CPA
VOICE The Ohio Society of Certified Public Accountants
Auditor reporting standards arrive
November December
2021
Prevent the Great Resignation at your company
NOVEMBER | DECEMBER 2021
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2 | CPA Voice
CONTENTS NOVEMBER | DECEMBER 2021
feature
CPA
VOICE The Ohio Society of Certified Public Accountants
November December
2021
Volume 13, Issue 6
EDITOR: Gary Hunt, CAE – ghunt@ohiocpa.com GRAPHIC DESIGN: Kyle Anderson – kanderson@ohiocpa.com EDITORIAL OFFICES CPA Voice 4249 Easton Way, Suite 150 Columbus, OH 43219
Tel: 614.764.2727 Email: CPAVoice@ohiocpa.com Website: ohiocpa.com
14 CPA 2027: Tech Races Ahead CPAs cannot afford to live in fear of a robot takeover.
in depth 2 CEO letter 3 Self-assessment exam Free for members!
4 Advocacy wins continue as 2021 nears its end The OSCPA advocacy team has recently moved the needle on issues related to the CPA exam, municipal income tax and more.
6 Auditor reporting standards arrive As firms prepare for calendar 2021 year-ends, it is time to refamiliarize the firm and clients with auditor reporting standards that will soon affect all audits.
10 Amending for the Ohio R&D tax credit: When does it make sense? If your client is already claiming the federal R&D tax credit, it is worth exploring if the Ohio opportunity might also be of additional value.
18 The Ohio CPA Foundation Annual Report
Demand for accounting pros makes Foundation's work essential.
26 CPAs should recognize the signs of elder abuse It is important to know the warning signs and what you can do to act on behalf of your clients.
29 Take these steps to prevent the Great Resignation at your company Ensure your team feels supported, included and encouraged.
32 Master’s in accounting vs. MBA: 5 big differences to know You’re a finance pro who wants to get a master’s degree to take your career to the next level. How do you decide?
ADVERTISING For our display advertising rates or a copy of our media kit, contact us at sales@ohiocpa.com or by calling 614.764.2727. ARTICLE SUBMISSIONS We welcome submissions of analytical articles on issues relevant to Ohio CPAs. Desired length is 800-1200 words. Send an electronic copy with a cover letter to the editor at the email address above. Please note that CPA Voice is not a peer-reviewed journal. SUBSCRIPTIONS/CIRCULATION Members of The Ohio Society of CPAs receive CPA Voice as a member benefit.
Nonmembers may subscribe for $39.95 annually. To update your mailing address or to subscribe to CPA Voice, contact your Member Service Center at 614.764.2727. REPRINTS To order reprints of CPA Voice articles, or for reprint permission, contact the editor at the address above. CPA Voice is the official magazine of The Ohio Society of Certified Public Accountants. CPA Voice’s purpose is to serve as the primary news and information vehicle for the nearly 26,000 Ohio CPA members and professional affiliates. Articles are reviewed for technical accuracy. However, the materials and information contained within CPA Voice are offered as information only and not as practice, financial, accounting, legal or other professional advice. While we strive to present accurate and reliable information, The Ohio Society of CPAs makes no warranties regarding the accuracy of the information provided herein. Readers are strongly encouraged to conduct appropriate research to determine the accuracy of the information provided and to consult with an appropriate, competent professional adviser before acting on the information contained in this publication. The statements of fact, thoughts, advice and opinions expressed in CPA Voice are those of the authors alone and do not represent or imply the positions, opinions, nor endorsement of The Ohio Society of CPAs or of its publisher, editors, Board of Directors, or members. It is our policy not to knowingly accept advertising that discriminates on the basis of race, religion, gender, age or origin. The Ohio Society of CPAs reserves the right to reject paid advertising in its sole discretion. We do not necessarily endorse the resources, services or products unrelated to The Ohio Society of CPAs that may appear or be referenced within CPA Voice, and make no representation or warranties about those products or services or the accuracy and claims regarding those products and services. Advertisers and their agencies assume liability for all advertisement content and responsibility for all claims resulting from such advertisements made against The Ohio Society of CPAs. The Ohio Society of CPAs does not guarantee delivery dates for CPA Voice and disclaims all warranties, express or implied, and assumes no responsibility whatsoever for damages incurred as a result of delivery delays. CPA Voice (ISSN 0749-8284) is published six times per year by The Ohio Society of CPAs, 4249 Easton Way, Suite 150, Columbus OH 43219, 614.764.2727. Subscription price for non-members: $39.95. Copyright © 2021 by The Ohio Society of CPAs; all rights reserved. No part of the contents of CPA Voice may be reproduced by any means or in any form, or incorporated into any information retrieval system without the written consent of CPA Voice. Permission requests may be sent to the editor at the address above. While care will be given to all materials submitted for publication, we do not accept responsibility for unsolicited manuscripts, and they will not be returned unless accompanied by a self-addressed postage prepaid envelope. Periodicals postage paid at Columbus, OH and at additional mailing offices. POSTMASTER: Send address changes to: CPA Voice, The Ohio Society of CPAs, 4249 Easton Way, Suite 150, Columbus OH 43219.
39 Learning events at a glance NOVEMBER | DECEMBER 2021
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a wordfrom our CEO Keep an eye out for the unexpected As we inch closer to the end of 2021 it’s exciting to think of everything you want to achieve next year. The blank slate of a new year is an invigorating feeling when planning goals to hit and milestones to reach. And while you plan how you’ll achieve those goals in 2022, I’m here to remind you that some opportunities you don't expect will reveal themselves. While there are many things you can plan for in your 2022 outlook, there will be others you won’t see coming despite your best efforts. In those moments you might even think “I’m not ready for this.” When this happens, I encourage you to forge ahead through the uncertainty. The past 18 months have exposed everyone to a world we didn’t see coming, and the successful businesses have grown and adapted because of it. And while it’s vital to focus on your goals, there is immense opportunity in staying in touch with the world around you. Work diligently on what you want to achieve, but don’t put the blinders on so tightly that you miss the opportunities that you didn’t expect. And of course, OSCPA will be there with you, for the planned and unplanned moments. From the learning you’ve already registered to take to the sessions you didn’t realize you would need; we have the essential competencies to advance your career and business. Check out everything you can register for at my.ohiocpa.com. And if you haven’t factored advocacy into your 2022 plan, consider how your voice might lend itself to our legislative efforts. Our advocacy team understands the value of being both prepared for what’s coming while pivoting when necessary, and you can get more involved to advocate for the profession at the Ohio Statehouse at ohiocpa.com/advocacy.
2 | CPA Voice
This holiday season I hope you get the chance to rest and recharge. And during those quiet moments when you’re imagining everything you’ll achieve next year, I hope you’ll stay open-minded enough to take advantage of the opportunities you didn’t expect to encounter.
SCOTT D. WILEY President and CEO
swiley@ohiocpa.com | 614.321.2218 (office) | 614.546.9430 (cell) Twitter: @ScottDWiley | LinkedIn: www.linkedin.com/in/scottwileycae
Self-Assessment Exam
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advocacy in focus
Advocacy wins continue as 2021 nears its end OSCPA staff report The OSCPA advocacy team has seen success on numerous fronts for the profession, moving the needle on issues related to the CPA exam, municipal income tax, sales and use tax, and pass-through entities. CPA Exam rule changes The Accountancy Board of Ohio finalized rule changes advocated by The Ohio Society of CPAs that clarifies when future CPA Exam candidates may begin the exam process. The rule – 4701-3-03, which became effective Oct. 20 – will allow students to start taking one or more parts of the CPA Exam after finishing at least 24 of the required 30 accounting hours and 24 business hours. The 24 hours must include coursework in auditing, financial accounting, management accounting or cost accounting, and taxation. House Bill 442 adopted last year previously permitted candidates to start the exam process when they reach at least 120 of the needed 150 semester hours of education. All 150 semester hours, including all 30 accounting hours, still must be completed for licensure.
4 | CPA Voice
Municipal net profits tax OSCPA continues to work with the Ohio Department of Taxation (ODT) in attempts to refine the centralized collection process for the municipal net profits tax. Two provisions of House Bill 228 are especially helpful to taxpayers: (1) extending the date that a taxpayer may opt in or out of the stateadministered tax from March 1 to April 15 for calendar year-end businesses; (2) requiring ODT – rather than the taxpayer – to notify cities when a taxpayer has opted in or out. H.B. 228 unanimously passed the House and Senate on Oct. 27 and was signed into law by Gov. DeWine in early November. Elimination of sales and use tax on employment services Ohio’s biennial budget bill, Amended Substitute House Bill 110, eliminated from Ohio’s sales and use tax employment services (providing personnel to perform work under the supervision and control of the purchaser) and employment placement services (locating employment for a job seeker or locating job candidates for an employer).
OSCPA has long sought this change, and previously recommended eliminating the taxability of these transactions in our 2016 Tax Reform Task Force report. This new law took effect on Oct. 1, and it is estimated to save employers $300 million just over the next two fiscal years alone. Business income deduction, SALT deduction bills Senate Bill 247 provides clarifying guidance to ODT and taxpayers that the BID applies to the gains from the sale of an ownership interest in a business. Senate Bill 246 is Ohio’s attempt to enact legislation clarifying that taxes paid by a pass-through entity do not count toward an owner’s $10,000 cap limitation on the state and local tax deduction for federal income tax purposes. OSCPA offered proponent testimony to the Senate Ways and Means Committee in support of both S.B. 246 and S.B. 247 on Oct. 26. To learn how you can get involved and make an impact for the profession, go to ohiocpa.com/ advocacy.
