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<br /> Annual<br /> Technology<br /> Issue<br /> Tax Software<br /> Survey<br /> Safeguarding<br /> Taxpayer Data<br /> Recruiting Gen Y<br /> with Simulations<br /> PLUS<br /> Viewpoints on Madoff<br /> and the Financial Crisis<br /> <br /> <br /> C ONTENTS<br /> may<br /> 30 Accounting & Auditing<br /> ❙ Auditing<br /> Auditing in Turbulent Economic Times:<br /> Plan Ahead and Apply Skepticism and Judgment<br /> By Vincent J. Love and Celia Lawson<br /> ❙ Accounting<br /> Expected Life After SAB 107 and SAB 110:<br /> One Approach to Estimating the Expected<br /> Term of Stock Options<br /> By Cindy W. Ma<br /> ❙ Acc<a title="The CPA Journal - May 2009 page 1" href="http://viewer.zmags.com/publication/9dd3d6ae?page=1"> Annual Technology Issue Tax </a> <a title="The CPA Journal - May 2009 page 2" href="http://viewer.zmags.com/publication/9dd3d6ae?page=2"> </a> <a title="The CPA Journal - May 2009 page 3" href="http://viewer.zmags.com/publication/9dd3d6ae?page=3"> </a> <a title="The CPA Journal - May 2009 page 4" href="http://viewer.zmags.com/publication/9dd3d6ae?page=4"> C ONTENTS may 30 Acc</a> <a title="The CPA Journal - May 2009 page 5" href="http://viewer.zmags.com/publication/9dd3d6ae?page=5"> vol. 6PERSPECTIVES </a> <a title="The CPA Journal - May 2009 page 6" href="http://viewer.zmags.com/publication/9dd3d6ae?page=6"> Publisher LOUIS GRUMET Associate Pu</a> <a title="The CPA Journal - May 2009 page 7" href="http://viewer.zmags.com/publication/9dd3d6ae?page=7"> </a> <a title="The CPA Journal - May 2009 page 8" href="http://viewer.zmags.com/publication/9dd3d6ae?page=8"> P ERSPECTIVES emerging issues Tax Issues R</a> <a title="The CPA Journal - May 2009 page 9" href="http://viewer.zmags.com/publication/9dd3d6ae?page=9"> publisher's column Losing Our Moral and </a> <a title="The CPA Journal - May 2009 page 10" href="http://viewer.zmags.com/publication/9dd3d6ae?page=10"> inbox: letter to the editor AICPA Respond</a> <a title="The CPA Journal - May 2009 page 11" href="http://viewer.zmags.com/publication/9dd3d6ae?page=11"> Notice/No-Fee mobility for out-of-state CPAs to p</a> <a title="The CPA Journal - May 2009 page 12" href="http://viewer.zmags.com/publication/9dd3d6ae?page=12"> in the Roslyn School District in 2004, frauds in </a> <a title="The CPA Journal - May 2009 page 13" href="http://viewer.zmags.com/publication/9dd3d6ae?page=13"> (Continued from page 6) PCAOB released for commen</a> <a title="The CPA Journal - May 2009 page 14" href="http://viewer.zmags.com/publication/9dd3d6ae?page=14"> Questions & Answers QUESTIONS FROM SENATOR MAX B</a> <a title="The CPA Journal - May 2009 page 15" href="http://viewer.zmags.com/publication/9dd3d6ae?page=15"> Prudent Management of Institutional Funds Act (em</a> <a title="The CPA Journal - May 2009 page 16" href="http://viewer.zmags.com/publication/9dd3d6ae?page=16"> (Continued from page 12) QUESTION FROM SENATOR</a> <a title="The CPA Journal - May 2009 page 17" href="http://viewer.zmags.com/publication/9dd3d6ae?page=17"> </a> <a title="The CPA Journal - May 2009 page 18" href="http://viewer.zmags.com/publication/9dd3d6ae?page=18"> The Systemic Dismantling of the </a> <a title="The CPA Journal - May 2009 page 19" href="http://viewer.zmags.com/publication/9dd3d6ae?page=19"> key agencies. Inspector General reports on the Of</a> <a title="The CPA Journal - May 2009 page 20" href="http://viewer.zmags.com/publication/9dd3d6ae?page=20"> strategic networking business to Netnoworking,</a> <a title="The CPA Journal - May 2009 page 21" href="http://viewer.zmags.com/publication/9dd3d6ae?page=21"> Keep Politics Out of Accounting Standards Advice</a> <a title="The CPA Journal - May 2009 page 22" href="http://viewer.zmags.com/publication/9dd3d6ae?page=22"> Focus In </a> <a title="The CPA Journal - May 2009 page 23" href="http://viewer.zmags.com/publication/9dd3d6ae?page=23"> A Clear Look at Tax Software 2009 Annual S</a> <a title="The CPA Journal - May 2009 page 24" href="http://viewer.zmags.com/publication/9dd3d6ae?page=24"> EXHIBIT 1 Profile of Survey Respo</a> <a title="The CPA Journal - May 2009 page 25" href="http://viewer.zmags.com/publication/9dd3d6ae?page=25"> </a> <a title="The CPA Journal - May 2009 page 26" href="http://viewer.zmags.com/publication/9dd3d6ae?page=26"> EXHIBIT 3 Tax Preparation Softw</a> <a title="The CPA