Knowledge that Transforms

Abstract This article presents the subject matter outline, a supplement to the statement of Concepts of Federal Income Taxation. The Subject Matter Outline is divided into ten sections, nine sections of which correspond with the nine major divisions of the "Concepts of Federal Income Taxation" the major sections of each have the same caption headings. Each division of the outline was made as complete as possible so the instructor could select the order in which he would present the material. It is felt that an understanding of the tax concepts, as emphasized in this outline, will make the study of taxation more meaningful and will give the student a more thorough base for future development of his knowledge of Federal income taxation. Hopefully, this outline will prove helpful in teaching the subject of income taxation.

Reviews the book "Auditing & EDP," by Gordon B. Davis.

Abstract In a profession as dynamic as auditing has become, it is certainly not too soon to begin speculating on the challenges EDP will present to the auditor of the 1970's. During the 1960's have witnessed rapid technological advances in EDP, and there appears to be little doubt that the pace will accelerate. Accordingly, the purpose of this article is to indicate where the auditor currently stands in relation to EDP, and the extent to which this relationship is likely to change in the 1970's. Auditing around the computer remains the rule rather than the exception, and auditing through the computer is seldom a requirement that cannot be avoided. In fact, the profession has the situation so well in hand, one cannot help wondering how we achieved this surprising result in view of the expectations to the contrary. Even assuming the 1970's produce a rapid implementation of sophisticated information systems, there are internal and external factors that will help the auditor meet the challenge. Externally, other responsible groups have much the same problems as auditors have. For instance, no matter how the systems of the future as designed, management will still have to maintain adequate control over them. Designers of systems may convert the information and audit trails exclusively to electronic form, but regardless of theft form, the trails must remain for control purposes.

Reviews the book, "Accounting for Extraordinary Gains and Losses," by Leopold A. Bernstein

Reviews the book "Manual on Commercial Law: Uniform Commercial Code Edition," 3rd ed., by A. Lincoln Lavine.

Reviews the book "The Federal Income Tax--Its Sources and Applications," by Clarence F. McCarty, Billy M. Mann, Byrle M. Abbin, William H. Gregory, and John P. Lindgren.

Reviews the book "Bank Frauds: Their Detection and Prevention," 2nd ed., by Lester A. Pratt.

Reviews the book "Procedures in Federal Tax Controversies," by Marvin Joseph Garbis and Robert L. Frome.