Iowa CPA - June 2016 by Iowa Society of CPAs

June 2016

CPA

Newsletter from the Iowa Society of CPAs, your primary source for profession-related information

Meet ISCPA’s 2016-17 leadership Executive committee

Board of directors

Brad Hauge, president

Abby Croll

Brian Newton

Consultant, Cedar Rapids

Tax manager, Roth & Company PC, Des Moines

Shareholder, McGowen Hurst Clark & Smith PC, West Des Moines

Patti Bell, vice president

Kevin Den Adel

Denise Pierson

Advanced solutions director, Principal, Des Moines

Director of undergraduate accounting program, The University of Iowa, Iowa City

Marty Fredericks, treasurer

Rod Foster

Partner, Kiesling Associates LLP, West Des Moines

Dwayne Vande Krol, secretary Shareholder, Nyemaster Goode PC, Des Moines

Mike Meinders, past president Managing partner, Carney Alexander Marold & Co LLP, Waterloo

Partner, RMS US LLP, Des Moines

Vice president, GAAP reporting, Global Atlantic Financial Group, Des Moines

Allison VanOtterloo Director of internal audit, Pharmacists Mutual Insurance Company, Algona

Heidi Kleve

Chris Yuska

Financial consultant, Wells Fargo Bank Iowa NA, Des Moines

Partner, EY, Des Moines

Kurt Konek Managing shareholder, Konek PC, Prairie City

Members of the Iowa Society of CPAs elected the organization’s executive committee and board of directors for May 1, 2016 - April 30, 2017, at the ISCPA’s Leadership Conference and Annual Meeting on May 6 at the Sheraton West Des Moines. View photos from the event on pages 4-5. Additional photos available on our Facebook page at www.facebook.com/IowaCPAs. 2016-17 executive committee

Iowa Society of CPAs...Advancing the professional success of our members

Past president Mike Meinders reflects on key accomplishments

s I reflect on the past year serving as ISCPA president, I am amazed by how quickly the year went by. It seems like only yesterday we were attending the ISCPA 100th Anniversary Celebration that marked the beginning of my term as president. I am humbled and honored to have served in this position and grateful to my firm for giving me the time to fulfill the responsibilities. Thank you to the Society’s board of directors, ISCPA CEO Cindy Adams and the rest of the ISCPA team for their assistance.

Highlights of my term The highlights of the last year were numerous. I already mentioned the 100th Anniversary Celebration. With that came the opportunity to meet and spend time with AICPA President and CEO Barry Melancon. I experienced getting comfortable in the Society’s new office when they moved in March of last year, and the ISCPA Enrichment Center was introduced as the premier learning and meeting space for members. Later in 2015, the ISCPA’s Issue No. 2016-06 Published eleven times per year by the Iowa Society of Certified Public Accountants (ISCPA). Send address changes, advertising inquiries and all correspondence to:

1415 28th St., Ste. 450 West Des Moines, IA 50266-1419 Email: iacpa@iacpa.org Website: www.iacpa.org or, contact the ISCPA office: 515-223-8161/800-659-6375

2 | Iowa CPA | June 2016

new website was launched as the final piece of the organization’s rebranding. All of these things bring the members, partners and general public a new and brighter image of ISCPA.

AICPA’s council One of the duties of the ISCPA president is to serve on the AICPA Council, where I got to see the workings of the AICPA and meet several key members of its management. The spring meet-

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into action this legislative session, contacting legislators to support bills like the tax conformity bill or assist our lobbyists to stop legislation like the tax preparer licensure bill. Our membership gets it done! That brings me to my final thoughts. I am very proud of our accomplishments this year. There are still many issues facing our profession in the future and ISCPA needs to be strong enough to take them on. Like most parents, I resort to overused expressions to inspire my children. One of my favorites is, “You get out of things what you put into them.” That really applies to ISCPA.

You get out of things what you put into them. That really applies to ISCPA. ing was held in Washington D.C. and we spent the last afternoon of the meetings calling on the Iowa congressional delegation to request support for several initiatives discussed at the council meetings. At the fall council meeting, we were able to hear from the AICPA about the importance of the AICPA–CIMA joint venture. Has everyone who is an AICPA member taken the time to vote? If you need more information or aren’t sure what this is all about, visit www.aicpa.org/horizons.

