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Discusses several issues related to accounting practice. Details of the discussion group of the Institute of Chartered Accountants of Ontario; Suggestions on cost control measures and improvement in office procedures in accounting firms; Tips for a college graduate who is starting out in public accounting.

Discusses some issues related to accounting practice in the United States. Information on some societies of accountants; Factors which determine the success of accounting firms; Characteristics of a good manager in an accounting firm.

This article presents an update on issues related to accounting practice in the United States as of December 1977. In many firms, the partner retreat has become the most important single activity. It is the activity that provides an opportunity to put everything in perspective. The most important method of ensuring effective planning at the partners' retreat is the advance preparation. This should involve the development of all possible financial and statistical information in the firm's accounting and reporting system. Every competent CPA recommends that his clients have some form of long-range plan. He recommends that financial statements be used not only in a historical reporting sense, but as a basis for carefully considering the future. These same recommendations are doubly important for the effective conduct of a CPA practice.

This articles focuses on the strategies and techniques in effectively managing one's boss. It is understood that bosses are: (1) human beings like everyone else; (2) they are not mind readers even if they are able and competent; (3) they don't give much of their time on their subordinates; and (4) they are dangerous to underrate than to overrate. Furthermore, it is important to recognize the character and mannerisms of one's boss. The article further suggests ways in conducting effective relationship and communication with one's superior. Moreover, it is better to have done one's tasks and preparation before confronting one's boss with certain dilemma or issue. Finally, no matter what kind of position and work, there are always bosses that will held oneself accountable.

Presents letters to the editor referencing articles and topics discussed in previous issues. List of legal factors that should be considered in evaluating the purchase of a small business; Overview of a firm's successful recruiting program; Techniques for improving staff scheduling in an accounting firm.

Addresses several issues concerning the management advisory services (MAS) being offered in accounting firms across the U.S. as of September 1976. Attitude of accounting firms in several states concerning MAS; Significance of a partnership between an accounting firm and a MAS firm; Benefits that can be gained by clients as a result of the firms' partnership.

Focuses on issues related to accounting practice. Tips on managing an accounting firm; Problems which arise in accounting for puts and calls.

The trends in trading of options are of particular concern to accountants and auditors since they are bound to be increasingly confronted with accounting and reporting problems in regard to "puts" arid "calls" —problems which are at present unfamiliar to most accountants. [ABSTRACT FROM AUTHOR]

Presents several accounting and auditing issues in the U.S. Ways by which companies can help accountants in the examination and reduction of auditing costs; Reason for a successful local operation to merge with a national firm; Suggestions on how to plan for accountants' practice.

Provides an update on concerns of accountants related to their accounting practices in the U.S. as of March 1973. Ways to ensure the implementation of changes suggested by management letters; Impact of the computer on small accounting firms; Services provided by certified public accountants.

Discusses several issues in accounting as of February 1973. Results of a survey on the perceptions of students to accounting firms on an interview with accounting personnel; Factors influencing a student's perception of an accounting firm; Information on audit review programs for local practitioners issued by the American Institute of Certified Public Accountants.

The purpose of this article is to present the characteristics which should be considered basic to an agreement to transfer an accounting practice. The agreement includes a statement that the seller desires to transfer all or part of his practice to the purchaser, and that the purchaser desires to acquire all or part of the seller's practice. The agreement contains the amount and date of each payment, the time period the payments are to be made, and the interest rate if one is charged. The agreement includes the warranties or guarantees of the seller.

This article focuses on the growth plan and guidelines to improve the practice of public accounting in the U.S. The practice of public accounting is a learned profession, and the minimum education requirement to commence is a matriculation. Thus the key to quality work is continuing education. Changes in the education requirement for future chartered accountants are desirable but not relevant to the situation of the present personnel. Participation in new engagement planning activities is to be assigned to all members who have demonstrated competence in serving clients and who posses ability to express themselves verbally. Moreover, management consulting services must have a separate department in the practice.

Presents several issues relevant to the accounting practice in the U.S. Description of the attitudes and life styles of students graduating from college; Philosophy of a local accounting firm in Cleveland, Ohio; Feasibility of computer time-sharing for the accounting firm.

