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Auditing
THE CPA’s ROLE IN FIGHTING MONEY LAUNDERING
Alan S. Abel and James S. Gerson
As financial transactions become more intricate and banking systems speed vast sums around the world, it’s easier for drug cartels and other money launderers to transform their ill-gotten gains into legitimate assets. More than ever, government and business rely on the accounting profession to help them control this threat to the international economy.

The Fraud Beat
GHOST GOODS: HOW TO SPOT PHANTOM INVENTORY
Joseph T. Wells
Manipulating inventory figures is the method of choice for companies that commit fraud. A 1999 study found that inventory overstatements constituted the majority of asset valuation frauds.

Financial Reporting/Auditing
THE RIGHT WAY TO RECOGNIZE REVENUE
Thomas J. Phillips Jr., Michael S. Luehlfing and Cynthia M. Daily
One way CPAs can choose appropriate revenue recognition policies for their employers or clients is to understand the problems companies face in complying with SEC requirements under SAB 101 and look at questionable practices businesses should avoid.

E-Commerce
GET READY FOR THE WORLD OF B2B
Robert Tie
Business-to-business electronic marketplaces haven’t yet delivered on their promises to cut costs and expand markets for participating companies. But while these exchanges get their acts together, CPAs can use the time to help their employers and clients develop the technological capabilities they need to do business in the B2B arena.

E-Business Profile
WHAT WE SELL IS BETWEEN OUR EARS
Michael Hayes
Carolyn Sechler, CPA, says she got started with computers out of curiosity about how to do standard accounting tasks in a more time-efficient manner. Now she heads a 14-member workforce that performs IT and management advisory consulting along with traditional CPA services. A virtual office spanning several states and two countries connects the team.

Technology Workshop
TWEAKING THE NUMBERS
Theo Callahan
You can set up a spreadsheet in a what-if format to graphically demonstrate in real time the results of various financial scenarios.

Tax/Practice Management
AUDITOR INDEPENDENCE AND TAX PRACTITIONERS
Tom Purcell and David Lifson
The new SEC auditor independence rules cast a wide net. The rules might prevent tax practitioners from doing some of the tasks they traditionally perform in the tax area for audit clients, including representing the client before the Tax Court.

News Digest
Accounting…Auditing…Banking… Employee Benefits…Financial Reporting…Fraud…Government Accounting and Auditing…International…Professional Issues…FYI.

Frontline Views
The profession’s new Web portal will arm practitioners with tools that enhance the value of traditional services and recast CPAs as strategic business advisers.

The Internet
Smart stops on the Web.

By the Numbers
Most corporate leaders are unhappy with the pace of change in their organizations.

At a Glance: Charts and Graphics
Keeping office politics in its place.
Systems OK, CIOs say.
More are giving it away.

Checklist
Preparing for e-commerce taxation: the nexus issue.

Tax Matters

Tax Brief. Individual. A principal residence in an irrevocable trust may not qualify for a complete home sale exclusion.

Tax Brief. Individual. The Tax Court rejects the Shackleford case; the value of future lottery payments must be determined using annuity tables.

Line Items.

Tax Cases. Innocent spouse provisions.

From the Tax Adviser
Use the $10,000 annual gift tax exclusion.

Technology Q&A
Graphics to protect spreadsheet cells…View all the Palm applications…Unscrambling Word formatting when copying text…Identifying those plastic doodads…An easy way to count the blanks… Lock the Format Painter… Quick worksheet jumping…Fill a range in Excel…Upgrade advice.

For the Practicing Auditor
Research Summary 13: Workpaper Reviews.
Research Summary 14: Audit Committees and Auditor Selection.

Inside AICPA
Sells award winners announced.
AICPA and state societies form LLC.

Index
Six-month index.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue