March/April 2012 - Florida CPA Today | Volume 28, Number 2 by Florida Institute of CPAs

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FLORIDA CPA TODAY

March/April 2012

FLORIDA CPA TODAY

March/April 2012

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contents Volume 28, Number 2

CEO-EXECUTIVE DIRECTOR Deborah L. Curry, CGMA SR. DIRECTOR OF MARKETING & COMMUNICATIONS Jan Dobson, CAE EDITOR Suellen D. Wilkins GRAPHIC DESIGNER Loleta K. Bolden PUBLICATIONS COORDINATOR Dianne Dearduff EDITORIAL COMMITTEE Douglas Day, CPA, chair Walter C. Copeland, CPA, vice chair Lynda M. Dennis, CPA • David Hochsprung, CPA Michael Kridel, CPA • Troy Y. Manning, CPA Pat Murphy, CPA • Laura Prevratil, CPA William C. Quilliam, CPA, Ph. D. All articles submitted to Florida CPA Today are subject to technical review, Editorial Committee review, space availability and editing requirements and restrictions. Please contact the editor before submitting unsolicited manuscripts. Florida CPA Today publishes letters to the editor in its Members’ Forum. For information about the guidelines, visit www.ficpa.org/Content/Members/Tools/Publications/FCT/ LettersToEditor.aspx. Statements expressed herein are those of the identified authors and not necessarily those of the Florida Institute of Certified Public Accountants, Inc., nor should statements be considered endorsements of products, procedures or otherwise. The FICPA reserves the right to reject any editorial material or paid advertising that does not meet Florida CPA Today’s qualifications or detracts from its ethical and professional standards. Florida CPA Today is published bimonthly by the Florida Institute of Certified Public Accountants, Inc., P.O. Box 5437, Tallahassee, FL 32314. Telephone: (850) 224-2727 or (800) 342-3197. (Street address: 325 West College Ave., Tallahassee, FL 32301.) Visit our website at www.ficpa.org. This magazine is provided to members of the FICPA. No specific amount of your dues, either expressed or implied, is for this publication. This magazine is not available for purchase by either FICPA members or nonmembers. For display advertising information, contact the FICPA Marketing Department at (850) 224-2727. © 2012 by the Florida Institute of Certified Public Accountants, Inc. All rights reserved. Reproduction in whole or part is prohibited without the express written consent of the FICPA.

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March/April 2012

EXECUTIVE DIRECTOR’S MESSAGE

8 12 18

5 FICPA revitalizes its structure and style

PRESIDENT’S MESSAGE 7 The secret to our succession The FICPA is planning for the future. How about you?

COVER STORY 8 To succeed or not to succeed Succession planning is for the successful

FEATURES 12 The auditor-selection

DEPARTMENTS 10 Educational foundation 24 News briefs 26 Governmental affairs 30 Web Digest

process How and why it should be done correctly 14 Strengthening the riskassessment process 16 New worldwide designation meets challenges of global business 18 ROI 101: Invest in young CPAs 9 Prepare for a new 1 generation of leadership 2 Mega CPE Conference 2 offers fun, new ways to learn 8 Tech tips 2

Engineer the accounting firm of the future 31 DOR update 32 New members 35 FICPA NewsFlash digest 36 Marketplace 38 On the move

Mission Statement Florida CPA Today is an award-winning, professional publication for more than 18,500 members of the Florida Institute of CPAs. Our magazine: Allows members to share their professional expertise on technical issues Keeps members informed about FICPA events and advocacy Highlights the people and issues that affect Florida CPAs Recognizes the professional accomplishments of our members

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ADVERTISERS’ INDEX: Accounting Practice Sales....................20 ADP.............................................................6 Blue Ray Engineering ............................32 CPS Investment Advisors (CPAlliance™)...........................................4 IDEA® - Data Analysis Software ..........4 Nova Southeastern University............37 PNC..........................................................34 Soreide Law Group...............................25 Space Coast Credit Union...................11 Trugman Valuation Associates, Inc.......37

Connect with your Florida accounting professional targets with magazine display advertising. Florida CPA Today, the FICPA’s four-color magazine, is distributed bi-monthly to more than 18,500 members. Frequency discounts are available when you advertise three or more times per year. For more information, contact FICPA Corporate Sales Manager Drew Miller at (800) 342-3197 (in Florida); (850) 224-2727, Ext. 270; or millerd@ficpa.org.

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Executive Director’s message

FICPA revitalizes its structure and style

Greetings, FICPA Members, As we begin the second quarter of 2012, I realize how quickly my first six months have passed, and how many initiatives we have under way at the FICPA. Here are just a few of the things that have kept me busy during the last few months. • Getting to know members, and putting faces with names of members I’ve met by telephone or via email • Helping to improve staff collaboration and cohesiveness • Learning about and becoming involved in the Florida Legislative process • Participating in the process of reviewing and revamping the FICPA’s governance structure In October, I attended Opportunity Tallahassee. The program is designed to acquaint corporate executives, managers and other professionals with the city’s physical, social, economic and educational structure. The intensive, one-day overview gave me an excellent big-picture view of the city. In addition to meeting and networking with some of the area’s key decision makers, I made contacts and learned about resources that will allow me to become more effectively involved in community issues. I’ve also attended several Legislative Committee hearings, visited FICPA Chapters throughout the state, and hosted Gov. Rick Scott at FICPA headquarters during the December Board of Governors meeting. Gov. Scott’s visit was the first time in recent history that a sitting governor has visited our headquarters office to address the leadership. During the meeting, we asked Gov. Scott how CPAs can be more involved in the governmental process. He encouraged the audience to find something they have an interest in and participate, and to be outspoken about their political opinions. “During my term in office, I’ll make 2,000 appointments to various groups,” he said. Find something you have an interest in and apply to get involved. Write op-eds or columns about what you believe – concerning the budget, education, health care, anything. Be as vocal as you can. People react,” he said. Florida’s 2012 Legislative Session is in full swing, and our efforts to streamline the accountancy-licensing provisions are well under way. For more information about our advocacy efforts, see John Johnson’s Legislative update article on page 27. Our staff is very motivated to help us improve our processes and find even better ways of working together. They’re also excited that we’ve identified new ways to help departments communicate more effectively. We’re even revamping our office layout to create spaces for our staff members to gather and brainstorm new ideas. The FICPA Board of Governors and leadership have been working diligently to refine our governance structure. Our goal is to be leaner and more responsive to our members’ ever-changing needs. To read more about that, see FICPA President Stam Stathis’ column on page 7. Spring is around the corner, giving us an opportunity to approach life with a fresh perspective and celebrate change. Right now, our organization is experiencing change in many forms, at many different levels – and to be successful, we need your feedback. I welcome and encourage you to contact me with suggestions for making the FICPA an even better organization to serve you. Please email me at curryd@ficpa.org.

Right now, our organization is experiencing change in many forms, at many different levels – and to be successful, we need your feedback.

Deborah Curry, CGMA www.ficpa.org

FLORIDA CPA TODAY

March/April 2012

FLORIDA CPA TODAY

March/April 2012

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President’s message

The secret to our succession The FICPA is planning for the future. How about you?

Thriving in Florida’s tough business climate necessitates, among other things, a well-managed personnel pipeline. The need for sole-practitioner succession planning may be obvious, yet large and/ or long-standing firm businesses also need a solid plan. When was the last time you talked about succession in your office? Mike Bollenback’s cover story on page 8 is chock full of discussion-starters, as is Darren Wendroff ’s Web Digest article on page 30. For almost a year, your FICPA Board of Governors (BOG) has been evaluating the Institute’s succession plans through the lenses of board structure and governance. At one time, our BOG consisted of 109 members. Although that structure gave each geographic region strong representation, the size made decision-making cumbersome and costly. The BOG has reduced its size several times and is set to do so again. We’ll finalize the structure this spring and likely will phase it in during the next 12 to18 months. At its December 2011 meeting, the BOG approved title changes. Effective July 1, President-Elect Scott Price will become the Institute’s first chairman of the Board, and CEO-Executive Director Deborah Curry will become our President and CEO. The changes result from a need to clarify volunteer and staff roles. The Board hires the President-CEO, who accepts responsibility for the corporation and staff, and for fulfilling the FICPA’s mission. The succession plan in development will ensure that your Institute is in the capable hands of those who are ready to lead. Any talent pipeline isn’t complete, though, without fresh faces stepping up to gain the experience to become future leaders. The FICPA seeks committee and section volunteers to serve next year. If you haven’t seen your electronic invitation, go to www.ficpa.org and click on the volunteer banner. There, you’ll find listings of dozens of volunteer opportunities. Which one is right for you? Although I’m nearing the end of my term, I’m not done yet! I’m finding life in the Capital City especially fun this time of year as Tallahassee comes alive with politics. I’ve attended many events, including a Florida Governor’s Mansion Foundation dinner hosted by Gov. Rick Scott. As I write, many significant events are taking shape. Here’s a roundup of items for your watch list. • The introduction of legislation to streamline CPA practice requirements in Florida is halfway home. For more information about this, see page 27. • The Certified Global Management Accountant (CGMA) just completed its world launch. Read more about this new designation on page 16. • The FICPA’s brand-new, cutting-edge MEGA CPE Conference is coming to Tampa and Orlando. Check out page 22 to see how Conference Planning Chair Dave Moja and his committee are bending tradition. • Registration is open for the FICPA Annual Convention (see the brochure on pages i-iv of the January/February issue of FCT). It’s rare that we venture outside Florida, but if you’re looking for a small, relaxed CPE destination, I hope you’ll consider joining me in Massachusetts June 27-30. The upcoming title changes leave me at the end of an era – your 84th and final volunteer FICPA president. It is my double honor to serve you.

Stam Stathis, CPA www.ficpa.org

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March/April 2012

To succeed or not to succeed

Succession planning is for the successful

By Michael D. Bollenback, CPA

Life happens. Planned and unplanned events occur. How a business is prepared to respond – with a minimum of disruption – is the key to its continuing success. Therein lays the importance of succession planning. The five Ws and one H are important in many aspects of business, and are especially vital in the succession-planning process. • WHO is in a current position or critical job category, and who will replace them? • WHAT are the attributes, skills and minimum requirements for the job? • WHEN should the process start, and when should it end? • WHERE will the person who takes over come from? • WHY does anyone really need to worry about succession planning? • HOW do you start the process?

fully understand the skills and capabilities needed in each critical role, based on the challenges the business and industry will face in the medium to long term.1 This is an ongoing process of assessment and evaluation of determined criteria with a future orientation.

WHEN The best way to assure effective succession is to foster a corporate culture

that expects executives to focus on it because it is a leadership quality that the culture prizes.2 Succession planning is vital to an organization’s strategic plan. Companies need to be prepared to fill vacancies as employees retire, and to fill unexpected vacancies when employees leave for other opportunities, or because of disability or death. An ongoing assessment exercise should be put in place, and should >>>

WHO Whether you’re the leader of a company; head of a department in a public entity or university; partner in a national, regional or local CPA firm; or a sole proprietor, everyone needs a successor. Larger entities seemingly may have an easier time because they have more employees and more procedures in place, while smaller, local CPA firms or sole proprietors have a more difficult time. Identifying those critical roles is key to the continuing survival of any business, regardless of its size.

WHAT It often is thought that the intent is just to replace the incumbent, believing the same skills that have worked in the past are what will be needed going forward. That is not necessarily the case. Organizations need to look ahead and 8

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include assessing the essential skills and competencies needed for critical roles; assessing current talent and development needs, and realistic plans to close those development gaps; and assessing external candidates and available resources. This continuous review is intended for making changes as necessary. Effective succession planning is an unending exercise, and represents a best practice in an organization’s strategy.

