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Over the next couple of years, "substantial doubt" and "going concern" will be the biggest issues in litigation involving CPA firms. If the patient approaches death, the doctor should not issue assurances of survival. If the corporation nears death, the annual report should not wait for rigor mortis to warn of impending disaster. During 2008, dozens of companies ceased to be going concerns shortly after issuing annual reports with little hint of looming doom.
April 19 -
It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times.
April 19 -
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The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep covering payouts and redemptions with money from new investors.
April 19 -
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The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.
April 19 -
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The economic meltdown has many companies evaluating methods for preparing payroll.
April 19 -