STATEMENT MACPA’S
APRIL 2017
WANT TO BEAT THE MACHINES? LEARN TO DO WHAT THEY CAN’T. The robots are coming, and they want your job. Page 4
ALSO INSIDE
A ROBOT DID NOT DESIGN THIS COVER.
Maryland lawmakers withdraw proposed filing fee increase following vocal opposition from state’s CPAs Page 6 Servicing marijuana businesses: High times for CPAs? Page 12 Does your firm have a business intelligence strategy? Page 24
Maryland Association of Certified Public Accountants, Inc.
(OR DID IT?)
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CONTENTS April 2017 | Maryland Association of Certified Public Accountants, Inc.
CHAIR’S COLUMN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 FEATURES Want to beat the machines? Learn to do what they can’t . . . . . . . . . . . . . . . . . . . . . . . . . 4 Servicing marijuana businesses: High times for CPAs?. . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
DEPARTMENTS News & Views . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Public Practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Business & Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 High-Tech Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 Professional Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Young Professional Council . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
CLASSIFIEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 MEMBER NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 UPCOMING EVENTS & COURSES. . . . . . . . . . . . . . . . . . . . . . . . . . 42 ADMINISTRATION Becky Conley becky@macpa.org Amy Stumme amy@macpa.org COMMUNICATIONS Amy Moran amym@macpa.org Edith Orenstein edith@macpa.org Bill Sheridan bill@macpa.org FINANCE Margaret DeRoose margaret@macpa.org Laura Swann, CPA lauras@macpa.org
PRODUCT DEVELOPMENT
Jennifer Stevens jennifer@macpa.org
Akesha Brown akesha@macpa.org
Dee Sullivan dee@macpa.org
Debbie Zizwarek debbie@macpa.org
Emily Trott emily@macpa.org
TECHNICAL SERVICES
Ryan Wey ryan@macpa.org
Cora Edwards cora@macpa.org MaryBeth Halpern marybeth@macpa.org
Kelly Jennings Robert Jirsa, CPA Ray Speciale, Esq., CPA Barrett Young, CPA
SENIOR STAFF
See below to submit content Bill Sheridan | MACPA Dulaney Center II 901 Dulaney Valley Road Suite 800 Towson, MD 21204 FOR CONTENT SUBMISSION: bill@macpa.org feedback@macpa.org TO ADVERTISE IN THE STATEMENT: AmyP@macpa.org AmyM@macpa.org
OFFICERS Lisa Cines, CPA Chair
J. Thomas Hood III, CPA tom@macpa.org
Chris Dougherty chrisd@macpa.org
Kenneth Kelly, CPA, CGMA Vice Chair
MACPA DEPUTY EXECUTIVE DIRECTOR
Samantha Bowling, CPA, CGMA Secretary/Treasurer
Jacqueline E. G. Brown jackie@macpa.org
The MACPA reserves the right to edit all submissions for grammatical style and / or length.
DIRECTOR OF FINANCE AND ADMINISTRATION
Statement of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of MACPA.
Skip Falatko, CPA skip@macpa.org
The Statement is published four times a year by the Maryland Association of Certified Public Accountants, Inc.
Natalie Atonakas natalie@macpa.org
Paige Sawicki paige@macpa.org
APRIL 2017
Jennifer Elder, CPA, CMA, CIA, CFF, CGMA, MS
WE WANT TO HEAR FROM YOU!
Pamela C. Devine pam@macpa.org
Amy Puente amyp@macpa.org
Rebekah Brown, CPA rebekah@macpa.org
2016-2017 BOARD OF DIRECTORS
Wallace E. Boston, Ed.D., CPA, CGMA, CMA
MACPA EXECUTIVE DIRECTOR
PROFESSIONAL DEVELOPMENT
MEMBER SERVICES
Lauren Baker lauren@macpa.org
Rebecca Zimmerman becca@macpa.org
Avonette Blanding, CPA
Laura Dorsey-Shaner laura@macpa.org Terri Smith terri@macpa.org
Michael Manspeaker, CPA, CGMA Immediate Past Chair DIRECTORS Raj Bhaskar
P: 410.296.6250 F: 410.296.8713 Toll free: 800.782.2036
Bill Sheridan, Editor Amy Moran, Advertising Sales
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CHAIR’S COLUMN THE ANSWER TO TECHNOLOGICAL TRANSFORMATION? PERSONAL REINVENTION. BY LISA CINES, CPA
DIRECTOR, RADIUS WORLDWIDE
Tax season is coming to a close. For all of you future-focused CPAs, that means the real work has just begun. Change is in the air. Big change. The kind of change that has experts predicting that tax preparation and accounting and auditing will be almost completely automated in less than 20 years. And that’s just for starters. Art Bilger, a venture capitalist and expert at the Wharton School of Business, predicts that 47 percent of the jobs in all developed nations will disappear in the next 25 years — that’s blue-collar and white-collar jobs. “No government is prepared” for that level of job loss, The Economist claims. (See related article, page 4.) That’s as frightening as economic predictions get. It’s also probably wrong. Technology usually doesn’t eliminate entire industries. In fact, says Pulitzer Prizewinning New York Times columnist Thomas Friedman, it sometimes creates more of the very jobs it threatens to eliminate. Take ATMs, for example. They were supposed to be the death knell for bank tellers. Since 2000, however, “the number of full-time equivalent bank tellers has increased 2.0 percent per annum, substantially faster than the entire labor force,” Friedman writes in Thank You For Being Late: An Optimist’s Guide for Thriving in the Age of Accelerations. How did that happen? “The ATM allowed banks to operate (more) branch offices, offsetting the loss in teller jobs,” Friedman writes. “At the same time, teller skills changed. Non-routine marketing and interpersonal skills became more valuable, while routine cash handling became less important.” What’s the point?
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Simply this: Technology probably won’t steal your job, but it will dramatically transform that job into something largely unrecognizable today. We can’t compete with the machines at what they do, so we’ll have to learn to add value for our clients and customers by doing the things machines can’t do — collaborating, being empathetic, and telling the stories behind the numbers rather than simply crunching those numbers. “Let’s get one thing straight: The robots are not destined to take all the jobs,” Friedman writes. “That happens only if we let them — if we don’t accelerate innovation in the labor / education / startup realms, if we don’t reimagine the whole conveyor belt from primary education to work to lifelong learning.” Sure, the robots are going to be churning out tax returns faster and more accurately that we can ever hope to. They’re already doing so, in fact, just as they’re redefining the audit process and transforming financial planning. But they’re not human. They can’t have a conversation with a client about his or her hopes and fears for the future, and they can’t turn that empathy into a futurefocused business strategy. We can do that. But first we have to honestly answer a simple question: Do we have the skills we need to provide that kind of value? Study after study reveals the exact nature of those skills. Research by Development Dimensions International, the Conference Board, the American Institute of CPAs, CPA.com, CGMA, and the Business Learning Institute all point to the same conclusion: The top skills accounting and finance professionals will need to succeed going forward have very little to do with the transactional
core that has defined this profession for generations. These new skills include: • • • • •
Strategic and critical thinking Change management Communication Inspiring and motivating others Collaboration and mobilizing consensus • Decisiveness in times of ambiguity • Influencing and persuading others • Innovation • And perhaps most important, anticipation — the ability to identify future trends before they arrive and position our organizations to take advantage of those trends before our competition does. The bottom line: In order to remain relevant in an era of constant change and increasing automation, CPAs must move beyond mere data and information and start providing their clients with knowledge and wisdom. Crunching the numbers is now the machines’ realm. CPAs’ value going forward lies in their ability to interpret those numbers and provide their clients with proactive, future-focused advice. That requires a new set of skills — and new ways in which to learn those skills. That’s where the MACPA and the Business Learning Institute come in. We offer those skills in a variety of learning formats designed to make you and your clients future-ready. The first step, though, belongs to you. It involves answering a few important questions. Do you understand that your job is changing? Do you know what you must do to remain relevant and valuable to your clients? Are you committed to do it? Is the answer questions “yes?”
to
each
of
those
Then let’s begin. STATEMENT
Want to beat the machines? Learn to do what they can’t The robots are coming, and they want your job. We’ve known this for a while now. Oxford University published a study nearly two years ago that tried to gauge the odds that certain professions would be completely automated within 20 years. Tax preparation came in at 98.7 percent. Accounting and auditing was at 93.5 percent. Then, as if on cue, came word last year that KPMG was beginning to apply the IBM Watson cognitive learning technology — the same machine-learning technology that beat humans in chess and “Jeopardy” — to its suite of professional services, including tax, auditing, and consultative services. In February, H&R Block joined the party by announcing it will be using Watson to help prepare tax returns at 10,000 of its offices nationwide. That’s a machine that does what you do … and suddenly, it isn’t science fiction anymore. Suddenly, that Oxford study looks pretty quaint. Twenty years? At this rate, our jobs will be automated in 10. But it gets better. An expert at the Wharton School of Business says 47 percent of the jobs in all developed nations will disappear in the next 25 years — that’s blue-collar and white-collar jobs. Moreover, says
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The Economist, “no government is prepared” for that level of job loss. The implications are huge. Other studies aren’t quite that alarmist. James Manyika, director of the McKinsey Global Institute, says “more jobs will change than will be automated away in the short to medium term.” Still, that change will be extreme. While only 5 percent of jobs can be completely automated over the next 10 years using current technologies, Manyika says at least 30 percent of the activities in 60 percent of all occupations can be automated over the next decade, from welders to gardeners to CEOs. DO WORK THAT ONLY HUMANS CAN DO One way or another — complete automation or partial — your job is about to change. And if you want to remain relevant to your clients and customers, that means you have to change, too. We’ve built this profession by counting the beans and crunching the numbers — by accounting for things that happened yesterday. Today, machines can do that stuff faster and more accurately than we ever will. That doesn’t make us irrelevant, though. Just ask Cathy Engelbert. Deloitte’s CEO leads a firm that is as technologically cuttingedge as any on the planet. Yet even she is quick to point out the machines’ shortcomings. “I still believe professional judgment and expertise is not STATEMENT
BY BILL S HERID A N, CA E replaceable by machines,” Engelbert told Accounting Today. “I’ve never met a machine with courage and empathy, one that can read body language and adjust what they say. While we’re going to digest larger volumes of data and information, the key is to use artificial intelligence to augment what the human does. … Using these technologies to augment human intelligence and find the insights in the data is more important than ever.”
Accounting and Finance Edition.” This groundbreaking new learning program is designed to help accounting and finance professionals jump-start their ability to anticipate future trends and take advantage of the opportunities those trends offer.
NEW SKILLS FOR A NEW ERA There’s our sweet spot — doing the things that machines can’t do. As futurist Peter Sheahan says, “Humans should only do work that only humans can do.”
Using short, three- to five-minute, single-concept videos, this transformative program teaches professionals critical competencies like strategic thinking, external awareness, vision, continuous learning, innovation, creativity, problem solving, prioritization, business acumen, decisiveness, influencing / persuading, emotional intelligence, consensus building, collaboration, inspiration, and risk management.
In 2014, The Sleeter Group released a report titled “What SMBs Want From Their CPAs.” The report found that the most popular reason why clients leave their CPA is because the CPA provides reactive services instead of proactive advice.
It goes even further, though. Through the use of job aids and rapid application tools, The Anticipatory Organization teaches professionals to apply what they’ve learned directly to their own jobs and immediately put those lessons to work.
In other words, we’re crunching the numbers instead of helping our clients become more future-ready.