ISCPA in action As president, I got to see the Society in action. So many of our members work tirelessly for causes relating to our profession through the various committees and task forces established by ISCPA. One particularly gratifying example of this is the ISCPA Legislation Committee. It was inspiring to see the committee and other ISCPA members spring

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Get involved If you are content just writing the check to pay your dues, thank you. But if you want to meet some of the brightest minds in your profession, have your voice be heard, feel part of something bigger and connect with great people across the state, get involved on an ISCPA committee or task force, attend the ISCPA’s conferences, classes and events, and contribute to the PAC (political action committee) and Iowa CPA Education Foundation. Together, we can move mountains and I guarantee you won’t regret it. Mike Meinders is a CPA, CGMA and managing partner at Carney Alexander Marold & Co LLP in Waterloo. He has been an ISCPA member since 1975.

www.iacpa.org

Meet your new ISCPA president Brad Hauge

rad Hauge is a CPA and consultant from Cedar Rapids and assumed his role as 2016-17 ISCPA president on May 6. Where did you grow up? In Story City until we moved to Cedar Rapids. My grandpa ran the DX gas station in Story City and it was a treat to spend time there “helping him” pump gas. My dad passed away when I was 11 and my mom had her hands full raising me, my sister and two brothers. To my mom’s credit, we all turned out surprisingly well. Tell us about your first job Money was tight and I had expensive tastes in bicycles, so I started working young, baling hay, detasseling and delivering The Des Moines Register. My first real job was at Hardees until I was a senior in high school and went to work at ABC Accounting Services. What led you to accounting? Helping my grandma with the DX station books, using her old Burroughs calculator, and my dad working as a loan officer at Collins Credit Union all influenced me. A final straw attracting me to public accounting was hearing a career day presentation 40 years ago

by a McGladrey partner. My mind raced when I heard how much their average partner made. How has your career progressed? After graduation, my boss at ABC Accounting Services steered me to a firm formerly known as Dee Gosling. We merged with Clifton Gunderson and ultimately became CliftonLarsonAllen. I retired as a partner in 2012. In the beginning, I was a jack of all trades but ultimately focused on audit. My past experience with nonprofits has led me to volunteer work and I am the treasurer of Arc of East Central Iowa and the Cedar Rapids Museum of Art, and serve on the United Way Finance Committee. How would you describe the CPA’s role in business today? No one is an island and I feel business owners look to their CPA as an independent and trusted member of their management team. The CPA has the business knowledge and experience to help business owners meet their goals and help keep them out of trouble. Who inspired you to take a leadership role with ISCPA? Gary Carlson, a partner in the

firm and former ISCPA president, asked me to serve on the Peer Review Committee. He truly believed in getting involved and giving back. With the support of my mentor Brian Carr, I served for a number of years. It was hard work, but I never considered leaving the committee as I learned so much, got to know some talented CPAs and found the experience so rewarding. ISCPA staff Judy Chaplin jokingly told us that death was the only acceptable reason for leaving the committee. What would you like to accomplish during your term? Our state society staff do a remarkable and sometimes thankless job advocating for the Iowa CPA. It has been an eye opener for me to see all the things they do to make our jobs and lives easier. This is no more evident than the way they represent us at the state capitol, fighting against legislative changes that would negatively impact our profession and fighting for change that makes sense for the CPA. I feel my role will be to do what I can to support their efforts.

2016-17 ISCPA President Brad Hauge Hometown: Story City, Iowa; moved to Cedar Rapids when I was seven or eight Significant other: Longtime girlfriend Sherry and our cats Lena, Fiona and Kitty Spare time interests: Motorcycling, including taking regular trips to the mountains with friends. We don’t like riding in the rain so we trailer them when going on longer trips. I’m also a car enthusiast and enjoy going to car events. Whether it’s cars or motorcycles, I enjoy the high performance ones. My spare time also includes exercising, rollerblading and volunteer work.

Education: BBA accounting, Iowa State University ISCPA volunteer history: • Board of directors 2010-current • Board vice president 2015-16 • Governmental Relations Committee 1988-89

www.iacpa.org

• Legislation Committee 2015-17; board liaison 2016-17 • Practice Review Committee board liaison 2014-15

• Peer Review Committee 19942015; board liaison 2010-2015 • Public & Community Relations Committee board liaison 2015-16

Iowa CPA | June 2016 | 3

Iowa CPAs honored with leadership awards

ongratulations to the Iowa CPAs and ISCPA members who were honored with awards at the 2016 Leadership Conference and Annual Meeting. Award details and additional information about the recipients is available at www.iacpa.org/news/articles.

