AZ CPA Feb. 2017

AZ CPA February 2017

What Makes a CFO Great?

Fraud Risks in a New Year The New Uniform CPA Exam 5 Productivity Secrets for CPAs

The Arizona Society of Certified Public Accountants y www.ascpa.com

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AZ CPA The Arizona Society of Certified Public Accountants

Make tax season easier by tapping into the knowledge of more than 500 ASCPA members in the Connect Tax Community Discussions. The community will assist you with your tough tax issues and provide a bit of levity when stress is mounting.

Some of the topics members are discussing in the Connect Tax Community: wArizona Tax Credits wIRA Contribution to HSA Account wFederal Tax Updates from Ed Zollars wTPT wNew Payroll Rules for 2017 wVacation Rentals wUber/Lyft Driver Income In addition to the Tax Community, there are also communities for specific tax software programs: wCCH wProSystem fx wTax Software wDrake wLacerte wUltra Tax

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Greg Nelson Molly Montgomery Mike Allen Jared Van Arsdale Brenda Blunt Michael Chesin Virginia DeSanto Marcus Feder Teresa Finley Julia Miessner Mark Patton Jeffrey Quick Curtiss Smith Nancy Thomas Char Woodall

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of Certified Public Accountants (ASCPA) to provide information, news and trends in the profession of accounting. It is distributed 10 times a year as a regular service to members of the Society. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in articles or advertisements within this publication.

Opinions expressed by contributors are not necessarily those of the ASCPA.

Arizona Society of CPAs 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034-2021 Telephone (602) 252-4144 AZ Toll-Free (888) 237-0700 www.ascpa.com

AZ CPA Volume 33 Number 2

February 2017

Features

Fraud Risks in the New Year 11

Double-cashed checks, CEO spoofing, and more — watch out for these schemes in 2017.

by Dr. Robert K. Minniti, DBA, CPA

14 What Makes a CFO Great?

Tackle these four main challenges to become a great CFO.

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Columns & Departments

by Sabine Vollmer

Five Productivity Secrets Every CPA Should Know How to be focused, organized and productive, even if you are not the organized type.

by Margo Brown

Chair’s Message by W. Gregory Nelson, CPA

6

Member News

7

A Dash of SALT by James G. Busby, Jr., CPA

9

Quick Quiz

21

Classifieds 22

19 The CPA of Tomorrow

Find out how changes in the Uniform CPA Exam will affect the pathway to the profession.

by Laura Hay, CPA (in Ohio), CAE

Arizona Society of Certified Public Accountants 4801 E. Washington St., Suite 225-B Phoenix, Arizona 85034-2021 www.ascpa.com

FEBRUARY 2017 AZ CPA

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ASCPA Chair’s Message

Are You Ready for a CPE Audit?

As I sorted through my mail, I found a notice from the post office that said, “Certified mail delivery attempted. Mail held for pick up at post office.” I don’t receive many of these, so naturally I wondered what it was. Did I speed through a traffic camera again? Reluctantly, I waited in line at the post office to get the letter informing me that my continuing professional education (CPE) was being audited by the Arizona State Board of Accountancy. My first audit in 18 years, but I was prepared this time! (That’s much longer than the frequency between my speeding tickets.)

by W. Gregory Nelson, CPA

“An investment in knowledge pays the best interest” — Benjamin Franklin

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Each year a committee of CPA volunteers works with the state board to audit between 150 and 200 of the CPE reports submitted biannually by Arizona CPAs. Of these randomly selected reports, approximately 12 percent will fail the initial review and require either additional information or other corrective action.

Two years to accumulate 80 hours of CPE is not too onerous. That is, if you spread it out over two years. But it still takes a degree of care to ensure that the hours are in the right categories. Some education must be in the classroom or by interactive webinar, and enough CPE hours must be in the Accounting, Audit and Tax category. Finally, we need four hours of ethics training with one hour in the AICPA code of conduct and another hour reviewing Arizona statutes and rules.

The failure to ensure that the ethics course includes these components of ethics training causes many audit failures.

In 2011, more than 5,600 CPAs participated in a survey from which the AICPA issued the “CPA Horizons – 2025” report. This initiative called on CPAs from all areas of the profession to embrace the challenge of defining the future, for themselves and for those they serve. In addition, the report defined the core values for CPAs, the first of which was Continuing Education and Life-Long Learning. In describing this core value, the report stated that technical skills are foundational, but not sufficient without developing problem-solving, communications, leadership and other interpersonal skills.

Many years ago, my CPE typically involved day-long training sessions or attendance at conferences that offered sessions that provided the needed hours.

With the internet and growth of mobile technologies, we can now engage in education whenever and wherever it is needed. We can identify a specific need and immediately find a webcast, podcast or seminar available to consume in smaller, more digestible increments. And we can even participate from our desks! In fact, my CPE, which is presently under audit, is documented with 51 course certificates.

Your company may offer some of your training, but the variety and delivery methods offered by our ASCPA is outstanding. The ASCPA provides opportunities for our foundational technical skills and the other skills identified within the Horizons report that can make us more successful. These options, along with a variety of delivery methods, including face-to-face training, conferences and internet-based training, abound within the ASCPA catalog. As you develop your 2017 CPE plan, I hope you will take advantage of the ASCPA offerings (and your discounted member pricing). n

Lisa L. Daniels, CPA, of KPMG will be transferring from the Phoenix office to assume the role of managing partner of their Silicon Valley office.

CBIZ MHM, LLC & Mayer Hoffman McCann P.C. had a nationwide competition between their 100+ offices, and the Phoenix office raised more money and donated more pounds of food than all the other offices. Because of this, their corporate office is donating an extra $5,000 to St. Mary’s Food Bank, in addition to the $20,500 funds the Phoenix office raised over a twoweek campaign.