WHERE So, where will a successor come from? Certainly there is potential opportunity for internal candidates, provided that a timely, effective investment in development has been mapped out and executed. This approach can yield many positives, including increased employee morale, reduced turnover and increased work quality and production. Opportunities for stretch assignments; cross training in

different functional areas; and exposure to strategic thinking ready the successor from a functional as well as a visionary view. This is essential for the smooth continuity of a business. Timing is critical in developing internal candidates. If the development plan is too slow, the candidate may not be ready when the need arises. Conversely, if it is too rapid, the candidate may make a change before the incumbent >>> PAGE 11

Prepare for the known, and the unknown Here are some real-life examples of succession plans, and of what can occur when firms don’t expect the unexpected. A five-year plan that worked The two founders of a local CPA firm began planning their exit as senior partners five years in advance. They identified two CPAs who had been with their business for a number of years. Each had previous partner experience with other accounting firms and was technically strong in their areas of expertise. From a development view, the emphasis needed to be on leadership, relationship building and communication skills. One of the challenges of becoming a leader, or the next senior partner in this case, is the willingness to take on responsibility. The founders eventually had to be willing to “let go,” and the successors needed to be ready to take over when the time came. This five-year plan was well-communicated to the firm’s staff from the beginning. Clients officially were notified about a year into the plan. This allowed the founders to work closely with the successors to build relationships, resulting in a seamless transition. The successors became familiar with the work the clients required. And, they continued to build respect with the office staff as their roles evolved and communication improved. The transition occurred as planned. The founders still are involved with the practice on a limited basis. The “letting go” has been more difficult with some of their longer-term clients. The successors continue to grow in their roles, and one of them has moved out of the senior partner position. He used the same approach when he made it known that he wanted to move to part time. This firm’s planning process enabled it to develop internal talent to top-level roles while sustaining solid work relationships with clients. The firm accomplished this with minimal disruption to the inner workings of the office. Life and death happen A young accounting professional, in business as a sole proprietor, was diagnosed with a very serious disease. It soon became apparent that the disease would be terminal. There

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was no office staff, and no arrangements had been made for another firm to take over clients, or to purchase the business. To compound a terrible situation, this occurred in the middle of a tax season. Another CPA firm, busy with its own clients and deadlines, was asked to handle the needs and issues of the sole proprietor’s practice. The firm that was asked to assist was not totally prepared, from a staffing standpoint, and was not familiar with the other firm’s clients. However, the demanding tax-season deadlines did not go away. Ultimately, the sole proprietor died. Many clients left for other CPA firms, and the estate was able to sell only a limited number of remaining clients to other firms. This real-life example demonstrates the need for a back-up plan, perhaps in partnership with another sole proprietor, in the event of an emergency. Remember, planned and unplanned life events occur. It’s all in the family A small, family-owned business, diverse in many industries, now has three generations actively involved. During the years, family members have been groomed to work in various aspects of the business. This truly is an example of on-the-job training that began at an early age for many them. The founders, who still are very much involved in the daily operations, repeatedly have demonstrated strong leadership and a strong work ethic. Their children and their children’s spouses hold responsible positions in the business. As the second generation’s children have grown, they’ve been exposed to back-office administrative functions, scheduling, estimating, budgeting and field work. This third generation is more technically proficient, and is helping the business move forward in a positive way. These family members not only work together successfully, but live close to one another and frequently travel together. This long-sustained business relies on a base of solid values, combined with strong mentoring and innovation, to maintain a competitive edge. Their succession plan works.

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March/April 2012

Educational foundation

Play golf, wear jeans for scholarships By Jason Zaborske, FICPA educational foundation development manager and Brittany Butler, coordinator

The FICPA’s Educational Foundation and Suncoast Chapter are partnering to host a new golf tournament. The FICPA Educational Foundation Suncoast Scramble will be held Friday, May 4 at 1 p.m. at East Lake Woodlands Country Club in Oldsmar. The new tournament combines the Foundation’s Annual Golf Classic and the Suncoast Chapter’s Suncoast Scramble. The goal is to raise even more scholarship funds for Florida accounting students currently in their fourth or fifth year of college. Located at the northern tip of Tampa Bay, East Lake Woodlands Country Club has two 18-hole championship golf courses. Few Tampa Bay golf courses match the pristine beauty and challenge level that golfers find at East Lake Woodlands. The Suncoast Scramble provides unique networking and sponsorship opportunities. Company representatives may discuss their products and services with a select group of more than 100 of Florida’s top CPA professionals and executives. Sponsorships start at $300 and individuals may register for only $150. All guests will receive lunch, dinner and the chance to participate in sensational contests and giveaways, including the battle for the coveted CPA Champions Cup and first-place cash prize. With our sponsors’ help, the Suncoast Scramble has a goal of raising $25,000 for deserving Florida accounting students. 10

Visit www.suncoastscramble.com, or www.ficpa.org/golf, and join us as a sponsor or golfer today.

Double your “casual” office days this year Because of the success of the Foundation’s Jeans for Scholarships program in 2011, we’ll hold two Jeans events in 2012 – May 18 and Oct. 26. We encourage all Florida organizations, institutions and firms to take part in this fun and easy way to provide scholarships to Florida accounting students. The program is simple. Participating organizations schedule a casual/jeans day in their offices on May 18 and Oct. 26, 2012.

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Suggested contributions are $5 and $10 from individuals, and employers may match those donations. The Foundation accepts donations of any amount. All donors may wear jeans on or before May 18 and Oct. 26, then donate the proceeds to the FICPA Educational Foundation. Get creative in your event planning! Some organizations schedule themed pot-luck lunches or other activities to enhance jeans day. Be sure to take photos and send them to us! Program participants become official Scholarship Wranglers and will be recognized online. Last year’s Jeans for Scholarships campaign raised almost $8,000. With your support, we can raise even more this year. Wear your jeans and help invest in the future of our profession. Visit www.ficpa.org/jeans and register today! For more information about the FICPA Educational Foundation Suncoast Scramble or Jeans for Scholarships, contact Jason Zaborske, FICPA educational foundation development manager, at (800) 342-3197, Ext. 417; (850) 251-7274; or zaborskej@ ficpa.org.

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leaves. Internal candidates often become viable candidates to headhunters. And, if the opportunity to replace an incumbent does not occur in line with their thinking, it can create organizational dysfunction.3 External candidates also are an option. There is often more risk because of potential unfamiliarity with the specific business and the time needed to adapt. This can lead to increased pressures in a business world where there often are immediate expectations to succeed. The organization may not have a complete view of an external candidate, and the candidate may not have a full view of the business. One approach is to hire in an external candidate in another role. This gives the company time to assess the candidate’s effectiveness and potential. It also gives the candidate a better opportunity to learn more about the organization.4 Also, individuals from leadership roles at other companies do not necessarily mean guaranteed success. And, the costs to recruit externally can spiral.

WHY Although we often put off thinking about “what if” scenarios, succession planning is especially critical in the current, ever-changing business environment. It provides for a proactive approach to managing your business, not only in the event of losing an employee in a key role, but also as the business challenges expand or change. Developing and executing strong succession planning practices “protect the interests of board members, employees, shareholders and other constituents, and also give everyone confidence in the company’s long-term prospects.”5

HOW There is a wealth of information, including FICPA and AICPA CPE offerings, about putting an effective succession plan in place. There are professional firms that specialize in providing expertise on this subject. Many larger companies known for their succession-planning practices, including GE and Proctor & Gamble, have written several articles. Networking about best practices with fellow businesses is invaluable. Many online sources have checklists, templates, software and other information to help you get started. This article touches only on a few thoughts about approaching succession planning. The important thing is to recognize that it is essential to minimize uncertainness in your business, and maximize resiliency in the face of business change. Life happens. Be ready for it, so you can succeed. Michael D. Bollenback is president of Bollenback & Forret, PA, CPAs in Clearwater. He is a past chairman of the FICPA’s Management of an Accounting Practice (MAP) Section. His firm received the FICPA’s 2010 Accounting for Success Firm of the Year award in recognition of their student-outreach efforts in the community. Endnotes

N. Nayab, “The Need for Succession Planning: Where Do You Begin?” Bright Hub, Nov. 13, 2010. 2 Donald Delves, “The Critical Task of Succession Planning,” Forbes, March 31, 2011. 3 N. Nayab, “The Need for Succession Planning: Where Do You Begin?” Bright Hub, Nov. 13, 2010. 4 Stephen A. Miles and Nathan Bennett, “Best Practices in Succession Planning,” Forbes, Nov. 9, 2007. 5 Stephen A. Miles and Nathan Bennett, “Best Practices in Succession Planning,” Forbes, Nov. 9, 2007. 1

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March/April 2012

The auditor-selection process

How and why it should be done correctly By Ted J. Sauerbeck, deputy auditor general

Picture this. An audit firm submits a proposal to perform an audit of a large city. It’s an audit the firm has been trying to land for years. The firm finds out that the city’s audit committee ranked it No. 1, based on the criteria used to rank all firms that had submitted proposals. All the hard work that went into putting together the proposal and making a presentation to the audit committee – not to mention the firm’s efforts to hire and train staff with municipal audit experience – had finally paid off. Then the chair of the audit committee called to say the firm wasn’t selected to perform the audit. Instead, the city decided to go with a lower-ranked firm because it offered to do the audit for a lower fee. In other words, the audit committee chose to ignore all other factors that determined the rankings. The firm is frustrated because it doesn’t believe a quality audit can be done for the lower fee. But the fact is that the firm lost out on a great audit opportunity. Unfortunately, this can and has happened. Situations such as this may be avoided if the auditor-selection process is done correctly.

Florida law governs auditor selection

Section 218.391, Florida Statutes, which requires the following: • Establish an audit committee and use requests for proposals (RFPs). The audit committee must establish evaluation factors to use for the evaluation of audit services to be provided and publicly announce the RFPs. In addition, the committee must evaluate the responses; and rank and recommend to the entity’s governing body at least three firms deemed to be the most highly qualified. • If compensation of the auditor is one of the evaluation factors, it cannot be the sole or predominant factor used to evaluate proposals. • A written contract that specifies the term of the contract, including conditions under which the contract may be terminated or renewed. Engagement letters signed and executed by both parties constitute a written contract. The contract must include certain minimum provisions, including provisions that specify

Pursuant to Florida law, district school boards, charter schools and most local governments must provide for an annual financial audit. The audit must be conducted in accordance with Government Auditing Standards and performed by an independent CPA. The auditor must be selected using the procedures described in

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the services to be provided and fees, and require that invoices for fees be sufficiently detailed. The auditor-selection requirements were significantly revised in 2005, based on recommendations from an Auditor Selection Task Force (Task Force). The Task Force was established in response to the results of the Florida Auditor General’s local government financial reporting system (LGFRS) performance audit to recommend improvements to the auditor-selection process. The Task Force was comprised of knowledgeable professionals from the government and private sectors.

Selection guidelines are excellent resource In addition to recommending law changes, the Task Force developed non-mandatory guidelines to provide additional guidance for selecting auditors. The guidelines, established in 2007, are titled Auditor Selection Guidelines (Guidelines) and are available on the Auditor General’s Web site, www.myflorida.com/audgen. Although the law establishes minimum mandatory legal requirements, the Guidelines provide detailed guidance. The Guidelines address auditor selection as well as the audit committee and its role in managing the audit. Although the Guidelines are nonmandatory, governmental entities benefit from using them to help ensure a quality audit. By adhering to the Guidelines, entities can demonstrate to constituents that they used a prudent and fair auditorselection process. In 2008, the Auditor General examined local governments’ compliance with the revised auditor-selection requirements as part of another LGFRS performance audit. That audit disclosed that many local governments were not complying with the requirements of Section 218.391, F.S., or the non-mandatory guidance provided in the Guidelines. In discussing the audit findings with local government officials and staff, some indicated they were unaware of the requirements of, or the 2005 changes to, Section 218.391, F.S. >>> www.ficpa.org

Law prohibits considering audit fees only The Auditor General’s 2008 LGFRS performance audit also disclosed that several local governments used audit fees as the sole or predominant factor to select an audit firm. The audit further disclosed that many audit firms believed local governments used auditor-selection processes that were not adequate to ensure the auditor was selected predominantly based on factors other than fees. Under current law, compensation can be considered in selecting the auditor, and may even be a significant factor in making the selection. However, current law prohibits an entity from selecting an auditor based solely or predominantly on compensation. This helps ensure that the entity does not overemphasize cost as a criterion in selecting the auditor. Overemphasizing cost may result in selecting an unqualified auditor, or an auditor who does not provide sufficient audit effort because of a low fee. Either circumstance could result in a substandard audit (i.e., an audit not performed in accordance with state law, rules of the Auditor General, or Generally Accepted Government Auditing Standards).

to ensure compliance with Section 218.391, F.S. These entities and their auditors should be thoroughly familiar with this law and the Guidelines. An auditor may become aware of an entity that did not comply with Section 218.391, F.S. If so, the best course of action is to notify the entity’s governing body of the noncompliance, as it may not be aware of the requirements. At a minimum, this may help ensure the entity’s future compliance. Auditors also should consider refraining from responding to RFPs for audit services from entities they know to be in violation of Section 218.391, F.S.