Sanders, senior vice president and controller, Principal, Des Moines.

Rising Star Awards were presented to Amanda L. Lane, manager, TD&T CPAs and Advisors PC, Cedar Rapids; and Stefanie E. Lovin, senior manager at Brooks Lodden PC, West Des Moines. The ISCPA Outstanding Committee Chair Award was presented to David A. Farnsworth, shareholder with McGowen Hurst Clark & Smith PC, West Des Moines.

The Distinguished Service Award was presented to Julie Meyer Kroll, Urbandale. The Public Service Award was presented to Henry B. Tippie, Austin, Texas. The Outstanding CPA in Business and Industry Award was presented to Angela R.

Do you know an outstanding

Photo from l to r: ISCPA 2015-16 President Mike Meinders, Iowa CPA? Nominate them at Stef Lovin, Julie Meyer Kroll, Henry Tippie, Angie Sanders, Dave Farnsworth, Amanda Lane and ISCPA CEO Cindy Adams.

Iowan is top scorer

www.iacpa.org/membership/ cpa-awards for next yearâ&#x20AC;&#x2122;s event.

Foundation scholarships awarded to Iowa students

wo $2,500 scholarship awards from the Iowa CPA Education Foundation were presented at the 2016 Leadership Conference and Annual Meeting.

rant Seuferer has been named a 2015 Elijah Watts Sells award winner. Grant is a tax consultant at Deloitte Tax LLP in Des Moines, and obtained a cumulative average score above 95.50 across all four sections of the CPA exam on his first attempt. A total of 93,742 individuals sat for the exam across the nation in 2015, with Grant being one of only 75 candidates to meet the award criteria.

Photo l to r: ISCPA President Mike Meinders, scholarship recipient and UNI student Dakota Hageman, and ISCPA CEO Cindy Adams.

Photo l to r: ISCPA President Mike Meinders, scholarship recipient and Loras College student Jenna Walleser, and ISCPA CEO Cindy Adams

Weâ&#x20AC;&#x2122;re offering 167 before June 30 4 | Iowa CPA | June 2016

webinars

See the full list at: www.iacpa.org/onlinecpe www.iacpa.org

Leadership Conference and Annual Meeting highlights

Thank you

to the following companies for sponsoring or exhibiting at the Leadership Conference and Annual Meeting.

GOLD Sponsor

Exhibitors

Chawn Honkomp and Ryan Swalwell registered representatives

www.iacpa.org

Iowa CPA | June 2016 | 5

CPA viewpoint: The new CPA exam

ast month’s issue of Iowa CPA covered some of the changes announced for the new CPA exam debuting in April 2017. Thank you to these Iowa CPAs for weighing in on the changes and providing insight into how they see them impacting upcoming CPAs, the profession and the overall value proposition of the CPA designation. Kevin Den Adel Director of undergraduate accounting program, The University of Iowa, Iowa City The CPA exam’s increased emphasis on critical analysis and evaluation skills is an appropriate response to the expectations faced by entry-level accounting professionals. CPAs who recruit accounting students tell us that new hires are being tasked with more complex issues at an earlier date, so the CPA exam is adapting accordingly. The key issue for the profession is to continue promoting the rewarding and diverse career opportunities available to CPAs. Carrie Kruse Economic development coordinator City of Des Moines, Des Moines The revised format of the exam is encouraging in that it will be more heavily focused on the practical application of general accounting knowledge, critical thinking and problem solving skills and less focused on memorization. Providing CPA exam candidates with more experience and confidence in these skillsets before they enter the workforce will only strengthen