BeachFleischman PC promoted Susan A. Armstrong, CPA, Jon Bickerton, CPA, and Eric B. Maneval, CPA, to shareholder, effective Jan. 1, 2017.

In Memorium ASCPA Honorary member William G. Farrow recently passed away.

Farrow was president of the Arizona State Board of Accountancy from 19761977, served as president of the ASCPA Foundation from 1973-1976 and was chair of the ASCPA from 1970-71.

Member News Arizona AICPA Committee Appointments Thank you to these ASCPA members who were selected to volunteer for an AICPA group beginning October 2016: Karen Abraham Corey Arvizu Anita Baker David Baldwin David Collins Nicholas Daddario Michael Fahlman Randy Fletchall Stephen Harris Suzanne Heidenreich Chuck Heimerdinger Craig Isakson Travis Jack

Colette Kamps Mark Landy Nancy Langdon Sharon Lechter Molly Montgomery Ryan Patterson Randy Roberts Armando Roman Alix Smith Michael Warren Jacob Wilkinson Brittney Williams

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A Dash of SALT

Arizona’s New State and Local Sales Tax Nexus Guidelines This month’s state and local tax (SALT) column addresses a new ruling that outlines the Arizona Department of Revenue’s (Department’s) position concerning the factors that determine whether an out-of-state company has nexus for purposes of Arizona’s sales and use taxes, and concerning the state’s position regarding nexus for municipal sales taxes.

With Arizona Transaction Privilege Tax Ruling TPR 16-1, the Department rescinded and replaced the guidance it issued eight years ago concerning the factors it considers to determine whether an out-of-state business has nexus for purposes of Arizona’s sales and use taxes. In the ruling, for the first time, the Department stated that businesses that have nexus for state sales tax purposes also have nexus for municipal sales tax purposes.

Why the Ruling is Controversial Of the 45 states that collect sales taxes, Arizona is one of just four that permit municipalities to impose sales taxes under their own municipal tax codes. The other 41 states impose municipal sales taxes under their state tax codes, collect the taxes centrally, and distribute a portion of the taxes they collect to their municipalities. Because the municipal sales taxes in most states are imposed by the states, when those states have sufficient nexus to collect sales taxes from transactions in interstate commerce, the municipalities in those states receive a portion of the taxes collected.

However, in Arizona — at least before the Department issued this new ruling — out-of-state retailers frequently contended that municipalities are not automatically entitled to sales taxes on proceeds from interstate commerce just because the state is entitled to sales taxes. The retailers believed that establishing nexus with Arizona and one or more municipalities in the state did not automatically establish nexus with all municipalities in the state.

An Example

by James G. Busby, Jr., CPA

James G. Busby, Jr., CPA, is a state and local tax attorney at The Cavanagh Law Firm. Busby previously worked in the SALT departments at Arthur Andersen and Deloitte & Touche. Before entering private practice, Busby was in charge of all transaction privilege (sales) tax audits at the Arizona Department of Revenue.

If you have any questions, please contact the author. He can be reached at (602) 322-4146 or JBusby@CavanaghLaw.com.

Assume that an out-of-state retailer establishes nexus with Arizona solely by sending employees or engaging an unrelated third party to install products it sold to customers in Tucson over the course of several days.

By sending employees or agents to Tucson to install products for customers over the course of several days, the out-of-state retailer established nexus with the State of Arizona and the City of Tucson. So, the state could require the retailer to file sales tax returns and pay state and county sales taxes on those transactions and any subsequent transactions with customers in Arizona during the same calendar year, even if the subsequent transactions are online transactions and do not involve installations or any other physical presence in Arizona by the retailer or its agents.

Likewise, the City of Tucson could require the retailer to do the same thing — but only for transactions with customers located in Tucson.

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CPAs

ASCPA Annual Meeting May 19 If you like Ted Talks, then you are sure to enjoy what we have in store for you at the Annual Meeting. In addition to honoring Life Members Randy Fletchall and Jim Susa, we will present Ignite CPAs — a fast-paced event where seven CPA speakers will present a topic, giving them each five minutes to inspire and entertain you! Join us at the Arizona Biltmore Resort.

www.ascpa.com

However, in this scenario, the retailer could argue that it only established nexus with the state and with the City of Tucson and that other municipalities in Arizona could not require it to pay sales taxes on proceeds from transactions with customers located within their municipal limits.

While Arizona municipalities value the autonomy that comes with imposing sales taxes under their own tax codes, if this theory is correct, that autonomy comes at a price.

An Important Position Not Disclosed in the Ruling Although the Department did not disclose this, its position is that when out-of-state software companies retain ownership of the software that they license to their customers, they establish nexus with the state regardless of how the software is delivered and whether or not the out-of-state software company has any other connections with the state.

Practice Tip In days past, when deciding whether to collect and remit sales taxes, businesses almost always were best advised to simply follow any written guidance issued by taxing authorities — even though it seems tax authorities often lean toward the taxable end of the spectrum on gray issues. But, in today’s litigious environment in which businesses also have to contend with class action lawsuits when they accidentally collect too much tax from their customers, they should consult with their tax advisors on gray issues even when the taxing authority has weighed in on the issue, and especially when the taxing authority’s position on the issue is suspect. n

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AZ CPA FEBRUARY 2017

more than $5 million in stolen checks using this scheme. In another case in California, two defendants pleaded guilty for fraud after cashing stolen U.S. Government checks using bank accounts that were opened using stolen identities. When law enforcement starts to investigate, the identity theft victim is usually the first one brought in for questioning.