Burrus’s Anticipatory Organization program has been customized for the accounting and finance profession by a customer co-creation group gathered by the MACPA and the BLI. The group represents CPAs in small to large firms, CFOs, controllers, young professionals, and other segments across the profession.
Helping our clients become more future-ready means we have to be future-ready, too. That means we can’t rely on the technical training and expertise that have brought us this far. Our future relevancy depends on our ability to learn a new set of skills. What are those skills? Study after study points to the same critical competencies: • • • •
Strategic and critical thinking Communication Inspiring and motivating others Collaboration and mobilizing consensus
ANTICIPATION: THE KEY MISSING COMPETENCY Of all the skills CPAs will need to succeed going forward, one stands apart from all others. It’s anticipation. Futurist Daniel Burrus defines it as “the ability to anticipate disruptions before they disrupt you, problems before you have them, customer needs before they have them, and new opportunities before the competition spots them.” Anticipation is the ability to identify future trends before they arrive and position our organizations to take advantage of those trends before our competition does. It’s so important, in fact, that Burrus calls it the greatest missing competency in business today. And it’s a skill we all can learn. TEACHING THE SKILL OF ANTICIPATION The MACPA and the Business Learning Institute have partnered with Burrus to produce “The Anticipatory Organization™:
APRIL 2017
The program is so groundbreaking that Accounting Today named it one of their top new products for 2016. DOING WHAT MACHINES CAN’T We can’t stop the machines. Whether we like it or not, they’ll keep getting faster, and smarter, and more accurate. What we can do is learn how to do the things the machines can’t do. Those things fall on the human side of the equation. We need to spend less time crunching the numbers and more time interpreting them — telling the story behind the numbers and what they mean for our clients. We can do that. These are all skills we can learn, and that training is available as we speak. We just need to make a decision: Do we want to learn them? Do we want to remain relevant? Do we want to continue to be our clients’ most trusted business advisors? I’m assuming the answer is “Yes.” So let’s get started. LEARN THE SKILLS YOU NEED TO BE FUTURE-READY From strategic and critical thinking to collaboration to anticipation, the Business Learning Institute offers programs that will give you all of the skills you need to become future-ready — and to make your clients future-ready, too. Check out the complete BLI course catalog at BLIonline.org. Bill Sheridan, CAE, is editor of The Statement and chief communications officer of the Maryland Association of CPAs and the Business Learning Institute.
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NEWS & VIEWS Maryland lawmakers withdraw proposed filing fee increase following vocal opposition from state’s CPAs B Y B I L L S H E R IDA N , CA E
If you have any doubt about the power of grassroots advocacy, check out what happened to House Bill 691 in Maryland’s General Assembly. Introduced on Feb. 1, the so-called “Filing Fee Fairness Act of 2017” called for an increase in the fee that small businesses must pay for filing an annual report with the State Department of Assessments and Taxation. For businesses with just $200,000 in assets, that proposed annual fee would have skyrocketed from $300 to $4,000. Then MACPA members got wind of the proposal. Word of the exorbitant proposed increase spread rapidly through the MACPA’s state and federal tax listservs, and the association quickly added the bill to its legislative agenda. MACPA members were on hand to testify against the bill at a Feb. 22 hearing before the House Economic Matters Committee, and
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MACPA Executive Director Tom Hood submitted written testimony as well.
“I got a lot of opposition from the business community on this one,” Adams said.
“An annual fee of $4,000 for a small business with only $200,000 of assets is unreasonable and unfair,” Hood wrote. “Calculating annual filing fees based on the taxable assets of the entity is poor tax policy as well as hopelessly unclear. It will lead to problems of interpretation and uneven application.”
Members of the House Economic Matters Committee apparently agreed with the state’s CPAs.
Moreover, said Hood, the proposal was nothing more than a form of double taxation — and inherently bad for business in Maryland.
That’s the power of legislative advocacy. The collective voice of Maryland’s CPAs was heard loud and clear.
The opposition from the CPA community made an impression on Del. Chris Adams. “Adams said many CPAs in his district complained more about the proposal than the current sick leave bill moving through the legislature,” MarylandReporter.com reporter Daniel Menefee wrote.
On March 3, the committee unanimously gave H.B. 691 an unfavorable reporting, and the bill’s sponsor, Del. Vanessa Atterbeary, withdrew the bill.
Be vigilant, CPAs, and keep fighting the good fight. Our lawmakers hear you, and they’re paying attention. Bill Sheridan, CAE, is editor of The Statement and chief communications officer with the Maryland Association of CPAs and the Business Learning Institute.
STATEMENT
Does This Workday Look Familiar? 8:12 AM I have my coffee, check my emails, and check on status of work
1:00 PM I have 30 minutes for lunch, then back-to-back meetings
8:30 AM I have a meeting
4:45 PM I get interrupted by a crisis
10:15 AM Our priorities changed
5:10 PM Text my friends that I won’t be able to make it tonight—work calls
12:30 PM An employee goes home sick
It’s Time to Go from Overwhelmed to Energized Your business workflow should provide you with four key elements. Visibility. Control. Accountability. Flexibility. Visibility: Having a 360° view provides the insight needed to make resource adjustments or changes Control: Identifying departmental bottlenecks and implementing process efficiencies will let you deliver quality results. Flexibility: Enacting continuous process improvements will help deliver increasing efficiency. Accountability: Gaining a real-time “single source” of the status for every assignment, task, and deadline supports greater accountability.
Contact an XCM Workflow Consultant for more information 1-781-356-5152 Visit xcmsolutions.com/MACPA to learn how XCM can work for you.
APRIL 2017
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PUBLIC PRACTICE Goodbye A-133, Hello uniform guidance: What you need to know F RO M T H E A ICPA The investment of time and resources necessary to perform high-quality single audits of federal funds can be substantial and daunting for many CPA firms. Add the implementation of new single-audit rules to the mix and the challenges increase exponentially. The good news is that through the Enhancing Audit Quality initiative, the AICPA and the Maryland Association of CPAs provide education, tools, and resources that continue to support firms in driving improved single-audit quality. Audit quality is always important, and data gathered through peer review and ethics investigations indicate that firms performing single audits should pay particular attention to these specialized engagements. Additionally, the AICPA Peer Review Program recently engaged experts in public practice to review a statistical sample of “must-select” engagements, including single audits. These reviews revealed that 44 percent of the engagements reviewed did not conform to applicable professional standards in all material respects. Issues identified in the reviews included missed major programs and failure to test internal controls over compliance. Maintaining and driving high audit quality for these engagements is a key focus for the profession. NOW IS A GREAT TIME TO REVISIT YOUR PROCESSES Effective for fiscal years beginning on or after Dec. 26, 2014 (generally Dec. 31, 2015, calendar year-ends and beyond), single audits that were formerly performed under U.S. Office of Management and Budget Circular A-133 must now be performed under the “Uniform Administrative Requirements, Cost Principles, and Audit
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Requirements for Federal Awards.” The uniform guidance presents both opportunities and challenges for CPA firms practicing in this area.
to the uniform guidance that auditors need to understand and test. Further, the criteria that auditors test compliance against may have changed.
In brief, the uniform guidance consolidates federal grants administration requirements into one regulatory location and makes significant revisions to the requirements that had been previously contained in numerous OMB circulars. The new regulation addresses grant management policy for federal agencies administering federal programs, recipients of federal funds, and auditors.
Finally, the uniform guidance emphasizes the importance of audit quality by requiring a government-wide audit quality study once every six years. The first study will likely occur in 2019 or 2020 as determined by the OMB, and will include single audits submitted to the Federal Audit Clearinghouse as early as 2018. That means certain 2017 year-end single audits could be included in the scope of the study. Given the need for firms to retool their single-audit procedures to implement the uniform guidance, there is a unique opportunity to re-examine existing processes and tap into best practices.
Among the changes for auditors are revisions to the major program determination process, threshold changes, and modifications to the compliance requirements subject to audit. To achieve high-quality engagements, auditors should carefully review the new requirements to make sure they clearly understand how to implement the guidance. Changes to client requirements under the new regulations may also present an audit quality challenge. Clients may make changes to their internal control in response
STEPS TO SUCCESS FOR FIRMS Since the release of the uniform guidance, the MACPA has been working with the AICPA to help firms prepare for implementing the uniform guidance. Now that the implementation is under way, we will continue to collaborate to provide educational resources and tools to assist practitioners. Here are some steps you can STATEMENT
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APRIL 2017 SOC6280b
1116 CRN201811-206875
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PUBLIC PRACTICE take now to be successful in your single audit engagements: • Partners and firm managers should emphasize the importance of single audit quality to their professional staff. A recently issued uniform guidance flyer containing tips for auditors implementing the uniform guidance may help firm leaders with this effort. Download the flyer at https://goo.gl/p23Jji. • The AICPA’s Governmental Audit Quality Center (https://goo.gl/ FG3vs1) provides up-to-date information, resources, tools, and events to support governmental engagements and single audits. If your firm is not already a member, consider joining. • Listen to a free, archived GAQC web event, “Avoiding Common Deficiencies in Yellow Book and Single Audits,” to learn more about common pitfalls and tips to prevent
them in your single audit practice. Listen to the event at https://goo. gl/6Nz7B1. • Check out a new free practice aid that the AICPA has released, “Establishing and Maintaining a System of Quality Control for a CPA Firm’s Accounting and Auditing Practice,” which contains customizable illustrative policies and procedures and includes tips, warnings and reminders to help practitioners better implement the quality control policies and procedures. You’ll find the practice aid at https://goo.gl/0M0z2X. • Review the AICPA’s free “AICPA Competency Framework: Governmental Auditing,” which includes single audit competencies to gauge your knowledge, and learn more about the AICPA’s exam-based single audit certificate program as a way to demonstrate your competencies. You’ll find the
framework at https://goo.gl/uIZMIJ. • Direct your clients to the free tools and resources available through the GAQC Auditee Resource Center to help them understand their role under the uniform guidance. Visit the resource center at https://goo. gl/Bqvb9t. A COMMITMENT TO EXCELLENCE The CPA profession has a long history of transforming challenges into opportunities. “As a forward-looking profession, we have a long-standing commitment to quality and must always look for ways to improve,” said MACPA Executive Director Tom Hood, CPA. “We must preserve the reputation we have worked very hard to earn. That reputation is what enables the public to rely on our services.” Successful adoption of the uniform guidance is yet another opportunity to show an unrelenting dedication to audit quality.
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STATEMENT
2017
Bring SPF. Take CPE. JUNE 28, 29, & 30 Ocean City, MD | Clarion Resort Fontainebleau Hotel Up to 20 CPE credits The MACPA Beach Retreat is held every year in Ocean City, MD. Members are encouraged to bring families and make Beach Retreat part of a working vacation. Multiple courses are offered every day of the retreat, and participants are invited to take as many (or few) sessions as they like.
macpa.org/BeachRetreat APRIL 2017
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Servicing marijuana businesses: High times for CPAs? More than 25 states allow the sale of marijuana for medicinal use, and eight states permit the sale for recreational use. This activity has created new business opportunities for many public accounting firms, but there are unique challenges and risks in serving these clients. Maryland’s Medical Marijuana Commission develops policies, procedures, and regulations to implement programs that ensure medical cannabis is available to qualifying patients in a safe and effective manner. Currently, there is no legal medical cannabis available to patients in Maryland, but progress is being made to grant licenses to businesses to grow, process, and dispense it. According to recent reports, medical marijuana dispensaries are expected to open in mid to late 2017. Providing services to clients engaged in a business that is legal under state law but illegal under federal law has raised concerns among CPA firms regarding professional liability risks and compliance with professional standards, laws, and board of accountancy regulations. Under federal law, marijuana remains illegal under the Controlled Substances Act. This exposes firms that service marijuana businesses to charges of aiding and abetting or conspiracy to violate this law, as well as criminal prosecution and civil claims alleging violation of federal racketeering laws. Many banks refuse to provide services to these businesses due to concerns about application of both the Controlled Substance Act and anti-money laundering laws. As a result, marijuana businesses handle large amounts of cash, highlighting the need to address internal controls and the risk of theft and fraud. Additionally, the application of federal and state tax laws to income tax reporting by marijuana businesses is complex, requiring a heightened focus on compliance by both CPAs and their clients.