The article focuses on public accounting issues in the United States. An accountant's report is specifically leisured only with respect to statements of past operating results and financial position, but accountants normally are requested by boards of directors to satisfy themselves that directors' forecasts have been prepared on a reasonable basis. The client's procedures are being followed and are adequate to insure the proper accumulation, recording and disbursing of payroll. Preprinted audit programs designed for all clients are a poor substitute for a program designed on a client by client basis. For example, the payroll and purchasing data, where applicable, can be traced to the job cost cards to test the accumulation of job costs upon which the auditor may rely for his valuation of inventory. In cases where subsidiary ledgers of accounts receivable or accounts payable are not in use, the steps for retracing of posting to subsidiary-ledger would not apply, but instead the auditor could examine the collection copy of the sales invoice noting that it is stamped paid and date thereof.

This article discusses some solutions on the problem regarding the planning and scheduling of staff for auditing engagements of accounting firms. Overall scheduling practices are governed by the broad long-term firm policy goals. One proposal to solve the issue is to schedule men to engagements with which they are familiar. Another is the advance delegation of probable engagement segments so that each certified public accountant is assigned to a task and so that the overall audit staff is working as near optimum capacity as is possible.

Deals with several matters concerning the practice of the accounting profession in the United States. Policy on fees of Ware & Fulle, an accounting firm in Richmond, Indiana; Reprint of an article on the use of appraisal values on balance sheets.

This article reports that Carl S. Chilton, a certified public accountant in Chilton & Co. has discovered that there was some misunderstanding by clients about the method his firm uses for charging various rates for its staff in the U.S. A client of long standing had expressed concern about the firm's sending a staff man to do some work they thought a partner should be doing. He discovered they were disturbed mainly because they thought the billing rates were the same for all staff. Chilton's firm is not afraid to stand up and be measured by clients.

The article discusses the commendable spirit of continual practice by certified public accountants (CPA) by citing a motivating example. It depicts how after the serious accident of an fellow accountant, CPAs of the Idaho Society of Certified Public Accountants took over the pending works of injured colleague. The Society notified the officers of the state society, who approved the action taken and immediately called the Society's emergency professional assistance committee to active duty. Subsequently after the death of the injured colleague, all the clients were requested on the letterhead of deceased CPA to cooperate in the grave situation. List of the clients was prepared and all the CPAs of the society were given the choice to serve the clients of deceased colleague. Each CPA or representative at the meeting was told to review the list and make a separate written offer for each client they would like to serve. The efforts of the Idaho Society of Certified Public Accountants reminds of the proverb "The show must go on."

This article focuses on self-management, a vital subject encompassing the professional development program for accounting practitioners and small firms. Self-discipline includes a schedule to determine priorities and to allocate time and complete all assignments and still allow for social life. An important facet of self-management for the accountant is being well prepared when he goes to a client's office. On an out-of-town engagement, it is even more essential that nothing be forgotten. It is embarrassing to have to call the office for something that should be in the possession of the accountant. Self-confidence is also an aspect of becoming an effective manager. If a major decision has to be made, it is the accountant's responsibility to gather all pertinent facts and express a preliminary opinion based upon his observations.

This article addresses the problems of reducing partner turnover and improving partner performance in an accounting firm. The advantages of a permanent partnership are the following: the building of a strong organization and clientele; presentation of an image of stability to the public and financial community; providing for succession and financial security for partners and staff; and maximizing efficiency and profitability in serving clients. To keep the partnership permanent, a firm should recruit the best personnel available and give them the best training. It is important to keep good communications among partners and others in the firm. To keep a partnership permanent, it is necessary to follow the unpleasant rule of weeding out the partners who do not perform. It is generally desirable to select partners from the staff rather than bring in outsiders. It is important to know as much as possible about a potential partner in advance. Also, bringing in an outsider may affect the morale of the present staff. It may be necessary at times to go outside when the firm needs a specialist not available on the staff, but even greater care should be followed in that selection process.

