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August 2002 Articles

Washington Moves on Legislation to Reform Corporate Accounting and Restore Trust

NEW YORK—Congress in July swiftly responded to waves of accounting scandals with legislation that changes the relationship between auditors and their clients, in an effort to shore up the much discussed erosion of public trust in capital markets. (Article)

Leadership Conference Homes in on NYSSCPA Strategic Plan

NEW YORK—The statewide leadership of the New York State Society of CPAs took a decidedly proactive stance in July participating in a strategic planning process that is intended to create a more effective, meaningful society, capable of addressing all member needs and the challenges that face the CPA profession. (Article)

President's Commentary

On the same day that nearly 200 New York State Society of CPAs leaders met to plan the Society’s future, the U.S. Senate passed a variation of a bill that encompasses some of the most sweeping reforms in the accounting profession since the Great Depression. (Article)

Ethics CPE Requirement

There has been a lot of confusion over New York state’s ethics continuing professional education (CPE) requirement. (Article)

Ready for Major Repairs: A Short Overview of the Current Roles of Management and the Auditor

Much of the capital formation process in America relies on investors and lenders being ready and able to commit their own funds (or funds they control) to make investments in or loans to both public and private companies. (Article)

Society Invites Candidates for 2003 Nominating Committee

Article IX of the New York State Society of CPAs’ bylaws contains the procedures for Nominating Committee selection. (Article)

COAP Residency Program Concludes Season; 2 New Sites a Success

A 15-year old program that encourages high school juniors and seniors to enter the accounting profession expanded this year, allowing more students than in previous summers to get a firsthand look at the business world. (Article)

New York State Tax Relief for Victims of the Sept. 11, 2001, Terrorist Attacks

The 2002–2003 New York state budget provides that the families of victims who perished as a result of the Sept. 11, 2001, terrorist attacks are not subject to any income tax for 2000 and 2001 (or 2002 for victims who died during 2002) on the income of any family member who perished. (Article)

Estate Planning Conference Boasts Big Turnout, Top Speakers

In keeping with a tradition established over the last several years, the Estate Planning Committee again held a well-received and widely attended annual conference featuring a nationally recognized closing speaker whose riveting presentation kept the 225 attendees glued to their seats until the very end. (Article)

CPA Perspective on Penetration Studies and Vulnerability Assessments

An increasing number of clients are requesting penetration study proposals from CPAs. (Article)

Intangible Assets: Economics, Politics and Consequences of Accounting Standards

Beginning in the early 1970s, market values began to diverge from book values. That trend continued for the next 30 years and still continues today. (Article)

Brief Summary of Provisions in the Sarbanes-Oxley Act of 2002 (Article)