Risks in a New Year

by Dr. Robert K. Minniti, DBA, CPA

As we start 2017, it is a good idea to consider some of the newer fraud risks facing organizations in a digital world. The Association of Certified Fraud Examiners estimates businesses lose around five percent of their revenue to fraud, so it is important that we identify the fraud risks so proper internal controls can be put in place to help prevent and detect these risks to the organization. Here are some frauds that were trending in 2016 and should be considered risks in 2017.

Criminal Identity Theft There is a modern version of criminal identity theft. The typical pattern for this newer type of criminal identity theft is for the criminal to misappropriate your Social Security Number, driver’s license number, passport number and other personal information. There are various ways for the criminal to do this including data breaches, mail fraud, phishing, vishing, etc. They can also get personal information from social networking sites or by purchasing information on the darknet. Once they have your personal information, they use your name and Social Security Number to set up a shell company, usually an LLC because it is the easiest to create. The paperwork for the shell company will be filed with the state, but there are no operations nor is there any real business being conducted.

After the criminals have the shell company approved by the state, they open a bank account with you as the owner, again using your Social Security Number, as the sole proprietor of the LLC. The address for the shell company will usually be a box at a mailbox store, which was rented in your name usually paid for with cash in advance.

Once the shell company and bank accounts are set up, the fraudsters get to work cashing stolen checks and processing transactions from stolen credit cards in the shell company’s bank accounts. Once the funds are available in the accounts, the criminals immediately wire the money out of the accounts, usually on the very same day the funds were released. The funds are usually sent to overseas bank accounts to make it more difficult to trace. The money is then laundered and put back into the criminal’s pockets. In a case from Houston, Texas a fraudster was able to cash

Double-Cashed Checks In 2016, there was a growing trend in double-cashed fraud schemes. This particular scheme takes advantage of some of the newest technology in online banking. When a payee receives a check, the payee uses their cell phone to deposit the check into their bank account. The check clears and the victim reconciles their bank account without any issues. Up to this point everything is legal and no fraud has occurred. The fraudster then sits on the check for five or six months and then takes the original check to a check-cashing outlet and cashes the check by presenting the original signed check. If the victim is properly reconciling their bank account, they will notice that this check cleared a second time. If the victim is lucky, and uses positive pay, then their bank may refuse to pay the check a second time. Herein comes the legal issue. Since the check cashing store has an original check with a valid signature, unless the victim can prove the check cashing store knew the check had been previously deposited, the check cashing store will usually prevail in litigation to get paid for the check.

Once the victim has paid the checkcashing store, their only recourse is to sue the payee who cashed the check twice. It would be especially difficult to convince a prosecutor to file criminal charges against the payee unless the victim could show a history of doublecashing checks because the payee is going to claim it was a mistake and they forgot they previously cashed the check. The payee will often offer a payment plan of a minimal amount per month with no interest to repay the money. Because of the claim that this

FEBRUARY 2017 AZ CPA

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was an error and an offer for restitution, it could be all but impossible for the prosecutor to establish mens rea or intent for the crime.

CEO Spoofing CEO spoofing is another fraud that took off in 2016. In April 2016, the FBI reported the CEO e-mail fraud had cost U.S. businesses in excess of 2.3 billion dollars. CEO spoofing occurs when the criminal creates a fake email that appears as if it was the CEO’s legitimate email. The criminals use the spoofed email to send an invoice or instructions for payment to an accounts payable clerk with instructions that a payment be made that day by check or ACH. The spoofed email will often contain a fraudulent invoice with an “Approved” stamp and the CEO’s signature, which was copied from documents on the internet. Once the payment is sent, the thieves transfer the funds out of the United States making recovery difficult.

Data Breaches Data breaches not only inconvenience the victim companies and the individuals whose information has been compromised, but they also place a significant cost on the victim. Because an organization is considered to be negligent in its duties to safeguard the information provided to it by employees, customers and others, there is a significant cost to being a victim of a data breach.

According to the 2016 Cost of Data Breach Study: Global Analysis Benchmark research sponsored by IBM and independently conducted by the Ponemon Institute, LLC,1 the average cost to the victim of a data breach in 2015 was $4 million. Smaller organizations fared better than larger ones. The average cost of a smaller data breach where less than 10,000 records were compromised was $2.1 million; whereas the average cost of a larger data breach where 50,000 or more records were compromised was $6.7 million. The average cost of a data breach in 2015 was up 29 percent over

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the average cost in 2013. On average, it cost the victim approximately $158 per record compromised.

Ransomware Ransomware is a type of malware that is placed on a computer which then encrypts all of the files on the computer. The criminals then require that the victim pay a ransom in order to obtain the decryption key and have access to their files. The most well-known example of ransomware is CryptoLocker. Cryptowall 2.0 is a newer version of ransomware being used by cybercriminals. The FBI estimates that ransomware is a $1 billion a year fraud. A new type of ransomware, called Reveton, installs itself onto the computer without the user’s knowledge. Then, the computer freezes. A bogus message from the FBI pops up on the screen saying the user violated federal law. To unlock their computer, the user must pay a fine.2 For a single computer, the cybercriminals will initially request a ransom ranging from $300 to $500.

Larger ransoms are demanded when more computers are infected with the ransomware. Once the deadline for the payment has passed, the criminals up the ransom demand to around $1,000 per infected computer.3 Typical ransomware software uses RSA 2048 encryption to encrypt files.

Just to give you an idea of how strong this is, an average desktop computer is estimated to take around 6.4 quadrillion years to crack an RSA 2048 key.4 On August 9, 2016, the FBI changed its position on paying the Bitcoin ransom to the cyber criminals. Supervisory special agent for the FBI’s Cyber Division, Will Bales, said that businesses or individuals targeted by ransomware should refuse to pay the ransom. The U.S. Department of Justice stated there are approximately 4,000 ransomware attacks daily in the U.S.