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Quality control procedures will be of heightened importance for any accountant serving marijuana businesses. Vigilance in client engagement acceptance and continuance can help mitigate the elevated risks of servicing these largely cash-based businesses, which must comply with conflicting federal and state laws. Both audit and tax services present unique challenges, such as the valuation of inventory and the disallowance of tax deductions under §280E of the Internal Revenue Code. These factors create obvious risks for CPA firms providing services to marijuana businesses. When assessing client acceptance and continuance, CPA firms should determine whether the marijuana business has conducted criminal background checks of its employees and if any adverse findings will affect their ability to effectively render services. When entering into an engagement, CPA firms should obtain a representation letter from the business principals expressly stating that they fully understand and intend to comply with all state laws applicable to their business. Engagement letters should clearly define the scope of the services to be rendered, and require client management to acknowledge that it is their responsibility to maintain all tax and accounting records as needed to respond to inquiries, investigations or audits initiated by regulators and criminal or tax authorities. Additionally, all communications with the client should be documented in writing. A related concern raised by many CPAs is how professional liability insurance coverage applies to claims that may arise from servicing these clients. Insurance coverage cannot be determined prospectively by the firm’s insurer, agent or broker. However, understanding how coverage applies can ease the process of evaluating and mitigating the risks of servicing this growing industry. STATEMENT
BY S TANLEY S T ERNA, JD, AND JO S EP H WO L FE Professional liability insurance policies include a definition of “professional services,” which generally is broadly drafted to cover services performed by accounting firms. The majority of services CPA firms are likely to render for marijuana businesses are no different from those performed for other client industries. Many policies also provide coverage for the costs associated with responding to a disciplinary or regulatory investigation. While coverage varies, these policy provisions are designed to provide coverage for the legal costs of responding to a complaint filed against the CPA firm or its employees by licensing boards or regulators. Professional liability policies generally do not, however, provide insurance coverage for the legal costs of responding to a criminal investigation or defending criminal charges filed against the firm or individuals. Policy exclusions specifically define and deny coverage for these exposures. Additionally, these policies generally do not provide coverage for civil or criminal fines, penalties, sanctions or forfeitures. Coverage for these exposures is usually limited by the definition of Loss contained in the policy. As a practical matter, how does this play out in the event a CPA firm or its employees encounter civil or criminal investigations, claims or legal action related to their services to marijuana businesses? Coverage is determined pursuant to a policy’s terms and conditions, as well as applicable laws, regulations and professional standards. PROFESSIONAL LIABILITY CLAIMS AND LAWSUITS Insurance coverage generally will apply, just as it would to services rendered for clients in other industries. However, in light of the fact that marijuana businesses remain illegal under federal law, claims may include allegations that the firm or individuals employed by the firm engaged in dishonest, fraudulent, or criminal acts.
More than 25 states allow the sale of marijuana for medicinal use, and eight states permit the sale for recreational use. Coverage is typically excluded if this occurred, but the relevant policy exclusions contain important exceptions. These usually indicate that the exclusion does not apply unless there is a final judgment by a court finding that the insured party is guilty of the allegation. FINES, PENALTIES, SANCTIONS, AND FORFEITURES Policies generally exclude coverage for these exposures. This includes penalties imposed on the CPA firm or individuals by licensing, taxing, regulatory, and other legal authorities. Individuals or firms that come under investigation by any of these authorities should promptly place their professional liability insurer on notice of these matters. APRIL 2017
While there likely will be no insurance coverage for these exposures, there may be insurance coverage for the costs to hire legal counsel to defend the firm or individual, subject to other limitations contained in the policy. CRIMINAL INVESTIGATIONS AND CRIMINAL LEGAL ACTIONS The costs to defend these matters generally are excluded from coverage. Once a firm becomes aware of such investigations or actions, they should promptly retain a qualified criminal attorney to represent the parties. This is intended to serve as a brief overview regarding coverage under professional liability insurance policies for claims and lawsuits that could arise in connection with rendering professional services to legal marijuana businesses. CPAs should consult with competent legal counsel and their insurance agent or broker for further questions, including implications regarding other types of insurance coverage. All CPAs considering providing services to clients in the marijuana business should review the AICPA white paper, An Issue Brief on State Marijuana Laws and the CPA Profession, which addresses relevant legal, regulatory, and risk mitigation concerns, and is updated yearly. Stanley Sterna is a vice president and Joseph Wolfe is a risk management consultant at Aon Affinity, the endorsed provider of the American Institute of CPAs’ Professional Liability Insurance Program since 1967. For more information, call (215) 773-4653 or visit cpai.com. This article is provided for general informational purposes only and is not intended to provide individualized business, insurance or legal advice. You should discuss your individual circumstances thoroughly with your legal and other advisors before taking any action with regard to the subject matter of this article. Only the relevant insurance policy provides actual terms, coverages, amounts, conditions, and exclusions for an insured.
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BUSINESS & INDUSTRY How to keep compliance and ethics on target B Y L O U C A R L OZ O Editor’s note: The following article first appeared in CGMA Magazine. Copyright © 2011-16, American Institute of CPAs and Chartered Institute of Management Accountants. All rights reserved.
Compliance and ethics management can be a bit like exercise: Intentions may be good and you can put a plan into place, but your results won’t be superb unless you continue to work at it with diligence. Just as many a well-intentioned fitness effort falls short, so too do those companies that approach compliance and ethics issues in unfocused, inefficient ways. There isn’t much room for error, given the twin challenges of an increasingly complicated regulatory landscape and the heightened level of scrutiny from regulators. A recent report sheds light on just how much work companies still have to do to get in shape. PwC’s sixth annual “State of Compliance Study,” which surveyed more than 800 global executives, shows that a number of factors hinder compliance and ethics efforts, ranging from inefficient top-down communication to uncertainty about who owns the responsibility for particular initiatives. APRIL 2017
Sometimes, it’s also a question of how ethics fits into foundational strategy. “After many years, maybe 20-plus, of compliance and ethics programs, we’re still seeing that compliance officers aren’t truly integrated into the strategy activities of companies,” said Seth Cohen, director of risk management and compliance solutions at PwC and co-author of the report. Just 36 percent of compliance officers are so integrated, the study reveals, “and you’d think that number should be higher. There’s room to grow.” As for how to approach compliance and ethics successfully, Cohen suggested these six action steps companies can take: • Keep communication clear, consistent, and constant. The report indicates that while 82 percent of senior leadership communicates with employees on ethics points, the dialogue often takes place through channels such
as e-mail, for example. “If you go under the hood, only 46 percent go through business (unit) meetings, so much of the communication gets lost in the shuffle,” Cohen said. “It should be more integrated at all levels — and not just come from the senior leadership, but the ones who run the business operations every day and communicate every day with employees.” • Identify the risk owners and take their responsibilities companywide. Do you know who in your company is responsible for overseeing certain risks? The answer isn’t as straightforward as you might think. The study shows that while two in three companies have a process in place to determine the owners, many may rely too heavily on legal and / or compliance and ethics functions for day-to-day risk management. “It’s surprising that there’s not more ownership in the business in general,” Cohen said. “It’s thinking that for a potential risk,
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BUSINESS & INDUSTRY compliance and legal would initially own it and then transfer it to the business, which we believe is the ideal structure.” • Make compliance and ethics part of company strategy. Cohen said strategic involvement is essential for companies to focus their compliance and ethics and monitoring activities. One in five respondents reported that their organizations now have a stand-alone board-level compliance and / or ethics committee. “We think there’s some specialization taking place on the board level, and that might be a good thing,” Cohen said. “The compliance report may be the last 15 minutes in a four-hour meeting, but at least they’re getting more than five minutes, and we hope that trend continues.” • Form a “risk incubator.” Risks to companies are changing at a speed as fast as the digital landscape. “But if a new risk emerges, with a
'16-'17 SERIES
risk incubator we can develop the necessary activities to mitigate the risk,” Cohen said. “And after an amount of time, those strategies come out of the incubator, and you give them to the company.”
assessments beyond ERM,” Cohen said. Those that don’t “are not getting the data and information they need to do their short- and long-term planning, because they do not have enough granularity.”
A risk incubator is analogous to a business innovator: Think of an environment within the company where businesses can develop a comprehensive risk strategy before putting it into place. In doing so, they tap the brainpower of capable employees who follow regulation and compliance issues and are familiar with the landscape.
• Put someone in charge. If your company doesn’t have a chief ethics officer, now is a great time to consider naming one. “Fifty-six percent of companies do not have a chief ethics officer,” Cohen said. Even if appointing one is not in the cards, find another way to take compliance and ethics front and center. “We believe the organization should have a focus on ethics in some way, either with an officer, as a core value, or making sure that employees are taught about how to make decisions ethically.”
• Go beyond standard enterprise risk management. The study shows that 77 percent of companies have some kind of ERM process – and about 88 percent of those that have one say it covers compliance and ethics risk. “But 54 percent overall are doing compliance and ethics risk
A
Quarterly Financial Leaders Series
Lou Carlozo is a freelance writer based in Chicago.
M E E T I N G of the
MINDS that lead firms and organizations
2016-2017 QUARTERLY FINANCIAL LEADERS SERIES May 17, 2017 | 8:00 a.m.
CRITICAL THINKING FOR FINANCE JENNIFER ELDER, CPA, CMA, CIA, CFF, CGMA Columbia | CPE credit: 4.0 | Event ID: 171023 blionline.org/QFLS You know that strategy is important! According to a 2011 Deloitte survey, strategy setting has doubled in importance for CFOs. Yet 75% of CFOs indicate that their staff needs training to perform in a strategic role. So how do you change your focus from historical financial presentation to future strategic planning Get you and your team prepared for the challenges by learning how to analyze data, define decision-making options, present effectively, gain consensus, and develop action plan.
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AVAILABLE DATE COURSE TITLELIVE & ON-DEMAND
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CONTROLLER SERIES
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macpa.org/ControllerSeries STRATEGIC LEARNING POWERED BY
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Three major subject areas comprise the Controller Series, all designed for the accounting & financial professional.
REGULATORY AND ECONOMIC UPDATES
Focus: external factors impacting businesses, such as government deficits, regulatory issues, and international economic factors. • Competing Globally • Federal State and Local Deficits • Inflation Deflation and Stagflation
• Medical Care and Health Insurance • National Infrastructure • Uncertainty and Managing Growth
KEY BUSINESS CONCEPTS AND BEST PRACTICES
Focus: internal factors impacting businesses, such as HR effectiveness, lean processes, and enterprise risk management. • Acquiring Distressed Assets • Going Lean • Good Customer Service and the Credit Process • Governance and the Board
• Human Resources Effectiveness • Retirement and Succession Planning • Debt and Equity Mix
LEADERSHIP SKILLS FOR THE ACCOUNTING & FINANCIAL PROFESSIONAL Focus: “soft skills” required by financial professionals, such as leadership development and effective negotiations and communications. • Effective Communication • Enterprise Risk Management
• Leadership and Tone at the Top
Availability All webcast and on-demand courses are available online at macpa.org/ControllerSeries.