ADVOCACY in Action The Power of Participation Discover the inner workings of the legislative process at Advocacy in Action, an event designed to expose you to the vital role you can play in issue advocacy. Take advantage of this opportunity to: • Learn how OSCPA’s legislative agenda is developed and what’s involved in getting bills passed. • Hear insights from Ohio lawmakers on the value of your involvement. • Learn from peers on the value they gain from being engaged in issue advocacy and how you can easily get involved, too.
For details or to register, visit
ohiocpa.com/AdvocacyAction
Dec. 3, 2021 | 9:00 a.m. – Noon 3 credits
SK
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accounting & auditing Auditor reporting standards arrive By Laura Hay, CPA, CAE, OSCPA executive vice president
6 | CPA Voice
The demands of the coronavirus pandemic and need for CPAs to address client business relief funding placed implementation of the new auditor reporting standards on the backburner for 2021. The issuance by the AICPA Auditing Standards Board of SAS
What are the main changes?
No. 141, Amendment to the Effective Dates of SAS Nos. 134-
Intended to communicate considerations more transparently
140, generally deferred the effective dates of this package of standards to Dec. 15, 2021. SAS No. 141 permitted early implementation, and with any luck this allowed the majority of firms to implement during a period when pandemic demands were reduced. As firms prepare for calendar 2021 year-ends, it is time to refamiliarize the firm and clients with the requirements of the standards, which will soon affect all audits. The ASB recommends that SASs No. 134-140 be implemented
in the audit, audit results, and the responsibilities of the auditors and management in language clear to the user, one of the most apparent changes is in the layout of the report. Key report sections include: Opinion The report will now open with the Opinion paragraph, under the presumption that most users familiar with audit reports look for the opinion first.
concurrently, as they are interrelated.
Basis for Opinion
What’s in the new package of standards?
those with modified opinions,) and includes:
The new auditor reporting standards include: • SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, as amended by SASs No. 137, 138, and 140 • SAS No. 135, Omnibus Statement on Auditing Standards – 2019 • SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, as amended by SASs No. 138 and 140 • SAS No. 137, The Auditor’s Responsibilities Relating to Other Information Included in Annual Reports • SAS No. 138, Amendments to the Description of the Concept of Materiality • SAS No. 139, Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes from SAS No. 134 • SAS No. 140, Amendments to AU-C Sections 725, 730, 930, 935, and 940 to Incorporate Auditor Reporting Changes from SAS Nos. 134 and 137 Because of the early implementation option, AICPA and
The Basis for Opinion is now required for all reports (not just
• That the audit was conducted in accordance with auditing standards generally accepted in the United States of America. • A reference to the auditor’s responsibilities under GAAS. • A statement that the auditor is required to be independent of the entity and to meet other ethical responsibilities. • A statement as to whether the auditor thinks the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor’s opinion. Key Audit Matters If engaged to do so, the standards now allow the auditor to communicate key audit matters in the auditor’s report. Key audit matters are those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial statements of the current period. KAMs are selected from matters communicated with those charged with governance, and may include: • Areas of higher assessed risk of material misstatement. • Areas involving significant management judgement. • Significant events or transactions during the period.
many other providers have made two versions of Professional
In disclosing KAMs, auditors should consider whether laws
Standards and practice aids available ffor auditors deciding
or regulations prohibit disclosing a matter, and the potential
whether to implement early.
adverse consequences versus the public interest benefit of disclosure. Further information on KAMs is available in AU-C 701.
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Responsibilities of Management for the
Other significant changes
Financial Statements
AU-C 240 – Consideration of Fraud in a Financial Statement
Responsibilities of Management for the Financial Statements have been updated to include management’s responsibility for evaluating the organization’s ability to continue as a going concern, and if applicable, conditions or events that raise questions about the entity’s ability to continue as a going concern.
Audit includes some significant changes, including definitions, characteristics of fraud, requirements for inquiries of management, requirements related to the risk of management override, and requirements related to the risk that management may attempt to present disclosures in a manner that may obscure a proper understanding of the
Auditor’s Responsibilities for the Audit of the
matters disclosed.
Financial Statements
AU-C 260 – The Auditor’s Communications with Those
The Auditor’s Responsibilities section is expanded to
Charged with Governance was modified to add significant
state that:
risks identified in the audit, circumstances that affect the
• Audits provide a high level, but not absolute, assurance of detecting misstatements. • Detecting fraud is more difficult than detecting errors.
form and content of the auditor’s report, and additional requirements when reporting on KAMs. AU-C 550 – Related Parties includes revisions to the auditor’s procedures to reduce the risk of undisclosed related-party
• Professional judgement and skepticism are exercised throughout the audit.
transactions.
• Procedures are conducted on a test basis.
to Continue as a Going Concern expands the guidance for
AU-C 570 – The Auditor’s Consideration of an Entity’s Ability
• Going concern conditions or events are considered.
considerations and disclosures of going concerns.
• The auditors have communication with those charged
Several sections were revised to address considering note disclosures earlier in the audit process, engagements letters
with governance.
Modifications to the audit report Requirements for modifications to the auditor’s report have not changed; however, AU-C 705 has been modified to conform to the revised audit report.
and other written representations. Early study of the new reporting format and guidance is recommended because of their interrelated nature and nuances in implementation.
Emphasis-of-matter paragraphs or other-matter paragraphs
Laura Hay, CPA, CAE is executive vice
continue as in past practice, and are addressed in AU-C 706.
president of The Ohio Society of CPAs
Sample audit reports
and Professional Ethics Committees. She
and staff liaison to the Accounting Auditing
SAS 134, AU-C 700.A81 includes eight sample
can be reached at Lhay@ohiocpa.com
auditor reports.
or 614.321.2241.
THREE THINGS No. 141 generally 1. SAS deferred the effective dates of new auditor reporting standards to Dec. 15, 2021, though it permitted early implementation.
8 | CPA Voice
significant change, intended to 2. One communicate considerations more transparently in the audit, audit results, and the responsibilities of the auditors and management in language clear to the user, is in the layout of the report. There are others, and early study is recommended because of their interrelated nature and nuances in implementation.
and their clients should 3. Firms now get reacquainted with the requirements of the standards, which will soon affect all audits. The ASB recommends that SASs No. 134-140 be implemented concurrently, as they are interrelated.
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taxdevelopments
Amending for the Ohio R&D tax credit: When does it make sense? By Margaret Krajcer, J.D., Esq. Each year, thousands of U.S. businesses claim the federal
also be of additional value. If so, it is not too late to benefit
research and development tax credit. However, many of
from it, even if their 2020 return was already filed.
these businesses fail to take advantage of additional tax credit opportunities that might be available to them at the state level, though the requirements associated with a state
Let’s take a deeper look at what you need to know to make the best decision:
credit often follow that of their federal counterpart. This fact
What is the Ohio R&D Tax Credit?
pattern holds true all too often for businesses right here
In 2005, the State of Ohio established the Credit for
in Ohio.
Qualified Research Expenses by enacting Section 5751.51 of
The good news is that even if an Ohio taxpayer has failed to
the Ohio Revised Code. This “R&D” tax credit was intended
claim the state incentive on an originally filed return, there is still an opportunity to claim it via the amended return process. The bad news is that from a utilization perspective,
to incentivize Ohio-based companies to invest in research and development activities within their business. The state credit is non-refundable and can only be utilized to offset
there are some nuances around the Ohio credit that make
Ohio’s Commercial Activity Tax.
it more restrictive than the federal credit, thus not all Ohio
The credit equals 7% of the amount of Qualified Research
taxpayers may benefit from it.
Expenses in excess of a taxpayer’s average investment in
Bottom line: if your client is already claiming the federal R&D
QREs over the three preceding taxable years. Per Section 41
tax credit, it is worth exploring if the Ohio opportunity might
10 | CPA Voice
of the Internal Revenue Code, QRE is defined as the sum of in-house research expenses and contract research expenses.1
In-house research expenses include wages paid to an
How does it work?
employee for qualified services, and amounts paid for
As stated above, the Ohio R&D credit is a non-refundable
supplies used in the conduct of qualified research.
credit against the Ohio CAT. The CAT applies to businesses
Contract research is 65% of any amount paid by the
with more than $150,000 in taxable gross receipts in a
taxpayer to an outside person or company for performing
calendar year.
qualified research.
To claim the Ohio R&D credit, the taxpayer must complete
Below is an example of how the credit is calculated:
a Schedule CAT CS, which is submitted with an Ohio
EXAMPLE: Ohio Manufacturing Company YEAR
TOTAL OHIO QREs
Commercial Activity Tax return. The credit amount must be based on actual QREs incurred during the calendar year; estimates are not allowed. Thus, the credit may only be
CALCULATION
included on the original fourth quarter filing for the year the credit is earned, or in an amended return. (The CAT return
2020
$800,000
filed for the fourth quarter is due each year by February 10.)
