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Software
SPOTLIGHT ON MIDLEVEL ERP SOFTWARE
Roberta Ann Jones
The 10 leading enterprise resource planning (ERP) products are put to the test and the results are described here.

Investments
FREEDOM FROM MARKET SWINGS
William Landberg
CPAs can help clients look beyond stocks to diversify their holdings into alternative investments such as hedge funds. By doing this, they help clients preserve capital and build on it at a consistent rate in all kinds of markets.

THE HEDGE FUND MYSTIQUE
Phyllis J. Bernstein
CPAs shouldn’t mistake the allure of hedge funds for a reason to invest. These complex funds aren’t right for all investors. But despite some risks, when they’re good, they can be very good.

Financial Reporting
AUDITORS' NEW PROCEDURES FOR DETECTING FRAUD
Daniel D. Montgomery, Mark S. Beasley, Susan L. Menelaides and Zoe-Vonna Palmrose
The ASB issued an exposure draft designed to expand audit procedures to address financial statement fraud. The ED does not change the auditor’s existing responsibility to detect fraud in a financial statement audit, but introduces new concepts, requirements and guidance to help him or her meet that responsibility. Practitioners can offer informed opinions on the ED through May 31, 2002.

Management Accounting
SURVIVING SOARING INSURANCE COSTS
Russ Banham
September 11 sent insurance rates soaring—doubling and even tripling in some cases—prompting many businesses to form their own insurance companies as a way to self-insure at lower costs. CPAs should consider doing the same for their firms and their clients.

Business and Industry/Career Development
HOW CFOs STRETCH BOUNDARIES
Randy Myers
Today’s CFOs move easily from balance sheets to boardroom strategies and handle other responsibilities as well. Here are several who broke the mold of the traditional CFO—with advice for CPAs seeking to do the same.

Practice Management
GOT THE PICTURE?
David Lynch and Steven Golen
Charts enhance written and oral financial communications by putting numerical-relationship data in an easily grasped pictorial form. Fit your chart format to the information you need to convey.

The Fraud Beat
LET THEM KNOW SOMEONE’S WATCHING
Joseph T. Wells
Prevention—not detection—is the most effective anticrime strategy. But it takes good controls and a strong communications program to convince would-be criminals their plans—no matter how clever—will fail and that they will suffer the consequences.

Insurance Issues
LONG-TERM CARE INSURANCE
Neil Alexander
As the baby boom generation begins to age, here’s what CPAs must know about long-term-care insurance to advise clients about their need for this coverage.

News Digest
Accounting…Banking… Government Accounting…Privacy… Securities…FYI.

CPA2Biz Update
VeriSign delivers protections for digital CPA documents…Not so fast! Can you really handle that valuation job?

The Internet
Smart stops on the Web.

At a Glance: Charts and Graphics
Businesses worldwide tighten their belts.
…But North American companies still will spend the most.
Sales taxes climb.
Uncle Sam owes you!

Letters
More about CAPM and WACC.
ETFs and taxes.

Checklist
Succession planning with a business living will.

Tax Matters
Tax Brief: Same-sex partner benefits do not disqualify tuition plan.
Tax Case: FICA wages?
Tax Case: Self-rental regulation upheld again.
Line items.
E-filing experiences sought.

From the Tax Adviser
U.S. export rules in question.

Technology Q&A
Spying on Outlook’s return receipt…Watch out when loading utilities in XP…Word’s default: Make it permanent or temporary…Target a spreadsheet cell…Get more room in the spreadsheet window…Easy way to move tabs in Excel…Track editing changes in Excel…An even better way.

Golden Business Ideas
Practical ideas for improving your business.

In This Issue