This article addresses the importance of controls in the successful management of an accounting firm in the U.S. Proper controls are an important cornerstone in the management of any organization. Accountants understand and appreciate the need for controls and recommend them to clients. Certainly larger and medium-sized firms have learned to apply various procedures in controlling their organizations otherwise they would not have grown to their present size. On the other hand, many firms could probably improve their present systems of controls. They may have too many controls or too few or the wrong ones. For a system of controls to work effectively, the firm must have designated management authority. This is usually a managing partner but occasionally is structured in some other form such as an executive committee. The type of management that functions best in an environment of partners and professional staff is one that provides leadership without being authoritarian. Effective management and effective controls go hand in hand. Controls would not work without management authority. At the same time, good management will insist on effective controls and cannot do its job without them. The partners are key people and the firm's success hinges on their performance.

The article focuses on the need of management by objectives for public accounting firms of the seventies in the U.S. Management by objectives must start at the top of the organization so that the purposes of the business must flow downward. The preparation of strategic options requires that they be considered as general involving all of the major managing partners and unit heads, and staff persons. Popularly applied is the system of management which manages operations by objectives, a system governing annual goal setting.

The article describes the benefits inherent in membership to associations of accounting firms. Among the objectives of the National Certified Public Accountants Group (NCPAG) are to exchange practice management and administrative techniques such as audit programs and manuals and to develop training programs for partners and staff that are tailored to the requirements of group members. NCPAG showed a 78 percent increase in membership from October 1974 to October 1976. CPA associations permits members to broaden their knowledge and experience through dialogue with other members. They promote dialogue by scheduling technical sessions at each semiannual meeting.

The article assesses the status of the public accounting profession in the United States. It lists the problems with traditional management theory which include the following: management cannot modify the work situation so the people who work must be modified; only seniors and above are allowed to participate in any planning conferences with clients and staff should not be allowed to participate in selecting the types of clients they will have. The following recommendations will improve the conditions of the public accounting profession: management must redesign the work it asks people to do; more information must be shared with younger staff; people must be expected to exercise self-control and it must be understood that management approaches are now always black or white.

The article presents information on a chart of accounts and explanation of account classification for accounting firms. The chart of accounts presented in this article is recommended for the adoption by the profession as a uniform chart of accounts. The use of a uniform chart by the accounting profession will improve the operations of individual Certified Public Accountant practice units, while establishing a base for the collection of comparable statistics for the benefit of all accountants. All new firms and those planning internal accounting changes are urged to adopt it. The revenue and expense accounts ending in zero, represented in the chart of accounts, are significant for comparative and statistical purposes. The chart talks about inclusion of unbilled services or work in process evaluated at standard billing rates or an average billing rate. It also asks to include professional or non professional work performed by others relating to engagements portion not charged to work in process. Firms are encouraged to use one, two or three digit subaccount suffixes to analyze the principal accounts to the desired extent.

This article discusses the progress of accounting firms in the United States. Associations of Certified Public Accountants (CPA) firms are not only here to stay; they will also proliferate. And their member firms will grow in size and number. Why is this? Part of the answer lies in the objectives of such an association. There are eight formal associations in the country, and they vary in strength and activities. They are already affecting the profession favorably. They provide havens for small and medium-sized firms and assure their continuity. In particular, the associations are promoting quality and growth opportunities for their member firms. Another result is the advantages flowing to smaller businesses .The classified selection of participants is a major factor in the success of our professional development programs. The attendants are matched in the best way possible with the materials and lectures to which they are exposed. Our professional development manuals are coordinated with the large firm programs referred to earlier. The limited class size prevents dilution of planned impact. Our education center in Atlanta has been expertly designed to meet our requirements. place in the sun. The limitless opportunities of public accounting will call for working with your peers. The time may come when few firms will be able to practice effectively without combining forces with others. The association of CPA firms is one means of effecting the needed combination of forces.

Provides an update related to accounting practice in the United States as of 1970. Discussion on the recruitment and training of junior accountants; Guidelines on the analysis of financial statements; Assessment of partnership agreement between accounting firms.

The article offers insights on the recruiting practices of local accounting firms in the U.S. There is a changing character in the labor market resulting from the greater need for individualism that has evolved. As a result, the local accounting practitioner is now in a better position with regard to recruiting outstanding college graduates. A person selecting a position has tangible and intangible factors to consider. All accounting firms, large or small, should be in a position to answer a recruit's question as to the objective policies regarding advancement to the partner level. Man is an emotional being who, after all the tangible pros and cons have been weighed, nonetheless places great emphasis on the intangible in much of his decision-making.