PRIOR YEARS
($725k + $600k + $550k) / 3 = $625,000 (Base Amount)
2019
$725,000
$800k - $625k = $175,000
2018
$600,000
$175,000 x 7% = $12,250 in Ohio Credit
2018
$550,000
Additionally, the credit cannot be used to decrease the CAT minimum amount due. On the Schedule CAT CS, the taxpayer must provide the following information: • The opening unused credit balance. • Credits earned during the current reporting period. • Credits claimed during the current reporting period and the closing unused credit balance.
Here are some important items to note:
Credits which are not utilized in the fourth quarter of the tax
There are some major differences between the federal and
year earned may be carried forward and used to offset tax
state credit opportunities, making the Ohio credit a bit
liability for seven years.
more restrictive.
Amending/refund process
Most notably, whereas the federal credit can be used to offset
Don’t worry if you missed the opportunity to claim the Ohio
a variety of taxes – including income tax, alternative minimum
R&D credit on the original return. Taxpayers can amend prior
tax and payroll tax – the state credit can only be utilized to
CAT returns within the Ohio four-year statute of limitations.
offset Ohio CAT. Thus, the state credit is a great opportunity
In fact, amending to claim the R&D credit is actually quite
for taxpayers with a high CAT burden, though taxpayers with
common because of the February 10 CAT fourth-quarter filing
little to no CAT liability will find little to no value from it.
date, which falls so early in the year.
Additionally, unlike the federal credit which allows wage and
Even though it’s quite common for Ohio taxpayers to amend,
contract research QREs to be claimed anywhere within the
the process to do so can be confusing if you’re going through
U.S., the Ohio credit only allows for QREs to be claimed if
it for the first time. Here are the key items you need to know
they are incurred within the State of Ohio. For example, if an
to get through the filing process:
Ohio manufacturer is developing robotic cells for a production plant located in Tiffin, that manufacturer could not include wage QRE for an employee in Michigan who was lending software development support to the project. Only employees or contractors contributing to the project in the State of Ohio could be included. Lastly, whereas the federal credit allows for a 20-year carryforward opportunity, the state credit only allows taxpayers to carry-forward excess credits for up to seven years.
First, it’s important to note that Ohio CAT filings are required to be completed electronically. Thus, to amend the tax return the taxpayer will need to file via the Ohio Business Gateway website. When filing for the credit, a non-refundable credit is claimed by checking the “non-refundable/refundable credit” box on the screen where a taxpayer enters their gross receipts for the year. Once this box is checked, a taxpayer will be able the enter the R&D credit amount in the field that appears. The taxpayer will select the fourth quarter return to amend and
NOVEMBER | DECEMBER 2021
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claim the credit using the CAT CS form. If the entire credit is
provides numerous benefits, including cost-savings, growth
not used to offset the amended fourth quarter tax liability, it
opportunities, and increased cash-flow. As described
can be used to offset tax liability in subsequent quarterly tax
above, the process for claiming the credit and related
periods, for up to seven years.
refunds requires attention to the proper timing, forms, and
At the same time as filing the amended return, a taxpayer will
documentation to properly take advantage of this incentive.
need to submit a CAT REF form for a refund of any overpaid
Margaret Krajcer, J.D., Esq., is vice
CAT liability. Along with the CAT REF form, additional
president & general counsel at Tax Credits
documentation may be required. It is helpful to include a copy
Group, LLC, in Cleveland. She leads
of the Federal Form 6765 for all tax years used to calculate
TCG’s Tax Controversy department and
the qualified research expense (i.e., the current year Form
specializes in R&D tax law and controversy
6765 and prior three years forms as well), the address of the
resolution. She also serves as a project
facility where the qualified research activities took place, and
manager for some of the firms largest R&D Tax Credit studies.
a schedule depicting the calculation of the credit regarding
Prior to TCG, Maggie served as an HR Legal Advisor for
the CAT.
Cleveland-based Hyland Software. She is a licensed attorney
In conclusion, investment in growing technologies and innovation is critical to the Ohio economy. The State of
in the State of Ohio and a member of the Ohio State Bar Association as well as the Association of Corporate Counsel. O.R.C. §5751.51(A), “As used in this section, “qualified
Ohio offers a tax credit to incentivize these research and
1
development efforts for Ohio businesses, thus it is important
research expenses” has the same meaning as in section 41 of
for businesses to be educated about the credit and its
the Internal Revenue Code.”
benefits. The Ohio research and development tax credit
THREE THINGS 1.
The State of Ohio offers a research and development tax credit to
2.
CPAs should understand the process for claiming the
if an Ohio taxpayer 3. Even has failed to claim the state
incentivize these activities for
credit and related refunds,
incentive on an originally
Ohio businesses. It provides
which requires attention to
filed return, there is still an
numerous benefits, including cost-
the proper timing, forms,
opportunity to claim it via the
savings, growth opportunities, and
and documentation.
amended return process.
increased cash-flow.
12 | CPA Voice
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To find out more, register or take the assessments, go to
ohiocpa.com/mycpe NOVEMBER | DECEMBER 2021
| 13
FEATURE
By Derrick Lilly, assistant director, communications & publications, Illinois CPA Society
CPA 2027:
Tech Races Ahead
14 | CPA Voice
By 2027, technology is likely to have completely transformed the accounting and finance profession— but CPAs can’t afford to live in fear of a robot takeover. For sci-fi fans, predictions of a tech takeover might trigger
always realize is that these devices, and the other smart
thoughts of rebellious robot uprisings the likes of “I, Robot” or
machines – phones, tablets, TVs, speakers, doorbells,
“Westworld.” Thankfully, we’re not there yet (and hopefully it
thermostats, appliances, watches, vehicles, applications,
never comes to that), but that doesn’t mean smart machines
and more – that we’re connected to and communicating
aren’t increasingly permeating and changing our world.
with are learning from us – and for us. As we increasingly,
“
and sometimes obliviously, adopt and interact
The takeaway for CPAs is that they must pivot away from tasks headed for automation and embrace a technologist’s mindset to avoid becoming a statistic.
with AI to assist in our daily lives, so too will the business world. The accounting profession is no exception. Throughout late 2019, EY, KPMG, and PwC announced they would invest roughly $9 billion combined in AI, automation, and data analytics solutions to reshape their firms for the future. Each firm is set to spend upwards of $1 billion annually developing technologies and their teams over the coming years. And while not every firm or company has billions or even
“Expect social robots to become more sophisticated and
millions to invest in new and smart tech, you can bet those
prevalent in the next few years. The field seems to have
who are looking to maintain or gain a competitive edge will be
reached a tipping point, with bots having greater interactive
committing as much as they can to the solutions that promise
capabilities and performing more useful tasks than ever
success in their markets.
before,” says the World Economic Forum in pointing out that worldwide sales of consumer robots is expected to grow to $19 billion by the end of 2025, with more than 65 million robots sold per year.
When the Illinois CPA Society conducted its fall 2019 Strategic Planning Survey of its board of directors and executive and leadership staff, 96% of respondents agreed that by 2027 AI and RPA will permeate businesses of all types
Consider for a moment that many of us are already using AI
and sizes and be utilized in the performance of every function
at home and work: big tech companies Amazon, Apple,
a CPA performs; blockchain will be prevalent in managing
Google, Microsoft, and Samsung have collectively sold
large companies’ supply chains and financial systems; and
billions of consumer devices enabled with their smart
the platform economy will be fully embraced, creating new
assistants (i.e., Alexa, Cortana, Siri, etc.). What we don’t
opportunities where digital business models are favored
NOVEMBER | DECEMBER 2021
| 15
and underlying computer systems host services that allow
cited research by the University of Oxford warns of a future
consumers, entrepreneurs, businesses, and the general public
where accountants and auditors face a 94% probability of
to connect, share resources, and sell products.
having their jobs computerized, and tax preparers face a 99%
We’re watching all this take shape now. In the corporate
probability of being automated.
world, nearly half (49%) of accounting and finance
Intel founder Andrew Grove once said, “A fundamental rule
professionals surveyed by Invoiced and CFO Drive said their
in technology says that whatever can be done will be done.”
companies have already automated accounts payable, and
The takeaway for CPAs is that they must pivot away from
accounts receivable (47%) and financial reporting (45%)
tasks headed for automation and embrace a technologist’s
aren’t far behind. In 2021, Gartner estimates AI will create
mindset to avoid becoming a statistic.
