Inside AICPA
AICPA recruitment program wins plaudits.
Ohio CPA recognized for community service.
Institute gains recognition as “employer of choice.”
AICPA’s financial fair for women earns accolade.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue