AICPA Economic Crisis and Recovery Center

What Government Entities Need to Know about American Reinvestment and Recovery Act of 2009; New Online Resource for Government Audits

The American Reinvestment and Recovery Act of 2009, signed into law on Feb. 17 to help spur the economy out of recession and enhance employment, could have a significant impact on your organization. This Government Accountability Brief has been prepared to help government entities understand the implications of ARRA. In addition, the AICPA’s Governmental Audit Quality Center has created the Recovery Act Resource Center on its website to assist auditors of governmental entities with finding important information related to ARRA.

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Crisis Management: Learning from the Crisis

Insight, June 2009

Innovative thinking and fresh strategies frequently emerge from the midst of chaos, and in the process make an organization stronger and more adaptable to a new and often transformed business environment.  A post-crisis audit that results in necessary change, reviews how a crisis was handled, has a forward-looking approach and tracks results can position a business to learn from the crisis and thrive in the afterglow of recovery.

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Fed Vice Chairman Comments on Financial Intermediation and the Post-Crisis Financial System

Financial Crisis News Center, July 13, 2009

In his speech at the Eighth BIS Annual Conference 2009, “Financial System and Macroeconomic Resilience: Revisited,” Federal Reserve Board Vice Chairman Donald L. Kohn discussed the root cause of the economic crisis, problems resulting from excessive risk buildup, factors that accentuated uncertainty, and transparency’s role in responding to risk mispricing and uncertainty.

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Herz: Accounting Did Not Cause the Crisis

WebCPA, June 29, 2009

During his National Press Club speech, FASB Chairman Robert Herz offered his personal perspective on the causes of the financial meltdown, lessons learned from the crisis and efforts needed to build a stronger financial system.  Specific topics ranged from fair value and accounting standards to credit default swaps, transparency, and foreign criticism of the U.S.’s ability to run sound capital markets and a reliable financial regulatory system.

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Management Lessons from the Financial Crisis: A Conversation with Lowell Bryan and Richard Rumelt

McKinsey Quarterly, June 2009 [quick registration required]

Although the height of the financial crisis still remains fresh in people’s minds, two prominent business strategists believe it is not too early to learn management lessons from the experience.  The personal, straightforward insights and opinions featured here on the nature of risk, the effectiveness of performance-measurement systems, and the challenges of properly addressing corporate governance and incentives bring a unique perspective to the crisis’s managerial implications.

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Podcast Episode 11—Business Insurance in Today's Climate

On this episode, Scott Spiegel, CFO of the AICPA, speaks with Eric Andersen, CEO of AON Risk Services, U.S. Retail, about business insurance in today's climate.

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CPAStraightTalk.podomatic.com

Nine Tips for Managing Risk in a Recession

Leaders’ Edge, Michigan Association of CPAs, May/June 2009

Economic downturns and all that they entail present unexpected challenges for CPAs, chief among which is a spike in professional liability claims.  However, expert guidance on why claims are increasing in number and severity, and what preventive steps help manage risk, can protect your firm and its reputation from the possibly crippling effects of litigation.

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Enterprise Governance: Risk and Performance Management Through the Business Cycle

CMA Management, May 2009

It is unlikely that businesses will ever be able to completely close the book on economic downturns, with upward and downward cycles remaining as forces that need to be reckoned with.  One approach to succeeding through these cycles is reliable risk management that calibrates a company’s scrutiny through business cycles, making the company appropriately risk-conscious.  This article explains how businesses can use measured risk-taking strategies to achieve long-term, sustainable performance.

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Regulatory Reform Tops Agenda at Opening of AICPA Council Meeting

Talk of financial regulatory reform took center-stage as CPAs from across the country gathered in Washington to open the AICPA’s 2009 Spring Meeting of Council. The agenda for the three-day meeting includes speeches by AICPA leadership, Congressional lawmakers and political pundits. The meeting concludes with visits by CPAs to legislators on Capitol Hill.

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Fraud Risk Management Basics for CPAs in Business and Industry

Among the many duties of a CPA in business and industry is the day-to-day detection of and protection against fraud within an organization. With the U.S. economy in the midst of a significant financial crisis, it may be difficult to focus on fraud prevention; however, it is exactly those moments of distraction that allow for an open door to fraud activity. This Business Brief explains how you can prevent, detect, deter and respond to fraud.

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