$2.9 trillion of business value and 6.2 billion hours of worker productivity globally. And when it comes to implementing digital ledgers, Deloitte’s 2020 Global Blockchain Survey found that 88% of business leaders believe blockchain technology is broadly scalable and will eventually achieve mainstream adoption. In fact, market analyst IDC anticipates the U.S. will lead blockchain spending, which is forecast to
In Formula 1 racing today, the Internet of Things enables hundreds of sensors to collect real-time data on everything from the car’s aerodynamics to the driver’s heart rate, which dozens of race engineers simultaneously pore over to improve performance and construct a race strategy on the fly that, they each hope, ends with a podium position.
reach nearly $4.3 billion globally this year – a nearly 58%
CPAs can’t afford to live in fear of a robot takeover. Instead,
increase from 2019 despite the impacts of COVID-19 – and
they must be like the Formula 1 teams today, using all the
annual global investments in blockchain could surpass $14
technology and knowledge available to position themselves
billion by 2023.
to win the race. As firms, companies, and consumers pour
Simply put, the pace of change – and the pace of AI and automation adoption – will only accelerate from here. It’s actually inevitable as smart machines use their capabilities to get smarter. Intelligent technology scientist Eric “Astro” Teller, “captain of moonshots” at Google’s semi-secret research and development company X, thinks the adaptability of technology has already surpassed that of humans, meaning technology will increasingly outpace us moving forward, thus making us more dependent on it. What does this mean for CPAs? Deloitte predicts accountants using spreadsheets will be replaced by technology that does 90% of the work without human intervention. And widely
16 | CPA Voice
more energy and investments into technology solutions for everything from simple cashless payments to bookkeeping and tax prep, HR, supply chain management and more, not only must CPAs implement the technologies relevant for their firms and companies now, but they must also keep pace with what’s to come for them – and those they serve – if they want to be in the winning position of offering unique and strategic forward-looking guidance. This is part one of a series taken from “CPA Profession 2027: Racing for Relevance,” a 2020 Insight Special Feature from the Illinois CPA Society.
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17
The Ohio CPA Foundation 2020-2021 Annual Report Dear Donors and Friends, Accounting has been a wonderful career for me, and I hope for you, too. But too many young people have no idea what an accountant does or the trust inherent in being a CPA. That’s why I’m so vested in supporting The Ohio CPA Foundation, the charitable affiliate of The Ohio Society of CPAs, to introduce accounting careers to high school students and to support and encourage college accounting majors to finish their studies and obtain the CPA credential. We all know we need a bigger pipeline to bring more young people into the profession. OSCPA is one convener with student members at high schools and colleges throughout Ohio. Some are curious about accounting, some are future entrepreneurs who want to understand the numbers when they start their own business, and still others find the logic and influence of accounting to be compelling. In their own words: “I took every high school math class and accounting just drew me in,” ~ Student Ambassador at Hiram College
“There are so many pathways open for people interested in accounting. There is no set career plan … and that is perfect for me!” ~ ACAP student
“I learned a little more about accounting as a profession and how it didn’t fit into many of the stereotypes I initially associated with it.” ~ CPA Camp high school student
There is no limit to the career opportunities open to these young accounting majors – your generous backing of The Ohio CPA Foundation makes it possible. Your gifts are an investment in the future of the profession. Whether your support is $25 or $25,000, your participation is attracting and training the young people who will follow in our footsteps, and we can’t thank you enough. Sincerely,
Jay Moeller, CPA Chair of the Board of Trustees The Ohio CPA Foundation
18 | CPA Voice
2020/2021
PROGRAM SUCCESS Preparing Tomorrow's CPAs Today The Ohio CPA Foundation’s work is grounded in its mission to inspire and encourage individuals to become CPAs who embrace the core values of the accounting profession and serve the public interest. The demand for skilled accounting and finance professionals is intensifying just as the supply of well-trained graduates is dwindling, making the work The Ohio CPA Foundation does more important than ever. With an eye toward building a stronger and more sustainable future for the profession, the Foundation refined its strategic approach to developing the pipeline of CPA candidates. Recognizing that raising awareness of the profession, enhancing efforts to diversify its ranks, and ensuring recent graduates are equipped to tackle emerging roles in accounting, the Foundation worked in tandem with OSCPA to develop a framework that addresses these challenges.
Profession Awareness
EMERGING PROFESSIONALS
DE&I
Workforce Development
Making an Impact— Professional Awareness The Ohio CPA Foundation funds a variety of programs that are helping to change the narrative about the accounting and finance profession and inspire high school and college students to consider career options in this rewarding field.
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Traditionally held as an in-person event, this career awareness program geared toward introducing high school students to the limitless career options in accounting and finance transitioned to OSCPA's On-Demand format. Leveraging OSCPA’s virtual learning platform, OSCPA & the Foundation were able to make the program accessible to a wider audience statewide. Students who watched the On-Demand version of the program indicated that they appreciated hearing from those working in the profession.
Piloted at Cleveland State University in 2018, CPA Camp expanded in 2021 to the University of Toledo and plans are in the works to add a new location in 2022. Held virtually during the pandemic, CPA Camp is making a difference for students like Kual. Kual’s first exposure to the profession came when he heard a classmate’s parent speak about accounting and finance at a high school career day presentation. Then a connection from Brixey & Meyer told Kual about The Careers in Professional Accounting Camp hosted by The Ohio CPA Foundation. After attending, Kual said the program revealed the many opportunities the profession has and dispelled some of the common myths about what a career in accounting looks like. “CPA Camp helped me realize this is my path,” he said. “This is where I want to be headed.” Kual said he plans to earn his CPA and join a firm, then eventually become an entrepreneur. Attending CPA Camp helped solidify his decision to choose the accounting path.
20 | CPA Voice
This unique program geared toward college accounting majors from underrepresented backgrounds prepares participants for a successful future in the accounting and finance profession. Previously held as a singular, in-person event, ACLA transitioned to a virtual series offered on multiple dates, which engaged more students and involved more firms and organizations in the process. One such student, Nasiba, an MSA student at University of Toledo, said she discovered how meaningful a career in accounting can be. “The experience was nothing short of great. It was just wonderful; it added so much to my professional and personal growth,” she said. “ACLA allowed me to network with recruiters from firms and companies. It allowed me to learn the structure of the CPA exam. It was just overall a great opportunity to meet great people, network with them and learn more about their career path as well.”
The Ohio CPA Foundation provides financial support for this weeklong program designed to expose racially and ethnically diverse high school students to careers in accounting and business. Presented in collaboration with the National Association of Black Accountants, The Ohio Society of CPAs and The Ohio State University Fisher College of Business, ACAP-Ohio is typically held in person but was held virtually this year due to the pandemic. OSCPA managed many aspects of the program, including curriculum development and marketing. Mary, a rising junior at Northwest High School, said the online experience didn’t hinder the event from being informative and eye-opening and she especially enjoyed learning about the many different areas of specialization. “When we did breakout rooms, I got to talk to a panel of college students and ask them questions,” she said. “It felt really personalized.”
One the best recruiting tools available is The Ohio CPA Foundation funded Student Ambassador program. With 17 ambassadors on 16 college campuses, the program is responsible for helping to fuel Ohio’s pipeline of future CPAs—one of the largest in the nation. Comprised of accounting majors at Ohio’s premier colleges and universities, Student Ambassadors are responsible for
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encouraging students who have not yet declared a major to consider career options in the accounting and finance profession. In addition to their recruiting responsibilities, ambassadors are also tasked with conducting programs that help educate students on everything from interviewing and resume writing skills to learning what it’s like to work in pubic or corporate accounting. Beth is an accounting major at Xavier University and an Ohio CPA Foundation Student Ambassador. She enjoys her role as an ambassador. “I wanted to help other people see why accounting is a great major to choose.” And while she enjoys her duties as an ambassador, Beth said this experience has been educational for her. “Honestly, I did not know how many benefits being a student member has. I’ve learned a lot about what The Ohio Society of CPAs does,” she said. “I’m planning on taking the CPA exam, so it’s nice knowing there are discounts on exam review materials, and you can apply for scholarships.”
Funding the Future— College Scholarship Program As the cost of a quality college education continues to rise, providing financial assistance to Ohio’s best and brightest accounting majors is more important than ever. The Ohio CPA Foundation College Scholarship Program is a critical part of the Foundation’s mission to inspire and support the next generation of CPAs. Mary is one of the beneficiaries of an Ohio CPA Foundation Scholarship. The future accounting major was one of more than 40 scholarship recipients to receive awards ranging from $500 – $2,500 out of a total pool of more than $60,000 for the year. “Getting that email telling me I had won was really exciting,” she said. “I really enjoyed attending because accounting seems like a really supportive community.”
Paying it Forward— Giving Back to the Profession The Ohio CPA Foundation relies on the generosity of its donors to fund the important work it does in building a thriving and inclusive accounting profession now and for the future. Our many donors have discovered that any gift, regardless of size, has a lasting impact on the profession for years to come.
22 | CPA Voice
With nearly 40 corporate donors and nearly 1,000 individual donors, The Ohio CPA Foundation is fortunate to have so many who recognize the value of giving back to the profession that gave them so much. George and Dave Brockman are two such valued donors. The father and son team have both served as Chair of The Ohio Society of CPAs' Executive Board and as partners in their respective firms. Before his death in December, George Brockman took a portion of his estate and put it into IRAs that he designated for charitable causes, among which was The Ohio CPA Foundation. Dave, who has followed in his father's footsteps in many ways, is former Chair of The Ohio CPA Foundation Board and is a current Foundation Board member. “I think he felt like a CPA (credential) gave him an opportunity to do a lot of things in terms of helping people but also in terms of providing a very nice life for him and his family,” said Brockman of his late father. “I think he felt like he wanted a way to provide that for other people.”