6 | Iowa CPA | June 2016

our profession as a whole. There is some fear that extending the exam to 16 hours could potentially have a negative impact on the CPA workforce both nationally and here in Iowa. I am hopeful that in having consistency with each of the four sections of the exam now being four hours long, that this will alleviate confusion and provide adequate time to get through each section of the exam. Kurt Lettow Financial controller Principal, Des Moines The new CPA exam promises to be more challenging for students sitting for the exam as well as educators preparing students for the exam. Nevertheless, greater emphasis on higher order skills and task based simulations is warranted, given the greater complexity of businesses today with respect to products, product delivery systems and technology. In addition, local, state, national and international regulatory burdens are growing, exposing companies, their employees and their auditors to greater risk. CPAs need to be adequately prepared for these challenges, whether employed in public accounting or in industry. The bar may have been raised with respect to the demand on new CPAs, but so has the value proposition of the CPA designation. Lee Nicholas Assistant professor of accounting (emeritus) College of Business Administration University of Northern Iowa, Cedar Falls As one of the longtime members of the Society and the profession,

it is easy to remember the CPA exam as a hurdle to be jumped to get into the profession. It is also easy to think if it was good enough for me, why change it. But the examiners wisely recognize that the skills needed in today’s accounting profession are changing and so the entry level exam must also change. The big change will be the reduction of multiple choice questions and the increase in task-based simulations that are designed to measure those higher-order analysis and evaluation skills. The exam will also be two hours longer and that should not be an excessive burden. The new exam should likely be a benefit to the student as well as to the profession. Jim Smith Shareholder McGowen Hurst Clark & Smith PC, Winterset The world continues to become more complex with rapid changes in the economy, regulations and technology. The accounting profession must be prepared to keep pace with these changes in order to maintain our status as trusted advisors. The CPA exam needs to be updated regularly to remain fresh and relevant. Industry and CPA firms alike need to do all they can to encourage students and others to take the exam and provide the resources, time and support they need to do it. Brian Sweeney Business manager Iowa Catholic Radio, Des Moines As we evaluate the changes to the Uniform CPA Exam, I think it is important to remember that Continued on page 7

www.iacpa.org

2016-17 committee and task force chairs Business and Industry Task Force

Financial Literacy

Iowa CPAs Month of Service

Julie Thelen, Principal, Des Moines

Beth Brockway, Robert Half International Inc, Des Moines

Career Awareness

Governmental Auditing & Accounting

LEAP (Leaders Emerging in the Accounting Profession)

Derick Tallman, Access Systems, Waukee

Carrie Kruse, City of Des Moines, Des Moines

Ashley Sly, McGowen Hurst Clark & Smith PC, West Des Moines

Diversity and Inclusion Task Force

Insurance Industry

Legislation

Kara Wilson, PricewaterhouseCoopers LLP, Des Moines

Peg Trevino, Trevino Associates PC, Fort Dodge

Nonprofit Organizations

Iowa CPA Education Foundation Advisory

Joe Ryan, TD&T CPAs and Advisors PC, Oskaloosa

Mike Meinders, Carney Alexander Marold & Co LLP, Waterloo

Todd Thorson, Kiesling Associates LLP, West Des Moines

Emily Heeren, DuPont Pioneer, Johnston

Amina Nuhanovic, EcoEngineers LLC, Des Moines

Family & Workplace Issues Stef Lovin, Brooks Lodden PC, West Des Moines

Financial Institutions Kelli Schmidt, KPMG LLP, Des Moines

Taxation

Thank you to these members for their leadership! If you would like to join an ISCPA committee or task force or learn more about volunteer opportunities, visit www.iacpa.org/membership/committees. Continued from page 6 we have seen other significant changes in the not too distant past. There was some skepticism about migrating the exam from a semi-annual, paper based exam to a computer based exam with greater availability. Similarly, there were concerns about implementation of the 150 hour requirement. Both of these changes were difficult at first and did lead to a smaller number of candidates in the short term. In the longer term, these changes have led to greater rigor required for a candidate to be successful and an overall strengthening of the CPA designation. The inclusion of task based simulations that test analysis and critical thinking skills is long overdue.

One of my old bosses was fond of saying, “A consultant must be understood and believed in order to deliver value.” Our value of a CPA is not simply a mastery of accounting procedures and recitation of facts. Our value is being able to tell the story behind the numbers in a manner that the non-accountant can understand and act upon. The new exam will help the candidate be better prepared to provide value to the users of financial information. There may be some short term issues with passing rates and a smaller number of candidates taking the exam, but in the longer term this is a big step forward for the profession.