Discusses several matters concerning accountants and accounting firms in the United States. Use of a chart for training junior accountants on the Statements on Auditing Procedure Number 38 of the Accounting Principles Board; Details on three books of interest to small practitioners; Features of a joint recruiting program for small accounting firms in Indiana.

Presents information about the accounting firm J. H. Cohn LLP. Description of the work environment in the firm; Consideration of only job performance for promotion; Importance given to training of new staff; Details of the training program of the firm; Evaluation of each member's performance and salary twice a year by partners, managers, and seniors; Details of the personnel policies of the company.

Presents an analysis of the Management of an Accounting Practice Bulletin No. 14d, "Revenue and Expenses of Accounting Firms." Note that most of the figures provided in the bulletin are medians; Creation of a hypothetical firm, Small Median & Co.; Reconstruction of a statement of income and expense for this firm; Analysis of gross income, gross profit, net income and operating expenses; Note on the cost of keeping equipments up to date; Conclusion that the future of Small Median & Co. is dismal.

The article looks into the reassessment of the accounting standards in the U.S. Significantly, globalization plays an important part in the accounting standards. The author points out that there has been an exercise wherein several measures were taken to meet the accounting standards. Several academic standards has been recodified. Globalization of commerce makes significant global interests.

The article comments on the effort of the U.S. Financial Accounting Standards Board (FASB) to solve problems on accounting standards. Modern business transactions are complicated, and it follows that accounting standards designed to record and report those transactions also will be complicated. The use of what is known as the liability method seemed to many practitioners to be simpler and more easily understood. The FASB did revise the way businesses should account for income taxes. However, the result was a standard that was far more complicated than its predecessor and certainly more difficult to understand, implement and explain. It is so difficult to apply that its effective date has been postponed twice by the FASB. Implementation difficulties have been experienced by both small and large companies. To recognize the obligation for post-retirement benefits based on current cost levels adjusted annually will provide financial statement users with the information they need. It will be more comparable from company to company and less susceptible to manipulation.

The article gives advice to accounting firms for prospective merger agreements in the U.S. The larger firms are faced with the increased costs of insurance, quality controls, self-regulation, payrolls, administration and every other operational cost ballooned by inflation due to the emergence of merger activities in the industry. This is coupled with resistance to higher fees from a business community trying to cope with similar problems and determined to operate economically. Apparently, the larger firms believe that one way to avoid the cost-free squeeze is to spread the costs over more practice units, and that is where the local practitioner fits into the scheme of things. It is logical that spreading central administration costs over more units reduces the cost per unit. Principals at smaller firms may be interested in merger because they are retiring, need additional financial resources to handle increasing business volume or for a variety of other reasons. Larger accounting firms are advised to be candid in the initial approach to a possible merger with small-sized firms. Tell the merger candidates in advance why you want to see them, so that he's not taken completely by surprise. They should offer to visit the prospect at their office. It is important to supply prospective merger partner with as much information and try to let the prospect know where their firm will fit into your organization.

This article discusses the prospects of specialization in the accounting profession in the U.S. Certified public accountant practitioners in South Carolina were sent a questionnaire covering a wide range of topics related to public accounting practice, including three questions specifically related to specialization. Twenty-seven percent answered yes, which might be considered somewhat high in view of the fact that 54.8 percent of the respondents are affiliated with single office local firms, many of which are proprietorships. Taxation and auditing were the two most frequently mentioned specialties. The results of the survey provide some evidence that professional specialization is of interest at the grass roots practitioner level as well as at higher levels.

The article offers ideas on making an operations control sheet for accounting firms. A set of 12 sheets are needed with one or more sheets for each month of the year. Each sheet can be divided into eight columns, with a graphic picture of the practice placed in the first column. The record enables accountants to see what is expected for each month of the year. One can learn to read such a record like learning to read a balance sheet so as to schedule vacations during quiet periods and when to allow for highly busy periods.