Diversifying the Future of the Profession—DEI Programing Diversity of thought fuels innovation, enhances employee engagement, and improves profitability. And as our nation becomes increasingly multiracial, the profession’s workforce needs to be reflective of the clients and communities it serves. Through programs such as ACAP-Ohio, ACLA, CPA Camp, and female student attendance at OSCPA’s Women, Wealth & Wellness Conference, The Ohio CPA Foundation is working to attract more diverse students to careers in accounting and finance. And it’s clear that diversity, equity, and inclusion initiatives are important to Ohio’s future CPAs. “Having my CPA will help bring diversity and inclusion to the profession. Seeing more individuals who look like me with my skin tone that come from my background, whether as immigrants or men and women of color, show that there is a different route, you can go a different way. And we need more CPAs of color in our profession.” – Kual, High School student
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The 2020-2021 Ohio CPA Foundation Board of Trustees CHAIR OF THE BOARD Jay Moeller, CPA
Candice DeClark Peace, CPA Clark Schaefer Hackett & Co.
RSM US LLP
Press C. Southworth III
TREASURER
Alison Strohm, CPA
Chris J. Barrett, CPA
Jazz Arts Group EY
Crowe LLP
EXECUTIVE VICE PRESIDENT
TRUSTEES
Laura A. Hay, CPA, CAE
David A. Brockman, CPA
The Ohio Society of CPAs
Sikich LLP
PRESIDENT
Robert F. Fay, CPA
Scott D. Wiley, CAE
Sole Practitioner
The Ohio Society of CPAs
Christopher O. Igodan, Jr., CPA
THE OHIO CPA FOUNDATION STATEMENT OF ACTIVITIES
Nationwide Insurance - PSP
Ebonie Z. Jackson, CPA Lucas County Children Services
Years Ended April 30, 2021 and 2020
William E. Miller, CPA KPMG Columbus
Andy Prakel, CPA* White Castle Management Co. *Deceased
REVENUE
Contributions
THE OHIO CPA FOUNDATION STATEMENT OF FINANCIAL POSITION
Cash and cash equivalents Accounts receivable, the Society Pledges receivable, net Investments Total assets
2021
2020
Scholarship payable Accounts payable - the Society Deferred revenue Total liabilities
Total revenue
2020 Total
$271,000
$272,000
$368,000
$284,000
$1,142,000 ($380,000) $1,781,000
$176,000
EXPENSES Pipeline:
$38,000 $29,000 $9,000 $138,000 $94,000 $4,228,000 $3,114,000 $4,413,000 $3,237,000
Professional awareness
$181,000
$226,000
Diversity and inclusion
$54,000
$139,000
Workforce development
Total Pipeline
$7,000
-
$242,000
$365,000
$226,000
$240,000
Fundraising
$129,000
$121,000
$597,000
$726,000
LIABILITIES AND NET ASSETS LIABILITIES
Investment income (loss), net
As of April 30, 2021 and 2020
ASSETS
Donated services
2021 Total
$54,000 - $29,000 $83,000
$53,000 $22,000 $16,000 $91,000
General and administrative Total expenses
CHANGE IN NET ASSETS
$1,184,000 ($550,000)
NET ASSETS - BEGINNING OF YEAR $3,146,000
$3,696,000
NET ASSETS
Without donor restrictions With donor restrictions Total net assets
TOTAL LIABILITIES AND NET ASSETS
$300,000 $4,030,000 $4,330,000
$192,000 $2,954,000 $3,146,000
NET ASSETS - END OF YEAR
$4,330,000 $3,146,000
$4,413,000 $3,237,000
accompanying condensed financial statements are derived from the Foundation’s audited financial statements, which received an unqualified opinion from Schneider Downs & Co., Inc. 24The | CPA Voice A complete copy of these financial statements is available by contacting 614.764.2727.
The Future is in Their Hands. And Yours. Support the future of the accounting profession by making a gift for The Ohio CPA Foundation or by contributing online at www.ohiocpafoundation.org.
Your generous support: • Welcomes the next generation to our profession • Introduces students to the benefits and values of becoming a CPA • Contributes to leadership development programs that enable students to enter the workforce prepared for success.
Thank you, your gift makes all the difference!
Pipeline Program Sponsors We gratefully acknowledge the following organizations whose generous financial support makes our programs possible.
I didn’t realize that the accounting profession is so diverse and varies around the world! ACAP-Ohio participant
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publicpractice
CPAs should recognize the signs of elder abuse By Randy R. Werner, J.D., LL.M./Tax, CPA The elderly population in the U.S. (those 65 and older) is
Signs of exploitation
projected to grow to 80 million by the year 2050, and the
Elder abuse demographics indicate that most victims are
incidence of elder abuse, including the hard-to-detect financial and material exploitation perpetrated against elders, is also expected to grow. Financial neglect, financial exploitation and health care fraud are among the more egregious abuse in this category of elder abuse. As trusted financial advisers, many CPAs have an intimate knowledge of their clients’ finances, business matters and family dynamics. CPAs are often able to prevent problems, detect them and render assistance when such concerns are suspected.
female, most perpetrators are male, often an adult child, and that spouses and other family members are often abusive. CAMICO policyholders have reported abuse of both male and female victims. One of the more common and prominent warning signs is isolation. A common scenario is one where the abuser controls the elder’s social life, telling callers or visitors that the elder does not want to talk with them, or providing an excuse that prevents the elder from speaking with callers or visitors. Later the abuser feigns disappointment and empathy when
Furthermore, in the State of Ohio CPAs are mandatory
telling the elder that no one has called or visited, and the
reporters of elder abuse under Ohio Revised Code Section
abuser is the only one who cares about the elder.
5101.63. Therefore, it is important to know the warning signs
Another common tactic is to tell the elder that when others
of elder financial abuse and what you can do to act on behalf of your clients when necessary.
26 | CPA Voice
ask questions, their intent is to identify grounds for placing the elder in a nursing facility. This tactic often intimidates the
elder into avoiding contact with others, including those trying to help. Signs of intimidation or threats include unusually submissive behavior, fear of the caregiver, withdrawn behavior or anxiety about personal finances and other issues. While less common, some elder abuse is perpetrated by strangers who insinuate themselves into the senior’s life as a new caregiver, a friend, a romantic interest, or even as a financial “adviser.” Often, seniors who feel isolated in retirement are vulnerable to this approach. Elders who have few contacts with the outside world may also be vulnerable to telemarketers and devious salespeople. Such sales “professionals” are frequently able to persuade elders to purchase inappropriate products and risky investments that promise unrealistic returns. Another common scheme is to convince seniors to purchase variable annuities with high commissions to the seller and high surrender charges, causing the elder’s funds to be illiquid and unavailable. Other signs and symptoms of exploitation include, but are not limited to:
Lifestyle/care • The sudden appearance of previously uninvolved relatives claiming their rights to an elder’s affairs and possessions.
• Use of the senior’s ATM card by someone else, especially when the senior is unable to leave home. • Credit card statements reflecting increased or unusual activity. • Increase in the number and amount of credit card accounts. • Checks used out of numerical sequence. • Addresses for bank or credit card statements changed to an address other than the elder’s.
Legal/property • Changes to a power of attorney from a long-time friend or family member to a someone else. • Abrupt or unexpected changes in beneficiaries or provisions in a will, trust or other legal or financial documents. • Unexplained sudden transfer of assets. • Changes in title to property. • Mortgage refinanced, accompanied by an unexpected cash-out. • Discovery of an elder’s signature being forged for financial transactions or for title to possessions.
How can CPAs help?
• Unpaid bills, missed appointments, or substandard care being provided despite the availability of adequate financial resources.
Elder abuse will continue unless someone takes action to
• Unnecessary services or goods (e.g., large appliances, expensive jewelry).
particularly when there has been a second marriage.
• Not providing needed medical aids such as glasses, walkers, dentures, hearing aids or medications.
help. CPAs should encourage their clients to explain their dispositive and gift-planning desires to all family members, Emphasize that planning now will help avoid ambiguity about their future desires. Encourage clients to consider arranging a living will or other type of medical directive, such as an Advance Health Care Directive, to make their health care
• Pharmacy or grocery receipts for purchases inconsistent with the client’s prescriptions or lifestyle (e.g., alcohol for a nondrinker).
desires known in the event someone must intercede on their
• Significant changes in spending patterns.
consulting with family members and legal counsel regarding
• Dramatic changes in attitude such as agitation, violence, or rocking back and forth.
Banking/credit • Unexplained disappearance of funds or valuable possessions.
behalf. CPAs should encourage their older clients to consider the options for assigning financial guardians or power of attorney and the timing of doing so. If the client has assigned power of attorney to someone, ask the client for the person’s name and contact information in the event illness or disability necessitates contacting that person. CPAs should consider suggesting that their more senior clients provide them
• Sudden changes in a bank account or banking practices, including unexplained withdrawals of large sums of money by someone accompanying the elder.
with contact information and written consent to contact a
• Adding authorized signers on bank and other financial accounts.
regularly before elder abuse is suspected.
predesignated responsible adult or family member in the event the CPA suspects elder abuse. Revisit this consent
NOVEMBER | DECEMBER 2021
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There are many resources for reporting and dealing with elder abuse. One resource, the National Center on Elder Abuse,
THREE THINGS
a program of the U.S. Administration on Aging (https:// eldercare.acl.gov/Public/Index.aspx), maintains and provides access to a database of contact information for county Adult Protective Services agencies and hotlines at: https://ncea.acl.gov/ (“Suspect Abuse” tab).
