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<br /> An Interview with AICPA Chair<br /> Ernest A.<br /> Almonte<br /> Getting Back to<br /> Our Core Values<br /> Debating Fair Value  CO2 Credits  Offshoring Audits<br /> PLUS<br /> <br /> <br /> vol. LXXIX/no. 1<br /> 6PERSPECTIVES<br /> 14INFOCUS<br /> 6 Perspectives<br /> How Consulting Services Could Kill<br /> Private-Sector Auditing<br /> Publisher's Column:<br /> Stretch the Brand, Don't Lose the Equity<br /> When Fair Value is Not Fair<br /> Book Review: Audit Committee Essentials<br /> Letters to the Editor<br /> 74 Classified Ads<br /> 79 Economic & Market Data<br /> 80 Editorial<br /> Fraud Mitigation:<br /> The Last Great Profit Opportunity?<br /> 14 Getting Back to Our Core Values<br /> An Interview with Ernest A. Almonte,<br /> AICPA Chairman<br /> <a title="The CPA Journal - January 2009 page 1" href="http://viewer.zmags.com/publication/f5728978?page=1"> An Interview with AICPA Chair Ernest A. Almonte</a> <a title="The CPA Journal - January 2009 page 2" href="http://viewer.zmags.com/publication/f5728978?page=2"> </a> <a title="The CPA Journal - January 2009 page 3" href="http://viewer.zmags.com/publication/f5728978?page=3"> </a> <a title="The CPA Journal - January 2009 page 4" href="http://viewer.zmags.com/publication/f5728978?page=4"> vol. LXXIX/no. 1 6PERSPECTIVES 14INFOCUS 6 P</a> <a title="The CPA Journal - January 2009 page 5" href="http://viewer.zmags.com/publication/f5728978?page=5"> C ONTENTS january 2009 </a> <a title="The CPA Journal - January 2009 page 6" href="http://viewer.zmags.com/publication/f5728978?page=6"> Publisher LOUIS GRUMET Associate Publi</a> <a title="The CPA Journal - January 2009 page 7" href="http://viewer.zmags.com/publication/f5728978?page=7"> </a> <a title="The CPA Journal - January 2009 page 8" href="http://viewer.zmags.com/publication/f5728978?page=8"> P ERSPECTIVES emerging issues How Consulti</a> <a title="The CPA Journal - January 2009 page 9" href="http://viewer.zmags.com/publication/f5728978?page=9"> publisher's column Stretch the Brand, Do</a> <a title="The CPA Journal - January 2009 page 10" href="http://viewer.zmags.com/publication/f5728978?page=10"> (Continued from page 6) modity or a loss leader. </a> <a title="The CPA Journal - January 2009 page 11" href="http://viewer.zmags.com/publication/f5728978?page=11"> enues? There is nothing sinister about these othe</a> <a title="The CPA Journal - January 2009 page 12" href="http://viewer.zmags.com/publication/f5728978?page=12"> When Fair Value Is Not Fair By Cindy Ma </a> <a title="The CPA Journal - January 2009 page 13" href="http://viewer.zmags.com/publication/f5728978?page=13"> To advance the application of the appro- pria</a> <a title="The CPA Journal - January 2009 page 14" href="http://viewer.zmags.com/publication/f5728978?page=14"> Audit Committee Essentials By Curtis C. Verschoo</a> <a title="The CPA Journal - January 2009 page 15" href="http://viewer.zmags.com/publication/f5728978?page=15"> inbox: letters to the editor `Wishful Thi</a> <a title="The CPA Journal - January 2009 page 16" href="http://viewer.zmags.com/publication/f5728978?page=16"> Focus In Getting Back to Our Core Values An Int</a> <a title="The CPA Journal - January 2009 page 17" href="http://viewer.zmags.com/publication/f5728978?page=17"> All photos by Rob Horne/Photography Production El</a> <a title="The CPA Journal - January 2009 page 18" href="http://viewer.zmags.com/publication/f5728978?page=18"> reward. For example, mortgage originators wrote m</a> <a title="The CPA Journal - January 2009 page 19" href="http://viewer.zmags.com/publication/f5728978?page=19"> nomics could also slow it down. However, I believ</a> <a title="The CPA Journal - January 2009 page 20" href="http://viewer.zmags.com/publication/f5728978?page=20"> dential as at best misleading, and perhaps a thre</a> <a title="The CPA Journal - January 2009 page 21" href="http://viewer.zmags.com/publication/f5728978?page=21"> outside of accounting. I believe we should have a</a> <a title="The CPA Journal - January 2009 page 22" href="http://viewer.zmags.com/publication/f5728978?page=22"> Focus In S</a> <a title="The CPA Journal - January 2009 page 23" href="http://viewer.zmags.com/publication/f5728978?page=23"> The Role of Mark-to-Market Accounting in the Fina</a> <a title="The CPA Journal - January 2009 page 24" href="http://viewer.zmags.com/publication/f5728978?page=24"> torical experience of the United States was that </a> <a title="The CPA Journal - January 2009 page 25" href="http://viewer.zmags.com/publication/f5728978?page=25"> uation specialists. “The professional