Ted J. Sauerbeck, CPA, CGFO, is a deputy auditor general for the Auditor General’s Office. He is a member of the FICPA’s State and Local Government Section’s Resource Council. He was co-coordinator of the Auditor General’s Auditor Selection Task Force, which prepared the Auditor Selection Guidelines located on the Auditor General’s Web site. Endnotes

Section 218.39, Florida Statutes. Report No. 2004-006. 3 Report No. 2009-014. 4 The 2005 changes were implemented by Chapter 2005-32, Laws of Florida, which can be viewed at http://laws.flrules.org. 1

Selection process must work Audits provide independent assessments about the accuracy and completeness of financial statements. Audits also provide a way of evaluating the effectiveness of an entity’s internal control; the extent to which the entity complied with applicable laws and other requirements; and the entity’s financial position. Consequently, it is important for entities to use an adequate auditorprocurement process to ensure a quality audit. The Florida Auditor General has noted a significant increase in the number of local governments experiencing financial difficulties. This may have resulted in pressure to limit costs or services where practical. Thus, it may be tempting for such entities to forego a competitive auditor-selection process, or to place more importance on audit fees rather than on qualitative evaluation factors. Noncompliance with the statutory auditorselection procedures may be detrimental to a governmental entity, and not in the taxpayers’ best interest, because of the increased risk of a substandard audit. Noncompliance also may impact the audit community by limiting opportunities for qualified firms.

Ensure compliance with auditor-selection law District school boards, charter schools and local governments have a responsibility www.ficpa.org

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Strengthening the risk-assessment process By Cecil Patterson, CPA In March 2006, the AICPA Auditing Standards Board (ASB) issued eight Risk Assessment Standards. These standards significantly affected existing audit standards and placed many new requirements on auditors, especially in planning and performing audits. The standards were issued as Statements on Auditing Standards (SAS) Nos. 104 through 111. Applying the Risk Assessment Standards is especially critical for audits performed today. The current business environment is extremely volatile. This often results in stress on businesses and leads to a greater risk of material misstatement in financial statements. Personnel changes, the credit crisis, market pressures and the general soft economy are causing heightened awareness of potential material misstatements in audits. The link between auditors’ assessments of the risks of material misstatement, and the design and performance of audit procedures that address those risks, is the main thrust of the Risk Assessment

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Standards. The standards also emphasize the need for auditors to continually reevaluate risk. This is done from year to year, and also during the course of a single audit engagement. Risk assessment is a never-ending and iterative process. Because of this, the Risk Assessment Standards are well suited for the constant changes we now see. There are 10 generally accepted auditing standards (GAAS) from the ASB. One of the more significant standards is the second standard of fieldwork. “The auditor must obtain a sufficient understanding of the entity and its environment, including internal control, to assess the risk of material misstatement of the financial statement whether due to error or fraud, and to design the nature, timing, and extent of further audit procedures.” Occasionally, auditors become so familiar with the basic theory behind historical standards that they overlook

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the importance of the changes required as standards evolve. The eight Risk Assessment Standards provide auditors with guidance for assessing the risk of material misstatement in financial-statement audits. Guidance regarding the design and performance of audit procedures is found in the SASs. The AICPA has issued several Technical Practice Aids regarding implementation issues and the SASs. The AICPA also has issued an audit guide, Assessing and Responding to Audit Risk in a Financial Statement Audit, and an audit risk alert, Understanding the New Auditing Standards Related to Risk Assessment. The following review of the eight Risk Assessment Standards is intended to emphasize the SAS requirements, and their importance in today’s environment. SAS 102 sets out three levels of performance requirements. In SAS 102, when the word “must” is used, auditors are required to follow the standards. The term “must” is prominent in all the Risk Assessment Standards. >>>

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SAS 104, Amendment to Statements on Auditing Standards No. 1. Codification of Auditing Standards and Procedures (Due Professional Care in the Performance of Work) Amends AU section 230 to expand the definition of “reasonable assurance.” This SAS indicates that auditors must plan and perform the audit to obtain sufficient appropriate audit evidence so that audit risk will be limited to a low level. SAS 105, Amendment to SAS No. 95, Generally Accepted Auditing Standards Updates GAAS for the new words and definitions found in the Risk Assessment Standards. SAS 106, Audit Evidence Emphasizes management’s responsibility for representing that the financial statements are fairly presented in conformity with GAAP. Management makes assertions. SAS 106 reclassifies assertions from five categories into three.

SAS 107, Audit Risk and Materiality in Conducting an Audit Clarifies that, although the assessment of risks at the assertion level is a judgment rather than a precise process, the auditor should have an appropriate basis for that assessment. This requirement effectively eliminates the ability to “assess control risk at maximum” as a default audit strategy. The auditor must document the basis for the level of control risk. SAS 108, Planning and Supervision Requires auditors to develop an overall audit strategy, formerly called the audit approach. The audit strategy should consider factors such as: • scope of the engagement • deadlines for performing the audit • deadlines for issuing the report • recent financial reporting requirements

Assertions before SAS 106

Assertions after SAS 106

Existence or Occurrence

Assertions about Classes of Transactions

Completeness

Assertions about Account Balances

Rights and Obligations

Assertions about Presentation and Disclosure

Valuation or Allocation

SAS 111, Amendment to SAS No. 39, Audit Sampling Changes the wording in SAS 39 to reflect the requirements of the Risk Assessment Standards. In today’s current economic environment, auditors must strengthen their understanding of the Risk Assessment Standards and their application to current audits. This is more critical now than when the original standards were issued in 2006. To help with some of these standards, I use a simple method that I call the 3D Approach: • Discuss • Design

Presentation and Disclosure

• Document SAS 108 also requires the development of an audit plan commonly called the audit program. This plan must be updated for current economic conditions; changes to these conditions; and any other changes that may affect the plan’s relevance. SAS 109, Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement Primarily helps auditors implement the second GAAS fieldwork standard requirement to obtain a sufficient understanding of the entity and its environment that extends beyond a basic understanding of the entity’s accounting and financial aspects. A major issue with SAS 109 is the requirement that the engagement team members discuss the entity’s susceptibility to material misstatement of the financial statements. Auditors should coordinate this requirement with the SAS No. 99, Consideration of Fraud in a Financial Statement Audit, required “brainstorming” discussion.

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SAS 110, Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained Requires that auditors plan and perform substantive procedures for each material class of transactions, account balance and disclosure. SAS 110 also stipulates that auditors must consider the individual and collective effects of misstatements the entity does not correct. This includes the qualitative and quantitative aspects of materiality. Further requirements for documentation also are included in SAS 110.

The engagement team members should frankly and openly discuss the aspects of the engagement. They also should discuss the aspects with the entity’s management, employees and anyone else the auditor feels is appropriate. The auditor should not forget the requirements of SAS 99 and SAS 109 that are linked. Based on these discussions, the auditor(s) should design appropriate processes and procedures to ensure that the risks of material misstatement remain low. Designing “outside the box” is appropriate in this situation. Finally, as part of strengthening the risk-assessment process, the auditor should document the discussions, designs and documentation used during the engagement. Yes, even documenting the documentation is required. Cecil Patterson Jr., CPA is a practicing CPA with The Patterson CPA Group Inc. in Ponte Vedra Beach. He is an award-winning discussion leader, author and speaker for the FICPA and other state societies.

FLORIDA CPA TODAY

March/April 2012

New worldwide designation meets challenges of global business

A Q&A with Barry C. Melancon, CPA, CGMA and Charles Tilley, FCMA, CGMA

A new designation, the Chartered Global Management Accountant (CGMA), was launched around the world on Jan. 31, 2012 through a joint venture of the AICPA and the Chartered Institute of Management Accountants (CIMA). The CGMA is a new global designation that recognizes CPAs working in a range of management-accounting roles in businesses, industries and governments worldwide. Those with the new designation play a critical role in helping organizations of all sizes achieve sustainable business success. Management accountants, in today’s ever-more-complex business environment, have greatly expanded their roles as business partners. They must have the ability to synthesize and interpret a wide range of non-financial and financial information. The CGMA signals to employers that the designee has built on core financial expertise and business acumen, and is committed to continually developing his or her management accounting competencies. CGMA-designation holders have access to a new resourcerich website, www.cgma.org. The site features a global online community of peers; thought leadership papers; practical business tools; CGMA Magazine and Newsletter; and other resources. These materials help CGMA-designation holders stay up to date on important professional issues, drive critical business decisions at their organizations and chart the best course to meet their professional objectives. AICPA President and CEO Barry Melancon, CPA, CGMA and CIMA Chief Executive Charles Tilley, FCMA, CGMA – a former London partner of KPMG and group finance director of investment banks Hambros PLC and Granville Baird – discussed the new designation, its development and the role of management accountants in this interview.

Why have the AICPA and CIMA created the CGMA designation? [BARRY C. MELANCON]: Combining the AICPA’s expertise with CIMA’s more than 90 years of managementaccounting leadership is an effective way to create value for our members. For our 140,000-plus members who work in business, industry and government, the CGMA will complement their U.S. CPA and will elevate their value to their employers. The CGMA is poised to be the global designation for management accounting, and this joint venture with CIMA further enhances the position of the U.S. CPA as a worldwide leader. [CHARLES TILLEY]: We are here to help people and organizations be successful by creating a global standard for management accountants. At the same time, we’re bringing our resources together – our intellectual property and our people – 16

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March/April 2012

and I’m quite convinced that one plus one will equal more than two. We’re bringing together two large communities of people – CIMA’S 183,000 members and students, and the AICPA’s collective 370,000 membership. Together, we are more than half a million professionals focused on driving successful organizations.

AICPA members are particularly interested in the AICPA’s advocacy efforts. Can you talk about how advocacy plays into the AICPA-CIMA joint venture? [MELANCON]: The AICPA and the state CPA societies have been extraordinarily effective in influencing legislation at the state and federal levels. We want to extend our impact even further. Increasingly, international rule makers and regulators have an indirect impact on the U.S. This was most recently evidenced by the PCAOB’s concept release which, if adopted, would mandate auditor rotation. The European Commission also raised that issue last year. In such areas and so many more, the U.S. CPA will benefit by the joint venture leveraging AICPA’s and CIMA’s combined global footprint to advocate for and on behalf of the U.S. CPA anywhere in the world, as well as key public interest issues. Through the combined voice of the world’s two leading accountancy organizations, we will have a very important voice on the global stage to proactively address the critical issues for our profession and the public. What would you say to CIMA members and CPAs in management accounting about why they should pursue the CGMA designation? [TILLEY]: When you have the CGMA designation, you are telling your employer and others that you understand the language of business from multiple perspectives and know how to connect the dots like no other financial professional. Those of us elsewhere in the accounting world know that as a U.S. CPA, you will have committed to developing and maintaining your skills, ethical standards and integrity. The CGMA will expand these to include the additional and specialized skills and standards you need in business, industry and government. The designation also will show that you are an experienced business partner who can help drive organizational success. [MELANCON]: We envision the CGMA as a new type of designation that remains focused on a constantly changing world. Demographers tell us that young professionals, particularly in >>> www.ficpa.org

MANAGEMENT ACCOUNTING

ROLE

Managing business opportunities

FRAMEWORK

ADDED VALUE

Reporting financial performance Laws Standards Regulations

Evidence Solutions Best practices

Financial Quantitative Certain

Non-financial Qualitative Predictive

Static

Dynamic

Historical

Forward looking

Reporting Technical Analytical

Communicating Innovating Problem solving

Compliance

Strategy

[MELANCON]: The management accountant’s role frequently is underestimated. It is much more than a simple accounting commodity. Management accountants can be found at every level of an organization, and are at the center of a forwardlooking discipline combining accounting and business expertise. The CGMA is a single designation that benefits large and small, public and private employers across the globe. Business owners and decision makers will confidently recognize the CPA-CGMA designation-holder as a highly skilled business strategist who can be trusted to guide critical business decisions, and drive strong and sustainable performance, anywhere in the world. What is your vision of the future, and what does success look like? [MELANCON]: We say the CPA is the trusted business advisor and 50 percent of the CPA population works in business, industry and government. Some of them are in the C-suite, but even if they’re not, a very important aspect of their skill set is being www.ficpa.org

INFORMATION

FINANCIAL ACCOUNTING

FOCUS ANALYSIS

[TILLEY]: These days, it doesn’t matter if yours is the smallest organization in the world, you still can sell anywhere in the world through the Internet. As a result, global standards and principles are really important. Through CGMA, we’re offering global recognition of a standard of management accounting, a standard of our members’ skills and expertise. A number of CIMA case studies make it clear that this is what employers want. For example, Shell wants a global standard so that when they move their management accountants around the world, they know those people have the same skills and standards. The CGMA proposition includes a virtual network where people can share problems and issues. The best people to answer your problems are people who have done the same thing and have managed to solve that particular problem.