1.
warning signs of elder financial abuse
suspected elder abuse vary by state. CPAs should remain
and what to do to act on behalf of at-
informed, and if they are concerned that a senior client is
risk clients.
being abused they should seek legal help on how to proceed.
executive with CAMICO (www.camico.
abuse under Ohio Revised Code Section 5101.63. So, it is important to know the
Financial exploitation is a crime, and the laws on reporting
Randy Werner is a loss prevention
CPAs are mandatory reporters of elder
2.
CPAs should be proactive even before any abuse is suspected and encourage clients
com). She responds to CAMICO loss
to clearly explain their financial intentions
prevention hotline inquiries and speaks to
to all family members, particularly when
CPA groups on various topics.
there has been a second marriage. They should also consider an Advance Health Care Directive.
3.
There are many resources for reporting and dealing with elder abuse; CPAs should use them if they have any suspicions.
of Thought Leads to Bold Innovation
OSCPA invites you to connect with learning that helps you tap the benefits of a diverse and inclusive workplace culture: • Recognizing & Neutralizing Bias • Socializing Inclusiveness Throughout Your Organization • Stories of Belonging: Equity & Inclusion in the Workplace • Inclusive Collaboration & Team Building • Inclusive & Non-Inclusive HR Practices • Inclusiveness Metrics & Measures: Where Are We Going? • Sustaining an Inclusiveness Culture During Growth & Succession
Learn more at:
ohiocpa.com/CrossingBridges
28 | CPA Voice
diversity equity + inclusion
Take these steps to prevent the Great Resignation at your company It sounds perfunctory, like a collective pout or impromptu
In the face of so much disruption to our school, home
global strike: “The Great Resignation” or “The Big Quit.”
and work routines, there were still moments of connection
Somehow, the global economy finds itself with more job
and hope. With a little flexibility, thought and ingenuity,
openings than people to fill the roles, in part because of
employers and employees could work together to create work
employees’ reluctance to return to traditional, nine-to-five
environments that were innovative and malleable, not simply
jobs after more than a year of pandemic upheaval.
based on traditional models.
This phenomenon is more than a whim though. It’s an
Many employees worked from home without the usual
awakening rooted in unprecedented circumstances. Before
access to childcare and support networks. Distributed teams
we talk about how employers can counteract employee
navigated time zones and cut all extraneous operating costs.
turnover, let’s talk about what your business is up against.
CEOs collaborated with people across the org chart to
It’s been a century since the last pandemic, but never before has such a devastating health crisis coincided with such a tech-savvy global economy. COVID-19 broke into our communities at a unique inflection point when video
come up with creative solutions to distributed work models. Without normal commutes, watercooler talk or in-person team building, multitudes adjusted to a new normal that required extra communication, resilience, and understanding.
conferencing, social media, and other software advancements
Now, some are finding it difficult to simply switch back to the
made it possible for the world to remain moderately
way things were before.
connected despite social distancing and stay-at-home mandates.
What can you do to prevent a wave of departures from your team? Communicate often and candidly about what
NOVEMBER | DECEMBER 2021
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you’re doing to ensure they feel supported, included, and
eligible for initial COVID vaccines. Others live with or around
encouraged. As The Diversity Movement CEO, Donald
immunocompromised individuals. Create avenues where
Thompson, explains in his WRAL Techwire article about the
employees with extenuating circumstances can express
one thing executives can do to avoid the Great Resignation,
their concerns and request accommodation or flexible work
“the real way to keep your team on board is to invest in who
policies. Avoid enacting one-size-fits-all workplace policies
they are as people, personalize their employee experience
which typically only fit the silent majority.
and create an employee-focused culture of work.” Here are a few actionable tips about how to avoid the Great Resignation in your business.
Acknowledge the angst.
Invest in mental health services to help employees process change. Even if offered only on a temporary basis, consider either onsite therapy resources or virtual therapy visits employees
Harvard Business School found that 80% of those who are
can access as part of their benefits package.
working remotely don’t want to return to the office full time.
Consider a hybrid model.
Another online survey said that 30% of workers would quit their job if asked to do so.
More than half (61%) of employees prefer a mixed work model where they can spend a few days working from home
No worker is returning to a workforce that remains unchanged
and come into the office only when truly necessary to access
by COVID-19. Those changes can mean fear or anxiety
resources or work with their teams.
about how re-entry might impact health and wellness, both eye toward employee retention. Name the elephant in the
Be transparent about safety precautions and updates to health protocols.
room and be transparent about your strategies for both re-
Uncertainty continues around COVID-19 variants and other
entry and COVID-19 mitigation.
health concerns. Be clear with your employees about each
physically and mentally. Approach those sentiments with an
Create spaces where employees can voice their concerns and unique family circumstances. Many employees have children who were too young to be
30 | CPA Voice
step you are taking to make the office a clean, healthy, and safe place to be.
Provide non-performative support. Say it with us: tangible benefits. As an employee-focused
organization, it’s critical that you look beyond foundational,
An 80-year longitudinal study by Harvard University found
baseline compensation packages. Because the U.S. doesn’t
that what keeps us healthy and happy over a lifetime are
offer or mandate social support for employees, it’s up to
quality relationships. “Good genes are nice,” the Harvard
companies to make those benefits decisions. If you aren’t
Gazette says, “but joy is even better.” Study participants
invested in corporate social responsibility already, now is the
revealed that tending to relationships had a powerful effect on
time to start. Create customized employee benefits packages
health—something that many employees might have had the
that express your corporate values and culture, then use
chance to either reflect on or prioritize in the past year-and-
those benefits as an opportunity to attract the best talent
a-half. How can you use these findings to set your company
possible.
apart?
If you can’t provide paid family leave, partner with startups
Don’t just leave room for joy; create a culture where your employees can actively pursue it.
that can. If you’re finding that in-office work means added expenses for transit or childcare, offset those costs with stipends, or lessen the burden with other incentives. If you can’t necessarily adopt a work-from-home model, enhance compensation packages for hourly, in-person essential workers by providing lucrative benefits like debt-free education. For example, Target is providing employees with free education in partnership with Guild, which seeks to close the education gap while folks are on the job.
Get comfortable with the intangibles. Flexibility might not be a measurable asset (yet), but it’s a benefit to work culture that employees are demanding after nearly two years of community, familial and professional upheaval caused by the COVID-19 pandemic. These last two years have forced countless parents, students, and employees to prioritize their needs as they attempted to care for themselves and their dependents with limited resources and almost no community to lean on. That process yielded startling realizations and revealed one long-held truth: time is
This might mean making small departures from traditional benefits packages by offering regular afternoons off or threeday weekends at predictable intervals. It might also mean more intentional conversations throughout the recruitment process plus external marketing to shed a light on all the things your business is doing to create an employee-focused workplace culture of personalization, flexibility, and care. At its root, work offers a way for people to build their own success, provide for their families, and create a better world. But, if we want new employees to choose us and current employees to stick around, we have to be willing to adapt to their needs, especially in the wake of these last few turbulent years. To avoid the Great Resignation in your company, be flexible, be forward-thinking, and be ready to listen. Your employees are ready to tell you what they need. Reproduced with permission from The Diversity Movement.
(still) money.
NOVEMBER | DECEMBER 2021
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Career Center
Master’s in accounting vs. MBA: 5 big differences to know You’re a finance professional who wants to get a master’s degree to take your career to the next level. But how do you decide which master’s degree to pursue? For many finance professionals, two common degrees they
• M.S. in accounting develops deep expertise in the field of accounting, giving you specialized skills in areas like taxation, data mining and auditing, forensic accounting, and organizational risk management.
compare are a master’s in accounting and an MBA. We’re
To decide if you want to pursue a broad business education
here to help you identify some of the pros and cons of each
in an MBA program or a specialized M.S. in Accounting, you
degree and help decide which might be right for you based
should ask yourself questions such as:
on your educational and career goals.
• What are my long-term career goals?
Difference 1: An MBA offers breadth of knowledge. An M.S. in accounting offers depth of knowledge.
• Where do I want to work?
The biggest difference between an MBA and an M.S. in Accounting is the scope of the curriculum. • MBA focuses on breadth of skills that can be applied to a large variety of management scenarios and business challenges. You’ll take classes in marketing, finance, operations and management.
32 | CPA Voice
• What is my educational background? • How much professional experience do I have? The table below can act as a guide for considering the degree paths that align to your background and career aspirations. These aren’t definitive answers but give you a good starting place to understand which degree might be a better fit.
Master’s in Accounting or MBA? Questions to consider
An MBA might be right for you if:
An M.S. in accounting might be right for you if:
What are my long-term career goals?
You want the flexibility to change career paths, specialties or address holistic business challenges.
You know you want to be a CPA or pursue a career in accounting, auditing, forensic accounting or taxation.
Where do I want to work?
You have skills that can easily be applied to a variety of industries.
I want to work in accounting, audit, tax, or consulting for a CPA firm, industry, non-profit, or government entity.
What is my educational background?
You graduated with a non-business degree or generalist business undergraduate without extensive accounting coursework.
You have an undergraduate degree in accounting or finance and want to gain additional expertise in these areas.
How much professional experience do I have?