Credit Card Fraud Attacks on the new EMV Chips While many people believe the security of their credit and debit cards has

increased because the banks and card issuers added EMV (Europay MasterCard and VISA) chips to the cards, this may not in fact be true. Although the EMV chips make it more difficult for criminals to skim the information on the card and create a duplicate card, the criminals have developed a new fraud scheme to take advantage of the vulnerabilities of the EMV chips. These chips are radio frequency identification chips (RFID) and you can pay for a transaction by waving the EMV chip card over a point-of-sale transaction device designed to capture the RFID information. What most consumers don’t know is that the chips in a smart card can be read at distances up to three feet away.

The criminals are aware of the new chip card’s vulnerability and they use portable, battery operated, point-ofsale devices to capture the information broadcast by the smart cards and process card present transactions. The criminals go to crowded areas such as malls, sports venues, subways, busses, and other public places carrying these portable devices and have them automatically process a card present transaction for under $50, which is the federal legal limit for a fraudulent transaction that is the responsibility of the consumer. For fraudulent transactions over $50, the card issuer is responsible for the transaction. When consumers attempt to dispute these transactions, some card issuers will argue that since the card was present, and you still have possession of the card, it must be a legitimate transaction. They may even imply you just forgot about making the purchase.

As CPAs, we need to be aware of these trending fraud schemes and ensure that our clients or employers have considered these fraud risks and developed appropriate internal controls to help prevent or detect these fraud schemes. The Arizona Society of CPAs offers numerous continuing professional education courses on fraud and internal controls throughout the year to keep us informed of the latest fraud schemes. n

Endnotes 1. www-03.ibm.com/security/databreach 2. www.fbi.gov/audio-repository/ news-podcasts-thisweek-revetonransomware/view 3. www.knowbe4.com 4. www.knowbe4.com

Online or on site at the ASCPA ...

March 21, 2017 Fraud: Recent Findings, Red Flags and Corruption Schemes (8-11:30 a.m.)

Dr. Robert K. Minniti, DBA, CPA, CFE, Cr.FA, CVA, MAFF, CFF, CGMA, PI, is president and owner of Minniti CPA, LLC, and a member of the ASCPA.

Identify the findings and implications of major fraud studies; Identify red flags associated with various types of fraud schemes; and apply preventive and detective controls concerning nontraditional fraud schemes.

Learn more from Robert Minniti on the topic of Fraud in March in-person at the ASCPA office or online as a webcast.

The Most Common Financial Statement and Asset Fraud Schemes: How to Detect and Prevent Them (12:30-4 p.m.)

Identify the schemes used to misstate revenue, inventory, asset overstatements, estimates, and other accounts; Distinguish suspicious journal entries; Determine the red flags associated with fraud schemes concerning revenue, inventory, asset overstatements, estimates and other accounts.

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FEBRUARY 2017 AZ CPA

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What Makes a CFO Great?

by Sabine VollmerÂ

Corporate finance leaders face four main challenges. Tackling them will allow CFOs to shape strategy and drive innovation necessary for sustainable growth, but it will also rapidly expand their role. A majority of finance leaders said they are increasingly expected to have digital know-how, use data analytics and manage risks. They also have to deal with shareholders and regulators more than ever, according to a global EY survey of more than 750 finance leaders.

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Ta k i n g o n t h e a d d i t i o n a l responsibilities is crucial to help develop and enable an overall strategy for the business, provide insights and analysis to the company’s executive management, ensure that business decisions are grounded in sound financial criteria, and represent progress on financial goals to external stakeholders, according to EY. “The days of the CFO sitting in the corner office counting beans are long gone,” said Pip Spibey, ACMA, CGMA, the CFO at Travelport Locomote, an Australian company that offers a business travel platform.

“A CFO is required to be a strategic business partner above all else, with an appreciation for all the moving parts in the business. That’s probably the most significant shift in recent years.”

Financial leaders see the patterns in the data and make sure senior management understands them, said Chris Rogers, CPA, CGMA, the CFO of Infragistics, a U.S. software developer with operations in Europe and Asia.

“A great CFO is a partner to the CEO and, in private, his or her harshest critic when warranted,” he said.

Digital know-how. To fulfill critical strategic priorities, 58 percent of the respondents said they need to better understand digital technologies and data analytics. Two technologies are shaping up to become particularly important for finance leaders to understand: Blockchain, which allows data to be exchanged with the help of a decentralized ledger, could transform corporate reporting. Robotics process automation promises to automate and reduce the cost of back-office processes.

“Twenty years ago, pivot tables were cutting-edge,” Rogers said. “Mobility is today’s challenge — taking disparate systems and putting them in the cloud and making them secure and accessible in real time, so you can make decisions today instead of tomorrow.”

Digital savvy is a priority across industry sectors, because it offers opportunities for growth — in new markets, through new products and

A great CFO is a great communicator and is as comfortable talking to boards and investors as he or she is talking to a roomful of software engineers,

delivery models, or by transforming existing products. Financial leaders who understand how their company can deliver on its digital strategy can coordinate and focus investments accordingly.

Digital issues to tackle include global tax implications for how goods and services are sold, where companies base their operations, robotics and new competitors.

A good digital strategy helps a company figure out which technology provides the best return on investment and possibly other intangible benefits, Spibey said. “Not everything will work for your business.”

Data analytics. In the past decade, half of the finance leaders polled

by EY have increased the amount of time they dedicate to advanced analytics to provide more insight to the CEO and senior management. Of the respondents in the 2016 survey, 57 percent said that being able to deliver the data and advanced analytics will be critical for the finance function.