Chartered Global Management Accountants combine financial expertise and business acumen.

SKILLS

How will businesses benefit from the CGMA?

MANAGEMENT ACCOUNTING IS MORE THAN YOU THINK

PERSPECTIVE

developed economies, will have multiple careers and different opportunities in their lives. For some it will be physical relocation, and for others, changes in job classification. For our young professionals now in business, industry or government, or who start their career in public practice, this designation will evolve with them throughout their professional lives. It will create value for members and their employers and, ultimately, create value for the people who use the services CGMAs provide. For years, CPAs in business and industry have asked for additional support in underscoring their value and contribution in the business world. This designation and its associated resources is a longsought solution.

at the decision-making table. We see a group of people who bring trusted information and thinking into that process. The future is you – the trusted business strategist – being recognized for your ability to critically look at opportunities, to think differently and broadly, and for bringing the discipline, ethics, commitment and competencies to that decision-making table.

[TILLEY]: Success means widespread recognition of the value of management accounting. So many organizations have made poor decisions, mainly through a lack of information, analysis or proper thought. Management accounting ensures that external and internal data are complete and properly analyzed, thus ensuring that management and the boards can make decisions based on a complete set of information. We envision more organizations, in the private and public sectors, recognizing the value of management accounting, what it brings to the quality of their decision-making and of their governance and oversight. As a benefit of the CGMA, the world will have better-run organizations in the private and the public sectors. The CGMA is available to qualifying AICPA members. FICPA members who also are AICPA members can save $50 off the annual CGMA registration fee. For more information about the CGMA, visit www.cgma.org. © Copyright 2012, the American Institute of CPAs. All rights reserved. Used with permission. FLORIDA CPA TODAY

March/April 2012

ROI 101:

Invest in young CPAs By David J. White, CPA

If you’re a partner or experienced leader at an accounting firm or other company, consider these questions: As you near retirement, do you expect to continue working at the same fast pace you are today? If not, do you have any staff members who are capable of eventually taking over the firm’s management and leadership roles? If not, the time to begin developing tomorrow’s leaders is today, and your managerial direction should revolve around that strategy. With the recent economic downturn, businesses have tended to reduce staff and expenses, eliminating training time and increasing chargeable time for remaining staff. Greater budget scrutiny was necessary when business decreased. But the value of laying the foundation for the company’s plan for future leadership, at all levels of the firm, should not be overlooked. “It’s now more important than ever for firms to plan for smooth management succession,” noted George Allen, senior human resource professional at Carr Riggs & Ingram. “It’s estimated that one in five companies are unprepared for a sudden loss of leadership. With earnings

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beginning to show improvement, the time is now for senior management to make a firm commitment to reinstituting sound succession planning.” In public accounting, much attention is given to staff production, often accounted for as billable time. Although this is critical, it also is important to allocate time and resources to the non-billable professional development of young CPAs. They want to learn and grow, and a structured development program can increase staff engagement and productivity. Whether you institute a firm-wide leadership program or mentor younger staff one on one, maximize your staff ’s value by proactively training your young CPAs. Experienced managers and partners can assist with younger CPAs’ professional development in several ways.

and support training and professional development in areas for which they have a passion. This also helps reduce turnover. Employees don’t have to leave their firm or company if they can work in an area about which they’re passionate. • Support volunteerism. Encourage community involvement. Volunteer work helps develop soft skills, such as communication and emotional intelligence. It also increases confidence and pride, especially if young CPAs are representing their companies at events. Young staff will fine tune their leadership skills as they accept board or officer positions in the nonprofit organizations for which they >>> PAGE 20 volunteer.

• Provide varied and structured advancement opportunities. Discover your younger CPAs’ goals and personality traits,

March/April 2012

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Prepare for a new generation of leadership

The impending retirement of the Baby Boomers, coupled with Veterans/ Silent Generation partners who have delayed their retirement, underscores the importance of succession planning. In the AICPA’s 2011 PCPS CPA Firm Top Issues Survey1, firms with 11 to 20 professionals and those with 21 or more professionals ranked developing a succession plan as one of the top five issues they were facing. The accounting profession is relatively young, and with survey results showing record numbers of accounting

By Cheri Swain, CPA

graduates in 2010, there’s no shortage of accountants in the pipeline.2 However, in the coming years, many firms’ founding partners will retire. The accounting industry hasn’t seen much succession, and how it will withstand this flux is

questionable. Lack of proper succession planning has given way to the new trend of firms being sold, and to the growth and development of mid-market and regional firms. These new firms, along with firms that plan to continue through succession, must ensure their young CPAs are ready to step up. A new generation of leadership is approaching, and a successful transition will require mutual respect for both generations.

Firms may experience generational divide Older generations criticize younger generations for a lack of work ethic and commitment to the workforce. Older generations directly relate hours worked with devotion and productivity. They sacrificed a great deal to attain their professional accomplishments, and they expect the same of younger generations. Younger generations often feel older generations don’t respect their ideas, leaving them feeling discouraged and undervalued. Younger generations are focused on getting the job done, and not on the number of hours they work. They highly value balancing their professional and personal lives. They are goal orientated and use technology and multitasking to achieve their goals. Lack of succession planning is partially attributable to senior partners feeling younger partners and managers aren’t ready to step into leadership positions. However, this simply could be a misunderstanding of the younger generation. Organizations must know how younger people lead, and how to use their natural leadership style for the organization’s best interests. >>> PAGE 21

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• Support professional and FICPA involvement. In addition to covering membership dues, offer time and encouragement. Invite young staff to chapter or committee meetings, so they’ll develop a sense of pride in their profession and begin networking with their peers. This also allows them to represent your firm, building a sense of pride and developing leadership and soft skills. • Assist with networking. Invite younger staff to join you at business or community events, and introduce them to the local business community. What may be an inconsequential city chamber meeting to some may be a foot in the door for long-term networking to your younger staff. This also increases your company’s presence in the business community and potentially brings in clients. • Develop professional confidence. Challenge young CPAs to take on increasing responsibility. In a recent Harvard Business Review article, “Creating Sustainable Performance,” authors Gretchen Spreitzer and Christine Porath wrote that staff members who are developing their

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abilities are likely to believe in their potential for further growth.1 Invite young CPAs to sit in on client meetings, and eventually have them conduct the meetings. Prepare them to have difficult discussions, such as those involving billing and fees. And, as opportunities allow, give them more ownership of their tasks. Mentor younger accountants not just by assigning tasks, but by discussing each task’s reasoning and purpose. Show them how their effort and hard work contribute to the company’s bottom line, which also develops pride in the company. Also, be available to younger staff. Although it’s not practical at all times, an open-door policy helps reduce the intimidation of asking questions and furthers understanding of tasks and expectations. • Articulate expectations and technical requirements. Realtime feedback is invaluable for developing company best practices. By resolving feelings of uncertainty, feedback keeps the staff ’s workrelated activities focused on personal and organizational goals. Don’t save constructive recommendations – or positive recognition – for year-end

March/April 2012

performance reviews. Acknowledge and praise good work, and provide feedback on areas for improvement. Such coaching and mentoring will make your young CPAs feel more confident in their tasks and valued for their hard work. It also will increase efficiency and productivity as they adjust and hone their skills. As the leaders of tomorrow’s accounting firms and businesses, young CPAs often are your best succession plan. Professionally developed and confident employees will better serve your firm and your community, and will increase respect for the profession. David White is a senior accountant in the Tallahassee office of Carr, Riggs & Ingram, LLC. He has three years of experience in the firm’s tax department, providing clients with tax-preparation and planning services and guidance. David received his bachelor’s in accounting and his masters of accounting from Florida State University, and earned his CPA certification in 2009. He serves on the FICPA’s YCPAs Committee. Endnotes

http://hbr.org/2012/01/creating-sustainableperformance/ar/2 1

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Younger generations are learning generations. They look for training to help them advance, and they require coaching and mentoring. The new generation of partners will operate differently. But with technological efficiencies and proper nurturing from their predecessors, they’ll be just as successful and beneficial to the profession.

Teach young leaders to take the stage Successful firms are supported by partners who spent their entire careers developing client relationships and technical knowledge. Partners also have built relationships with referral sources and other important contacts. To ensure the next generation is prepared to step into their positions and safeguard firms’ longevity, consider doing the following. • Extend training and development beyond technical knowledge to provide leadership, soft skills and businessdevelopment training. Provide challenging work and accountability at all levels.

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• Invest resources in harnessing your employees’ strengths. You never know who will blossom into tomorrow’s leaders. A diverse portfolio is a strong portfolio. • Take the time to coach and mentor. Help future leaders come from a place of commonality that will unite the generations. Gain an understanding of your employees’ strengths and weaknesses. With your help, they’ll be able to leverage their strengths and shore up their weaknesses. • Ensure and encourage contact with the community early on. It takes years to build a network, and marketing is a developed skill. Contact with clients also is critical to ensure successful transitioning. • Focus on retention, not only through rewards and recognition, but by accepting the new generational value of work-life balance. Share in client and business relationships, client development, and decision making. Express interest in your employees’ success. • Firm partnerships must be appealing, in appearance and in fact. In addition

to accommodating work-life balance, partnerships must be financially attractive to both parties. Thanks to Florida’s leadership in the 1980s for spearheading the CPA fifth-year requirement, the younger generation is more highly educated than most of the older generation, with many broadening their education by attaining MBAs. However, the older generation holds the invaluable gift of experience. The lessons they’ve learned are the greatest asset they can leave any successor. Cheri Swain is a supervising senior for Carr, Riggs & Ingram, LLC in Orlando. She obtained her bachelor’s degree and her masters of business administration from the University of Central Florida. Swain is co-chair of the YCPAs Committee and serves as chair of the Central Florida Chapter’s Accounting Careers Committee. Endnotes

http://www.aicpa.org/InterestAreas/ PrivateCompaniesPracticeSection/Resources/ FirmStrategyandPlanning/DownloadableDocuments/ 2011TopIssuesCommentary.pdf 2 http://www.aicpa.org/InterestAreas/ AccountingEducation/NewsAndPublications/Downlo adableDocuments/2011TrendsReport.pdf 1

FLORIDA CPA TODAY

March/April 2012

Mega CPE Conference offers fun, new ways to learn

From FICPA staff reports

Build for the future. Incorporate technology, and social media. New and different. Outside the box. These were some of the directives the Mega Conference Planning Committee received before its first meeting in November. The concept was simple: create an all-new and exciting conference, which we’ll hold simultaneously in Tampa and Orlando, and offer attendees up to 20 hours of continuing education – plus a whole lot more. Oh, and give each localized conference a big-conference feel. We called this undefined meeting “New Event.”

Since the Planning Committee’s first meeting, the “New Event” has evolved into the FICPA Mega CPE Conference. There’s plenty of innovation, numerous interesting speakers and more than a few unexpected learning twists behind our snazzy Mega CPE Conference logo and marketing materials. “I’ve served on several committees and planned many conferences, and this has come together in an amazing way,” said David Moja, chair of the Mega CPE Conference Planning Committee.

Ready to roll! Here are just a few of the courses you’ll love at the Mega CPE Conference. • Ethics – Cecil “Pat” Patterson Jr., CPA, MBA and Gary Fracassi, CPA • Catching Fraudsters with their Hands in the Till – Thomas Buckhoff, Ph.D., CPA, CFE, CFF • LLCs Liability, Elections and Planning – Mark Brechbill, CPA • What You Need to Know to Understand Florida and its Economy – Mark Howard, editor, Florida Trend • Transitioning from SAS 70 to SSAE 16 – FICPA President-Elect Scott Price, CPA

• Federal Tax Update – Albert Grasso • Sales Tax Wars – Jim Ervin, Esq. and Robert Clarke, CPA • Financial Planning: Continuing the Recovery – Marshall Gunn, CPA • The Big Three – Leases, Revenue Recognition, Financial Instruments – Cecil “Pat” Patterson Jr., CPA, MBA • How Social Media Adds Up – Steve Cabeza

To see a complete list of speakers, visit www.ficpa.org/content/CPE/events/ megacpeconference.aspx. 22

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“Compared to the FABExpo, this is revolutionary.” “We’ve often used the phrase, ‘It’s not my father’s CPA firm.’ Well, this is not my father’s CPE,” Committee member Gary Fracassi said. “It’s an opportunity to love learning.” The Tampa Mega CPE Conference will be held June 11-13 at the Tampa Convention Center/Embassy Suites. In Orlando, the event will be held June 11-13 at the convenient Hyatt Regency Airport. “It’s going to be one heck of a conference,” Committee member Marshall Gunn said.