You have multiple years of professional experience and are looking to advance into senior-level management and executive positions.
You have limited professional experience and are looking to fast-track getting the required course credits to sit for the CPA exam.
Difference 2: Getting into MBA programs requires work experience. Getting into M.S. in accounting programs requires specific coursework. Whichever route you choose, you need to understand if you have the prerequisites required to get into the program (or are willing to take classes if you don’t meet the requirements). MBA prerequisites MBA programs rarely include coursework requirements. People from all educational backgrounds who have successfully completed a bachelor’s degree can qualify for MBA programs. Instead, MBA program admission is typically evaluated on: • Previous work experience. Some programs require you to have a specific number of years of professional experience before you can apply. • GPA or entrance exams. Some programs require you to take the GMAT or GRE, while others might waive this requirement if you meet specific GPA standards.
Master’s in accounting prerequisites An M.S. in Accounting does require significant accounting coursework at the undergraduate level before applying to the program. For example, to apply to the Franklin University M.S. in Accounting program, you must have passed the following coursework (or its equivalent at another accredited school) with a C or better. • Financial Accounting • Managerial Accounting • Intermediate Accounting I • Intermediate Accounting II • Auditing (required for students pursuing coursework in Advanced Auditing and Data Analytics) Undergraduate GPA or entrance exams are also relevant admission criteria for master’s in accounting programs. What matters most when choosing a master’s program? Compare features, benefits and cost to find the right school for you.
Difference 3: One degree might be faster – but it depends on where you study.
When pursuing an advanced degree, most students – especially working professionals – consider time to degree as a key factor. While 1-2 years is typical for most MBA and M.S. in Accounting programs, the number of course credits required to get a master’s degree varies by institution and state. Want to graduate faster? Consider an online program. Most full-time, online programs can be completed six months faster than traditional, on-site programs.
Difference 4: An MBA can qualify you for the CPA exam. An M.S. in accounting gives you the knowledge to pass it. If you’re interested in becoming a CPA, you need to earn the required number of course credits to sit for the CPA exam. Both an MBA and an M.S. in Accounting can help you reach the required semester hours. But when it comes to passing it? The curriculum of an M.S. in Accounting program is much more tailored to the four topics covered by the CPA exam: • Auditing & attestation • Financial accounting & reporting • Regulation • Business environment & concepts
NOVEMBER | DECEMBER 2021
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The M.S. in accounting provides the in-depth and specialized knowledge to prepare you to take one of the most challenging professional examinations.
Difference 5: An MBA will prepare you for a broad career in business. An M.S. in accounting will prepare you to specialize and form expertise in accounting.
5 top jobs for M.S. in accounting graduates While the skills you gain in an M.S. in Accounting are specialized, there are a wide variety of careers you can choose from within the accounting profession. Senior general accountant Median Salary: $77,750 (Robert Half)
While both an MBA and a master’s in accounting will equip you for leadership positions in organizations, the expertise and skills you will gain will prepare you for different roles.
General accountants are experts in analyzing and preparing financial documents and reports, such as tax returns, income statements and balance sheets. A senior level accountant will have significant experience and a CPA license.
What will the job market look like when you graduate? Compare in-demand jobs for both degrees:
Forensic accountant Median Salary: $92,000 (Robert Half)
5 top jobs for MBA graduates
A forensic accountant is a CPA who is able to examine financial records and accounts that could be used as evidence. They typically help prove or disprove insurance claims and personal injury claims.
The broad base of knowledge and skills you gain in an MBA program prepares you to solve business challenges at the highest levels across numerous specialties. Marketing manager Median Salary: $132,620 (BLS) Marketing managers plan campaigns that generate interest in products or services. They work with creative directors, sales team members and financial professionals to reach consumers in an engaging and cost-effective way. Financial manager Median Salary: $127,990 (BLS) Financial managers are responsible for the overall financial health of an organization. They create financial reports, inform investment decisions and develop strategies for long-term financial goals. Medical and health services manager Median Salary: $99,730 (BLS) A highly growing career field, these professionals plan, direct and coordinate medical and health services for healthcare facilities, specific clinical areas or departments, or a medical practice for a group of physicians. They must direct changes that conform to evolving healthcare laws, regulations and technology. Management analyst Median Salary: $83,610 (BLS) Management analysts, often called management consultants, suggest improvements to increase operational efficiency. They advise managers on how to reduce costs and increase revenue to make companies more profitable. Chief executive officer (CEO) Median Salary: $189,600 (BLS) CEOs develop strategies and policies to ensure the company meets its goals. They also plan, direct, and coordinate operational activities in support of these strategies.
34 | CPA Voice
Management-level auditor Median Salary: $90,000 (Robert Half) Auditors are specialists who review company and organization accounts to ensure financial records are both accurate and legal. They can also act in a consulting role to advise on risk management and cost savings. Controller Median Salary: $118,250 (Robert Half) The controller is responsible for the accounting operations of a company. These responsibilities include periodic financial reports, maintenance of accounting record systems, and a comprehensive plan for mitigating risk, enhancing accuracy of financial results, and ensuring results comply with financial reporting standards. Chief financial officer (CFO) Median Salary: $196,750 (Robert Half) CFOs oversee the planning, implementation, managing and running of all the finance activities of a company. Their responsibilities include long-term business planning, budgeting, financial forecasting and negotiations. Choose the degree that best fits your career goals Choosing an advanced degree isn’t just about preparing for your next job, it’s about laying the foundation for your lifelong career goals. We strongly encourage you to reach out to professionals in your field, talk to career counselors and do in-depth research into the programs and institutions you’re interested in. Provided by Franklin University
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disciplinary actions
2021
Gillette, Robert G. of Columbus, OH
Accounting Principles Rule (1.320.001)
As a result of an investigation of alleged violations of the codes of professional conduct of the Ohio Society of CPAs and the AICPA, Mr. Gillette, with the firm of Robert G. Gillette, CPA, entered into a settlement agreement under the Joint Ethics Enforcement Program, effective April 12, 2021.
The financial statements failed to disclose lease agreements. (FASB ASC 840-10-50)
Information came to the attention of the ethics charging authority (ECA — the Ohio Society of CPAs Professional Ethics Committee and the AICPA Professional Ethics Executive Committee) alleging a potential disciplinary matter with respect to Mr. Gillette’s performance of professional services on the audit of the financial statements of a notfor-profit entity as of and for the fiscal years ended June 30, 2016 and 2017. The ECA reviewed the independent auditor’s report, financial statements and workpapers for the engagement as well as other relevant documents Mr. Gillette submitted. Based on this information, there appears to be prima facie evidence of violations of the rules of the Ohio Society of CPAs and the AICPA codes of professional conduct as follows: a. Compliance with Standards Rule (1.310.001) The auditor failed to prepare audit documentation that would enable an experienced auditor, having no previous connection to the audit, to understand the procedures performed for substantially all audit areas. (AU-C 230)
36 | CPA Voice
b. General Standards Rule .01a Professional Competence (1.300.001) The auditor undertook an engagement he could not complete in accordance with professional standards. Agreement In consideration of the ECA forgoing further investigation of Mr. Gillette’s conduct as described above and in consideration of the ECA forgoing any further proceedings in the matter, Mr. Gillette agreed as follows: c. To waive his rights to further investigation of this matter in accordance with the Joint Ethics Enforcement Program (JEEP) Manual of Procedures. d. To waive his rights to a hearing under OSCPA bylaws Article XII, Section C and the AICPA bylaws section 7.4. e. To neither admit nor deny the above specified charges. f. To his admonishment by the OSCPA and AICPA. g. To comply immediately with professional standards applicable to the professional services he performs and submit evidence of such compliance.