“Using Big Data along with your own internal data makes your internal data even more powerful, and it provides context and connection to the marketplace,” Rogers said.

For companies to tur n these efforts into a long-term competitive advantage, data must become integral to the business strategy, and analytics

delivery must match business requirements. To gain more value from analytics, business leaders should focus on training, easy-to-use tools for data users, and aligning incentives, rewards and measurements.

Risk management. Two-thirds of financial leaders in large companies (more than $5 billion in annual revenue) and 54 percent of financial leaders in smaller companies said they believe risk management will be a key capability demanded of the finance function.

To play their part effectively, CFOs must think beyond prevention and identify strategic risks, bring up risks in strategic and business planning discussions and take the time and resources to recruit talent in advanced analytical skills.

“By understanding the pain points of pivotal departments in your organization,” Spibey said, “you can look at a balanced level of risk that allows for creativity and mistakes in order to drive the best possible solutions and outcomes.”

Stakeholder scrutiny and regulation.

Half of the financial leaders polled said they will have to improve their skills managing relationships with stakeholders, including investors and senior management; in emerging m a r k e t s i t w a s 5 9 p e rc e n t o f respondents.

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2017

Understanding what drives stakeholders, communicating proactively, and telling a consistent story about the business will be critical to strengthen stakeholder relationships.

Arizona Tax Guide Order the only comprehensive guide on Arizona taxes Authors: Pat Derdenger, Steve Rodis and Ed Zollars New in the 2017 Arizona Tax Guide:

• Arizona becomes the first state to conform to the new partnership examination regime enacted by Congress • Major revisions are made to Arizona charitable tax credits, expanding those that can be made after Dec. 31, as well as separating the credit for contributions to certain charitable organizations from the credit for contributions to foster care organizations • Status of sales tax simplification efforts

The Arizona Tax Guide includes the following guides:

Understanding what drives stakeholders, communicating proactively, and telling a consistent story about the business will be critical to strengthen stakeholder relationships.

Intense regulatory scrutiny requires CFOs to also work ever more closely with policymakers. Of the finance leaders polled, 71 percent said they will increasingly be responsible for the ethics of their company’s decisionmaking.

A great CFO “is a great communicator and is as comfortable talking to boards and investors as [he or she is talking to] a roomful of software engineers,” Spibey said. “They are flexible and listen to ideas, are commercially astute and up to date with technologies.”

Order digital or spiral bound guides at www.ascpa.com 16

AZ CPA FEBRUARY 2017

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Drive sustained, long-term growth. Identifying risks as early as possible, managing negative exposures, and seizing opportunities help companies adapt to uncertainties generated b y m a r k e t a n d re g u l a t o r y volatility. CFOs can provide investment flexibility to seize growth opportunities, such as new products and services or entering new markets.

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Inspire and lead the way with strong purpose and ethics.

Articulating a business’ purpose and ethical stance motivates employees to meet new challenges.

CFOs help embed purpose in the business by leading through example and by grounding it to performance measurements.

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Support digital. Understanding the opportunities and risks allows companies to incorporate digital into their strategy and into the delivery of the strategy. CFOs can then help the business to deliver the right digital capability at scale, be it by striking a balance between near-term targets and long-term potential or by building the business case for significant technology investments. n

How to tackle the challenges. To help identify and assess fresh strategic approaches and help their companies, EY considers these five areas as critical: •

• The Arizona Income Tax Guide • The Arizona Sales and Use Tax Guide • The Arizona Personal Property Tax Guide • The Arizona Unclaimed Property Guide

Guides available now.

environment. CFOs can develop and deliver these strategies, for example, by unlocking capital for new business opportunities.

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Support innovation and new business models. Collaborating with entrepreneurs and start-ups helps drive innovation and meet changing customer and emerging market needs. CFOs play a key role in building successful collaborations, including effective due diligence on potential partners, aligning incentives between partners, and establishing an effective governance model.

Develop and deliver agile strategy.

Business strategies should adapt to changing competitive dynamics, differing customer needs, emerging technologies, and a changing regulator y

Sabine Vollmer (svollmer@aicpa.org) is a CGMA Magazine senior editor.

2. Your Desk Inbox

Productivity Secrets Every CPA Should Know How to be focused, organized and productive in your workday … even if you’re not the organized type.

by Margo Brown When most people hear that you’re a CPA, they probably think you do taxes and push papers. The truth is that CPAs are busy throughout the year with much more than taxes. There’s never an “off season.”

What if you could get the same amount of work done and still get home for dinner at a reasonable time? It’s possible for you, because I was able to squeeze an eight-hour workday into five hours in order to indulge my love of surfing and be at the beach by 2 p.m. each day.

The goal here is to introduce techniques that you can implement right away that will make a difference in the way you work.

People often think that being organized and productive is about picking the right technology. In fact, habits are your most powerful productivity tool. Sleep, exercise, diet and mindfulness are also very important. If you’re tired at work, no productivity app is going to make up for that.

Here are five simple, yet powerful, ways to get the most out of your workday:

1. Time Blocking Your brain can only handle about 90 minutes of focused and concentrated work.

Imagine doing lunges for 90 minutes – your legs would be screaming. Giving your brain a rest allows you to focus better during the time you work.

Work in 90 minute intervals, with a short three- to five-minute break every half hour or so, then a longer 10- to 30-minute break between every 90-minute session.

A break does not mean you switch over to email or social media. A true break involves getting up from your desk and stretching at the very least. Make sure you have enough water, take a short walk, get a snack.

Remember, your body is a biological machine and needs proper maintenance to operate at full capacity. Think about it like NASCAR – even though the race is long, the driver makes pit stops every so often, then kicks it back into high gear to win the race.

