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I recall a discussion in the mid-1990s as though it were yesterday.A case was made that dynamic hedging meant that everything would work out in the end and hence should not be reflected to have either gains or losses in a given reporting period.

AUDIT QUALITY GETTING BETTERSarbanes-Oxley has led to big improvements in audit quality, according to a newly released survey. Seventy-eight percent of the 253 public company audit committee members surveyed by the Center for Audit Quality rated overall audit quality as either “very good” or “excellent.” Meanwhile, 82 percent said that it has improved somewhat or significantly in the past several years.

Because we produce 22 columns a year, we’re always looking for topics. Some come from readers, others from students, and some we pluck out of midair. For this column, we thank Allan Sloan, who published a piece called Buy High, Sell Low in the Feb. 4, 2008, issue of Fortune magazine.Sloan’s article skewers the managers of the “Wall Street Four” — the large investment banking/brokerage/etc. conglomerates, including Citigroup, Merrill Lynch, Morgan Stanley and UBS.

As an accountant, you observe your clients’ business successes and failures every day. However, many accounting firms struggle in their efforts to deliver financial planning services profitably.Why?

H.D. VEST TURNS 25Broker/dealer H.D. Vest, which pioneered the strategy of using CPAs and tax professionals as financial planners, is celebrating its 25th anniversary. Since its founding in April 1983, 47 states now allow CPAs to accept commissions for advising their clients and implementing investment planning strategies and products. Currently, H.D. Vest has some 5,400 independent advisors.

Up until the beginning of 2008, the trends for nonprofit accounting software were simple and predictable — accountability, efficiency and better utilization of resources.But the meltdown of the subprime mortgage market and the ensuing slip toward recession will change that landscape for the worse, in three ways:

IMAGINETIME EXPANDS E-INVOICINGTime and billing software developer ImagineTime has beefed up its paperless invoicing capabilities through alliances with Wells Fargo, ComData and GoToBilling to process payments from credit cards and automated clearing houses.

The confidence of many has been shaken recently by terrorism, election-year politics and the media’s attention to a possible recession. Establishing priorities along with a strategic plan for your firm will become even more advantageous as we move into less predictable times.My experience suggests that good decisions are made during periods of high confidence, and poor decisions when confidence is low. Firms must be careful over the next year not to lose vision and — just as important — confidence.

Software & HardwareTHE ‘O’ WORD

CALIFORNIAGreenstein, Rogoff, Olsen & Co., Fremont, was a sponsor of this year’s Book Buck$ nonprofit program, which encourages students to read. The firm’s participation enables 5,000 students to participate. ... Wells Fargo & Co., San Francisco, has launched its Family Wealth Group, a multi-family office serving ultra-wealthy families. Executive vice president Michael Cole will serve as national director of the new group.