Members save nearly 25 percent on admission to Adventureland as well as $10 off season passes. Plus, orders come with a $30 coupon off a one night stay at Adventureland Inn! Find out how to save at www.iacpa.org/membership/benefits.

www.iacpa.org

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Visit thesilverlining.com for the name of the agency nearest you.

Iowa CPA | June 2016 | 7

member spotlight Sue Stutzel Tipton

Where has your career path as a CPA taken you? I started as an intern at McGladrey in Iowa City in January 2000 and was hired as full time audit staff after tax season working primarily with nonprofit organizations and small businesses. After my fourth busy season I went to work for a small construction client where I learned that I loved accounting, but not office administration. I then moved into a senior accounting role at HNI Corporation in Muscatine. Though I loved the company and people I worked with, I always missed public accounting. An opportunity came up in my hometown to head up the A&A department for a regional public accounting firm. I loved being back in public accounting, but after a lot of soul searching I decided to start my own practice. It was scary, but I have not regretted it for one second. I am able to focus on accounting, auditing and consulting for nonprofit organizations and small businesses, which I love because they are as passionate about what they do as I am about helping them account for it! What has helped you get to where you are today? I have learned that faith in God is all I need. When you set your priorities with God first, everything else falls into place. My favorite Bible verse came to me while studying for the CPA exam, “You can do all things through Christ who strengthens you.” Philippians 4:13. What are you most proud of about being a CPA? I love being a CPA mostly because of all of the directions it can take you. There are so many possibilities. What message do you have for students about a career as a CPA? Do it! No matter what you want to do, the CPA designation will help you get there. I have found that the designation doesn’t mean you know everything, but you probably know how and where to find out. Has being a member of ISCPA helped you? The ISCPA has been instrumental in furthering my career through continuing education, networking and general information about what is impacting our profession. What’s important to you outside of work? I’ve had great mentors along my personal and career path and enjoy giving back in the same way. I believe every career opportunity has been in part to meet someone new who has influenced my life. Sue and her husband Troy reside in Tipton with son Ty (11) and daughter Sydney (8).

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Job: Owner/sole proprietor, S Stutzel CPA LLC, Tipton ISCPA member since: 2002 Alma mater: Coe College, Cedar Rapids Hometown: Tipton, Iowa First job: Babysitting for my siblings (it didn’t pay well) Professional/community activities: ISCPA 2015 Career Awareness Conference panelist, Career Awareness Committee (2014-current), Nonprofit Organizations Committee (2014-15), Continuing Professional Education Committee (2009-10), Iowa Women’s Foundation Board of Directors, Tipton School Foundation Board Treasurer Favorite thing about my job: Connecting with people. I joke that auditors don’t have a lot of friends because no one wants to see them coming. But in reality, you really become a trusted expert in your field and people look to you for help. It is fulfilling to see someone empowered when you finally explain something in a way that they understand I am passionate about: God and my family Best advice I ever received: Every time you say yes to something you are saying no to something else. I heard that at a conference once and it really moved me to not make my decisions lightly. It is so true. The time we have is finite so to increase one thing you must decrease another. It all comes down to prioritizing Best vacation: Hiking with my family in Estes Park, Colorado, or racing my son down the alpine slide in Winter Park, Colorado What I wanted to be as a kid when I grew up: I’ve wanted to be an accountant since I was about nine because I liked math and was told accountants make a lot of money Favorite quote: “If you don’t have time to do it right, when will you have time to do it over?” John Wooden

www.iacpa.org

Vote yes to shape the future

DOL issues final rule raising OT pay threshold

f you are an AICPA member, access your ballot and vote by June 16 for the AICPA-CIMA proposal to integrate operations through a new association representing the entire profession. AICPA members were sent their confidential ballots via email the week of April 18 from third party vote administrator “AICPA Independent Tabulator.” If you can’t find it in your inbox, check your spam or clutter folder. You can also have the ballot re-sent by visiting www. directvote.net/aicpa and clicking “email me my login information” at the bottom of the screen. Vote yes in the AICPA membership ballot taking place through June 16. For more information, visit www.aicpa. org/horizons.

he Department of Labor’s (DOL) final rule on overtime pay will raise the salary threshold indicating eligibility from $455/week to $913 ($47,476 per year), ensuring protections to 4.2 million workers. In addition, it:

The final rule will become effective Dec. 1, 2016, giving employers more than six months to prepare. The final rule does not make any changes to the duties test for executive, administrative and professional employees.