Conference offers discounted pricing, madeto-order formats In these economically challenging times, the Mega CPE Conference offers mega discounts. The savings begin with as few as two attendees from the same firm or company. Register early and take advantage of additional early-bird discounts, or choose the one-day fee option if you can’t attend the entire event. You asked for it, and now you have it! No more four-hour tracks or hopping from one track to another. Mega Conference attendees may choose different sessions every one to two hours. The flexible format is just one way participants can >>> www.ficpa.org

customize their learning experience to best fit their needs. The conference also incorporates a wider range of delivery methods than ever offered at an FICPA event. In addition to traditional lectures, participants may choose interactive sessions, case studies, demonstrations, webcasts, roundtable discussions, panels and more. The goal is to give attendees the topics and learning method(s) that best fit their learning style and educational needs. “Attendees have never heard many of these speakers before, and the format is sensational,” Fracassi said. “It’s a little bit different, it’s a little bit out there. But we’ve added a whole bunch of new things that are going to keep people excited, awake and interested. They’re going to rethink their thinking and their way of learning. Everyone’s going to be energized about CPE.”

Enjoy uber convenience, content that fits Get ready to build your perfect CPE class. The conference will offer sessions for veteran CPAs, young CPAs and those in between. CPAs working in industry and those in public practice can choose from sessions focused on their lines of business. We’ve even added a how-to session on social media use for business professionals. Both Mega Conference locations will feature a lounge where presenters and participants can meet, individually and in small groups, to continue classroom discussions. Replacing the FABexpo tradeshow floor will be tabletop exhibitors. The change gives local and national vendors an affordable opportunity to demonstrate their

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FICPA thanks rock-star planning committee The FICPA thanks its extremely enthusiastic Mega CPE Conference Planning Committee. Committee members brainstormed countless unconventional ideas to make the Mega Conferences different from other FICPA conferences and shows. The committee, which consists of industry and public-practice members, includes: David Moja, chairman David Bergstein Mark Brechbill Frederick Brown Gary Fracassi

Richard Franz Marshall Gunn Allison Harrell Anne Marie Hicks Michael Kridel

products and services to local CPAs in a more relaxed, friendlier setting. Enhanced breaks will underscore the Mega Conference’s fresh take on CPE conferences. We’re exploring unconventional choices – such as ice cream, healthy snacks and smoothies – to encourage networking among participants and exhibitors.

Keynote speakers know the profession From the beginning, the Committee wanted to bring in keynote speakers who could address the specifics of Florida’s business outlook and/or the business of accounting. The Mega CPE Conference will feature keynote speakers who’ll appeal to Florida CPAs of all ages and practice areas. These speakers are confirmed, and others may be added to the lineup. • Sen. Bob Graham • AICPA Past Chair Ernie Almonte • Florida Trend Editor Mark Howard

Daniel Levine William Maloney Raymond Monteleone Anthony Palermo Cecil Patterson

Gearing up for Mega CPE 2013 The Committee intends to continue holding the conference in two cities – and to expand the event – in 2013. “The biggest thing is the foundation we’re laying for the future,” Moja said. Every single thing we’re doing, we can build on,” Moja said. “We’re starting big, but we’re only going to grow from here,” Wendy Johnson, CPE Conference Manager, said. Ready to register for the 2012 Mega CPE Conference? Visit www.ficpa.org/ megacpe. To learn more about the conference, friend us on Facebook at www.facebook.com/megacpe; follow Twitter hashtag #MegaCPE; or contact Wendy Johnson, FICPA CPE conference manager, at (800) 342-3197 (in Florida); (850) 224-2727, Ext. 411; or johnsonw@ ficpa.org.

FLORIDA CPA TODAY

March/April 2012

News briefs Traum wins writing excellence award

Meeting your clients’ needs along with your own professional needs is a true balancing act. FICPA Sections provide a secure area to: • Find latest accounting news and trends

The FICPA Editorial Committee has named Sydney S. Traum, BBA, JD, LLM, CPA as the winner of the 2011 Writing Excellence Award. Traum received the annual honor for his article, “Update on S Corporations,” which was published in the January/February 2011 issue of Florida CPA Today. Traum practices law in Miami-Dade County, Florida. His professional association is “Of Counsel” to the law firm of Levey, Filler, Rodriguez, Kelso & Magilligan, LLP. He is author of The S Corporation: Planning & Operation and The S Corporation Answer Book, published by Aspen Publishers Inc. He recently has authored articles in The Tax Adviser and the Journal of Accountancy. A licensed CPA and attorney in New York and Florida, Traum is a past president of the American Association of AttorneyCPAs; the Dade County Chapter of the FICPA; the Greater Miami Tax Institute;

From FICPA staff reports

Sydney S. Traum, BBA, JD, LLM, CPA

the Florida Association of Attorney-CPAs; and Beth David Congregation in Miami. He is a past chair of The Florida Bar Committee on Relations with CPAs. He currently is Board chairman of the Florida Association of Attorney-CPAs and treasurer of the Harvard Club of Miami. Traum received his BBA from the Baruch School of the City College of New York; JD from Harvard Law School; and LLM (Taxation) from New York University Law School. He is Florida Bar Board Certified in Taxation and in Wills, Trusts and Estates. Traum is rated AV (the highest rating possible) by the Martindale-Hubbell Law Directory.

FICPA mascot greets kids at the Capitol

• Meet other CPAs who have similar accounting/career specialties • Ask and answer industry-specific questions • Find latest accounting-rules changes and case-law updates • Share best practices for your business needs • Give and receive practical, real-world advice

Join today.

It’s free. It’s easy. It just makes sense. Visit www.ficpa.org/sections, or call (800) 342-3197 (in Florida) or (850) 224-2727, or e-mail sections@ficpa.org.

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Benjamin Banks, the FICPA’s official “spokespig” for financial literacy, greets children during Children’s Capitol for a Day on Jan. 31. Thousands of children, parents, advocates, community leaders and policy makers from throughout Florida gathered in the Capitol Courtyard in Tallahassee for a day of educational, interactive activities and events. Benjamin encouraged children to save money in their piggy banks, and the FICPA provided financial-education information for people of all ages.

March/April 2012

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FICPA member honored for community involvement

Bonnie Mackey, CPA, receives a community service award from Paula Taylor, CareSource marketing director.

Bonnie L. Mackey, CPA, recently was honored by CareSource at an awards luncheon at the Signature Grand in Davie. Mackey was honored for her contributions to CareSource’s Transforming Lives program. Mackey is a partner with Levin, Silvey, Zelko & Mackey in Hollywood. She is an FICPA ethics course facilitator and an instructor for the Becker CPA Review course. She is immediate past president of the FICPA’s Gold Coast Chapter and a past president of the American Women’s Society of Certified Public Accountants (AWSCPA) – South Florida. She was the AWSCPA’s National Director – East in 2011. Care Source, a not-for-profit agency based in Fort Lauderdale, supports vulnerable individuals who need help with life management because of age, disability or family circumstance. Mackey is vice president of CareSource and serves on the organization’s Trustee Advisory Committee.

In memoriam The FICPA is sad to report that two of its past presidents – Raymond L. Crippen, CPA and Jerrold S. Trumbower, CPA – recently have passed away. Crippen, 79, was born Jan. 6, 1932 in Erie, Pa. He was a founding partner of the CPA firm Crippen, Trice, Ford, Torres, LLP and served as the FICPA’s 54th president from 1981-1982. During his term, he implemented a series of briefing sessions to inform, educate and organize CPAs to be more politically effective. He also developed a program designed to increase minority involvement in the FICPA. Trumbower, 88, was born Feb. 9, 1923 in Nanticoke, Pa. In 1950, he joined Charles Colley, and eventually Arnold Howell, to found the CPA firm Colley, Trumbower and Howell. Trumbower served as the FICPA’s 42nd President from 1969-70. During his term, Trumbower boosted academic relations by inviting accounting faculty to chapter meetings. He also sought state cooperation in establishing trust-department audit guidelines for state-chartered banks, and reviewed state requirements for examinations of state-chartered savings and loan associations. www.ficpa.org

FLORIDA CPA TODAY

March/April 2012

Governmental affairs

Join FICPA and DBPR to stop unlicensed activity

By John W. Johnson, FICPA director of governmental affairs

Each day, thousands of licensed CPAs serve valued clients throughout Florida. Having a license to practice is important. It means you’ve worked hard to demonstrate proficiency in your profession, and that you’ll abide by the standards outlined in Florida law. The FICPA and the Florida Department of Business and Professional Regulation (DBPR) are working together to raise awareness about unlicensed publicaccounting activity. Of the $105 licensing fee that Florida CPAs pay DBPR, $5 goes toward funding for this campaign. FICPA members can help educate the public about the importance of hiring only licensed professionals by downloading a web banner for their websites. Members also can join the FICPA and DBPR to get the word out through social-media tools such as Twitter and Facebook. For more information about these resources, visit the FICPA’s website at www. ficpa.org. Under the

Members header, select Tools for Members, then click on FICPA Member Marketing Kit. The Florida Department of Business and Professional Regulation (DBPR), Division of Certified Public Accounting, responds to complaints of unlicensed activity. When the Division receives a complaint, the board investigator reviews the complaint to determine if it is legally sufficient. If the complaint shows unlicensed activity has occurred, the subject is issued a Cease and Desist Order. If DBPR determines there is probable cause, the case is forwarded to the appropriate state attorney for final action. Please join us in our efforts to stop unlicensed activity and continue making Florida an incredible place to do business. Help spread the word: Floridians can stand together to protect the safety of financial information and promote sound business practices by reporting suspected unlicensed activity to DBPR.

Report unlicensed activity To verify that a CPA is licensed, call DBPR at (850) 487-1395 or visit www.

FLORIDA CPA TODAY

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myfloridalicense.com. To access a complaint form, click on File a Complaint. Consumers may submit the form by email, fax or mail. • Email: cpa.complaints@dbpr.state.fl.us • Fax: (352) 333-2508 • Mail: Florida Board of Accountancy 240 N.W. 76th Drive, Suite A Gainesville, FL 32607 Tipsters may remain anonymous. However, under Florida law, email addresses are public record. Consumers who do not want their email addresses released in response to public-records requests should not send electronic mail. Instead, call DBPR at (866) 532-1440, or contact the Division of Certified Public Accounting by mail.

Ensure your license is current-active To meet license-renewal requirements, CPAs must complete the required CPE and pay the applicable renewal fee every two years. Florida CPA licensees whose current status is inactive or delinquent must complete the reactivation process to regain a current license. Licensees must pay a $250 non-refundable application fee; a current licensure fee; and any back fees or >>>

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special assessments owed from previous licensing periods. They also must report required CPE hours and submit certificates of completion. CPE requirements vary, depending on the duration of the inactive or delinquent status. CPAs who have been inactive or delinquent for: • One reporting period following the most recent current/active license must complete 120 total hours, to include at least 20 hours in accounting/auditing; at least four in board-approved ethics; and no more than 20 in behavioral subjects. • No more than two reporting periods following the most recent current/active license must complete 200 total hours, to include at least 30 hours in accounting/auditing; at least four in board-approved ethics; and no more than 20 in behavioral subjects. • Three or more reporting periods following the most recent current/active license, you must complete 280 total hours, to include at least 40 hours in accounting/auditing; at least four in board-approved ethics; and no more than 20 in behavioral subjects.

BOA reactivates, reissues null and void licenses CPAs whose licenses are null and void must meet the new rule-education requirements and successfully retake the CPA examination before their license is reissued. However, CPAs whose licenses are null and void, and who can demonstrate substantial hardship, can petition the Board of Accountancy (BOA) to reactivate their licenses. These licensees must submit their petition in writing, including an explanation for the hardship, to DBPR, 1940 N. Monroe St., Tallahassee, FL 323990783. Petitions are placed on the next regularly scheduled board agenda and licensees are notified of the BOA’s decision. For more information about license renewal, visit www.myfloridalicense. com and click on Apply for/Update Licenses. Then click on Certified Public Accounting, then on Reactivate Florida CPA License. For more information about null and void licenses, call the DBPR Customer Contact Center at (850)487-1395, or email call.center@dbpr.state.fl.us.