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APRIL 2017
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BUSINESS & INDUSTRY Data analytics: New ways for internal auditors to apply their skills B Y SA B I N E VOLLM E R Editor’s note: The following article first appeared in CGMA Magazine. Copyright © 2011-16, American Institute of CPAs and Chartered Institute of Management Accountants. All rights reserved. Changes inherent to Big Data and data analytics have many chief audit executives around the world asking what internal auditors of the future will look like: Will they be accountants, mathematicians, or data analysts? Most likely it will be a person who has analytical, technical, and data skills, as well as business acumen, presentation skills, and project management capabilities, said Neil White, Deloitte’s global internal audit analytics leader. “That doesn’t necessarily need to sit with one person,” Whiter said. “It could be spread across multiple people within a group.” Some larger organizations are employing a handful of data science people as part of the internal audit analytics team, White said. In addition, organizations are training their core audit professionals on how to use analytics to deliver greater insight. “People are starting to rethink traditional (internal) audit models,” he said. The consequences are potentially farreaching, touching not only on people skills but also on processes, tools, and methodologies to plan the audit, perform the data analysis, and present the results. Traditionally, internal auditors probed samples of transactions that had already happened for compliance, but they have to be more forward-looking, White said. “Internal audit is beginning to realize we need to be more engaged in the strategic risks of the organization, and we need to be able to communicate more effectively with our stakeholders the importance of what we’re trying to say,” he said.
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WHAT WORRIES CAEs More than three-fourths (79 percent) of chief audit executives around the world expect moderate to significant changes in internal audit in the next three to five years, according to a 2016 Deloitte survey of more than 1,200 CAEs in 29 countries. Audit committees and management are key drivers. But knowing changes are coming doesn’t mean CAEs are confident in how to manage them. Many are struggling to address serious concerns: • Fifty-seven percent of respondents are either not satisfied or only somewhat satisfied that their teams have the skills and expertise to deliver on stakeholders’ expectations. Top skills gaps are in specialized IT (42 percent of respondents), data analytics (41 percent), and risk modelling (27 percent). • Sixty-four percent of respondents consider it very important to be able to influence the board of directors, the executive team, and other key personnel, but only 28 percent believe internal audit has strong influence. • Eighty-six percent of respondents use data analytics, but only 7 percent use them at an advanced level and 24 percent use them at an intermediate level. • Fifty-eight percent of respondents expect their budgets to remain the same or decrease over the next few years, which may not adequately fund the desired evolution in internal audit. WHAT’S AN INSIGHT-DRIVEN INTERNAL AUDIT? Traditionally, an internal audit sampled 25 to 30 transactions out of millions to
look for non-compliance, White said. Data analytics allow internal auditors to involve all transactions and apply statistical and quantitative modelling and profiling to provide greater insight into where internal audit should focus its resources. To gain these insights, the internal audit function needs to evolve, White said. “We’re moving the analytics up front in the audit process to make better decisions during planning and allow the auditors to define a more dynamic audit scope and, therefore, something that’s much more responsive to the risks in the business,” he said. Internal audit is uniquely positioned to advise management, Deloitte suggests. The function possesses the objectivity, independence, rigour, and enterprisewide view of risks and data needed to help management understand challenges ranging from strategic to cyber risks and to help boards untangle the complexities of an evolving business, technologies, and competitive and regulatory environments. Take, for example, an assessment of a company’s IT expenditures, White said. A year’s worth of a company’s payables data includes each transaction, not just two dozen random samples. Using external vendor benchmarks to pinpoint IT vendors, combined with procurement and HR data, helps identify IT purchases that are made without the approval of the technology department. Following the data trail further may reveal challenges in procuring IT equipment for overseas locations, which may have led to behavior that circumvented controls, allowing employees to procure technology outside the company to ensure quick delivery. STATEMENT
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BUSINESS & INDUSTRY Presenting a graphical representation of the assessment results and the root causes of the IT expenditure breakdown is a business insight valuable to executives that internal audit is able to deliver because of its unique ability to acquire data from multiple, functional areas of the business.
to assessing risks and generating insights – and to communicate the results visually and interactively. Companies can start by assessing current capabilities and needs, and then setting up a pilot project to demonstrate analytics in action and their value.
7 STEPS TO MANAGE THE INTERNAL AUDIT EVOLUTION
• Streamline and visualize communications and reports. Visualization tools allow internal audit to highlight anomalies, risks, and issues stakeholders care most about.
To meet the expectations of audit committees and management and address CAEs’ concerns, Deloitte suggested these seven steps to help internal audit evolve: • Seek ways to increase impact and influence. Internal audit needs to learn about the changes, issues, disruptors, and risks that worry management and the audit committee and how to address them. • Embed analytics into internal audit activities. Analytical tools, which have become simpler and less expensive, enable internal audit to do more – from planning audits
2017
should ascertain that processes are sufficiently robust, particularly in the context of expected disruption and change. • Promote a culture of innovation within the function. Keep abreast of changes affecting organizations and new techniques being used by leading internal audit functions. Expected innovative developments, such as risk anticipation and predictive analysis, should be explored and implemented.
• Assess and address talent and skills gaps. Resources may be available through guest auditor and rotation programs, co-sourcing, outsourcing, and other arrangements. It makes sense to explore such alternatives considering the talent shortage, the skills gap, and the complexity of stakeholder needs and risks in areas such as cyber-threat management and data governance.
• Marshal senior-level support. Work with key stakeholders – the audit committee chair, CFO, and CEO – to support specific changes that will yield benefits. Examples include applying analytics in ways that increase audit efficiency, reduce cost, or plug cash leaks, or rotation programs that help address skills gaps and increase the number of ambassadors for internal audit within the broader organization.
• Review strategic planning and risk management. Internal audit
Sabine Vollmer is a CGMA Magazine senior editor.
Government & Not-For-Profit C O N F E R E N C E
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April 28, 2017
College Park Marriott Hotel & Conference Center • College Park
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The Government & Not-for-Profit Conference addresses the unique technical and professional challenges of the CPAs working in these sectors. This annual, one-day event puts a special emphasis on the skills and insight that CPAs can immediately implement.
Keynote Address
Dr. Brett Baker, CPA, Assistant Inspector General for Audit Nuclear Regulatory Commission OIG
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HIGH-TECH SOLUTIONS Does your firm have a business intelligence strategy? B Y C H E L S E A ROBE RTS Since I became the process administrator at Boomer Consulting, creating a business intelligence and analytics strategy has been a major theme of my position. During this time, I have learned a basic truth: Data is just that. It doesn’t lie. Data provides a factual basis to gain better insight into past, present, and future decisions of a company. Implementing a business intelligence initiative in your firm can be a confusing, painfully unsuccessful endeavor without properly understanding what you are looking for and how to get there. Understanding the past, present, and future benefits and insights your firm stands to gain and effectively getting this project off the ground are two basic steps to making this project a viable success. PAST / HINDSIGHT Descriptive (“What happened?”) and diagnostic (“Why did it happen?”) analytics provide a historical look back at your firm and its performance. This holistic view provides the ability to spot underperforming services or practices, allowing you to make critical improvements to improve the overall success of your firm. This view also enables you to gain valuable insight into client behavior to determine cross-selling opportunities.
questions that arise. This also permits you to easily track data that would otherwise take valuable time to research, and to pinpoint areas that could benefit from increased efficiency. At any given time, any Boomer Consulting employee can now see the number and amount of community memberships and revenue. FUTURE / FORESIGHT Predictive (“What might happen?”) and prescriptive (“What should we do?”) analytics provide foresight into your firm’s future. Better data analysis helps you make better-informed decisions regarding the impending success of your company. For example, setting a revenue goal for the coming year based on data could mean the difference between achieving the stated goal versus adjusting the revenue goal later in the year. Continuing with the Boomer Consulting example, we can now have more intelligent discussions about future projections and service adjustments to provide better value to our clients. HOW DO I GET STARTED? As with any project at your firm, you should first start with a tool like a project filter or internal assessment to answer key questions about the initiative. This will help you to answer the following questions:
Using descriptive analytics, Boomer Consulting can now look at historical data from our community services and see how community membership has waxed or waned over the last 18 years. We can also diagnose why these fluctuations happened (the recession, for instance, or client surge to new BCI programs).
• Who is responsible for gathering and managing the data? Who will have access to the data? Whose perspective will you take into account when determining what data is necessary to track?
PRESENT / INSIGHT Having an at-a-glance snapshot of your firm’s performance allows you to immediately answer various business
• Where will the data reside?
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• What do you want to measure? What are your KPIs? Measure what you want to achieve.
STRATEGIES TO IMPLEMENT A BUSINESS INTELLIGENCE / ANALYTICS PROGRAM According to a report by Forrester Research, the 10 best practices to kick off your business intelligence strategy are as follows: 1. Choose a C-level sponsor, but not the CIO. This person should understand the importance of both data analysis and keeping the business intelligence objectives aligned with the firm’s overall strategy. 2. Create common definitions. Get everyone on the same page regarding the governance of data. 3. Assess the current situation. Find a good starting point for the strategy plan. 4. Create a plan for data storage. Define the data requirements and architecture of the business intelligence plan. 5. Understand what users need. Identify all types of users involved and understand what output they need from their perspective. 6. Decide whether to buy or build the analytical data model. Decide whether you want to purchase an analytical model or build one internally. 7. Consider all business intelligence components. Ensure that all of your business intelligence systems address your vision and structure. These could include data integration, quality, analytics, and management.
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HIGH-TECH SOLUTIONS 8. Choose a systems integrator. Choose a person who is highly knowledgeable regarding business intelligence strategy and implementation. 9. Think “actionable” and “baby steps.” Break down the overall process into manageable steps and due outs.
10. Choose low-hanging fruit to start. Pick smaller, easier targets to achieve and build on. Developing a business intelligence and analytics initiative is not a one-time event. Your firm’s needs and goals will change, as will the types of data you have available. It can be daunting at first, especially when you have a lot of data to deal with, but
starting with a clear plan can help you turn the barrage of raw data into real, actionable information that can help grow your firm. Chelsea Roberts is a process administrator for Boomer Consulting, Inc.
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New simulcasts on a new platform are now available for your convenience. MACPA members are receiving better content and training than ever before. Our conferences, special events, and seminars are getting incredible reviews and participation. But we know that sometimes long travel times can prevent you and your staff from attending these great events. That’s why we have launched a new season of CPE simulcasts on a new platform. Try it out by registering for one or more of these upcoming courses today! APRIL 2017
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Accounting Standards Review for Controllers and Finance Professionals
4/26
A Practical Ethics Update for CPAs: 2017 Edition
4/26
Hot Topics in Accounting & Auditing
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Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
5/4
A Practitioner’s Guide to IRAs and Qualified Retirement Plans
5/15
2017 Employee Benefit Plan Conference
5/18
2017 Business and Industry Conference
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Trusted TrustedBusiness BusinessAdvisor AdvisorSince Since1924 1924
STATEMENT
Technical Learning Accounting DEVELOP Accounting (Governmental) YOUR Auditing AuditingBEST (Governmental) Business Law TEAM. Economics Every course in the Business Learning Institute Course Catalog can be customized for your Finance organization and brought on-site to your office. Information Technology Management Services Regulatory Ethics Specialized Knowledge BLI instructors are known for their expert knowledge (each teaches his or her own curriculum), and also for their engaging and collaborative teaching styles and methodology. BLI is the future of learning.
GOOD STAFF TRAINING ISN’T BORING.
Strategic learning to move careers forward.