guid- ance </a> <a title="The CPA Journal - January 2009 page 26" href="http://viewer.zmags.com/publication/f5728978?page=26"> might perform in certain circumstances. It has no</a> <a title="The CPA Journal - January 2009 page 27" href="http://viewer.zmags.com/publication/f5728978?page=27"> </a> <a title="The CPA Journal - January 2009 page 28" href="http://viewer.zmags.com/publication/f5728978?page=28"> A CCOUNTING & AUDITING accounting </a> <a title="The CPA Journal - January 2009 page 29" href="http://viewer.zmags.com/publication/f5728978?page=29"> Accountants must analyze the sacrifice and det</a> <a title="The CPA Journal - January 2009 page 30" href="http://viewer.zmags.com/publication/f5728978?page=30"> duced, the tooling and prototype costs must have </a> <a title="The CPA Journal - January 2009 page 31" href="http://viewer.zmags.com/publication/f5728978?page=31"> impaired. In some of the cases depicted by AAERs,</a> <a title="The CPA Journal - January 2009 page 32" href="http://viewer.zmags.com/publication/f5728978?page=32"> export products, auditors should be aware that a </a> <a title="The CPA Journal - January 2009 page 33" href="http://viewer.zmags.com/publication/f5728978?page=33"> the accounting period, and unusual entries such a</a> <a title="The CPA Journal - January 2009 page 34" href="http://viewer.zmags.com/publication/f5728978?page=34"> A CCOUNTING & AUDITING standards setting </a> <a title="The CPA Journal - January 2009 page 35" href="http://viewer.zmags.com/publication/f5728978?page=35"> While generally supportive of such a transi- tion</a> <a title="The CPA Journal - January 2009 page 36" href="http://viewer.zmags.com/publication/f5728978?page=36"> ative manner.” Good-faith judgments require the a</a> <a title="The CPA Journal - January 2009 page 37" href="http://viewer.zmags.com/publication/f5728978?page=37"> must also be made in the judgment pro- cesses of </a> <a title="The CPA Journal - January 2009 page 38" href="http://viewer.zmags.com/publication/f5728978?page=38"> A CCOUNTING & AUDITING auditing Bank Lo</a> <a title="The CPA Journal - January 2009 page 39" href="http://viewer.zmags.com/publication/f5728978?page=39"> ny from a different perspective and may increase </a> <a title="The CPA Journal - January 2009 page 40" href="http://viewer.zmags.com/publication/f5728978?page=40"> EXHIBIT 1 Demographic C</a> <a title="The CPA Journal - January 2009 page 41" href="http://viewer.zmags.com/publication/f5728978?page=41"> surprising, in that over 53% of the respondents a</a> <a title="The CPA Journal - January 2009 page 42" href="http://viewer.zmags.com/publication/f5728978?page=42"> prefer a five-year rotation period to a seven-yea</a> <a title="The CPA Journal - January 2009 page 43" href="http://viewer.zmags.com/publication/f5728978?page=43"> </a> <a title="The CPA Journal - January 2009 page 44" href="http://viewer.zmags.com/publication/f5728978?page=44"> T AXATION corporate taxation </a> <a title="The CPA Journal - January 2009 page 45" href="http://viewer.zmags.com/publication/f5728978?page=45"> In essence, an auction and cap and trade syst</a> <a title="The CPA Journal - January 2009 page 46" href="http://viewer.zmags.com/publication/f5728978?page=46"> STATE TAX INITIATIVES Many states have enacted</a> <a title="The CPA Journal - January 2009 page 47" href="http://viewer.zmags.com/publication/f5728978?page=47"> trading worthless credits, it is not regula- tory</a> <a title="The CPA Journal - January 2009 page 48" href="http://viewer.zmags.com/publication/f5728978?page=48"> Carbon credits come in many different types, with</a> <a title="The CPA Journal - January 2009 page 49" href="http://viewer.zmags.com/publication/f5728978?page=49"> form in nature, exchanges of one credit for anoth</a> <a title="The CPA Journal - January 2009 page 50" href="http://viewer.zmags.com/publication/f5728978?page=50"> T AXATION state & local taxation Implicat</a> <a title="The CPA Journal - January 2009 page 51" href="http://viewer.zmags.com/publication/f5728978?page=51"> or connected with New York sources, with- out any</a> <a title="The CPA Journal - January 2009 page 52" href="http://viewer.zmags.com/publication/f5728978?page=52"> F INANCE business valuation Risks in Appl</a> <a title="The CPA Journal - January 2009 page 53" href="http://viewer.zmags.com/publication/f5728978?page=53"> The objective of a fair value measure- ment is</a> <a title="The CPA Journal - January 2009 page 54" href="http://viewer.zmags.com/publication/f5728978?page=54"> quoted intervals, volatilities, prepayment speeds</a> <a title="The CPA Journal - January 2009 page 