Accountancy bill moving through legislative process House Bill 769 (HB 769), sponsored by Rep. Clay Ford, R-Pensacola (Co-Sponsors: Rep. Michael Bileca, R-Miami; Rep. Daphne Campbell, D-Miami Shores; Rep. Eddy Gonzalez, R-Hialeah Gardens; Rep. Charles Van Zant, R-Palatka; and Rep. Alan Williams, D-Tallahassee), unanimously passed out of all committees of reference and, on Feb. 16, unanimously passed the full House – 118 to 0! The identical Senate companion bill, Senate Bill 1656 (SB 1656), sponsored by Sen. Jack Latvala, R-St. Petersburg, unanimously passed out of the Regulated Industries Committee on Feb. 7. It has one more committee stop before being heard by the full Senate. HB 769 and SB 1656 make these changes to Chapter 473: • Amends 473.308(4), F.S., to allow CPA applicants to attain the one-year work experience requirement through verification by another CPA, rather than through a CPA’s direct supervision. • Amends 473.308(7), F.S., to allow licensure-byendorsement applicants, who have held a license in another state for 10 years prior to application, to be exempt from submitting their education transcripts and work-experience verification as part of the application process. • Creates a one-time amnesty for CPAs to reactivate their licenses by notifying the Board of Accountancy of their intention by Dec. 31, 2012 and completing 120 hours of CPE by June 30, 2014. (In 2009, a similar amnesty program reactivated 214 inactive licenses.) • Creates a 75-day window to submit an application for renewal, without having to apply for reactivation, for licensees who had completed the required CPE by Dec. 31, but failed to report. • Provides for a Board of Accountancy report to the Legislature on the potential cost savings of privatizing or outsourcing some Board functions.

Save the date June 11, 2012 • Tampa & Orlando Details coming soon! www.ficpa.org

The 2012 Legislative Session is scheduled to end March 9. The Governmental Affairs Team will provide additional legislative updates in NewsFlash and in the May/June edition of Florida CPA Today. For more information contact John W. Johnson, FICPA director of governmental affairs, at (850) 224-2727, Ext. 203, or govaffairs@ficpa.org FLORIDA CPA TODAY

March/April 2012

Tech tips

Dropped your phone in water? Don’t panic.

Just grab the rice – really! By Amanda Mayor

Most cell phones cost an arm and a leg, and the thought of dropping your phone in water may be enough to make you break a sweat. These steps may save you a lot of money if your cell phone takes a dip. Step 1: Do not turn the phone on. Pressing the on button will short out the circuits. Step 2: Remove the battery and the SIM card. As long as the battery is in place, it’s supplying the phone with power, and you want to stop this immediately. Some phones, such as the iPhone, don’t have a removable battery. In that case, skip this step. Step 3: Dry with compressed air, or vacuum. If you have access to compressed air, run it over all parts of the phone. A vacuum cleaner also may work. Step 4: Fill a plastic bag or sealable container with any color or type of dry rice. Then bury the phone and all of its parts. Step 5: Be patient. After at least 24 hours, cross your fingers, turn your phone on and hope for the best! Reprinted with permission from the August/September 2011 issue of Tallahassee Woman Magazine.

Social-media checks

Use these tips when researching job applicants By Eric B. Meyer, Dilworth Paxson, LLP

According to a recent survey from the Society for Human Resource Management, only 18 percent of companies have used social media to screen job candidates.1 Most cite the legal risks of screening candidates as the reason for not implementing a social-media background check. A social-media background check may not be useful in certain instances. However, there are many situations in which a company would benefit from checking up on candidates online before filling a job opening. Consider that 89 percent of employers plan to use social media for recruiting this year.

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Determine who will search, and when To save time, interview the job candidates first. Then check only those you consider for the position. The person who has final say over who gets the job should not conduct the search. A social-media search may reveal protectedclass information2 about a job candidate – upon which a company may not make an employment decision. Have someone from HR, or another non-decision-maker in the company, conduct a search on your finalists. >>> www.ficpa.org

You also may have a third party run the search. However, as with any third-party background check, you must abide by the Fair Credit Reporting Act.3 That means you’ll need to comply with three rules: • Have a clear and conspicuous written disclaimer that your company may obtain a consumer report for employment purposes • Obtain written authorization from job candidates prior to checking up on them online • Provide applicants with a report if the results of the background check are used to deny employment Even if you decide to run an in-house search, consider providing advance notice to job candidates and have them authorize the search in writing. This does not mean requiring candidates to turn over usernames and passwords to their social media accounts.4 Friending job applicants to review restricted-access information also is unwise.

those red flags – and only those red flags – to the ultimate decision maker. Be sure to redact any extraneous information, especially protected-class information. The decision maker shouldn’t see it or, worse yet, rely on it when making an employment decision. When you’ve determined the search protocol, create a written policy and train those involved on how to implement it. You don’t have to conduct a social-media background check. Remember, only 18 percent of employers currently are doing so. But if you decide to do one, consider these steps. And have an employment lawyer review and approve your social-media search strategy. Eric Meyer is a partner in the Labor & Employment Group at Dilworth Paxson, LLP in Philadelphia, Pa. This information was reprinted with Meyer’s permission. It originally appeared as a post on his blog, The Employer Handbook, at www.TheEmployerHandbook.com. Footnotes 1

http://www.shrm.org/Research/SurveyFindings/Articles/Pages/ TheUseofSocialNetworkingWebsitesandOnlineSearchEngines inScreeningJobCandidates.aspx

http://www.eeoc.gov/laws/types/

http://www.ftc.gov/os/statutes/fcrajump.shtm http://www.aclu.org/blog/technology-and-liberty/want-jobpassword-please

Create a straightforward procedure Make a list of the sites you wish to search, and stick with that list. Keep it simple and go with the basics: Facebook, Twitter, LinkedIn. A Google search also makes sense. To avoid ad hoc searches and inconsistent checks, develop a list of “red flags” that will cost candidates a shot at the job. As you search, print out or .pdf any “hits” that contain red flags. Provide

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Web digest Whether published in Florida CPA Today or on the FICPA’s website, www.ficpa.org, articles by FICPA members are full of information about timely accounting issues. On the website, you’ll find new and archived articles on a variety of topics. To read this article in its entirety, visit the FICPA’s website at www.ficpa.org/FCT/Technical.

Engineer the accounting firm of the future

By Darren Wendroff

As technology shifts, CPA firms can take queues from the demise of the railroad industry and avoid becoming obsolete. By focusing on solving clients’ problems, understanding generational differences and amassing the right staff, firms can remain relevant and set themselves up for future success. Consider cloud computing, the Millennial Generation workforce, Baby Boomers retiring and the dozen or so other imminent trends affecting the accounting industry. We seem to be charging toward an uncertain (but certainly turbulent) future like a runaway train. And that analogy is more literal than cliché. In “Marketing Myopia,” an article published in 1960 by the Harvard Business Review, Dr. Theodore Levitt reflected on railroad owners’ failure to heed emerging trends in the 1940s and 50s that eventually would topple the once-dominant industry. “The railroads did not stop growing because the need for passenger and freight transportation declined,” he wrote. “That grew. The railroads are in trouble today not because the need was filled by others (cars, trucks, airplanes, even telephones), but because it was not filled by the railroads themselves. They let others take customers away from them because they assumed themselves to be in the railroad business rather than the transportation business. The reason they defined their industry incorrectly was that they were railroad oriented instead of transportation oriented; they were product-oriented instead of customer-oriented.” Although the issues firms face today aren’t completely akin to those of the 1950s railroad industry, the similarities are striking. Technology and automated processes made vehicles the more abundant and trusted mode of transportation, just as technology and online information has made do-it-yourself tax software a trusted option for a growing number of people. 30

FLORIDA CPA TODAY

The Greatest Generation, returning victorious from World War II, set out to redefine America through the automobile and the new highway system. Today, the Millennial Generation, although not nearly as accomplished, is just as confidently redefining the market and workplace. The railroad titans misidentified themselves as the narrowly defined “railroad industry” versus the broad “transportation industry,” shutting themselves off from marketing opportunities and client needs. Similarly, CPAs today risk misidentifying themselves as the narrowly defined accounting industry. Instead, they should label themselves under a broader classification in which accountants have thrived for decades: The Problem-Solving Business. To effectively address clients’ evolving needs, accounting firms must make tough, honest choices in marketing, staffing and technology. If firms hang on to the possibly outdated business model that made them successful in the past, they risk losing market share.

Hang out a 21st century shingle “There’s a whole generation growing up that is going to bypass the accounting profession,” says Rick Telberg, president of Bay Street Group, LLC, and editor-in-chief of CPATrendlines.com. “Sure they’re using QuickBooks, screwing it up, but they’re bypassing the accounting profession. The problem is that few firms understand what this new generation of clients is looking for.” That prospect can be scary to any accounting firm. According to the “Intuit 2020 Report – Twenty Trends That Will Shape the Next Decade,” accounting firms will be affected by the influx of Generations Y, Z and Millennial consumers, or the Digital Generation. The same people

March/April 2012

who have never spoken with a bank teller soon will be adjusting their withholdings, opening businesses and purchasing homes. In 10 years, the Millennial Generation will be in its 30s and the oldest of Gen Y will be 40 – and they’ll have far different expectations than today. “The new generation grew up with technology, and their communication choices are very different than those of us who have been practicing for so many years,” says Rich Walker, director of communications for Intuit’s Accounting Professionals Division. “I think clients will expect to have 24/7 access, and they’ll want to communicate through the same mediums they use in their everyday life, like smartphones and mobile technology.” In the $4 million research project and subsequent book, Grown Up Digital, author Don Tapscott writes that the four Ps of marketing – product, place, price and promotion – no longer apply to this new generation of consumers. Instead, writes Tapscott, companies should consider the marketing ABCs: anyplace, brand and communication. “Anyplace” means the Digital Generation will want to research and purchase services where and when they want – whether they’re using their iPads on the subway to search Yelp for the highest recommended accountant, or perusing CPA firm websites on their smartphones while waiting in the grocery checkout line. Apparently, nobody sits in front of a computer anymore. To continue reading, visit www.ficpa.org/FCT/ Technical. Darren Wendroff is director of communications at Wendroff and Associates, LLC in Winter Springs. Reprinted with permission of the Virginia Society of CPAs from the September/October 2011 issue of VSCPA Disclosures. www.ficpa.org

DOR update By Renee Watters, DOR public information officer

DOR improves efficiency, effectiveness with collection analytics

The Florida Department of Revenue (DOR) began using a new collection-analytics system March 1. Collection analytics enable DOR to use predictive behavioral models to analyze past taxpayer actions and data patterns; evaluate and predict future tax-payment behaviors; and better target tax-collection efforts. Using an analytical score, DOR evaluates the likelihood that a taxpayer will file or pay outstanding delinquencies (for non-filed returns) or liabilities (for additional taxes, penalties, interest or fees). DOR then directs collection efforts accordingly, routing accounts to the collection steps most likely to result in the quickest payment. DOR now sends fewer notices, and there’s less time between collection efforts and enforcement actions. It’s important that taxpayers respond promptly to DOR billings and delinquency notices. A delay could result in DOR referring an account to an outside collection agency, filing a tax warrant or garnishing a taxpayer’s bank account. Collection analytics should have no impact on taxpayers who are filing returns and remitting their taxes on time. For more information about DOR’s collection analytics system, contact Renee Watters, DOR public information officer, at (850) 617-8214, or wattersr@dor.state.fl.us.

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General tax administration program director retires Jim Evers, longtime program director for the State of Florida’s General Tax Administration Program, will retire in May after 40 years with the Florida Department of Revenue (DOR). Many know Evers for his leadership and innovative strategies for improving Florida’s tax systems. His focus has been on reducing burdens to taxpayers, increasing effectiveness and using new technology. Evers also has been relentless in modernizing remittance and collection activities. Florida’s SUNTAX integrated tax system was implemented during his tenure, and as a direct result of his commitment. Professionals from countless states and countries visit the national and international model, hoping to learn from Florida’s experience. “I’ve had many opportunities to be involved in several major innovations and improvements in DOR, and in tax Jim Evers administration in the country,” Evers said. “I’ve worked with great professionals, including those at the FICPA, to help improve our processes and policies.” Evers’ contributions during the past four decades fundamentally changed DOR’s direction, and have influenced the development of tax-administration systems throughout the world.