Learning in all of the NASBA Fields of Study:
Technical Learning Accounting Accounting (Governmental) Auditing Auditing (Governmental) Business Law Economics Finance Information Technology Management Services Regulatory Ethics Specialized APRIL 2017 Knowledge
Statistics Taxes Non-Technical Learning Behavioral Ethics Business Management & Organization Communications and Marketing Computer Software Applications Personal Development Personnel/Human Resources Production
See the full course catalog online at
BLIonline.org/catalog Contact Pam Devine at 443.632.2321 to schedule your on-site training.
27
PROFESSIONAL DEVELOPMENT MACPA’s annual PFP Conference zeroes in on ‘The Future of Financial Planning in the Digital Age’ B Y SE T H H A MM E R, CPA
31ST ANNUAL
PERSONAL FINANCIAL PLANNING CONFERENCE Your expertise is your clients’ peace of mind
The MACPA’s 31st annual Personal Financial Planning Conference, held Oct. 25 in Baltimore, kicked off with keynote speaker Michael Kitces’s presentation of “The Future of Financial Planning in the Digital Age.” Kitces shared a variety of insights, ranging from an explication of evolving technology (including cloud-based client data with continually integrated data updates), the rise of the digital world, and the financial planner’s challenge of adding value during a period when increasing amounts of formerly difficult-to-find information become more easily accessible to the layman. According to Kitces, a critical issue financial planners must consider in this evolving environment is how to optimally allocate a firm’s resources. In the past, firm resources might be focused on creating the best in-house experience for a client. Today, practitioners must recognize that both competition and opportunities may now arise not only from the local community but also from anywhere within and possibly even outside the country. In the future, for example, how much will geography matter? Might we be moving to an environment in which clients work with a firm that best meets their niche needs, irrespective of their geographical location? Alternatively, what about the issue of trust? How important are in-person meetings? Can trust be created over the
28
Internet? Ultimately, Kitces says all of these issues must be carefully considered and evaluated by planners seeking to maintain relevance into the future. The conference’s other featured speaker was Meredith Jones, alternative investments fund manager and 2016 Axiom Business Books Gold Medal-winning author of Women of the Street: Why Female Money Managers Generate Higher Returns (And How You Can Too). Jones has been named one of 17 inspiring women to watch in 2017 by Inc. magazine. Jones brought forth for consideration a factor many planners may not have considered before: the gender of their portfolio manager. According to Jones, there may be good reason to consider and address the potential positive impact of utilizing a woman as a portfolio manager. Jones cited research, for example, which found that women tend to generate higher returns (more than 1 percent on average per year) than men simply because they tend to engage in less trading activity. Further, she cited research indicating that women are 10 percent less likely to sell at the bottom of the market and that during the 2007-09 financial crisis, they achieved financial returns that were 3 percent higher than those of men. The physiological basis underlying these behavioral differences
is still unsettled, she noted, but research suggests that testosterone may affect investing behavior. Other issues addressed at the conference included “Life and Death Tax Planning for Annuities,” “Triangulation: Integrating Insurance, Estate and Investment Planning,” and “What Women Want (and Need) in a Financial Advisor.” Preparations by the MACPA’s Personal Financial Planning Committee are well under way for the 32nd annual Advanced Personal Financial Planning Conference, scheduled for the fall of 2017. Save the dates for these related upcoming MACPA programs: • May 9: “Late Stage College Planning,” 8:30 to 10:30 a.m. Towson • June 6: “Critical Tax and FInancial Issues for Clients Going Through Divorce,” 9 to 11 a.m. • Oct. 24: 32nd annual Personal Financial Planning Conference, 8 a.m. to 4:30 p.m. Register for MACPA.org.
these
programs
at
Seth Hammer, CPA, is a professor in the Department of Accounting at Towson University.
STATEMENT
I am available to assist your clients with • Arbitration and Mediation
• Derivative Actions
• Bank Financing and Loan Documents
• Employment Agreements
• Business Formation
• Independent Contractor Agreements
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• Contracts and Commercial Agreements
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Choose Knowledge, Strategy and Results Ronald E. Lyons, Esquire 7811 Montrose Road, Suite 400 • Potomac, MD 20854 301-251-1180 p • 301-251-0447 f mcmillanmetro.com • rlyons@mcmillanmetro.com
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PHOTO ILLUSTRATION BY WENDY GOLDFARB, PORTRAITS BY KAITLIN NEWMAN
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Breaking news online BaltimoreBusinessJournal.com
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Event is June 9, see you there!
On smartphones and tablets BaltimoreBusinessJournal.com/apps email updates L Daily BaltimoreBusinessJournal.com/email
Online / Print / Mobile / Newsletters / Events
@BALTBIZONLINE
Baltimore Business Journal Special for MACPA members: 35% off Print Advertising Jeff Stintz / jstintz@bizjournals.com 410-454-0503
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$20 off a one year subscription Lisa Carmichael / lcarmichael@bizjournals.com 410-454-0508 STATEMENT
PEPCO AND DELMARVA POWER SMALL BUSINESS PROGRAMS
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FOR YOUR CLIENTS Small businesses like Abe’s Hardware in Oxon Hill know what a difference energy efficiency improvements can make. Through our Pepco and Delmarva Power Small Business Programs, your clients can dramatically reduce their energy use and save money, too. Our programs offer Maryland customers great incentives including: n
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These programs support the EmPOWER Maryland Energy Efficiency Act. Pepco and Delmarva Power C&I Energy Savings Programs are available to Pepco and Delmarva Power commercial customers in Maryland only.
Attention CPAs:
Whether A Decision Maker Looking To Upgrade Your Talent, Or A CPA Looking to Upgrade Yourself/Your Skills, Ask Yourself: Who really chose who in joining your company? Are you/your professional staff really at the right level where you should be/you need them to be? Are you/your staff in a position that truly suits your/their personality, values, and professional and personal needs?
Why leave your future to chance? If you’re seriously interested in making the “right” move for your next hire, I can help you. I am an actively licensed CPA in Maryland and Virginia and CGMA with over 20 years of experience including public accounting (E&Y) and consulting (KPMG), financial accounting (American Cancer Society), internal audit (Telerate, now part of Thomson Reuters), and recruiting. As a networker who truly enjoys helping others and sharing my career experiences to guide fellow professionals, including writing articles for the AICPA, here is how I can help you: Decision Makers: Ask you questions, and most likely ask many more questions than other recruiters about your company, duties involved, skills required, corporate culture and more Work with you on finding the “right” professional that is the “right fit” Provide you with valuable information about the professionals I work with, the marketplace, what your competitors pay, and more Career Seekers: Guide you on career paths available in public accounting and industry Enable you to capitalize on your strengths Coach you on how to put your best foot forward to find the “right fit” Advise you when to stay in your current position if that is the right move If you’re interested in working with a recruiter who understands your background, skills, and is genuinely interested in helping you find the “right fit”, then I welcome meeting you!
BETH A. BERK, CPA, CGMA Independent Recruiter
Phone: 301-767-0670 Email: BethABerk@msn.com
Specializing in CPA Firm, Accounting & Finance Positions in Metropolitan DC/MD/NoVA & Baltimore and nearby Suburbs and Richmond/Tidewater too Connecting You To Your Next Hire
TM
Contingency & Retained Staffing Solutions
matching skills, experience & values with needs Serving clients and professionals as an Independent Recruiter since March 2005
APRIL 2017
33
YOUNG PROFESSIONAL COUNCIL WHAT IS THE YOUNG PROFESSIONAL COUNCIL? The MACPA recognizes that young professionals in the first several years of their careers face unique challenges - passing the exam, navigating different career options and finding a place in the profession. In 2003, the MACPA created the New/Young Professionals Network to engage young accounting and finance professionals in Maryland with learning and networking opportunities designed specifically for them. In 2016, NYPN rebranded as the Young Professional Council. We hope this council format helps us to engage with more young professionals in a way that is easier for them. All events, including planning meetings, will be open to all MACPA young professionals. If you’re not sure you are on the mailing list to receive these invitations, please check the box next to MACPA Young Professional Updates on the email preferences section of your member account settings on the MACPA website. UPCOMING EVENTS Young Professional Town Hall and Happy Hour – date TBD June 1–3: Student Leadership Academy • Towson, MD Apply online at macpa.org/studentacademy. August 2–4: EDGE Experience • New Orleans, LA Learn more at aicpa.org/edge. August 9–11: Leadership Academy • Towson, MD Apply online at BLIonline.org/leadershipacademy. NEW STUDENT RESOURCES PAGE Check out our newly updated student resources page at macpa.org/students. There, you can view our Guide to Becoming a CPA, apply for scholarships, explore career paths, and access content and resources curated specifically for students.
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STATEMENT
fo r all acco un t in g s t u de n t s in Ma ryla n d
J U M P S TA R T Y O U R C A R E E R A S A N
undergrad
STUDENT
LEADERSHIP ACADEMY June 1-3, 2017 | Towson FOR UNDERGRADUATE ACCOUNTING STUDENTS WHO WANT TO ACCELERATE THEIR SUCCESS STEPPING INTO THE CPA PROFESSION.
Receive $50 off when you register using the MACPA member code, MDEDGE
The program, assessments, food, and lodging are all free to those selected to participate APPLY TODAY
macpa.org/ studentacademy STRATEGIC LEARNING POWERED BY
CLASSIFIEDS Give your company valuable exposure to nearly 10,000 MACPA members by advertising your classified ad in the Statement. Also visit our online classified page for additional ads at www.macpa.org/public/classifieds.
job openings EXPERIENCED ACCOUNTANTS:
For over 90
Proficiency in technical writing and research
years, Grossberg Company LLP has been a premier provider of
Ability to communicate with staff at all levels
accounting, tax and business consulting services, specializing
Comfortable with working in a team environment
in services to the real estate industry. Grossberg Company LLP has a well-known reputation of unparalleled client satisfaction. At the heart of this success, are professional staff members who possess the skills and training required to survive in the ever-changing world of new tax laws and regulations, advanced technologies and strategic business planning. Built on decades of hard work and timely responsiveness to clients, Grossberg Company LLP devotes a substantial amount of firm resources to training its people, keeping them apprised of the latest developments that may affect their client’s business operations, tax planning strategies and their long-term business objectives. As a result, the employees of Grossberg Company LLP are some
Grossberg Company LLP offers a competitive compensation package including training and opportunities for advancement; medical, dental, disability insurance, life insurance, retirement program including profit sharing; paid holidays and vacation, summer half-day Fridays, company sponsored gym membership, and a business casual attire dress code. Qualified candidates should apply on-line at: http://grossberg.catsone.com/careers
mergers & acquisitions
of the best and brightest in their field and the casual, laid-back working atmosphere lends itself to producing successful, satisfied professionals. This is an integral part of who we are, why we are successful, and how we have maintained our reputation as one of the best firms in the country. Growth in our business has created opportunities for experienced accountants in our Bethesda, Maryland office. If you are seeking to the move to the next level in your career, consider joining the Grossberg Team! We are seeking: Tax Managers/Reviewers Tax Supervisors Tax Seniors Requirements: BS/BA degree in Accounting or related field 3 to 10+ years of experience Tax or audit and accounting experience in a public accounting arena Ability to research and apply concepts to clients’ situations
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QUALITY CPA FIRM WISHES TO ACQUIRE PRACTICE OR ACCOUNTS in Baltimore/ Washington/Annapolis area, or possible association with retirement-minded practitioner.
“Top Dollar Paid.” Reply in
strictest confidence to 410-539-7100, or File No. 63-87.