As for your email, social media, and other minutiae that you need to tackle at some point – set aside a work session for that purpose rather than being distracted by it throughout your day.

We all have email inboxes, but very few of us have an inbox on our desks.

Even though we are going paperless, paperless doesn’t mean all your paper is gone. There will still be paperwork that comes onto your desk, and you need to be able to manage that paperwork.

Have a receptacle at your desk that collects incoming paper. Then have a way to organize it so that you can find and work through those papers quickly and easily.

Think of your desk as prime real estate. I hear my clients say all the time, “I’m going to put it on my desk for now.”

This may keep the item top of mind, but before long the papers pile up and now you have a new job on your to-do list – going through your piles.

Get clear and intentional with how you organize your desk and your space.

Remove everything from the surface, start fresh, only put back the things you love and are functional. When your desk is intentional, it looks good and feels great, and you’re drawn to work there. Use the same principles for your computer desktop.

3. A Simplified To-Do List Most of us have a to-do list that is intimidatingly long. The psychological pressure of all the work hanging over our heads can be distracting and hurt productivity. Here’s an easy way to keep it under control: Each morning, or at the end of the previous day, prioritize your inbox and to-do list, then pick the top three items to work on. To help yourself decide, say, “I could consider today a success if I completed ___, ___ and ___.”

Put the large to-do list away and keep only those top three items in front of you. Work on them until they’re done.

If they’re big projects, those may be the only task you get done that day, and that’s fine if they’re truly the highest priority.

If you have more time in your day, pick the next three priority tasks. Repeat until the end of your workday, then sit back and congratulate yourself on what a productive day you had.

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100% ASCPA 100% Club We are pleased to honor organizations that have demonstrated a high level of commitment to the Arizona Society of CPAs. These organizations ,with 100% CPA membership, convey to their clients, staff and colleagues that they have made a significant commitment to the CPA profession.

ASCPA 100% Club Inaugural Members Firms with 10 or more CPAs • Fester & Chapman, P.C. • Hunter Hagan & Co Ltd • Johnson Goff & Company PLLC • Lohman Company, PLLC • Mansperger, Patterson & McMullin, PLC Firms with nine or less CPAs • AA Tax CPA, LLC • A F and P CPAs PLLC • Andersen & Sarnowski • AXIOM Financial Advisory Group, LLC • Baldwin & Baldwin PLLC • Benjamin H Field CPA, PC • Black & Soli PC, CPA • Boudreau Consulting LLC • David L. Stocking, CPA, Ltd. • Eaton & Kasprzyk CPAs, PC • Edward M. Osinski, Jr., CPA, PC • Epstein Schneider, PLC • Frederick C. Shaffer, CPA, PC • Frost, PLLC • Gosney & Company, P.C. • Hanagan CPA, PLLC • Holdsworth Chadd Fuller CPAs PC

• • •

• • • • • • • • • • • • • • • •

Morrison, Clark & Conover CPAs, PLLC Moss Adams LLP Semple, Marchal, & Cooper, LLP

Jansen & Company CPAs, PLLC Karpinski, Berry, Adler & Co., PLC King, Tripp & Henry PLLC Ludwig Klewer & Company PLLC Michael S. Patinella, PLLC Monica J. Stern, CPA, PLLC Roger T. Bollard, CPA Schutte & Hilgendorf, PLLC Skinner & Company, LLC, CPAs The Balance Sheet The Ruboyianes Tax Company, PLC Ullmann & Company, P.C. Urke & Stoller, LLP Walker & Armstrong, LLP Weech Financial, PLLC Wyndelts & Co., PLC

Industry Insider Club • Bashas’

Participation in the 100% Membership Club will: • • • •

Validate your organization’s dedication to high standards Express your commitment to staff development Gain valuable resources and insight into the CPA profession as it relates to your industry; including free CPE, discounted ethics training and more Differentiate your organization and help attract new clients to further build your business

Do you think your organization may qualify for the ASCPA 100% Club? Contact membership@ascpa.com to opt-in to your organizational benefits, and enroll today!

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AZ CPA FEBRUARY 2017

4. Two Minutes or Less This is my favorite technique because it’s a real game changer.

The idea is simple: If you can get it done in two minutes or less, get it done.

Send it, sign it, fax it, click it, buy it, burn it, write it. Whatever you have to do. Move it off your desk and off your to-do list.

It’s great to alternate this technique with bigger projects that take a lot of time, because you get the satisfaction of feeling super productive when you knock a bunch of things off your todo list.

5. Be Held Captive This technique will help you finally get that big project done, the one that you keep getting distracted from or are procrastinating on because it’s just so daunting.

The secret is simple: Take your big project, pack it up and head out of the office. You can go to a coffee shop, a hotel room, the library, an office conference room – a place where you are out of your usual element and can’t be distracted or interrupted.

If you can’t find a way to physically leave the office, the next best thing is to shut your door with a Do No Disturb sign and turn off Wi-Fi. Regardless of how naturally organized you are, simple techniques like these can make a big difference in your productivity when you turn them into regular habits. You can find more tips on my website at WaveProductivity.com/ blog.

Pick your favorite and start enjoying the benefits today! n Margo Brown is a productivity coach and professional organizer who helps busy professionals become more focused, organized, and productive. Find additional efficiency techniques on her website at http://waveproductivity.com/blog.

The 2017 revision was informed by a comprehensive practice analysis, conducted between 2013-2016 with employers, regulators, educators and other stakeholders regarding the required knowledge and skills for the entry-level CPA. “Comments received on the exposure draft of Uniform CPA Examination revisions were largely in favor of change,” noted Decker. Higher order skills, advanced communications, ethics, professional skepticism and data analysis were all skills identified as in-demand for newly licensed CPAs. “Not just the facts, but interpretation of what they mean.”

