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Sarbanes-Oxley Act of 2002
President Bush signed landmark legislation that imposed federal regulation on the auditors of public companies and made significant changes in the responsibilities of corporate officers, directors and other professionals in the financial markets. The bill contains a new disciplinary regime, audit standards-setting authority, increased liability for the profession, and further scope-of-services restrictions. Relationships between management of public companies and their auditors has been significantly altered.

In order to keep track of the actions that are of the most significance for our profession and to your responsibilities as a CPA financial executive or audit professional, make sure to visit the Sarbanes-Oxley Implementation Central/PCAOB.

For a summary of the major provisions of this complex and, at times, contradictory bill, click here. The full text of the measure can be found at http://financialservices.house.gov/. When on the site, look for the "Featured Items" section and click on "Conference Report."  If, after reading the summary, you have questions, please contact:  Peter Kravitz, Director for Congressional and Political Affairs, (202) 434-9218; Cynthia Lund, Vice President for State Society Affairs and Strategic Planning, (202) 434-9257, or Sheri Bango, Director of State Society and Regulatory Affairs, (202) 434-9201.

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Auditing standard provides guidance
The Auditing Standards Board of the AICPA has released Statement on Auditing Standards (SAS) 99: Consideration of Fraud in a Financial Statement Audit, that gives U.S. auditors expanded guidance for detecting material fraud. The standard is the cornerstone of an effort to help restore investor confidence in U.S. capital markets and to re-establish audited financial statements as a clear picture window into corporate America. SAS 99 is effective for audits of financial statements for periods beginning on or after Dec. 15.

To assist members in fulfilling their responsibilities to detect fraud, the AICPA has launched a competency tool for auditors and corporate employees. The tool is free to members at www.cpa2biz.com/CPEConferences/CAT.htm.

To help CPAs where they are unsure of how to handle a potential threat to the integrity of their work, the AICPA has developed a flow chart, AICPA's Ethics Decision Tree for CPAs in Business and Industry. Please click here for a pdf version of the Decision Tree and chart.

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Wisconsin Elected Official Tax Guide

Wisconsin Elected Official Tax Guide (year ending 2007)* pdf format
* You'll need Adobe Acrobat Reader to view these files. If you don't have it, you can download Adobe Acrobat Reader for free by clicking here.

CPAC/LIF

CPAs practice in a regulated profession. The WICPA monitors the regulatory environment and provides opportunities for members to help shape the future of their profession. Information about the Public Policy Committee, Key Contact program, CPAC, and LIF can be found in this section. Updates on pending issues and/or legislation and a link to the Wisconsin State Legislature are also found here. To view a printable brochure click here.

• Wisconsin State Legislature

• Contributors to CPAC/LIF

• Public Policy Committee

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Contributors to CPAC/LIF

You will be recognized as a contributor by lawmakers and fellow CPAs. Click here for the 2007 list.

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If you have any questions, please e-mail Tammy Hofstede.

Contributions to CPAC and LIF are not deductible as charitable contributions for federal income tax purposes.