Global Business, Finance, and Accounting Newsletter - June 2009

Dear friends and colleagues,

Welcome to the June 2009 issue of my newsletter featuring selected articles on finance, accounting, audit, fraud, and global business.

I hope you will find value in these articles.

Feel free to contact me in case you require any additional information on the topics discussed below.

With very best regards,
Armando Nuricumbo, CPA, CPC


FINANCE AND ACCOUNTING

Audit Watchdog Group Warns About Starbucks
Research firm Audit Integrity issued a negative report to investors and auditing firms about Starbucks Corp.
http://www.webcpa.com/news/Audit-Watchdog-Group-Warns-Starbucks-50486-1.html?zkPrintable=true

IFRS and Your Tax Practice
International Financial Reporting Standards are coming, and tax advisers need to understand the implications for their clients.
http://www.aicpa.org/pubs/taxadv/may2009/dccurrents.pdf

What next? Ten questions for CFOs
As companies shift their attention from fighting the crisis to getting the most from the recovery, CFOs must keep them focused.
http://www.mckinseyquarterly.com/Corporate_Finance/Capital_Management/What_next_ten_questions_for_CFOs_2360


FRAUD PREVENTION AND DETECTION

The Reasons Fraud Spikes in a Recession
As sure as growth slides and employment numbers tumble, so cases of fraud rise during recessions. This time is no different.
http://www.time.com/time/business/article/0,8599,1899798,00.html

Companies Worried About Anti-Bribery Laws
75% of executives in a recent survey by Deloitte reported increased concern over violating anti-bribery laws such as the FCPA.
http://www.webcpa.com/news/Companies-Worried-Anti-Bribery-Laws-50495-1.html?zkPrintable=true

CAQ Offers Pointers for Integrated Audits of Internal Control
The Center for Audit Quality (CAQ) issued a report highlighting lessons learned from section 404 audits and identifies 21 practical tips.
http://www.journalofaccountancy.com/Web/PointersforAuditsofInternalControl.htm


GLOBAL ECONOMY

The Economist Intelligence Unit – Global Outlook May 2009
The global economy will probably stop deteriorating, but a return to healthy growth remains a distant prospect.
http://graphics.eiu.com/upload/eb/Global_economic_forecast.pdf

Economic Sentiment Cautiously Optimistic: AICPA Survey
Pessimism about the U.S. economy eased in the Second Quarter, according to a new survey conducted by the AICPA.
http://www.aicpa.org/download/news/2009/ECONOMIC_SENTIMENT_TURNS_CAUTIOUSLY_OPTIMISTIC.pdf

The Financial Meltdown's Unhappy Anniversary
The global credit-market meltdown was triggered on June 12, 2007, with the collapse of two Bear Stearns mortgage hedge funds.
http://money.cnn.com/2009/05/15/news/economy/bear.stearns.fortune/index.htm?postversion=2009051512

Risk and regulation: A new era for capitalism
After close to 30 years of light-touch regulation, globalisation and free-markets, many suggest that capitalism itself is entering a new phase.
http://www.eiu.com/site_info.asp?info_name=risk_and_regulation&page=noads&rf=0


MEXICO AND LATIN AMERICA

The Other Mexico: A Wave of investment
Corporations continue pouring billions of dollars in foreign direct investment in this country. Who says Mexico is a failed state?
http://www.nuricumbo.com/files/The_Other_Mexico.pdf

Mexican Data Show Migration to U.S. in Decline
Census data indicate an extraordinary decline in the number of Mexican immigrants going to the United States.
http://www.nytimes.com/2009/05/15/us/15immig.html?_r=1


OTHER MANAGEMENT TOPICS

Sex Sells. Here's Why We Buy
That iPhone in your pocket? That's for sex. As is pretty much everything you've ever bought, from your car to your T shirt.
http://www.time.com/time/health/article/0,8599,1900032,00.html

Confucius' Three Keys To Successful Leadership
Here are three ultimate lessons that business people can derive from Confucius. If anything has ever stood the test of time, they have.
http://www.forbes.com/2009/05/21/confucius-tips-wisdom-leadership-managing-philosophy.html

Test your Knowledge about Technology
CPAs could use this tool to gauge how technology-savvy they really are and pinpoint areas of improvement.
http://www.journalofaccountancy.com/Issues/2009/Jun/20091632.htm


RECOMMENDATIONS

The Horizon Institute
World-class Language School in Montreal, Canada.
http://www.horizoninstitute.ca/en/index.php