S econd Editi o n 2 0 1 0 South Carolina Association of Certified Public Accountants
WHY IS IT CRITICAL? An Interview with South Carolina’s Accounting Doctoral Scholars The AP Accounting Project The New CPA Exam
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CPA Report South Carolina Association of CPAs
South Carolina Association of Certified Public Accountants Magazine Volume 40, Second Edition 2010 Officers charles e. “eddie” Brown, cPA, President Timothy L. Baker, cPA, President Elect Michael r. Putich, cPA, Vice President sharon e. Mann, cPA, Secretary-Treasurer charles M. redfern iii, cPA, Past President BOArD Of DirecTOrs Clarence Coleman Jr., CPA, Ph.D. Alys Anne Dennis, CPA J. Bratton Fennell, CPA Malynda M. Grimsley, CPA Penny A. Lewis, CPA A. D. “Dave” Masters, CPA J. Patrick McDermott, CPA James W. McIlrath, CPA William C. Robinson, CPA L. Kent Satterfield, CPA Philip R. Snipes, CPA Michael J. Targia, CPA, CFA Robert M. Tilton, CPA Jada C. McAbee, CPA Beth T. Zamorski, CPA eXecUTiVe DirecTOr Erin P. Hardwick, CAE eDiTOr Katherine M. Swartz, CAE AssisTANT eDiTOr Allison K. Caldwell GrAPHic DesiGNer Lisa S. McGee cONTriBUTiNG wriTers Charles E. Alvis, MPA, MBA, CPA, PFS, CFP Joe Bittner, CPA Amanda S. Colgate, CPA Dan Deines, PhD, CPA William F. Ezzell, CPA Angela W. Hamilton, CPA Mark Hobbs, CPA Glenna P. Minor Denise C. Probert, MBA, CFA Valerie E. Rumbough, CPA, CFP 2010 eDiTOriAL BOArD Margaret L. Lattimore, CPA, Chair Ellen K. Adkins, CPA, MBA Charles E. Alvis, CPA, MPA, MBA John B. Brantley, CPA Jackie F. Breland, CPA Neil A. Brown, CPA, MAcc, CFP Amanda S. Colgate, CPA Lisa S. Cooke, CPA Malynda M. Grimsley, CPA Karen A. Hursey, CPA Lesley H. Kelly, CPA Marsha G. LePhew, CPA A. D. “Dave” Masters, CPA Derrick B. Stark, CPA Catherine B. Stoddard, CPA Victor C. Webster, CPA, MBA
(888) 557-4814 | www.scacpa.org
Special Section: The CPA Pipeline 10 11 12 14 16 18 20 22
Introduction: Why is the Pipeline Critical? Accounting Doctoral Scholars Program Update An Interview with South Carolina’s Accounting Doctoral Scholars The New CPA Examination Q&A: Preparing for and Passing the CPA Exam The AP Accounting Project SCACPA 2009-2010 Scholarship Winners Internship Program Best Practices
In This Issue 24 25
2009 Year in Review UPMIFA Overview
In Every Issue 5 6 9 26 28 30 32 35 36 38
From the President Association News On Your Behalf Board of Accountancy News Member Profiles Member News Welcome New Members Chapter Connections Upcoming CPE Classifieds/Advertiser Index
Statements 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 the SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or the SCACPA. South Carolina CPA Report
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From the President
Reflections on the CPA profession, life, love and just about anything else that captures the interest of SCACPA’s 2010 President Eddie Brown NUMBER OF SCHOLARSHIPS AND AMOUNTS AWARDED 2000 12 $11,250 2001 12 $12,000 2002 10 $10,500 2003 9 $12,500 2004 12 $16,000 2005 16 $17,000 2006 16 $19,000 2007 18 $21,500 2008 27 $21,500 2009 18 $19,000 TOTAL 150 $160,250 SCACPA NAMED SCHOLARSHIPS Brigman, Holcomb, Weeks Burch, Oxner, Seale Burkett, Burkett & Burkett CPA, PA* C. C. McGregor Central Chapter of SCACPA Edgar Vaughn Joe L. Jackson Memorial Kaye Carter Lollie Harper Past Presidents of SCACPA Piedmont Chapter of SCACPA Ray Waters Robinson Grant & Co. PA SCACPA Student & Graduate Scholarships Sheheen Hancock & Godwin WebsterRogers LLP ENDOWED SCHOLARSHIPS IN DEVELOPMENT** Francis Humphries Sea Island Chapter *Newly endowed in 2010 **To become an endowed scholarship, the fund must receive a $10,000 investment over three years. These funds are working toward the $10,000 investment to become a permanently named scholarship. (888) 557-4814 | www.scacpa.org
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uring this challenging economy, it has been a privilege to be a part of the scholarship process for SCACPA. Recently SCACPA staff member Glenna Minor, with the help of long-time SCACPA executive director, Lollie Harper, recapped the history of our scholarship program. Allow me to refer to some of the high points. The first Association scholarship was awarded in 1927 to J. Wesley Hunt in the amount of $50. At that time a high school diploma was not required of South Carolina candidates, but the Association indicated respect for accounting education by awarding this first scholarship. From time to time other scholarships were awarded. It was not until 1963 that the program became formal. The first Education Fund was established to run the continuing education program and accept tax-deductible contributions through a formal 501(c)3 organization. The Fund created a $500 per year scholarship to be awarded to a college student who must be an accounting major. SCACPA’s Executive Committee made the selections. Marion G. Rentz was awarded that student scholarship in 1964. Interest in the CPA profession increased as other colleges and universities in South Carolina developed curricula, stimulating the profession throughout the state. The interest in scholarships entered a new phase when Joe L. Jackson, a CPA from Clover who had distinguished himself by service to the profession and higher education, died four days before the 1972 mid-year annual meeting. At that meeting the annual scholarship was renamed the Joe L. Jackson