SANTOS POSTAL & COMPANY, PC, a nationally recognized CPA firm located in Rockville, MD, is enhancing its organic growth through the acquisition or merger of existing practice or accounts in the Washington metropolitan area. Reply in confidence to File No. 28-91.
SUBURBAN DC CPA PRACTICE
Retirement
minded CPA (former Deloitte) with practice grossing $200K looking to associate with seasoned CPA having at least 10 years client contact and experience.
Association will lead
to favorable acquisition time frame and terms. Peer Review in 2014.
Unqualified
Professional practice with significant
consulting revenue and NO payroll or bookkeeping.
Very
profitable. DIRECT INQUIRIES IN STRICT CONFIDENCE TO: AmyM@macpa.org. NO BROKERS.
STATEMENT
CLASSIFIEDS mergers & acquisitions, contd. MARYLAND PRACTICES FOR SALE:
gross
revenues shown: Frederick CPA Practice $380K; Central Frederick Co. CPA Practice $290K. For more information please call (800) 397-0249. See nationwide listings and register for free email updates at www.AccountingPracticeSales.com.
THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of tax and accounting practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices to purchase. We also have the experience to help you find the right fit for your firm, negotiate the best price and terms and get the deal done. We welcome the opportunity to talk to you about our risk-free and confidential services. For more information please call Bradley Holmes with the APS Holmes Group at 1-800-397-0249 or email Bradley@apsleader.com.
professional services EXECUTIVE & EMPLOYEE COMPENSATION CONSULTANT: Trusted Advisor to Owners, Board Compensation Committees and CEOs regarding competitive base pay and incentive compensation levels, plans and practices. Extensive corporate and consulting experience for non-profit and for-profit organizations. DAVE RYAN, CPA, CCP, JD 1206 Merediths Ford Road, Towson, MD 21286. 443-377-3166. References upon request. Visit website at www. CompensationGPS.com.
HOW TO SUBMIT A CLASSIFIED AD To submit a classified ad contact Amy Moran at AmyM@macpa.org, or 443-632-2319.
REPLIES TO ADS WITH FILE NUMBER: Replies should be sent to AmyM@macpa.org, or via mail: Amy Moran MACPA Classified Ads – File Number _____ 901 Dulaney Valley Road, Suite 800 Towson, MD 21204 APRIL 2017
37
MEMBER NOTES Jonathan Abada has been promoted to in-charge accountant at Lanigan, Ryan, Malcolm & Doyle, P.C. Wilder Chacon, a staff accountant with DeLeon and Stang CPAs and Advisors, has been named treasurer of The Miracle League of Montgomery County. Tyler L. Clugston has been promoted to supervisor in the Hagerstown office of Smith Elliott Kearns and Company, LLC.
Larry Davis has been elected managing partner of Aronson LLC. Allen DeLeon, CPA, PFS, a partner with DeLeon and Stang Certified Public Accountants, has been reappointed to the PCPS Technical Issues Committee by the American Institute of Certified Public Accountants. Daniel Dellon, CPA, ABV, CFF, a partner with DeLeon and Stang Certified Public Accountants and Advisors, has graduated from The Partner Institute, a three-year, multidisciplinary program designed to develop the personal, interpersonal, managerial, and organizational capabilities of its attendees. The Partner Institute helps participants develop the needed skills and attributes for successful firm leadership.
Brad Hoffman, CPA, a partner with DeLeon and Stang Certified Public Accountants and Advisors, will serve on the Governmental Contractors Committee for the Loudoun County Chamber of Commerce. Aronson LLC has announced the appointment of four new partners: Jeffrey Gershen of the firm’s Tax Services Group; Jorge Rodriguez of the firm’s Tax Services Group; Tim Schmitt of the firm’s Financial Advisory Services Group and Aronson Capital Partners; and Chris Vasquez of the firm’s Construction and Real Estate Services Group. Soo Lee-Cho, a member of the Land Use Group at Miller, Miller and Canby, has been named principal of the firm and will join Jody S. Kline as co-chair of the group. Elizabeth A. Long has been promoted to senior manager at Hertzbach and Company, P.A. Brian J. Ray, CPA, has been promoted to partner at Hertzbach and Company, P.A. Jesse Schaffert has been promoted to in-charge accountant with Lanigan, Ryan, Malcolm & Doyle, P.C. Kelly T. Smith, CPA, CGMA, MBA, has been admitted as a member of Smith Elliott Kearns and Company.
Robert Diss, CPA, has been named president and managing partner at Lindsey and Associates.
Patrick Drum of Lindsey and Associates has earned his Certified Public Accountant designation.
Kelly A. Garbinski, CPA, has been promoted to supervisor in the Hagerstown office of Smith Elliott Kearns and Company, LLC.
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Richard C. Stang, CPA, ABV, PFS, a partner with DeLeon and Stang Certified Public Accountants and Advisors, has been named treasurer of Community Ties, Inc., a non-profit organization in the Mt. Airy area that provides encouragement, support, compassion, advice, and education to individuals and / or families during a personal crisis situation. Michael G. Stankus, CPA, has been promoted to partner at Hertzbach and Company, P.A.
STATEMENT
MEMBER NOTES Laura L. Stover, SHRM-SCP, SPHR, who manages the Human Resources Department and consults externally on HR-related issues for Smith Elliott Kearns and Company, has been promoted to manager with the firm. Kery J. Swope, CPA, has been promoted to supervisor with Albright Crumbacker Moul and Itell, LLC. Karen Syrylo, CPA, has been inducted to the “Circle of Excellence” as part of The Daily Record’s 2017 list of “Maryland’s Top 100 Women.” The list recognizes 100 outstanding women for their professional accomplishments, community leadership, and mentoring. The Circle of Excellence honors those who have been included on the “Top 100 Women” list three times. Honorees will be recognized during an awards celebration on April 24 in Baltimore. Brooke M. Thomas has been promoted to senior manager at Hertzbach and Company, P.A. Nicole E. Wilson, CPA, has been promoted to manager with Smith Elliott Kearns and Company.
FIRM NOTES Councilor, Buchanan and Mitchell, PC, has hired Joe Kovacs, APR, as its first marketing and business development director. In celebration of both Black History Month and Women’s History Month, Dixon Hughes Goodman has undertaken a two-month campaign to promote and recognize inclusion and diversity across the firm. Throughout February and March, DHG spotlighted its people, their stories, and the unique “Life at DHG” culture which focuses on people, careers, and flexibility. One of the highlights of the campaign was the release of DHG’s first inclusion- and diversity-focused publication, a print and digital magazine that compiles stories from the firm’s “Life at DHG” blog celebrating diversity from many angles. Lanigan, Ryan, Malcolm and Doyle, P.C, has been named the American Subcontractors Association of Metro Washington’s 2017 Service Member of the Year.
DON’T MISS THE FULL LIST OF UPCOMING CPE COURSES
IN-PERSON EVENTS AND COURSES: Page 42
ONLINE EVENTS AND COURSES: Page 51
APRIL 2017
39
Selling On 50 20% 30% % 80% OFF! OFF! OFF! OFF! Your Own? For Sale by Owner = Discount to Buyers. Accounting Practice Sales is the largest facilitator in North America for selling accounting and tax practices. Our access to the greatest number of potential buyers provides you the best opportunity of matching not only with the right buyer but also obtaining the
The Holmes Group Toll Free: 800.397.0249
optimum price and terms. Contact us today so we can sell your practice for what it is worth.
Planningfor for Planning nextyear? year? next Planfor for Plan philanthropy. philanthropy.
www.AccountingPracticeSales.com bradley@apsleader.com
Yourclients clientswant wanttototalk talkabout aboutwhat what Your matterstotothem. them.Are Areyou youready? ready? matters Put the Baltimore Community Foundation your team. Put the Baltimore Community Foundation onon your team. Tax-savvy expertise philanthropic planning Tax-savvy expertise inin philanthropic planning Support giving Baltimore – and across the U.S. Support forfor giving inin Baltimore – and across the U.S. Free, no-obligation consultations Free, no-obligation consultations Respect your client relationship Respect forfor your client relationship Call any time with questions discuss a specific scenario. Call usus any time with questions oror toto discuss a specific scenario.
Goodforforyour yourclient. client.Good GoodforforBaltimore. Baltimore.Good Goodforforyou. you. Good Baltimore Community Foundation / giving@bcf.org / 410-332-4171 Baltimore Community Foundation / giving@bcf.org / 410-332-4171
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STATEMENT
2 East Read Street , 9th Floor| | Baltimore, Baltimore, MD 21202 | | TelTel410.332.4171 410.332.4171 | | Web Webwww.bcf.org www.bcf.org 2 East Read Street , 9th Floor MD 21202
Meet with us & get a free video to promote your ďŹ rm. TABITHA SMITH | 410.828.4286
APRIL 2017
41
DATE
COURSE TITLE
CPE
TIME
MEMBER
EVENT ID
LOCATION
Upcoming IN-PERSON Events & Courses DATE
COURSE TITLE
WEBCAST Events & Courses: page 51 CPE
TIME
MEMBER
NON-MEM. LOCATION
ACCOUNTING & AUDITING (IN-PERSON) 4/20/17
Accounting Standards Review for Controllers and Finance Professionals
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
4/25/17
Case Studies in Not-for-Profit Accounting and Auditing
8
8:00 am – 3:30 pm
$295
$395
Timonium
4/26/17
Hot Topics in Accounting & Auditing
4
12:00 pm – 3:30 pm
$150
$200
Columbia & Online
4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
4/28/17
2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8:00 am – 5:00 pm
$270
$370
College Park
5/15/17
2017 Employee Benefit Plan Conference
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
5/17/17
AICPA’s Annual Update: Top 12 Governmental and Not-for-Profit Accounting and Auditing Issues Facing CPAs
8
8:00 am – 3:30 pm
$295
$395
Columbia
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
5/18/17
Auditing Employee Benefit Plans
8
8:00 am – 3:30 pm
$285
$385
Rockville
5/23/17
2017 Southern Maryland Government Contractors’ Conference
4
1:00 pm – 5:00 pm
$30
$40
California
5/25/17
Audit Workpapers: Documenting and Reviewing Field Work
8
8:00 am – 3:30 pm
$295
$395
Timonium
5/31/17
Spring Town Hall 2017 – Making History, Anticipating the Future
4
8:30 am – 12:00 pm
$0
$250
Rockville & Online
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
6/13/17
Accounting and Auditing Current Developments
8
8:00 am – 3:30 pm
$220
$320
Frederick & Online
6/21/17
Updated COSO Framework: What You Need to Know
4
12:00 pm – 3:30 pm
$150
$200
Timonium
6/26/17
Spring Town Hall 2017 & Annual Meeting
4
8:30 am – 12:00 pm
$0
$250
Columbia & Online
6/28/17
BEACH RETREAT: Accounting and Auditing Update
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/28/17
BEACH RETREAT: Annual Update for Governments and Not-for-Profits
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/28/17
BEACH RETREAT: The Bottom Line on the New Lease Accounting Requirements
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/28/17
BEACH RETREAT: Not-for-Profit Organizations: Key Accounting and Reporting Considerations
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
42
STATEMENT
DATE DATE
COURSE TITLE COURSE TITLE
CPECPE TIME TIME
MEMBER MEMBER
EVENT ID EVENT ID LOCATIONLOCATION NON-MEM
MACPA COULDN’T DO EVERYTHING THAT WE DO FOR OUR MEMBERS WITHOUT OUR PREFERRED PROVIDERS & MEDIA SPONSOR Exclusive Preferred Providers
Preferred Providers
Media Sponsor
For information about sponsoring MACPA programs or to learn more about advertising with the MACPA please contact Amy Puente at 443.632.2323 or amyp@macpa.org.