How do you test for that?

The CPA of Tomorrow

by Laura Hay, CPA (in OH), CAE In 2016, an accomplished CPA likely finds that the competencies needed today differ from what they first envisioned as a student majoring in accounting. It’s a powerful shift in perception, recognizing the CPA’s role as the most trusted strategic advisors to business. That expectation gap in the requirements for the credential is one that the profession has worked hard to address in attracting and educating tomorrow’s CPAs. The Uniform CPA Examination, one of the most respected and rigorous requirements to enter a profession, debuts an exciting new version in April 2017.

The evolution of the exam provides a great opportunity to celebrate the value of CPA services that is being recognized and reinforced through this pathway to the profession.

Why now?

“The profession demanded it,” responds Michael Decker, AICPA’s vice presidentexaminations. “More technology being leveraged at the entry level has raised the bar for skills needed by newly licensed CPAs. Application and analysis skills, interpretation, and working on more complex projects are now requirements to be the entry-level candidate employers want to hire.”

Decker leads the team of professionals who understand the science of building a professional examination to test for competencies that lead to this profession’s highest value of preserving the public trust.

“A key component of a professional licensure exam is to remain current and relevant,” Decker said. Each year, the blueprint and the outline of the CPA exam are reviewed, and updates are made in an iterative fashion as they occur for new professional standards.

Higher order skills of application, analysis and evaluation of problems by exercising judgment are to be tested in the 2017 exam, along with remembering and understanding. In addition to possessing professional and technical knowledge, CPAs will be expected to exercise critical thinking, problem solving and professional skepticism.

The exam makes greater use of taskbased simulations, including document review simulations, in which candidates reference examples of business documents and edit the text, to better simulate the type of tasks newly-licensed CPAs are asked to perform.

Total exam testing time will increase from 14 to 16 hours to provide for the increased use of simulations, with four hours for each section. The sections of the exam remain unchanged: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR) and Regulation (REG).

Is it harder?

“I’m not sure the CPA examination will be more difficult, if you measure difficulty by pass rates,” he said. “But the changes may result in passing a different population of candidates.”

Candidates who are better at analyzing and applying knowledge, rather than just recall and understand will likely succeed.

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“Forming a network of support, opportunity and incentives will be crucial to help CPA Exam candidates pass the exam successfully and in a timely manner.”

So, how does a candidate prepare for this?

New content Blueprints replace the current Content Specification Outlines and Skill Specification Outlines to provide greater detail on what may be covered in the exam and link to sample tasks. “Review course providers are ready to instruct candidates about the format changes in the exam and have already prepared sample questions and tasks,” said Decker.

Can higher order skills be taught?

Decker noted that the practice analysis highlighted that colleges and universities are already teaching to these requirements through the use of flipped classrooms, case studies and introducing real business documents such as annual reports and financial statements into the classroom.

“We’re preparing candidates by having our team of experts vet our entire question bank to ensure that we’re providing students with the means to practice these more complex TaskBased Simulations (TBSs,)” says Roger Philipp, CPA, CGMA, CEO of Roger CPA Review. “We also give them guidance within our textbooks and lecture on how to approach these problems.

New course materials will be available in December, and students can choose which course materials they want to study based on when they plan to take each part of the exam, with access to both sets of materials.”

Philipp also recommends earlier exposure to the exam’s structure and content during the completion of an undergraduate accounting degree, and emphasizes the importance of employer support. “Forming a network of support, opportunity and incentives will be crucial to help CPA Exam candidates pass the exam successfully and in a timely manner.”

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What can we expect next?

Previously, major revisions in the Exam occurred approximately every seven years. Due to technology and skills advancements, major updates are expected to occur more frequently, in two- to three-year windows.

What do these changes say about the profession?

• The public interest is protected when qualified individuals become CPAs. • The work that CPAs provide has become increasingly complex, due to the pace of change in technology and regulation.

•Higher-order skills are not just in demand, but are a requirement to meet the CPA’s role in protecting the public interest.

•Ensuring that the CPA exam remains relevant prepares CPAs to meet that standard of trust.

“Having higher level CPAs who are trained to think more critically, analyze data from an evaluative standpoint and have elevated knowledge of concepts to apply to job responsibilities, this next generation of CPAs will be critical to firms’ growth and efficiency of services, helping businesses to thrive,” said Philipp. “Because CPAs are trusted advisors at the forefront of financial integrity, we all play an important role in ensuring that the designation remains wellrespected and prestigious. While we may not see the benefits immediately, it’s still exciting to know that a few years from now, we’ll be able to say that we were in the vanguard of these changes.” n Laura Hay, CPA (in Ohio), CAE, is executive vice president of The Ohio Society of CPAs and staff liaison to the Accounting & Auditing Committee. She can be reached at Lhay@ohiocpa.com or (614) 321-2241.

This article first appeared in The Ohio Society of CPAs CPA Voice.

AZ CPA Quick Quiz You’ve Read It, Now Get Credit Take this quiz online or submit this hard copy on AZ CPA content.

Receive a score of 70% or more and earn one hour of CPE credit in specialized knowledge. It’s that easy!

Fees Members: $25 Nonmembers: $40 Online Access Login to www.ascpa.com and go to CPE/OnDemand CPE Quick Quiz to access links to all active quizzes. Purchase quiz and the quiz link and password will be emailed to you. Your results will be sent immediately after completing, and certificates are emailed within two business days.

Hard Copy Please select one answer for each question. Fill out registration/payment information below and mail or fax to the Society office. Quiz results and certificates will be emailed to the address provided on the registration form. *This quiz will be available until February, 2018. Please note that users have three attempts to pass the quiz with at least a 70% score.