• Automatically updates the salary threshold every three years, based on wage growth over time, increasing predictability. • Strengthens overtime protections for salaried workers already entitled to overtime. • Provides greater clarity for workers and employers.

To learn more, visit www.dol.gov/ featured/overtime. A DOL webcast (originally available in February) on changes to rules for salaried exempt employees may be viewed by members for free at www.iacpa.org/ resources/member-learning. (No CPE credit.)

Make sure you find out when we offer FREE learning events in the future. Check that your email address is up to date in your member profile under the “My Membership” section at www.iacpa.org.

Is your finance team stretched thin? Is your accounting staff feeling overworked? Are you struggling to find the resources to help with a special project? Did you just lose a key person on your accounting/finance team and can’t afford to go a day without them? In today’s environment, most Accounting/Finance departments cannot afford added stress. Partner with the Palmer Group to provide you cost-effective solutions to help lighten your load. central iowa’s employment solution since 1998 3737 Woodland ave, Ste. 200, WdM / 515.225.7000

www.iacpa.org

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Iowa CPA | June 2016 | 9

What you should know:

Career Center

New rule on naming engagement partners

E www.iacpa.org/careers

New student affiliates Buena Vista University Meghan Harmening Iowa State University Jordan Kulow Kaplan University Mackenzie Clark University of Northern Iowa Clinton Au Jong

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arlier this month, the Securities and Exchange Commission (SEC) adopted proposed new rules and related amendments to auditing standards. Previously, the Public Company Accounting Oversight Board (PCAOB) adopted and proposed the rules for SEC approval to provide investors with more information about who participates in public company audits. The PCAOB plans to release staff guidance and other tools for firms to use as they implement the new rules.

What Iowa CPAs need to know The PCAOB adopted final rules that would require audit firms to file a new form with the PCAOB and disclose the name of the audit partner responsible for issuing the firm’s audit report and the name, location and extent of participation of other accounting firms whose participation exceeded five percent of the total audit hours. Participation by other accounting firms that individually don’t meet the five percent threshold would be aggregated and reported as other firms. The form would be available to the public on the PCAOB website. The form would be required for each issuer audit within 35 days after the audit report is issued, while the form for audits of new issuers would be due 10 days after the report is first included in an initial public offering document filed with the SEC. These new rules would be phased in. Audit firms would disclose the name of the engagement partner for auditors’ reports issued on or after Jan. 31, 2017, which would cover 2016 financial statements for most calendar year issuers. Audit firms would identify and make disclosures about other accounting firms that participated in the audit for auditors’ reports issued on or after June 30, 2017. The new reporting requirements would not apply to audits of brokers and dealers. I believe audit firms should begin the process now of gathering information that will be required in the new form. Chris Yuska is a CPA and partner, assurance services at EY in Des Moines. He has been an ISCPA member since 2006.

Members in the news Brian M. Unsen, Eide Bailly LLP, Dubuque, has been promoted to partner.

In remembrance ISCPA offers condolences to the families of: Richard W. Boss, Nevada, MO, CPA certificate No. O600. Richard was a member since 1962. Thomas E. Larson, Urbandale, CPA certificate No. 02875. Tom was a member since 1982.

www.iacpa.org

Welcome!

The following members joined the Society in April and May. Please take time to welcome them and invite them to participate in events and programs with you.

New members Dennis M Bockenstedt City of Iowa City Iowa City, IA

Krista A Krogman Athene USA West Des Moines, IA

Leah D Conrad Gross & Company Dunlap, IA

Morgan D Ottenbacher Wellmark Inc Des Moines, IA

David C Deeds University of Northern Iowa Cedar Falls, IA

Curtis J Robbins RSM US LLP Des Moines, IA

Johnna M Haarsma RSM US LLP Des Moines, IA Jason P Hefflefinger Pella Corporation Pella, IA Christine E Hornbuckle Principal Des Moines, IA

Kelly M Ryan LWBJ LLP West Des Moines, IA Nicole P Steffensen Brinkman & Reed CPAs Estherville, IA

Kimberly A Vavra BH Management Services LLC Des Moines, IA

Aarika Koppenhaver Koppenhaver & Associates PC Mount Vernon, IA

Affiliates: Marcus Benton McGowen Hurst Clark and Smith PC West Des Moines, IA

Julie E Meyer Brian D Bast PC Hiawatha, IA

Russell Forrest De Noble Austin & Company PC Rock Rapids, IA Micah Gitlin Kay Dee Feed LLC Sioux City, IA

Ryan J Van Kooten Konek PC Prairie City, IA

Iowa CPAs Month of Service is back!