55" href="http://viewer.zmags.com/publication/f5728978?page=55"> income approach are presented below. The income a</a> <a title="The CPA Journal - January 2009 page 56" href="http://viewer.zmags.com/publication/f5728978?page=56"> approximately $6.3 million. Future cash flows, ho</a> <a title="The CPA Journal - January 2009 page 57" href="http://viewer.zmags.com/publication/f5728978?page=57"> to acquire certain client relationships and relat</a> <a title="The CPA Journal - January 2009 page 58" href="http://viewer.zmags.com/publication/f5728978?page=58"> cept. Company E determines the fair value of the </a> <a title="The CPA Journal - January 2009 page 59" href="http://viewer.zmags.com/publication/f5728978?page=59"> additional risk that the transaction may be overl</a> <a title="The CPA Journal - January 2009 page 60" href="http://viewer.zmags.com/publication/f5728978?page=60"> cashes out of its investment by selling 45 shares</a> <a title="The CPA Journal - January 2009 page 61" href="http://viewer.zmags.com/publication/f5728978?page=61"> SAVE THESE IMPORTANT DATES! 2009 Accounting an</a> <a title="The CPA Journal - January 2009 page 62" href="http://viewer.zmags.com/publication/f5728978?page=62"> M ANAGEMENT practice development </a> <a title="The CPA Journal - January 2009 page 63" href="http://viewer.zmags.com/publication/f5728978?page=63"> workforce in India by 2010; and compa- nies like </a> <a title="The CPA Journal - January 2009 page 64" href="http://viewer.zmags.com/publication/f5728978?page=64"> resources, procurement, call centers, med- ical d</a> <a title="The CPA Journal - January 2009 page 65" href="http://viewer.zmags.com/publication/f5728978?page=65"> concerning notification and consent of the transf</a> <a title="The CPA Journal - January 2009 page 66" href="http://viewer.zmags.com/publication/f5728978?page=66"> tion of offshoring domestic auditing pro- cesses </a> <a title="The CPA Journal - January 2009 page 67" href="http://viewer.zmags.com/publication/f5728978?page=67"> to offshore audit work to lower-priced for- eign </a> <a title="The CPA Journal - January 2009 page 68" href="http://viewer.zmags.com/publication/f5728978?page=68"> M ANAGEMENT insurance The Future of Insuran</a> <a title="The CPA Journal - January 2009 page 69" href="http://viewer.zmags.com/publication/f5728978?page=69"> panies, which generally expect to settle their li</a> <a title="The CPA Journal - January 2009 page 70" href="http://viewer.zmags.com/publication/f5728978?page=70"> price their contracts by reference to their own e</a> <a title="The CPA Journal - January 2009 page 71" href="http://viewer.zmags.com/publication/f5728978?page=71"> R ESPONSIBILITIES & LEADERSHIP future of t</a> <a title="The CPA Journal - January 2009 page 72" href="http://viewer.zmags.com/publication/f5728978?page=72"> considering a wide range of career options. Facul</a> <a title="The CPA Journal - January 2009 page 73" href="http://viewer.zmags.com/publication/f5728978?page=73"> develop or evaluate a class project. Firm employe</a> <a title="The CPA Journal - January 2009 page 74" href="http://viewer.zmags.com/publication/f5728978?page=74"> T ECHNOLOGY what to bookmark Website of t</a> <a title="The CPA Journal - January 2009 page 75" href="http://viewer.zmags.com/publication/f5728978?page=75"> years). “Research IRS documents” offers Internal </a> <a title="The CPA Journal - January 2009 page 76" href="http://viewer.zmags.com/publication/f5728978?page=76"> Classified PROFESSIONAL OPPORTUNITY l BUSINESS l</a> <a title="The CPA Journal - January 2009 page 77" href="http://viewer.zmags.com/publication/f5728978?page=77"> CPA PRACTICES Sales  Mergers  Va</a> <a title="The CPA Journal - January 2009 page 78" href="http://viewer.zmags.com/publication/f5728978?page=78"> SALES TAX PROBLEMS? Are you being audited? F</a> <a title="The CPA Journal - January 2009 page 79" href="http://viewer.zmags.com/publication/f5728978?page=79"> Classified Rates Rates & W</a> <a title="The CPA Journal - January 2009 page 80" href="http://viewer.zmags.com/publication/f5728978?page=80"> </a> <a title="The CPA Journal - January 2009 page 81" href="http://viewer.zmags.com/publication/f5728978?page=81"> E CONOMIC & MARKET D ATA monthly update</a> <a title="The CPA Journal - January 2009 page 82" href="http://viewer.zmags.com/publication/f5728978?page=82"> E DITORIAL a message from the editor-in-chie</a> <a title="The CPA Journal - January 2009 page 83" href="http://viewer.zmags.com/publication/f5728978?page=83"> </a> <a title="The CPA Journal - January 2009 page 84" href="http://viewer.zmags.com/publication/f5728978?page=84"> </a>