February 2017 Issue of AZ CPA* 1. In the Chair’s message, Nelson mentions that the failure to take these courses as components of the four hours of ethics training causes many audit failures: m One hour of AICPA Code of Conduct and one hour AZ Statutes and rules m One hour of tax and one hour of audit m Two hours of AICPA Code of Conduct 2. In the TPR 16-1 tax ruling, the ADOR stated that businesses that have nexus for state sales tax purposes: m Do not have nexus for municipal sales tax purposes as well m Also have nexus for a select number of municipalities in the state m Also have nexus for municipal sales tax purposes

4. The Fraud article states that one reason funds are usually transferred to overseas banks is: m The people involved mostly live in foreign countries m To avoid paying taxes on the income m To make the funds more difficult to trace.

5. Regarding double-cashed checks, once a victim has paid the check

cashing store, their only recourse is : m Sue the payee who cashed

the check twice m File a notice with their bank m Sue the check cashing store

6. As a CFO, telling a consistent story about the business is critical to: m Strengthening stakeholder relationships m Self-promotion m Gaining employee trust 7. Articulating a business’ purpose and ethical stance motivates employees to: m Move up the ladder more quickly m Meet new challenges m Work with outside agencies 8. What psychological pressure can be distracting and hurt productivity? m Work hanging over our heads m Social media m Having tasks assigned outside of normal work duties 9. When taking a break to reset your brain, a break is not defined as: m Stretching m Switching to social media m Getting a snack 10. On the new 2017 Uniform CPA Exam, CPAs will be expected to exercise the following skills except: m Critical thinking m Professional skepticism m Building relationships

Quick Quiz Registration Name: ____________________________________________________ Email:_____________________________________________________ Telephone: _________________________________________________

Payment

m Member: $25 m Nonmember $40 Checks: Please make payable to: The Arizona Society of CPAs Credit Card:

m Visa m MasterCard m American Express

Credit Card #: _______________________________________________ 3. Arizona is one of how many states that permit municipalities to impose sales taxes: m 4 m 22 m 45

Expiration Date: _____________________________________________ Name on Card. _____________________________________________ Mail to: ASCPA, 4801 E. Washington St. Suite 225-B, Phoenix, AZ 85034-2021; fax to (602) 324-6043; scan and send to ASCPACPE@ascpa.com.

FEBRUARY 2017 AZ CPA

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Classifieds Business Opportunities/ Practices for Sale

Could This Be Your Mentor or Mentee?

Join the ASCPA mentor/mentee match program and engage with some great professionals who have already signed up.

Here is a look at some of the titles/experience of mentors who are currently available. We have a variety of mentors who work in public accounting, corporate finance and other specialty areas.

• President/CEO • Former CFO for a Nonprofit • Partner • Finance Manager • Global Audit Senior • Firm Owner There are also several amazing mentees looking for mentors.

Here are some of the reasons they are would like a mentor: • I am pursuing a controller position with a privately held firm and would like development suggestions and ideas on how to market myself.

• I am looking for an advisor. I started my career in public accounting where promotions happen often and expectations are high. I struggle with finding the balance and comfort in my current position.

• I would like to have a mentor who can help me to grow my management skills for how I interact with staff. In addition, I want to grow in my organization and want to build the skills that senior management is looking for as well as build up my confidence in what I have to offer.

• Knowledge of how to advance my practice and maintain a good work/life balance.

Join the Mentor Match program today to find your mentor and/or mentee. Go to http://connect.ascpa.com and click on “Engage in Mentoring” in the navigation bar. Select “About Mentoring” from the dropdown menu to follow the steps to becoming a mentor or mentee.

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TUCSON CPA TAX PRACTICE seeks succession plan with new partner — A two partner firm of over $1 million seeks a tax partner or manager to buy out partners over time. Beneficial if interested person has an existing practice to merge in. Over 30 years, the practice is highly profitable with a strong concentration in business and individual tax preparation and consulting. Firm would also consider merger with equal or larger firm. Firm has a 90-day lease cancellation notice.

Please contact CPAfirm3@gmail.com.

Employment CPA TAX ACCOUNTANT — Scottsdale CPA firm looking for an accountant to prepare tax returns, reviews and compilations. We need someone who has at least 3 years of experience working in a CPA firm. You will be preparing individual, business and estate tax returns for our clientele who reside throughout the country and for their foreign companies. You will also help with the preparation of reviews, compilations, research various tax and compliance laws along with meeting with clients. We offer 10 holidays, 80 hours PTO, 401(k) and health insurance along with a great compensation package.Email resume and cover letter to debbie@rivescpapc.com.

PART-TIME TAX PREPARER NEEDED IN MESA/GILBERT — Flexible hours. Drake tax software experience helpful. Applicants should have 5+ years experience in individual and complex business tax return preparation. Contact: Rich at (480) 832-8082 or fengerfinancial@gmail. com.

IMMEDIATE CPA OPPORTUNITY — Central Phoenix CPA firm looking for full-time accountant with 5 years tax experience. Complex tax services, compilations, and reviews for closelyheld businesses and their owners. Ideal candidate will be self-motivated and able to manage client relationships. Unlimited growth potential for the right person. Full benefits package including 401(k) and health insurance. Email resume and cover letter to steven@pacecpas.com.

For information about classified ads, visit www.ascpa.com and go to marketplace.

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FEBRUARY 2017 AZ CPA

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Arizona Society of CPAs 4801 E. Washington St., Suite 225-B Phoenix, AZ 85034-2021

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YOU’VE GOT THE SMARTS. NOW GET THE SAVVY.

INTRODUCING THE CGMA PROGRAM DISCOVER A LIFELONG PROFESSIONAL LEARNING JOURNEY AT CGMA.org/Program ®

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