Samuel P Myers KPMG LLP Des Moines, IA Nicholas J Reeve RSM US LLP Des Moines, IA Nicole M Schneekloth De Noble Austin & Company PC Rock Rapids, IA

Manage Exchange and Professional Risk with the Midwest’s Premier Exchange Resource

Month of Service Volunteer SEPTEMBER 2016 | Community Counts

IPE 1031 6150 VILLAGE VIEW DRIVE • SUITE 113 WEST DES MOINES, IA 50266 515.279.1111 • 888.226.0400 FAX 515.279.8788 WWW.IPE1031.COM INFO@IPE1031.COM

www.iacpa.org

Iowa CPA | June 2016 | 11

Classified ads FINANCIAL ACCOUNTING ANALYST II AND III-DERIVATIVES–Do you have accounting experience with derivatives and hedge accounting background or fair value accounting and/or investment experience? If so, FHLB Des Moines seeks an Accounting Analyst III and an Accounting Analyst IIDerivatives to produce timely, accurate, and reliable financial information. This role will prepare and/or review the accounting and daily operations for derivatives and hedging activity. In addition this position may assist with various projects/requests related to the Derivatives area. Responsibilities: Perform and/or review daily operations to ensure proper accounting for Financial Accounting transactions in accordance with GAAP. Assist with the monthly/ quarterly/annual close process by preparation and/or review of journal entries, reconciliations, financial statement analysis, and SEC filing requests, and other reports. Assess, develop, and implement processes for efficiencies. Assist in back up of critical functions within Financial Accounting team. Ensure adequate procedures maintained and are reviewed periodically. Assist in preparation of internal and external audit requests. Manage departmental regulatory issues and internal controls. Qualifications: Bachelor’s degree in Accounting. CPA designation with 2+ years of public accounting experience preferred. 5-7 years or 3-5 years of related experience; exposure/experience with derivatives and hedge accounting preferred. Experience with month-end/yearend close process. Strong written and verbal communication skills. Strong computer skills with Word, Excel and Access. Visit www. fhlbdm.com/careers, select the position and click on the “apply for this position” button under the description to create a profile and upload your resume.

12 | Iowa CPA | June 2016

IOWA PRACTICES FOR SALE: Gross revenues shown. N Central IA $532K; NE Iowa $337K; N Central IA $306K; near Des Moines $195K; NW IA $603K. For practice details call 1-800397-0249 or visit us at www. AccountingPracticeSales. com to inquire about available opportunities and register for free email updates. CAREER OPPORTUNITYINTERNAL AUDIT MANAGER– Our Ames-based client has an exciting opportunity for an audit professional to plan and conduct operational and financial audits of facilities throughout Iowa. With executive management, you will design new controls and assess corporate risks. BS/BA Accounting or Finance, 6+ years of public accounting or internal auditing required. CPA preferred. For confidential inquiry/consideration, contact Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or morrow@iowacareerconnection.com. We are retained by our clients who pay all fees. FINANCE LEADER (CFO)–Are you a Dynamic Strategic Financial Leader with manufacturing experience? LDJ Manufacturing is looking for you to join our team as our Finance Leader. Find out more details at http://www.ldjproducts.com/index.php/201107-29-20-15-22/50-finance-leader or submit resumes to Luke at careers@ldj-products.com. TAX & AUDIT CPA–Shull, Schrum, McClaflin & Co, Inc seeks a CPA with 2-4 years of tax or audit experience. We are an established full-service CPA firm with offices in two central Iowa towns. We offer a competitive salary and excellent benefits, as well as advancement potential. Candidates must be self-starter and able to work with a wide variety of clients, corporate and individual. Email resume to delgin@shullco.com.