Journal - May 2009 page 27" href="http://viewer.zmags.com/publication/9dd3d6ae?page=27"> payer information under IRC section 7216 and chan</a> <a title="The CPA Journal - May 2009 page 28" href="http://viewer.zmags.com/publication/9dd3d6ae?page=28"> lowest rated feature of the tax preparation softw</a> <a title="The CPA Journal - May 2009 page 29" href="http://viewer.zmags.com/publication/9dd3d6ae?page=29"> er priced providers. Of the six vendors with more</a> <a title="The CPA Journal - May 2009 page 30" href="http://viewer.zmags.com/publication/9dd3d6ae?page=30"> products, CCH and PPC, showed both increases and </a> <a title="The CPA Journal - May 2009 page 31" href="http://viewer.zmags.com/publication/9dd3d6ae?page=31"> preparation software and number three and two, re</a> <a title="The CPA Journal - May 2009 page 32" href="http://viewer.zmags.com/publication/9dd3d6ae?page=32"> A CCOUNTING & AUDITING auditing </a> <a title="The CPA Journal - May 2009 page 33" href="http://viewer.zmags.com/publication/9dd3d6ae?page=33"> tion will not correct itself immediately and will</a> <a title="The CPA Journal - May 2009 page 34" href="http://viewer.zmags.com/publication/9dd3d6ae?page=34"> impairment, and liquidity restriction, as well as</a> <a title="The CPA Journal - May 2009 page 35" href="http://viewer.zmags.com/publication/9dd3d6ae?page=35"> ■ representations about asset recover- ability </a> <a title="The CPA Journal - May 2009 page 36" href="http://viewer.zmags.com/publication/9dd3d6ae?page=36"> ■ Have all related-party transactions been disc</a> <a title="The CPA Journal - May 2009 page 37" href="http://viewer.zmags.com/publication/9dd3d6ae?page=37"> </a> <a title="The CPA Journal - May 2009 page 38" href="http://viewer.zmags.com/publication/9dd3d6ae?page=38"> A CCOUNTING & AUDITING accounting </a> <a title="The CPA Journal - May 2009 page 39" href="http://viewer.zmags.com/publication/9dd3d6ae?page=39"> In most instances, the expected term esti- ma</a> <a title="The CPA Journal - May 2009 page 40" href="http://viewer.zmags.com/publication/9dd3d6ae?page=40"> expected life for related awards. For exam- ple, </a> <a title="The CPA Journal - May 2009 page 41" href="http://viewer.zmags.com/publication/9dd3d6ae?page=41"> constant, the longer the contractual term, the hi</a> <a title="The CPA Journal - May 2009 page 42" href="http://viewer.zmags.com/publication/9dd3d6ae?page=42"> Using the ANETF of 23.6% calculated above, as </a> <a title="The CPA Journal - May 2009 page 43" href="http://viewer.zmags.com/publication/9dd3d6ae?page=43"> upper bound, and the neutral scenario in col- umn</a> <a title="The CPA Journal - May 2009 page 44" href="http://viewer.zmags.com/publication/9dd3d6ae?page=44"> A CCOUNTING & AUDITING accounting Ch</a> <a title="The CPA Journal - May 2009 page 45" href="http://viewer.zmags.com/publication/9dd3d6ae?page=45"> no longer exists, its interest of $4,000 ($50,000</a> <a title="The CPA Journal - May 2009 page 46" href="http://viewer.zmags.com/publication/9dd3d6ae?page=46"> ed in basic EPS under the two-class method. Under</a> <a title="The CPA Journal - May 2009 page 47" href="http://viewer.zmags.com/publication/9dd3d6ae?page=47"> EXHIBIT 3 The Two-Class M</a> <a title="The CPA Journal - May 2009 page 48" href="http://viewer.zmags.com/publication/9dd3d6ae?page=48"> T AXATION federal taxation </a> <a title="The CPA Journal - May 2009 page 49" href="http://viewer.zmags.com/publication/9dd3d6ae?page=49"> Tax preparers must understand their new respo</a> <a title="The CPA Journal - May 2009 page 50" href="http://viewer.zmags.com/publication/9dd3d6ae?page=50"> example, an accountant who prepares a return for </a> <a title="The CPA Journal - May 2009 page 51" href="http://viewer.zmags.com/publication/9dd3d6ae?page=51"> </a> <a title="The CPA Journal - May 2009 page 52" href="http://viewer.zmags.com/publication/9dd3d6ae?page=52"> but this is limited to information the tax- payer</a> <a title="The CPA Journal - May 2009 page 53" href="http://viewer.zmags.com/publication/9dd3d6ae?page=53"> ration, the preparer may not solicit anoth- er co</a> <a title="The CPA Journal - May 2009 page 54" href="http://viewer.zmags.com/publication/9dd3d6ae?page=54"> F INANCE financial management Bankruptcy </a> <a title="The CPA Journal - May 2009 page 55" href="http://viewer.zmags.com/publication/9dd3d6ae?page=55"> ble. Chapter 