RETIREMENT
PLANNING
Social Security: What’s the
Magic Age?
by
Kathryn Garnett
Here’s your
chance to find your way through the
Social Security maze—from computing
how much you will receive to deciding
when to start taking benefits to the
sticky issue of taxation.
 For CPAs who advise clients
on retirement planning or who are
approaching retirement themselves.
RETIREMENT
PLANNING/WEALTH MANAGEMENT
Going Forward With Reverse
Mortgages
by
Howard Godfrey and Edward Malmgren
Elderly homeowners
often obtain supplementary retirement
funds through reverse mortgages. Getting
a reverse mortgage can be a great
financial move, but caution is needed
because in some circumstances it can be
very expensive. Here’s a guide
through the pros and cons.
For CPAs who offer retirement
planning services.
AUDITING
Assessing and Responding to
Risks in a Financial Statement Audit
by
John A. Fogarty, Lynford Graham and
Darrel R. Schubert
The Auditing
Standards Board released eight new
auditing standards—SAS nos.
104–111—to provide guidance
concerning the auditor’s assessment
of and response to the risks of material
misstatement in a financial statement
audit. The SASs are effective for audits
of nonissuers for periods beginning on or
after December 15, 2006. 
For CPAs on audits
of private companies and other
nonissuers.
BUSINESS
& INDUSTRY
A Strategic Player
by
Larry E. Rittenberg and Richard J.
Anderson
Internal
audit—headed by a chief audit
executive—is playing a major role in
companies’ efforts to strengthen
corporate governance and internal
controls. Audit committees and senior
management are seeking strong and capable
CAEs to lead these efforts. Here’s
how to pick one.
For CPAs making career
changes or helping companies recruit a
CAE.
PEER REVIEW
Enhancing Public Confidence: The
GAO’s Peer Review Experience
by
The Honorable David M. Walker,
Comptroller General of the United States
To assess its own
effectiveness, Congress’s watchdog
agency obtained independent peer reviews
of its financial and performance audits.
The results are in: The reviewers
recommended GAO procedures be used as
better practices on a worldwide basis.
For CPAs involved with
auditing and/or peer review.
PRACTICE
MANAGEMENT
The Small Firm Advantage
by
James C. Metzler
Local practices
have a competitive edge in recruiting,
retention, client service and other
operational areas. Many AICPA programs
and services support them, as well as
their small business clients.
For For sole practitioners
and small firms.
TECHNOLOGY
WORKSHOP
Get the Word Out
by
Jeff Lenning
CPAs can use secure
Web sites to store many years of data,
permitting quick and easy access to them.
The sites, also called reporting portals,
can handle information that is formatted
in many different ways, making it easy
for clients to access it 24/7.
For all CPAs.
HIGHLIGHTS
NEWS DIGEST
Accounting…Auditing…Financial
Literacy…International…Money
Laundering…FYI.
THE
INTERNET
Smart stops on the Web.
AT A
GLANCE: CHARTS AND GRAPHICS
Going it alone.
A mutual concern.
AMT = A Mean Tax.
Uncle Sam means business.
Good news for employers.
What an upper!
TOP
LINE
News, people, trends and other
noteworthy items.
CHECKLIST
Are your qualified retirement
plans up to date?
TAX MATTERS
Tax Case: Refining the
definition of a capital asset.
Tax Case: Co-op real estate
taxes not deductible for AMT.
Tax Case: When is a liability a
liability?
FROM THE
TAX ADVISER
Lobbying
and political activities of public
charities.
TECHNOLOGY
Q&A
by
Stanley Zarowin
Print with or without Track
Changes comments…A
fast way to replace two spaces after the
period with one…Search
multiple worksheets…Outlook
has a “You’ve Got Mail”
option…A
better way to stamp…A
good idea…Another
better way.
FRAUD
by
Joseph T. Wells
What’s
Your Fraud IQ?
Think you know enough about corruption to
spot it in any of its myriad forms? Then
rev up your fraud detection radar and
take this (deceptively) simple test.
REVIEWS
Business bookshelf.
INSIDE
AICPA
Institute briefs Congress on its
financial reporting innovations.
THE LAST
WORD
A
closer look at some of the intriguing,
inspiring and imaginative folks who are
the heart of the AICPA.
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