h. To comply with directive e. above, he agreed to hire an outside party, acceptable to the ECA, to perform a preissuance review of the reports, financial statements, and working papers on three audits performed by him for one year from the date the reviewer has been approved by the ECA. He must submit the names of the chosen reviewers to the ECA for approval no later than 30 days after the effective date of this agreement. i. He agreed to permit the outside party to report quarterly to the ECA on his progress in complying with this agreement as stated herein to comply with professional standards. j. He agreed to inform the ECA of any changes in the composition of his practice, changes in his role during the period he is subject to the pre-issuance reviews or if he has not performed any audits. If his practice changes and he is no longer involved with audits, no longer acts in a supervisory capacity on such engagements, or has not performed such engagements during the above specified period, he must inform the ECA of this and the ECA may require that he attest every six months for three years as to the nature of his practice. If, during the threeyear attestation period he returns to performing such engagements he must inform the ECA and undergo the preissuance reviews. k. To further comply with directive e. above, submit six months after the pre-issuance reviews a list of the highest level (audits, reviews, and compilations with note disclosures) of engagements that he performed in the period between the date of completion of those pre-issuance reviews and the end of the six-month period following completion of the pre-issuance reviews. The ECA will select one of these engagements for review. He will be informed of this selection and will be asked to submit information to include a copy of his report, the financial statements, and working papers related to that engagement for review by ECA. The ECA may extend the period to select an engagement to ensure a suitable selection is available. A peer review undergone by his firm would not exempt him from this requirement. l. He agreed to inform the ECA of any changes in the composition of his practice, changes in his role or if he has not performed any audits, reviews, or compilations with note disclosures until a suitable work product is selected for review. If his practice changes and he is no longer involved with audits, reviews, or compilations with note disclosures, no longer acts in a supervisory capacity on such engagements, or has not performed such engagements during the above specified period, he must inform the ECA of this and the ECA may require that he attest every six months for three years as to the nature of his practice. If, during the three-year attestation period he returns to
performing such engagements he must inform the ECA of this change and the ECA will select a suitable work product for review. m. After an initial review of such report, financial statements, and working papers, the ECA may decide he has substantially complied with professional standards and close this matter. Or, the ECA may decide that an ethics investigation of the engagement he submitted is warranted. If at the conclusion of the investigation, the ECA finds that professional standards have in fact been violated, the ECA may refer the matter to the trial board for hearing or take such other action as it deems appropriate. n. To be prohibited from serving as a member of any ethics or peer review committee of the OSCPA or AICPA until he has completed all directives in this letter. This restriction will be communicated to those responsible for appointments to such committees. In addition, if he applies to join any other committee of the OSCPA or AICPA, he must inform those responsible for such appointments of the results of this ethics investigation. This requirement shall remain in effect until the ECA determines that the work product submitted to comply with directive g., above, substantially complies with professional standards. o. To be prohibited from teaching continuing professional education courses approved by the AICPA or state societies in the areas of accounting, auditing, and not-for-profits until he has completed all of the directives included in this letter. This restriction will be communicated to those responsible for engaging CPE instructors at the OSCPA and the AICPA. This requirement shall remain in effect until the ECA determines that the work product submitted to comply with directive g., above, substantially complies with professional standards. p. To be prohibited from performing peer reviews in any capacity until the directives included in this letter have been completed. This prohibition will remain in effect until the ECA determines that the work product submitted to comply with directive g., above, substantially complies with professional standards. This restriction will be communicated to this peer review oversight agency. q. That the ECA shall publish his name, the name of his firm, the charges and the terms of this settlement agreement. r. That the ECA shall monitor his compliance with the terms of this settlement agreement and initiate an investigation where the ECA finds there has been noncompliance.
NOVEMBER | DECEMBER 2021
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members in motion CLEVELAND
Ohio CPA Proud firm Rea & Associates has been honored
Ohio CPA Proud firm HW&Co. has been named the
as one of Central Ohio's Best Places to Work among
best CPA firm in Ohio (with more than 25 employees) by
medium-sized businesses by Columbus Business First.
Ohio Business Magazine, for the second year in a row. Additionally, HW&Co. for the 17th time has been named to the Northcoast 99, a list recognizing the workplaces in northeast Ohio that excel in top-performer attraction,
Plante Moran has been honored as one of Central Ohio's Best Places to Work among large-sized businesses by Columbus Business First.
development, and retention.
Robert Evans, CPA, ABV, has been promoted Principal
COLUMBUS
at Blue & Co.
Ohio CPA Proud firm Clark Schaefer Hackett has
NORWALK
been honored as one of Central Ohio's Best Places to
Andrew Welfle, CPA, CVA, has joined the Lake Erie
Work among medium-sized businesses by Columbus
Construction Company as the company’s controller.
Business First. Ohio CPA Proud firm GBQ Partners has been honored as one of Central Ohio's Best Places to Work among largesized businesses by Columbus Business First. Kaiser Consulting has been honored as one of Central Ohio's Best Places to Work among medium-sized businesses by Columbus Business First.
Classified Accounting Practices for Sale You’ll get the latest updates on: • Accounting and auditing • State and local tax developments, including a legislative update • Technological advances • Professional standards and responsibilities • And more! December 8, 2021 | 8:00 a.m. – 4:30 p.m. 8 credits
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Are you thinking of selling? Do you need an exit strategy? Accounting Practice Sales specializes in the sale of CPA firms and accounting & tax practices. Our marketing and consulting services are focused exclusively on the accounting professional. We provide guidance and assistance with selling your practice, merging with another firm, establishing a practice continuation plan, growing an existing business or acquiring a new practice. Contact us for a FREE, no obligation consultation and business valuation. E-mail Steve@aps.net or call 1.800.272.7355 ext 3. For more information visit us at APS.net Interested in CPA Practices available for sale? Visit APS.net to inquire on details.
38 | CPA Voice
learning eventsat a glance 11/29–30
8:30 a.m. – 4:30 p.m.
1040 Individual Tax Tune-Up
16 credits
TX
11/08–09
8:30 a.m. – 4:30 p.m.
Business Entity Tax Tune-Up
16 credits
TX
12/03
9:00 a.m. – 12:00 p.m.
Advocacy In Action
3 credits
SK
12/08
8:00 a.m. – 4:30 p.m.
Winter CPE Virtual Conference
8 credits
MULTIPLE
12/10
8:00 a.m. – 4:30 p.m.
Fraud and Forensic Virtual Conference
8 credits
MULTIPLE
12/11
8:30 a.m. – 11:15 a.m.
Ohio Professional Standards and Responsibilities
3 credits
RE
12/16
12:00 p.m. – 1:00 p.m.
OSCPA Town Hall
1 credits
MS
03/23
8:30 a.m. – 4:30 p.m.
Strategic Finance and Accounting Virtual Summit
8 credits
MULTIPLE
04/26
8:30 a.m. – 4:30 p.m.
Hot Topics for CPAs Virtual Conference
8 credits
MULTIPLE
04/29
8:30 a.m. – 4:30 p.m.
Employee Benefit Audit Virtual Conference
8 credits
MULTIPLE
November Virtual Accounting Show
2021 Fall Advance Complimentary for Members
Nov. 16 – 17
Nov. 10, 12, 18 & 22
8:00 a.m. – 4:30 p.m. | 16 credits
3 credits
SK
Crossing Bridges: Diversity, Equity & Inclusion Bundle
MEGA Tax Virtual Conference Dec. 14–15 16 credits
MULTIPLE
On-Demand 9 credits
TX
PFP Practical Applications: AICPA Certificate Program On-Demand 13 credits
PD
SK
COMPETENCIES Financial Accounting
Audit & Assurance
Business Management
Technology
Ethics & Professional Standards
Tax
Risk Management & Fraud
Essential Skills & Prof. Development
Talent MGMT & Human Resources
Multiple
CREDIT TYPE AC
Accounting
RE
Regulatory Ethics
BL
Business Law
AG
Accounting (Government)
BE
Behavioral Ethics
EC
Economics
PR
Production
HR
Personnel/ Human Resources
SK
Specialized Knowledge
TX
Taxes
AV
Auditing (Government)
CA
Computer Software & Applications
BM
Business Management & Organization
CM
Communications & Marketing
ST
Statistics
Information Technology
AU
Auditing
MS
Management Services
FI
Finance
PD
Personal Development
MULTIPLE
IT
Register today + find more events at
ohiocpa.com/FallWinter21 NOVEMBER | DECEMBER 2021
| 39
Our proven strategy will expose your practice to the greatest number of qualified buyers, provide you with expert representation, and maximize your value… and we do this while maintaining your confidentiality.
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40 | CPA Voice
Accounting Practice Sales ......................... 38, 40
THE OHIO SOCIETY OF CPAs 2021– 2022 BOARD OF DIRECTORS CHAIR OF THE BOARD
Lori Kaiser, CPA, MBA, CGMA Kaiser Consulting Columbus
CHAIR-ELECT
Craig Marshall, CPA Ernst & Young Plain City
PAST CHAIR
PRESIDENT AND CEO
Crystal Faulker, CPA, CExP, MAFF Mountjoy Chilton Medley Cincinnati
Scott D. Wiley, CAE The Ohio Society of CPAs Columbus
VICE CHAIR, FINANCE
Chris Igodan, Jr., CPA Nationwide Insurance Columbus
DIRECTORS Keenan Cooper, CPA Grant Thornton LLP Cincinnati
A’Shira Nelson, CPA Apple Growth Partners Cleveland
Julie Wozniak, CPA NiSource (Columbia Gas) Columbus
Michael J. Elliott, CPA Camp and Park Accounting, LLC Burton
Aaron Swiggum, CPA/PFS William Vaughan Company Maumee
Rick Fedorovich, CPA Bober Markey Fedorovich Akron
Amy Vetter, CPA, CGMA, CITP The B3 Method Institute and Drishtiq Yoga Mason
Jessie C. Wright, CPA, CGMA, CVA Schroedel, Scullin & Bestic, CPAs and Strategic Advisors Canfield
Nancy Juron, CPA Deloitte LLP Windermere, Fla.
Ellen Wisbar, CPA CBIZ Cleveland
Jon Zavislak, CPA, CGMA Thrasio Westerville
lately
and wherever you get your podcasts!
on the pocast The Ohio Society of CPAs podcast “The State of Business” releases a new episode every Wednesday, covering the latest news impacting accounting professionals. Episode title: How one CPA navigates rural clients and technology From the episode: “Adapting technology to fit my clients or adapting my clients to fit the technology either way is definitely a challenge. In our rural area we don't necessarily have internet.” Shayna Chapman, CPA, founder and chief strategist at Shaynaco
ohiocpa.com/Podcast NOVEMBER | DECEMBER 2021
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Sponsored by:
December 14 –15, 2021 16 credits
TX
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