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New members The Florida Institute of Certified Public Accountants welcomed 291 new members during December 2011 and January 2012. Atlantic Boca Raton: Justin A. Davis, David K. Hirsch, Jamie L. Mockensturm, Elizabeth A. Powell, Mario J. Rass, Jimmy C. Roberts Boynton Beach: Bradley J. Grossman Delray Beach: Andrew J. Transleau Fort Lauderdale: Christel L Andio Hollywood: Marc Rifkin

Plantation: Jacob Gruia, Sandford A. Smith Pompano Beach: Yuriy Kolin Tamarac: Judith D. Brown, Anthony A. Shivazad Weston: Carla B. Dorsey Central Florida Apopka: Gwen C. Granet, Sherry L. Watson Casselberry: Jeanne M. Aparicio Gainesville: Michelle L. Mincey Maitland: Kevin N. Thomas Orlando: Ruby Alvarez, Jessica L. Bucks, Adrianna J. Campbell, Talisha C. H. Counce, Daniel P. Fontana, Alfredo A. Galarraga, Alicia M. Hasty, Donald M. Hatcher, Ryan S. Herring, William R. Kloppe, Penuel Lafalaise, Amy Lafontaine, Stacy L. Lerman, Tuan D. Ma, Meagan Moore, Justin A. Rizzo, Nabeel N. Siddiqui, Stephanie E. Somar, Adam Stevenson Tampa: Lauren R. Ansley, Tanna M. Davis Winter Springs: Pedro M. Roman

Brevard County Cocoa: Jessica L. Postlethweight, Nicole L. Postlethweight Melbourne: Matthew J. Schwanda Palm Bay: Jennifer B. Reid Rockledge: Christi Grant Tallahassee: Angela A. Pilkington Broward County Boca Raton: Shenneth A. Casimir, Matthew E. Hinkle, Michael J. McDermott, Yuliya Varabei Coral Springs: John M. Byrne, Sidney Chick Dania: Ada-Luz Daniel Davie: Debbie H. Calamaro, Maria E. Cruz, Fidel D. Dhana Fort Lauderdale: Candi L. Burton, David J. Caplivski, Diana C. Gabe, Denise A. Katsigiannis, Kilburn C. Sherman, Ryan J. Weber, Phaedra Xanthos, Joseph Zownorega Jacksonville: Nicholas R. Clarke Margate: Joao H. Gomes Miami: Marie C. Siguineau Miramar: Jessica Cubas, Natalie A. Reid Parkland: Luke M. McNair Pembroke Pines: Barret Blecker, Melissa L. Ruiz

Emerald Coast Miramar Beach: Tracy T. Conerly Pensacola: Monica L. Sherman Santa Rosa Beach: Virginia R. Coleman Florida Keys Cudjoe Key: Nicholas E. Hogen Key West: Robert G. Wilcox Tavernier: Raymond E. Rhash Gold Coast Fort Lauderdale: Judian M. Boreland

Miami: Lissage J. Monbrun Pembroke Pines: Jessica Alvarez, Shanna A. Deeb, Qi Pan Gulf Coast Bradenton: Jennifer E. Dent, Erika M. Lisch, Lori S. Martin, Kenneth R. Tadle Cortez: Kelly J. Jones North Venice: Christina S. Greenstein Sarasota: Mary B. Mather, David G. Monosiet, Loren E. Troyer, Jessica M. Zeadker Venice: Natalia Mikulin Jacksonville Archer: Katherine E. Hipp Fernandina Beach: Elvira N. Scherban Jacksonville: Russell A. Bratcher, Ashley Burns, Joel C. Chamberlain, Bronson D. Clemens, Robert V. Clutter, Brett I. Kurtz, Kristina L. Kvasnok, Matthew R. Lents, Shane D. Marsteller, Darlene McDaniel, Peter R. Osterman, Elisabeth L. Presley, Patricia E. Rausch, Andrew M. Schellenberg, Margie M. Shannon, Joshua D. Traband Orange Park: Melissa A. Lockhart St. Augustine: Robert Waterman Miami-Dade Doral: Alexander L. Perez Miami: Camila Barranco, Jocelyn Cardenas, Ana M. Costales, Elizabeth T. Garcia, Ivonne C. Hernandez, Jesus Leon, Alicia L. Pruna, Concepcion P. Ricardo, Coraly Rodriguez, Yolanda M. Rodriguez , Ana M. Vidal

Miami Beach: Christopher M. Gomez Miami-Downtown Miami: Joseph H. Breedon, Elien Castro, Matthew G. F. Choy, Dianela Escarra, Nestor L. Guillen, Valerie E. Jefferies, Cynthia G. Leiva, Sandra Lopera, Yasnay Montalvo, Silvana Navarro, Saulo R. Perez, Grensy O. Quintero, Sharon Tapia, Brisa Tapias Miami Beach: Arie Harel Mid-Florida Summerfield: Karissa M. Leary Miracle Strip Graceville: Judith L. Whaley Lynn Haven: Elizabeth C. Key, L. Brooke Parrish, Bryan M. Walker Panama City: Timothy J. Rosenbeck, Adam J. Salvador North Central Florida Gainesville: Kathleen K. Brennan, Shane N. Joseph, Michael A. LaBrunda, Justin K. McPhee, Monica Metz, Jenell S. Rimland, Ping Wang Lady Lake: Jeremy T. Lacey North Suncoast Dade City: Matthew Tomlinson Spring Hill: Michael G. Barnett Palm Beach Boca Raton: Fadi A. Esmail, Amish S. Patel Boynton Beach: Kipper Kohn Delray Beach: Aaron S. Roth Jupiter: Dawn C. Ennis, Veronica V. Wheat Lake Worth: Ashley Hilyer, John T. Hunt, Marlon Wolfman Loxahatchee: Kathleen M. Shafer Palm Beach: Rebecca A. Young Palm Beach Gardens: Michele M. Gash Royal Palm Beach: Fernando A. Blanco West Palm Beach: Donna L. Charron, Lawrence J. Libenson, Edith H. Madson, Mary R. Christ, Chrystal R. Jones, Christopher C. Weeg Polk County Lakeland: Shannon M. Lynch, Nhung M. Truong Sebring: Angel L. Kiser

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Sailfish Okeechobee: Tiffany A. Farless Palm City: Isaac M. Lewis, Pamela J. Tucker Port St. Lucie: Rachel L. Beck Stuart: Gail P. Brady Sandspur Apollo Beach: Alison M. Michalek Riverview: Alfiya Khayrutdinova South Dade Miami: Lianet D. Leal, Karin Dominkovics Southwest Florida Cape Coral: Stacey Wilson Estero: Michael D. Mauer Fort Myers: Jamie Martel, Courtney A. Oliver, Mohammed Y. Rashid, Cindy L. Craw Naples: Abigail Cuccia, Rhonda Matury, Kimberly K. Walsh Punta Gorda: Andrew J. Musgrave Tampa: Justin R. Umstead

Amanda M. Kerney, Erica V. Marsan, Maria E. Morales, Timothy J. Powell, Jared W. Resnick, Ozlem Saricaoglu, Michael P. Territo West Florida Gulf Breeze: Michael J. O’Brien Pace: Laura A. Sauls Pensacola: Keith Barry, Lisa H. Bastain, Jeffrey J. Heddy, Christopher L. Storey Tampa: Dawn M. Keleske Out of State Alta Loma, Calif.: Kent S. Pomeroy Brunswick. Ga.: David A. Ervin, Carl J. Gabrini

Endicott, N.Y.: Stanley H. Pelter Indianapolis, Ind.: Michael P. Merkel Katy, Texas: Sharon K. Hamlin Louisville, Ky.: John Dozer Marietta, Ga.: Gary B. Cook Montoursville, Penn.: William R. Merrell Orchard Park, N.Y.: Glenn T. Koszka Orrtanna, Penn.: Lorrie A. Martin Rochelle Park, N.J.: Herbert J. Botwinick Shelby Township, Mich.: Roger A. Geary Stamford, Conn.: Thomas L. Vanghel

Valley Cottage, N.Y.: Philip Stein West Oneonta, N.Y.: Barbara I. Tennant Wilimington, N.C.: Michael C. Brown Out of Country Hamilton, Ontario Canada: Rosario Maduri Markham, Ontario Canada: Sankara N. Krishnan Ottawa, Ontario Canada: Daniel S. Boutin St-Alban, Quebec Canada: Sylvie Deslauriers

St. Johns River Jacksonville: Barbara E. Green Orange Park: Lindsay J. Jackson Suncoast Clearwater: Amanda L. Emery, William H. Harris, Juliette C. Lupis-Bolanger, Charles J. O’Donnell, Dominica Sliwa Largo: Shannon L. Ciesluk Oviedo: Richard Metro Seminole: Melissa L. Long St. Petersburg: Daniel Boyd, Nicole Haugen, Domingo P. Hernandez, Robert M. Ryba, Tom Swapp Tarpon Springs: Kierra S. Sullivan Tallahassee Crawfordville: Liam B. Callaghan Miami Shores: Walter R. Abramitis Tallahassee: Michael R. Alfieri, Ty Barnard, Marion L. Boyd, Melissa L. Brown, Allison M. Buchanan, Meagan G. Camp, Dominic A. Cromartie, David G. Jordan, Joseph R. Kiessig, Andrea C. Laos, Rick Raleigh, Felisha M. Sellers, Elaine D. Sutter, Eric W. Walton, Michael D. White Volusia County Daytona Beach: J. Geoffrey Sturgill, Cedrick L. West DeBary: Morgan A. Green DeLand: Thomas M. Baumer, Michael P. Nordman, Jennifer J. Rinaberger, Kaylyn A. Varnum Deltona: Michael Larweth Ormond Beach: Cory D. Domayer, LaHoma J. Skinner West Coast Brandon: Kenneth T. Marsh Land O’ Lakes: Rebecca L. Williams Odessa: Roni L. Tambasco Ruskin: Rafael J. Padilla Tampa: Lauren H. Alexander, Christine A. Bartholome, Justin B. Chan, Raven S. Dean, www.ficpa.org

FLORIDA CPA TODAY

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FLORIDA CPA TODAY

March/April 2012

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FICPA NewsFlash digest To bring FICPA members the most current news and information in today’s fast-paced business environment, the FICPA compiles NewsFlash, a timely assortment of news events happening in the profession. The newsletter is e-mailed every two weeks, typically on Thursday afternoons. Here are some of the most popular recent FICPA NewsFlash features. To view the full stories and other NewsFlash briefs, visit our archives at www.ficpa.org/members/newsflash.

Feb. 9, 2012 Section 263: New Tangible Property Regulations (Effective 1/1/2012) Analyzed and Explained – Learn new rules for treatment of amounts paid to acquire, produce, repair or improve tangible property and proper accounting for dispositions of property subject to depreciation. The new regulations provide objective standards and bright-line rules intended to simplify compliance with the capitalization provisions contained in section 263(a) of the Internal Revenue Code. Join Lynn Nichols, CPA, from Nichols Patrick CPE for a comprehensive

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analysis of the new rules; an explanation of how your clients might benefit from an automatic change in accounting method; and more than 20 real-life examples of how the new rules will work.

Jan. 26, 2012 FICPA Nominates 2012-2013 Board of Governors – The 2011-12 Committee on Nominations announces its proposed slate of the 2012-13 FICPA Board of Governors. The Board is to be elected by May 10, 2012. FICPA Offers Free Tax Podcasts – The FICPA is pleased to offer weekly tax updates via podcast. “Tune in” to the podcasts and stay up-to-date on the latest tax laws. Veteran lecturers Lynn Nichols and Ed Zollars, from Nichols Patrick CPE Inc., created the podcasts specifically for CPAs. Tech Tip: Outlook 2010 – Create a Rule to Move New Messages to a Specific Folder - If you get several emails each day from the same sender, your inbox can get out of hand quickly. To keep your inbox organized, create a rule to move emails to a folder when they’re received.