13 is a wage-earner's reorga- nizati</a> <a title="The CPA Journal - May 2009 page 56" href="http://viewer.zmags.com/publication/9dd3d6ae?page=56"> Most unsecured debts are discharged under Chap</a> <a title="The CPA Journal - May 2009 page 57" href="http://viewer.zmags.com/publication/9dd3d6ae?page=57"> </a> <a title="The CPA Journal - May 2009 page 58" href="http://viewer.zmags.com/publication/9dd3d6ae?page=58"> M ANAGEMENT accountant's liability Why Wa</a> <a title="The CPA Journal - May 2009 page 59" href="http://viewer.zmags.com/publication/9dd3d6ae?page=59"> accounting professionals will be required to unde</a> <a title="The CPA Journal - May 2009 page 60" href="http://viewer.zmags.com/publication/9dd3d6ae?page=60"> R ESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - May 2009 page 61" href="http://viewer.zmags.com/publication/9dd3d6ae?page=61"> BEC. The most important changes involve the conte</a> <a title="The CPA Journal - May 2009 page 62" href="http://viewer.zmags.com/publication/9dd3d6ae?page=62"> plans and trusts. One of the most signifi- cant u</a> <a title="The CPA Journal - May 2009 page 63" href="http://viewer.zmags.com/publication/9dd3d6ae?page=63"> 2008 CSSs move ethics and indepen- dence to AUD a</a> <a title="The CPA Journal - May 2009 page 64" href="http://viewer.zmags.com/publication/9dd3d6ae?page=64"> Implications for Educators, Candidates, and Pract</a> <a title="The CPA Journal - May 2009 page 65" href="http://viewer.zmags.com/publication/9dd3d6ae?page=65"> </a> <a title="The CPA Journal - May 2009 page 66" href="http://viewer.zmags.com/publication/9dd3d6ae?page=66"> T ECHNOLOGY future of the profession Us</a> <a title="The CPA Journal - May 2009 page 67" href="http://viewer.zmags.com/publication/9dd3d6ae?page=67"> multitask. However, as Yeaton discussed, they are</a> <a title="The CPA Journal - May 2009 page 68" href="http://viewer.zmags.com/publication/9dd3d6ae?page=68"> Hawk” is in charge of security, and the “Social B</a> <a title="The CPA Journal - May 2009 page 69" href="http://viewer.zmags.com/publication/9dd3d6ae?page=69"> from interactive screenshots is its ability to in</a> <a title="The CPA Journal - May 2009 page 70" href="http://viewer.zmags.com/publication/9dd3d6ae?page=70"> payment was made late and must enter this data in</a> <a title="The CPA Journal - May 2009 page 71" href="http://viewer.zmags.com/publication/9dd3d6ae?page=71"> Time Is Running Out! May 12–13, 2009 Long </a> <a title="The CPA Journal - May 2009 page 72" href="http://viewer.zmags.com/publication/9dd3d6ae?page=72"> T ECHNOLOGY electronic reporting How CPAs</a> <a title="The CPA Journal - May 2009 page 73" href="http://viewer.zmags.com/publication/9dd3d6ae?page=73"> cient in storing and searching individual data el</a> <a title="The CPA Journal - May 2009 page 74" href="http://viewer.zmags.com/publication/9dd3d6ae?page=74"> T ECHNOLOGY what to bookmark Website of th</a> <a title="The CPA Journal - May 2009 page 75" href="http://viewer.zmags.com/publication/9dd3d6ae?page=75"> the federal bonus pay flat tax rate, unem- ployme</a> <a title="The CPA Journal - May 2009 page 76" href="http://viewer.zmags.com/publication/9dd3d6ae?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal - May 2009 page 77" href="http://viewer.zmags.com/publication/9dd3d6ae?page=77"> SPACE FOR RENT AAA PROFESSIONAL OFFICES FOR REN</a> <a title="The CPA Journal - May 2009 page 78" href="http://viewer.zmags.com/publication/9dd3d6ae?page=78"> SALES TAX CONSULTANTS Stewart Buxbaum, CPA, MBA </a> <a title="The CPA Journal - May 2009 page 79" href="http://viewer.zmags.com/publication/9dd3d6ae?page=79"> PEER REVIEW PE</a> <a title="The CPA Journal - May 2009 page 80" href="http://viewer.zmags.com/publication/9dd3d6ae?page=80"> </a> <a title="The CPA Journal - May 2009 page 81" href="http://viewer.zmags.com/publication/9dd3d6ae?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal - May 2009 page 82" href="http://viewer.zmags.com/publication/9dd3d6ae?page=82"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal - May 2009 page 83" href="http://viewer.zmags.com/publication/9dd3d6ae?page=83"> </a> <a title="The CPA Journal - May 2009 page 84" href="http://viewer.zmags.com/publication/9dd3d6ae?page=84"> </a> <a title="The CPA Journal - May 2009 page 85" href="http://viewer.zmags.com/publication/9dd3d6ae?page=85"> INSIGHT + ANALYSIS</a>