APRIL 2017
43
DATE DATE
COURSE TITLE TITLE COURSE
CPE
TIME
CPE MEMBER TIME
EVENT ID
MEMBER LOCATIONNON-MEM. LOCATION
ACCOUNTING & AUDITING (IN-PERSON), CONTINUED 6/29/17
BEACH RETREAT: What Does the Coming Changes to Not-for-Profit’s Financial Statements Mean to You?
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Internal Control- How Does It Impact an Audit?
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Internal Controls for Small- and Medium-Sized Entities
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/30/17
BEACH RETREAT: The “Future Ready” CPA – How to Jump Ahead and See What’s Coming Next
4
7:30 am – 11:00 am
$150
$200
Ocean City
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
AI C PA C O N F E R E N CE S (IN-PE R S ON )
*Member and non-member pricing refers to AICPA membership for the AICPA events listed below. Register at aicpa.org. 6/21/17 6/23/17
Not-For- Profit Industry Conference
20
--
$1125
$1425
National Harbor & Online
9/11/17 9/13/17
National Conference on Banks and Savings Institutions
tbd
--
$1455
$1755
National Harbor & Online
9/11/17 9/13/17
Global Manufacturing Conference
tbd
--
$955
$1255
Baltimore & Online
11/6/17 11/7/17
National Tax Conference
tbd
--
$955
$1295
Washington, D.C. & Online
11/8/17 11/10/17
Women’s Global Leadership Summit
tbd
--
$955
$1295
Chicago, IL & Online
11/8/17 11/10/17
Doing Business in North America
tbd
--
tbd
tbd
Chicago, IL
B LI LE A D E R S H IP (IN-PE R S ON ) 4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
5/17/17
Quarterly Financial Leaders Series – Critical Thinking for Finance
4
8:00 am – 12:00 pm
$180
$230
Columbia
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
6/28/17
BEACH RETREAT: Key Issues Impacting Business Growth in 2017
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Key Business Concepts & Best Practices for 2017
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Leadership Skills for the Accounting & Financial Professional
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
BU S I N E S S & IN DUSTRY (IN -PE R SON ) 4/6/17
Microsoft Outlook Best Practices for CPAs
4
8:00 am – 11:30 am
$150
$200
Timonium
4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
4/28/17
2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8:00 am – 5:00 pm
$270
$370
College Park
5/17/17
Quarterly Financial Leaders Series – Critical Thinking for Finance
4
8:00 am – 12:00 pm
$180
$230
Columbia
44
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
STRATEGIC LEARNING POWERED BY
EVENT ID
LOCATION
DISCOVER THE ART OF THE EMPLOYEE BENEFIT PLAN. Featuring an endnote on cyber security and sessions on developments from the new administration
macpa.org/BenefitPlans
EMPLOYEE BENEFIT PLANS CONFERENCE 2017
The essentials of auditing and sponsoring employee benefit plans.
May 15, 2017 Sheraton Hotel Columbia | Columbia, MD
APRIL 2017
Simulcast available
45
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
BUSINESS & INDUSTRY (IN-PERSON), CONTINUED 5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
6/2/17
2017 Forensic Valuation Conference
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
6/8/17
Microsoft Office 2013/2016: Focus on New Features with emphasis on Excel
8
8:00 am – 3:30 pm
$330
$480
Columbia
6/16/17
Leases: Mastering the New FASB Requirements
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/21/17
PowerPoint and Excel Data Visualization: Create Dynamic Financial Presentations, Charts, Graphs, and Diagrams
8
8:00 am – 3:30 pm
$330
$480
Columbia
6/28/17
BEACH RETREAT: Key Issues Impacting Business Growth in 2017
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/28/17
BEACH RETREAT: U.S. & Global Economic Update for 2017
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Key Business Concepts & Best Practices for 2017
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Leadership Skills for the Accounting & Financial Professional
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/30/17
BEACH RETREAT: The “Future Ready’ CPA – How to Jump Ahead and See What’s Coming Next
4
7:30 am – 11:00 am
$150
$200
Ocean City
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
BV L S ( I N - P E R S O N) 6/2/17
2017 Forensic Valuation Conference
EM P LO Y E E B E N EF ITS (IN-PE R S ON ) 5/15/17
2017 Employee Benefit Plan Conference
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
5/18/17
Auditing Employee Benefit Plans
8
8:00 am – 3:30 pm
$285
$385
Rockville
5/26/17
Audits of 401(k) Plans
8
8:00 am – 3:30 pm
$295
$395
Columbia
4
8:00 am – 11:30 am
$150
$200
Rockville & Online
ETHI CS ( IN - PE R SON ) 5/19/17
Applying Ethics in the Real World
FR A U D & F O R E NS IC (IN -PE R SON ) 4/20/17
Accounting Standards Review for Controllers and Finance Professionals
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/2/17
2017 Forensic Valuation Conference
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
6/21/17
Updated COSO Framework: What You Need to Know
4
12:00 pm – 3:30 pm
$150
$200
Timonium
G O VE R N M E N T (IN -PE R SON ) 4/28/17
2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8:00 am – 5:00 pm
$270
$370
College Park
6/28/17
BEACH RETREAT: Annual Update for Governments and Not-for-Profits
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/28/17
BEACH RETREAT: Not-for-Profit Organizations: Key Accounting and Reporting Considerations
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
46
STATEMENT
DATE DATE
COURSE TITLE TITLE COURSE
CPE
TIME
CPE MEMBER TIME
EVENT ID
MEMBER LOCATIONNON-MEM. LOCATION
GOVERNMENT CONTRACTING (IN-PERSON)
G O VE R N ME N T CON TR ACTING (IN-PERSO N) 5/23/17
2017 Southern Maryland Government Contractors’ Conference
4
1:00 pm – 5:00 pm
$30
$40
California
N O N P R O F IT/ N O T-F OR -PR OF IT (IN -P ERSON) 4/28/17
2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
8
8:00 am – 5:00 pm
$270
$370
College Park
6/28/17
BEACH RETREAT: Annual Update for Governments and Not-for-Profits
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/28/17
BEACH RETREAT: Not-for-Profit Organizations: Key Accounting and Reporting Considerations
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
PE RS O N A L F IN ANCIAL PLANNING (IN- P ERSO N) 5/9/17
Late Stage College Planning (PFP Study Group)
2
8:30 am – 10:30 am
$20
$100
Towson
6/6/17
Critical Tax and Financial Issues for Clients Going Through Divorce (PFP Study Group)
2
9:00 am – 11:00 am
$20
$100
Towson
8
8:00 am – 5:00 pm
$270
$370
College Park
PR A C T ITIO N E R S (IN-PE R S ON ) 4/28/17
2017 GOVERNMENT AND NOT-FOR-PROFIT CONFERENCE
TA X ( I N- PE R S O N) 5/3/17
Estate and Financial Planning for the Soon Retiring Baby Boomer Client
8
8:00 am – 3:30 pm
$295
$395
Timonium
5/4/17
A Practitioner’s Guide to IRAs and Qualified Retirement Plans
8
8:00 am – 3:30 pm
$285
$385
Columbia & Online
5/15/17
2017 Employee Benefit Plan Conference
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
6/6/17
Tax, Financial, and Estate Planning Strategies Under the New Administration
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/27/17
The Complete Guide to Maryland Death Taxation
8
8:00 am – 3:30 pm
$285
$385
Timonium & Online
6/28/17
BEACH RETREAT: Tax, Financial, and Estate Planning Strategies Under the Trump Administration
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
6/28/17
BEACH RETREAT: Mid-Year Federal Income Tax Update- Part 1
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Mid-Year Federal Income Tax Update- Part 2
4
7:30 am – 11:00 am
$150
$200
Ocean City
6/29/17
BEACH RETREAT: Fringe Benefit Planning for 2017 and Beyond
4
12:00 pm – 3:30 pm
$150
$200
Ocean City
TE C HN O L O G Y (IN -PE R SON ) 4/6/17
Excel Hot Topics and Best Practices for CPAs
4
12:00 pm – 3:30 pm
$150
$200
Timonium
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
5/31/17
Spring Town Hall 2017 – Making History, Anticipating the Future
4
8:30 am – 12:00 pm
$0
$250
Rockville & Online
6/26/17
Spring Town Hall 2017 & Annual Meeting
4
8:30 am – 12:00 pm
$0
$250
Columbia & Online
6/30/17
BEACH RETREAT: The “Future Ready’ CPA – How to Jump Ahead and See What’s Coming Next
4
7:30 am – 11:00 am
$150
$200
Ocean City
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
APRIL 2017
47
Bring a friend! Would you like to bring a colleague to this event? If you bring one additional person, call us at 410-296-6250 to register them for $225! Larger groups may qualify for a group discount – call us for more information.
2017
Business & Industry CONFERENCE
Become the best advisor you can be. MAY 18 | BALTIMORE HILTON BALTIMORE BWI AIRPORT
Helping CPAs become strategic advisors for their organizations Featuring keynote presentations by Jennifer Elder, CPA, CMA, CIA, CFF, CGMA and Anirban Basu, JD, the Business & Industry Conference offers practical takeaways and application to improve your business.
macpa.org/Industry |
simulcast available STRATEGIC LEARNING POWERED BY
48
STATEMENT
BUSINESS LEARNING INSTITUTE
Master key MBA concepts in hours, not years. blionline.org/MBAexpress
The MBAexpress is a co-creation between Peter Margaritis & Jennifer Elder in partnership with BLI.
The MBAexpress provides business savvy in customizable increments. Choose an individual model, a pre-packed bundle, or select modules for a customized program. F O C US A R E A B U ND LES
$1 80
each includes 6 topic modules
ADDING VALUE Getting the most by giving the most.
BUSINESS STRATEGY Thinking, planning, acting, and leading.
INC L UDED MODUL ES
$45
when taken individually
• Basics of Business Law • Best Practices for Better Budgeting and Planning • Business Benefits of Sustainability • Creativity & Innovation
A L L FI VE BU N D L ES
$595
discounted price
• Faster Disaster Recovery
• Insightful Financial Analysis
• Ferreting Out Fraud
• Nuances of Negotiating
• International Business
• Risk Management
• Masterful Marketing
• Strategy for Success
LEADERSHIP STRATEGY
• Emotional Intelligence
• Good Governance
Taking people to new places and higher ground.
• Essence of Entrepreneurship
• Latest in Leadership
• Smarter Decisionmaking
• Balanced Scorecard
• Excellent Customer Service
• Performance Management
• Effective Change Management
• Project Management
• Communication in the Workplace
• Powerful Presentation Skills
• Success with Social Media
• Networking—Building a Stronger Professional Network
• Presenting Numbers for Impact
• The Art of Effective Writing
PERFORMANCE MANAGEMENT Getting to better results, faster.
POWERFUL COMMUNICATION Conveying meaning and earning an audience.
• Business Process Improvement
• Teamwork & High Performance Teams
OR
HOSTING YOUR TRAINING ON-SITE? CUSTOMIZE YOUR MBAexpress. Select any 6 of our 30 available modules to create your own MBAexpress program.
Bring a friend! Do you have a colleague that has never attended this event before? If you bring one new attendee, call us at 410-296-6250 to register them for $200! Larger groups may qualify for a group discount – call us for more information.