MANAGER OF ACCOUNTING & AUDITING STANDARDS–Selden Fox Ltd, a mid-size public accounting firm located in Oak Brook serving privately held companies in a broad range of industries as well as government and nonprofit entities, has an opportunity available for an experienced professional to undertake quality control responsibilities. The individual will be responsible for the review of all accounting and auditing reports and letters to be issued; the technical review of all general files relating to reports issued; the research of accounting, auditing and independence issues as needed; and the maintenance and enhancement of the firm’s quality control document as it relates to compliance with AICPA standards and international standards. Coordination of the peer review process, as well as the development and instruction of relevant continuing education courses are also key responsibilities. Qualified candidates will possess CPA certification with at least 5 years of experience in public accounting, as well as current technical knowledge of GAAP, GAAS, SSARS, OMB A-133, ethics and quality control standards. This individual should also be competent in the instruction and development of staff, possess strong oral and verbal communication skills, solid organization abilities and have exposure to a diverse array of industries. Previous experience in a quality control function is a plus. Selden Fox promotes an entrepreneurial environment that allows individuals to develop to their potential. Qualified candidates should send a cover letter and resume, including salary requirements, to: Selden Fox Ltd, Human Resources-QC, 619 Enterprise Drive, Oak Brook, IL 60523. E-mail: recruiting@seldenfox.com. An equal opportunity employer. Continued on page 13

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Continued from page 12 FINANCIAL REPORTING ACCOUNTING ANALYST II–Do you have expertise in accounting standards, SEC rules and regulations, financial reporting and coordinating external audits? FHLB Des Moines seeks a Financial Reporting Accounting Analyst II to produce timely, accurate and reliable financial information and to assist with preparation of internal and external financial reporting and coordination of external audits and special projects. Responsibilities: Coordinates and prepares the Bank’s quarterly and annual SEC filings. Coordinates and prepares the Federal Housing Finance Agency and Office of Finance quarterly and annual financial information. Prepares/reviews source documents for daily accounting activities and supporting work papers. Prepares/ reviews internal financial reporting for the Bank’s management teams and Board of Directors. Reviews external financial reporting for rating agencies such as Moody’s Investor Service Inc and Standard & Poor’s Rating Services. Coordinates the external audit including preparation of audit support and coordination of audit support from different departments. Manages departmental regulatory issues and internal controls. Qualifications: Bachelor’s degree in Accounting. CPA designation preferred. Public accounting experience with emphasis in financial statement audits preferred. Requires 3-5 years’ of related experience; exposure/experience with accounting standards, SEC rules and regulations, and financial reporting including XBRL preferred. Strong computer skills including Excel, Word and Access. Demonstrated oral & written communication skills focusing on attention to detail. Visit www.fhlbdm.com/ careers, select the job and click on “apply for this position” button at the bottom of the description to create a profile and upload your resume.

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Accountants rank top 5 challenges in practice for 2016 By Randy Johnston, K2 Enterprises and Network Management Group Inc.

he 3rd Annual Accounting Firm Operations and Technology Survey (AFOT Survey) revealed the top challenges faced by your accounting and tax practice peers, including: • • • •

Recruiting and retaining staff Workflow and efficiency Change Archiving and retention of email • Attracting new clients

both public practice and industry organizations think strategically and choose technologies that help them leverage their business assets to meet strategic goals. Read on! Randy Johnston is executive vice president and a shareholder of K2.

You won’t want to miss this great article from Randy, who helps Continue reading this article at www.iacpa.org/topfivechallenges.

NEW!

Small Firm

Forum

Monday, June 27 ISCPA Enrichment Center

10 a.m.-noon – speaker Noon-2 p.m. – lunch and discussion If you’re an individual practiFREE for members! tioner or small firm owner, you Nonmembers $79 2 hours CPE won’t want to miss your opportunity to attend this new ISCPA Featured speaker event – FREE for members. Carl Peterson, vice president, small firms, American Institute of CPAs Many issues facing today’s ✔✔ SSARS 21 accounting firms are similar regardless of firm size. However, ✔✔ Peer review ✔✔ Fee pressure there are challenges and expe✔✔ Employee recruitment and riences unique to a small firm. retention Gather with fellow sole practi✔✔ Tax season challenges tioners and small firm partners ✔✔ Workload compression to learn about the pressing ✔✔ Technology issues affecting you and your ✔✔ And more!

firm, and benefit from collective Attend in person or via live webcast. knowledge and collaborative Webcast only from 10 a.m.-noon discussion.

Space is limited!