Jan. 12, 2012 Tech Tip: Microsoft Excel – How to Alternate the Color Between Rows – Sometimes you need to make large spreadsheets easier to read. Alternating colors between rows is a good way to do it. Get Noticed. Join Our Tax Season/CPA Public Awareness Campaign Now – Join @FICPA, @AICPA and other state societies in our tax-season campaign promoting CPAs. Here are dates and messages for you to Tweet and post to Facebook, promoting your firm and the CPA designation. Please share this information with your firm administrator and/or marketing coordinator. Let’s use our collective voices to get the word out! Accountancy Bill Passes House Business & Consumer Affairs Committee On Jan. 11, the House Business & Consumers Affairs Committee unanimously passed HB 769 (the FICPA’s Accountancy Bill) sponsored by Rep. Clay Ford, R-Pensacola. HB 769 makes these changes to Chapter 473.

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Marketplace POSITIONS AVAILABLE

FOR SALE

Join us as an internal auditor in the entertainment industry! Calder Casino & Race Course, a Churchill Downs Incorporated company, is looking for an experienced internal auditor at its Miami property. Apply today at http://ow.ly/86Xqa. The City of Miami seeks a director of finance w/CPA & 10 yrs responsible level financial mgmt exp, 5 yrs of which must have been in public sector. For details & to submit an online application, visit www.miamigov.com/employment. Sr trust accountant/Advent specialist w/a trust company to work on general ledger & financial statements. Establish trust accounting processes & portfolio reporting integration w/Axys & GLX. Periodical reconciliation & Advent reporting. CPA & 5-yr bank trust dept or company exp. MS90/200 & Axys knowledge. Contact recruiting@clineres.com. Finance director at nonprofit in Jacksonville. MBA or CPA preferred; 4-yr degree in accounting or related discipline required. Min 8 yrs exp preferred in financial mgmt. Excellent computer skills, strong communication skills, great interpersonal skills. Email resume to jobs@bgcnf.org. We are looking for an experienced information technology professional to join our finance team in NASCAR’s Daytona Beach ofc in the position of financial systems specialist. For more info & to apply – www.employment.nascar.com. EOE. We are looking for a tax accountant to join the finance department in our Daytona Beach ofc. This position will assist the tax manager in daily administration of tax matters affecting the corporation & its shareholders. For more info & to apply – www.employment. nascar.com. EOE. OFFICE SPACE Hollywood CPA has large, private ofc available; annual lease or month-to-month; access to reception area, conference room & kitchen; onsite parking; call Marty at (954) 922-3144. Beautiful professional offices to share in Fort Lauderdale. Fully furnished. Internet access, phones, copier, fax machine & additional services available. Conference room. Parking. Full kitchen. Kane & Company, PA. (954) 767-0440. PRACTICES WANTED FOR PURCHASE OR MERGER CPA in Palm Beach County looking to buy out or associate w/ retirement-minded practitioner in Palm Beach or Dade counties. I am looking for a practice between $100,000-$300,000. Please email me at cpanj2009@aol.com. CPA looks to purchase tax through review practice in South Fla. Revenue $150,000 to $500,000. Reply to info@joegormleycpa.com. RATES AND FEES: Members - $97.86 for 35 word minimum; $2.78 per word over 35 words. Nonmembers - $110.31 for 35 word minimum; $3.15 per word over 35 words. Advance payment is required. Bolding and logos are permissible for an additional fee. CATEGORIES: Content subject to approval and categories available are: (1) Positions Available, (2) Practices Wanted for Purchase or Merger, (3) Miscellaneous, (4) Office Space, (5) For Sale. All requests are subject to space availability. Ads run concurrently on Florida CPA Netlink™, www.ficpa.org. 36

FLORIDA CPA TODAY

March/April 2012

Successful transitions require experienced, confidential, professional services you can trust. This is what Akins Professional Brokerage provides. Specializing exclusively in the brokerage of CPA firms, we have no upfront fees. List your firm w/a professional. Call David Akins, CPA, at (877) 277-0272. Visit our website at www.ProfessionalCPAbroker.com. Buy-Sell-Merge-Finance your practice w/U.S.A.’s No. 1 Accounting Brokerage Firm. A Florida- licensed real estate broker w/ 29 yrs of CPA firm merger-acquisition experience. We have 90% bank financing. Current practices available include South Miami $350,000; Crystal River area $275,000; Broward County area $1,700,000; East of Orlando $1,600,000; St. Pete grossing $200,000+; North Orlando $250,000; Jacksonville-Gainesville area $800,000; Ocala $175,000+; Winter Springs area $255,000; Melbourne area $175,000. Many others! Contact Leon Faris, CPA (800) 729-9031; Erwin Rosenblatt (772) 692-8746; or Jack Saltman (407) 902-3288 at Professional Accounting Sales. Visit our website at www.cpasales.com. Planning to sell soon? Cash buyers waiting. Contact U.S.A.’s No. 1 Accounting Brokerage Firm for a free sales package w/tips on getting your practice ready to sell. We provide financing so you can cash out at closing. Let our 29 years of sales experience work for you. We only get paid for producing results. Confidential, prompt, professional. Contact Leon Faris, CPA at Professional Accounting Sales, (800) 7299031 or visit our website www.cpasales.com. MISCELLANEOUS RFP for professional auditing services – City of Madison. Click on the following link for complete details and instructions – http:// www.cityofmadisonfl.com/open_position.html. CPA (attest) & CFO (non-attest) services available to CPAs & their clients (priced on a per diem basis) – please see our website (www.cpaandcfo.biz). We also offer CPAs the ability to outsource their tax-return preparation function, allowing them to spend more time serving their clients. Put our 45 yrs in the CPA business on your team. Call us at (866) 846-2031 to discuss your needs.

SUBMISSION OF ADS: Email ads to communications@ficpa.org. For more information, contact the FICPA Communications Department at (800) 342-3197 (in Florida) or (850) 224-2727, Ext. 385. FILE NO. REPLIES: If anonymity is desired, responses can be mailed to the FICPA offices using a file number. The responses will be forwarded to the address provided by the advertiser. For complete classifieds policies, visit www.ficpa.org/Content/ CPAResources/ClassifiedsJobs/Classifieds.aspx.

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FLORIDA CPA TODAY

March/April 2012

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On the move

TRANSITIONS

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Aventura: Klein Mendez & Rothbard, LLC announces that Cesar A. Cifuentes has joined the firm as senior accountant. Destin: Carr, Riggs & Ingram, LLC announces the promotions of Candy Cunard and Stephen C. Riggs IV to partner. Fort Lauderdale: Keefe, McCullough & Co. announces the promotions of Jamie Blank, Stephen Emery, Martha Guerich and W. Tyler Johnson to the position of senior accountant; Steve Akins to the position of manager; and Karen Malcolm to the position of supervisor. Gainesville: James Moore & Co. announces Michael Johnson and Corinne Turcotte have been hired as staff accountants. Orlando: Averett Warmus Durkee Osburn Henning announces that James “Jim” Rickard has been admitted as a principal. The firm also announces that it again has been named as one of the Orlando Sentinel’s Top 100 Companies for Working Families. Orlando: Carr, Riggs & Ingram LLC announces the promotion of Scott Ferguson to partner. Miami: Mallah Furman announces that Craig A. Suid was promoted to the position of principal. Pensacola: O’Sullivan Creel, LLP announces that Kathleen Baldwin has been promoted to partner. Sarasota: Kerkering, Barberio & Co. announces that the firm has been accepted as a member of the Construction Industry CPAs/Consultants Association (CICPAC). Seminole: CPA Partners, LLC announces that Melissa Long has joined the firm as tax manager. Tallahassee: Carr, Riggs & Ingram, LLC welcomes new partner Michael Whitney. Tallahassee: James Moore & Co. announces that Brittany Bowman has been hired as a staff accountant. Tampa: Maria Morales has been promoted to principal with LarsonAllen. Winter Haven: Eric B. Adamson of Adamson + Co. announces the merger of Patrick J. Sheil Jr. CPAs into Adamson + Co. PA.

WHO’S NEWS Richard A. Berkowitz of Berkowitz Dick Pollack & Brant in Fort Lauderdale has been elected chairman of the board of the Community Foundation of Broward. Also, the South Florida Legal Guide has recognized 10 members of the firm’s Forensics and Litigation Support Practice: Richard A. Pollack; Andrew Bernstein; Scott Bouchner; Richard Fechter; Joel Glick; Dan Hughes; Adam Lang; Sandra Perez; Martin Prinsloo and David Siegel.

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FLORIDA CPA TODAY

Steve Brettholtz of Myers, Brettholtz & Company in Fort Myers recently discussed IRS Form 1099 reporting, and avoiding filing errors, at a one-day seminar at the Clarion Hotel. Brettholtz also recently served as a panelist for the Community Association Officers Forum. In late January the firm held a nonprofit workshop, Creating Your Nonprofit’s “Happy Ever After” through Risk Management, Strategic Planning and Fundraising. And Maureen Imanuel and Kelly Ann Talamo recently gave a presentation on budgeting, cash flow and functional expenses for nonprofits at the Cultural Center of Charlotte County. Andre N. Chammas of Morrison, Brown, Argiz & Farra in Miami recently was appointed to the Development Committee of the United Way of Miami-Dade Center for Financial Stability. Jennifer Davis of Shinn & Company in Bradenton passed all four parts of the CPA exam to obtain the designation of Certified Public Accountant. Kerkering, Barberio & Co. in Sarasota announces it will contribute more than $2,500 to the United Way on behalf of its clients. Also, the firm is pleased to announce it is celebrating its 40th anniversary. Marc List of CBIZ Goldstein Lewin in Boca Raton has been selected to participate in the Zin Fellows Leadership Development Program of American Associates, Ben-Gurion University of the Negev (AABGU). Ron Mason of James Moore & Co. in Tallahassee has been re-elected to the board of directors for the Associated Building Contractors (ABC) of North Florida. Aaron Mondon of Christopher, Smith, Leonard, Bristow & Stanell in Sarasota has joined the board of directors of a newly formed nonprofit, Volunteer Community Connections. Stuart Morris of Morris Law Group has been named to the board of directors of Junior Achievement of South Florida. Karen Mosteller of Markham Norton Mosteller Wright & Company in Fort Myers recently served as a program speaker and presenter at the Medical Group Management Association’s 2011 National Conference. Ralph C. Roberson of Roberson & Associates, PA in Port St. Joe was appointed to the District Board of Trustees, Gulf Coast State College in Panama City by Gov. Rick Scott. Margaret J. Smith of GlassRatner Advisory & Capital Group in Miami recently was appointed a Chapter 7 Panel Bankruptcy Trustee in the Southern District of Florida. Roger Swanger of James Moore & Co, in Gainesville has been installed as a board member of the Builders Association of North Central Florida. Carol Villemaire has worked at James Moore & Co. in Gainesville her entire career (31 years and counting) and was featured in the Gainesville Sun on Dec. 4, 2011.

For more news about members and other Florida CPAs, visit CPAs in the Spotlight at www.ficpa.org/Content/News/Spotlight.aspx. The space for Who’s News, Transitions and other announcements published on this page is limited to news focusing on promotions and new hires for FICPA members; speeches by members at professional conferences; and other firm news, such as recognition of business achievements. We do not publish FICPA committee appointments as a part of this feature because of space limitations. Submissions for On the Move can be emailed to communications@ficpa.org.

March/April 2012

www.ficpa.org

Each year, the FICPA awards the Outstanding CPA in Business & Industry, the Outstanding CPA in Government, the Outstanding CPA in Public Service and an Outstanding Educator. The Florida Institute of CPAs invites you to nominate one or more candidates for these awards. All candidates must be FICPA members, and candidates for the Business & Industry, Government and Public Service awards must be voting members of the FICPA. (Educator candidates do not have to be a voting member). The deadline for nominations for all three awards is April 6, 2012. Award application and supporting materials must be sent to LeAnne Spell, Florida Institute of CPAs, P.O. Box 5437, Tallahassee, FL 32314, faxed to (850) 222-5137, emailed to spelll@ficpa.org, or submitted online via the FICPA website at www.ficpa.org/ficpaawards.org. Winners of this yearâ&#x20AC;&#x2122;s four Outstanding Awards will be recognized during the Annual Convention, held June 27-30, 2012, at Ocean Edge Resort, Brewster, MA. Winners of the FICPA Outstanding awards often are entered in the AICPA Outstanding awards program.

Nomination criteria and award applications are available online at

www.ficpa.org/ficpaawards

www.ficpa.org

FLORIDA CPA TODAY

March/April 2012

Florida Institute of Certified Public Accountants P.O. Box 5437 Tallahassee, FL 32314-5437