FORENSIC VALUATION Conference 2017
DEEPER DATA INSIGHT. GREATER STRATEGIC CLARITY. June 2, 2017 | Baltimore | Martin’s West
Register today: macpa.org/valuation Featuring a keynote presentation by Jim Hitchner, CPA/ABV/CFF, ASA, The Financial Consulting Group
Simulcast available The Forensic Valuation Conference serves the niche of CPAs involved or interested in business valuation, litigation support, and forensic accounting. This annual conference features concurrent sessions and content for all levels, from entry-level to experienced professionals.
STRATEGIC LEARNING POWERED BY
Upcoming ONLINE Events & Courses
DATE
COURSE TITLE
DATE
COURSE TITLE
CPE
TIME
MEMBER
CPE
EVENT ID
TIME
LOCATION
MEMBER
NON-MEM. LOCATION
ACCOUNTING & AUDITING (ONLINE) 4/20/17
Accounting Standards Review for Controllers and Finance Professionals
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
4/21/17
Implementing FASB’s New Lease Standard: ASU 2016-02 Accounting for Leases- Examples and Practical Approaches
4
12:00 pm – 4:00 pm
$110
$140
Online Webcast
4/26/17
Hot Topics in Accounting & Auditing
4
12:00 pm – 3:30 pm
$150
$200
Columbia & Online
4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
5/15/17
2017 Employee Benefit Plan Conference
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
5/31/17
Spring Town Hall 2017 – Making History, Anticipating the Future
4
8:30 am – 12:00 pm
$0
$250
Rockville & Online
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
6/5/17
Implementing FASB’s New Lease Standard: ASU 2016-02 Accounting for Leases- Examples and Practical Approaches
4
10:00 am – 2:00 pm
$110
$140
Online Webcast
6/13/17
Accounting and Auditing Current Developments
8
8:00 am – 3:30 pm
$220
$320
Frederick & Online
6/26/17
Spring Town Hall 2017 & Annual Meeting
4
8:30 am – 12:00 pm
$0
$250
Columbia & Online
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
AI C PA C O N F E R E N CE S (ONLINE)
*Member and non-member pricing refers to AICPA membership for the AICPA events listed below. Register at aicpa.org. 6/21/17 6/23/17
Not-For- Profit Industry Conference
20
--
$1125
$1425
National Harbor & Online
9/11/17 9/13/17
National Conference on Banks and Savings Institutions
tbd
--
$1455
$1755
National Harbor & Online
9/11/17 9/13/17
Global Manufacturing Conference
tbd
--
$955
$1255
Baltimore & Online
11/6/17 11/7/17
National Tax Conference
tbd
--
$955
$1295
Washington, D.C. & Online
11/8/17 11/10/17
Women’s Global Leadership Summit
tbd
--
$955
$1295
Chicago, IL & Online
11/8/17 11/10/17
Doing Business in North America
tbd
--
tbd
tbd
$295
$395
Chicago, IL
B L I LE A D E R S H IP (ONLINE) 4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
APRIL 2017
8
8:00 am – 3:30 pm
Timonium & Online
51
DATE
COURSE TITLE
CPE
TIME
MEMBER
NON-MEM. LOCATION
BLI LEADERSHIP (ONLINE), CONTINUED 5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
BU S I N E S S & IN DUSTRY (ONLINE) 4/4/17
From Technical Expert to Financial Leader: How to Make a Critical Leap in Your Career Development
2
11:30 am – 1:30 pm
$75
$90
Online Webcast
4/10/17
Lean Operations for a New Economy
2
1:00 pm – 3:00 pm
$75
$90
Online Webcast
4/20/17
Working Together – Four Personality Styles in the Workplace
1
10:00 am – 11:00 am
$35
$45
Online Webcast
4/27/17
Brand You: How to be a leader and boost your career... with a little help from social media- (FREE FOR MEMBERS)
1
10:00 am – 11:00 am
$0
$45
Online Webcast
4/27/17
Key Business Concepts and Best Practices for 2017: The Controller and Financial Professional Series- Part 2
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
4/28/17
Using Personal Learning Networks to Learn New Skills
1
3:00 pm – 4:00 pm
$35
$45
Online Webcast
5/4/17
Conflict and Communication – You vs. Me vs. Them
2
2:00 pm – 4:00 pm
$75
$90
Online Webcast
5/8/17
The Eight Hour MBA
8
10:00 am – 6:00 pm
$245
$345
Online Webcast
5/17/17
Get Out of the Casket and Up to the Podium
2
12:00 pm – 2:00 pm
$75
$90
Online Webcast
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
5/23/17
Leadership Improv – Why “Fake It Until You Make It” Works
2
1:00 pm – 3:00 pm
$75
$90
Online Webcast
5/23/17
Get Ready for the Fast Future – The Anticipatory CPA- (FREE FOR MEMBERS)
1
12:00 pm – 1:00 pm
$0
$45
Online Webcast
6/1/17
Leadership Skills for the Accounting & Financial Professional: The Controller and Financial Professional Series – Part 3
8
8:00 am – 3:30 pm
$295
$395
Timonium & Online
6/2/17
2017 Forensic Valuation Conference
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
6/8/17
Conflict and Communication – You vs. Me vs. Them
2
10:30 am – 12:30 pm
$75
$90
Online Webcast
6/12/17
Using Personal Learning Networks to Learn New Skills
1
1:30 pm – 2:30 pm
$35
$45
Online Webcast
6/16/17
Leases: Mastering the New FASB Requirements
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/22/17
Working Together – Four Personality Styles in the Workplace
1
12:00 pm – 1:00 pm
$35
$45
Online Webcast
6/27/17
The Finance and Accounting Organization as Strategist and Partner to the Business
1
1:00 pm – 2:00 pm
$35
$45
Online Webcast
6/30/17
Conflict and Communication – You vs. Me vs. Them
2
2:30 pm – 4:30 pm
$75
$90
Online Webcast
9/12/17
Get Ready for the Fast Future – The Anticipatory CPA- (FREE FOR MEMBERS)
1
10:00 am – 11:00 am
$0
$45
Online Webcast
9/27/17
Look, Lead, Love,Learn- (FREE FOR MEMBERS)
2
11:00 am – 1:00 pm
$0
$90
Online Webcast
11/16/17
Get Ready for the Fast Future – The Anticipatory CPA- (FREE FOR MEMBERS)
1
1:00 pm – 2:00 pm
$0
$45
Online Webcast
52
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
EVENT ID
LOCATION
2017
ACCOUNTING EDUCATORS
C
O
N
F
E
R
E
N
C
E
Shape the CPA profession by shaping future CPAs The Accounting Educators Conference is an annual event designed for the people who are shaping future CPAs. It’s about giving you the knowledge you need to better help your students succeed. Attendees receive updates about accounting industry trends and the CPA exam, as well as an annual brief from the Maryland Board of Public Accountancy.
Attendees will receive 2 hours of Ethics CPE, taught by Matt Ryan, CPA, CFE
June 5th CPE: 8 | 8:30 am | MACPA Columbia Center | Columbia
macpa.org/AccountingEd STRATEGIC LEARNING POWERED BY
APRIL 2017
Simulcast Available
53
DATE DATE
COURSE TITLE TITLE COURSE
CPE
TIME
CPE MEMBER TIME
EVENT ID
MEMBER LOCATIONNON-MEM. LOCATION
BUSINESS & INDUSTRY (ONLINE), CONTINUED 12/2/17
Brand You: How to be a leader and boost your career... with a little help from social media- (FREE FOR MEMBERS)
1
10:00 am – 11:00 am
$0
$45
Online Webcast
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
B V L S (ONLINE) 6/2/17
2017 Forensic Valuation Conference
EM P LO Y E E B E N EF ITS (ONLINE) 5/15/17
2017 Employee Benefit Plan Conference
E T HI C S (ONLINE) 4/4/17
Ethics and Professional Conduct: Updates
4
1:00 pm – 5:00 pm
$159
$199
Online Webcast
4/13/17
AICPA Code: Ethics in Practice
2
1:00 pm – 3:00 pm
$99
$129
Online Webcast
4/25/17
Ethics for the Industry Accountant
4
10:00 am – 2:00 pm
$110
$140
Online Webcast
5/19/17
Applying Ethics in the Real World
4
8:00 am – 11:30 am
$150
$200
Rockville & Online
5/30/17
Ethics: It’s Not Just What You Do, But How You Do It!
4
12:00 pm – 4:00 pm
$110
$140
Online Webcast
6/15/17
Ethics, Critical Thinking and Fraud
4
10:00 am – 2:00 pm
$110
$140
Online Webcast
FR A U D & F O R E NS IC (ONLINE) 4/20/17
Accounting Standards Review for Controllers and Finance Professionals
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/2/17
2017 Forensic Valuation Conference
8
8:00 am – 5:00 pm
$279
$379
Baltimore & Online
TA X (ONLINE) 5/4/17
A Practitioner’s Guide to IRAs and Qualified Retirement Plans
8
8:00 am – 3:30 pm
$285
$385
Columbia & Online
5/15/17
2017 Employee Benefit Plan Conference
8
8:00 am – 4:30 pm
$300
$400
Columbia & Online
6/6/17
Tax, Financial, and Estate Planning Strategies Under the New Administration
8
8:00 am – 3:30 pm
$295
$395
Columbia & Online
6/27/17
The Complete Guide to Maryland Death Taxation
8
8:00 am – 3:30 pm
$285
$385
Timonium & Online
TE CHN O L O G Y (ONLINE) 3/28/17
Business & Industry Spring Town Hall 2017 – Making History, Anticipating the Future
4
8:30 am – 12:00 pm
$0
$250
Towson & Online
5/18/17
2017 Business and Industry Conference
8
8:00 am – 4:45 pm
$395
$495
BWI Airport District & Online
5/31/17
Spring Town Hall 2017 – Making History, Anticipating the Future
4
8:30 am – 12:00 pm
$0
$250
Rockville & Online
6/26/17
Spring Town Hall 2017 & Annual Meeting
4
8:30 am – 12:00 pm
$0
$250
Columbia & Online
12/13/17
2017 CPA Summit
7
8:00 am – 4:10 am
$325
$425
Columbia & Online
54
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
EVENT ID
LOCATION
A TOWN HALL WITH TOM HOOD, CEO, MACPA The insider update on professional trends, regulations, association membership, and learning
COMPLIMENTARY CPE FOR MEMBERS
UPCOMING SPRING 2017 TOWN HALLS WITH TOM HOOD, CEO, MACPA May 31, 8:30 am • CPE: 4.0
Rockville • Johns Hopkins University – Montgomery
Simulcast available
ANNUAL MEETING
June 26, 8:30 am • CPE: 4.0 Columbia • Ten Oaks Ballroom & Conference Center
Simulcast available
MACPA.ORG/PIU APRIL 2017
55
It’s not about climbing the ladder. It’s about serving your team, your organization, and yourself. It’s about being a CPA who can lead well.
LEADERSHIP ACADEMY Fostering CPAs’ leadership and strategic skills to move careers forward, faster.
AUGUST 9-11, 2017 Towson • Sheraton Baltimore North • 8:00 am UP TO 20 CPE CREDITS Send your best young talent:
BLIonline.org/LeadershipAcademy
56
STATEMENT
DATE
COURSE TITLE
CPE
TIME
MEMBER
EVENT ID
LOCATION
CPA
INNOVATION | TECHNOLOGY | LEADERSHIP Future-ready CPAs growing to meet the opportunities of tomorrow. SAVE THE DATE DECEMBER 13, 2017 Johns Hopkins Applied Physics Lab
Simulcast Available
MACPA.ORG/CPASUMMIT
APRIL 2017
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Learn the skill of anticipation.
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“Identifying future trends and seizing the opportunities in the present is the key to our success – and it’s a skill we can learn.” DANIEL BURRUS