Memorial Scholarship, which is now the most prestigious scholarship awarded by SCACPA. Today five rotating trustees are appointed by the president of the Association, each to a five-year term to operate the scholarship program. Since 1964, 348 scholarships have been awarded. In 2009, the first SCACPA Graduate Student Scholarship was awarded to Cindyann Hunnicutt, who attends Winthrop University. Funded by members of SCACPA, this scholarship is intended to assist an accounting student in their fifth year of studies. My challenge to you is to help grow this impactful program. We can each contribute to the profession in a meaningful way by helping future CPAs meet the demanding financial challenges they face as students. Would you commit to give annually no less than the amount of our very first scholarship in 1927—$50? Giving could not be easier. Please use the donation envelope enclosed in this magazine or donate on SCACPA’s Web site, www. scacpa.org. n
C.E. “Eddie” Brown, CPA SCACPA member since 1976 As shareholder of Swaim Brown, PA, Eddie practices in the areas of corporate and individual tax planning and strategy, international tax, business consulting, estate planning, business planning, M&A, succession planning, manufacturing, real estate and construction. Eddie is actively involved with AICPA, SCACPA, Estate Planning Council of Spartanburg and serves as trustee of the South Carolina Baptist Foundation.
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Alana Jordan
Sandra Oxner
SCACPA welcomes Two New Staff Members Sandra Oxner, CMP, CMMM joined the SCACPA professional staff in January as the Chapter and Special Events Coordinator. She has assisted SCACPA intermittently since 2007 after retiring from the South Carolina School Boards Association. At SCACPA, Sandra works with volunteer leaders of the eight regional chapters to plan and execute seminars and events. She also plans and executes three statewide member events and recruits sponsors and exhibitors. In her spare time, Sandra participates with the volunteer leadership team for Christian Meeting and Conventions Association, for a local Meeting Planners Network and with Grace Baptist Church in West Columbia. She loves to travel, read and spend time with her husband of 49 years, four children and eight grandchildren. You may reach Sandra at soxner@scacpa.org or ext. 112.
As Member and Office Services Coordinator, Alana Jordan serves as the first point of contact for SCACPA members, nonmembers, vendors and guests and is the key person in charge of office operations. She processes data relating to members, membership renewal and payments and assists staff members with special projects. A former member of the University of South Carolina Track and Field team, Alana now uses her athletic knowledge and skills coaching track and field at White Knoll High School. In her spare time she enjoys spending time with her husband and Labrador Retriever, cooking, traveling and Gamecock football. You may reach Alana at ajordan@scacpa.org or ext. 100.
SAVE THE DATE! D 2010 SCA SCACPA CONFERENCES ONFERENCES MAY____________________
SEPTEMBER__________________
20 Audits of Benefit Plans Conference 21 Trusted Advisor Workshop 27 Government Conference
16 Litigation Conference 23 24 Emerging Leaders Conference 27 Governmental Bonus Workshop
JULY____________________
OCTOBER____________________
20 Technology Conference
11 12 Industry Conference 19 Personal Financial Planning Conference 28 Women in Leadership Conference
NOVEMBER __________________ 11 12 Tax Conference & Annual Summit
DECEMBER __________________ 9 10 Accounting & Auditing Conference 17 Accounting Educators’ Forum
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Let Us Hear from You The South Carolina CPA Report and the SCACPA Editorial Board welcomes letters from readers in response to articles published in the magazine as well as those concerning issues of general interest to the accounting profession. All letters receive consideration. The editors reserve the right to edit letters for clarity and length. Writers should include their contact information, including a daytime telephone number and e-mail address, if possible. Letters may be addressed to: Letters to the Editor; The South Carolina CPA Report; 570 Chris Drive; West Columbia, SC 29169 or via e-mail to kswartz@scacpa.org. Staff Contact: Katherine Swartz, CAE
Go Social with SCACPA! Whether you’re looking for an opportunity to connect with fellow members or just want to stay abreast of breaking professional news, SCACPA has you covered. Connect with fellow members through our LinkedIn and Facebook fan page. Please note that you’ll need to set up a LinkedIn or Facebook account if you haven’t already done so in order to participate in the respective groups. Looking for breaking news? SCACPA is also on Twitter—follow @SCACPA for the latest on professional issues, legislative updates and more. How about free CPE opportunities? Fans of SCACPA on Facebook are eligible for a free CPE drawing for select conferences. Become a fan and learn more today! Staff Contact: Emily Allen
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South Carolina CPA Report
(888) 557-4814 | www.scacpa.org
what’s New on the SCACPA web site Home Page Your News and Articles: Updated weekly to keep you informed. Follow SCACPA’s Blog: Read President Eddie Brown’s blog, with a new post each Wednesday. Member Activities SCACPA Sustainability Initiatives: What exactly is sustainability and what does it mean for the accounting profession? Chapter Network: All pages are updated with 2010 events. Volunteer Opportunities: Check out the dozens of opportunities, plus the Project GED information. Government Relations Health Care Reform: What does this historic legislation mean for you? Stay up to date on this legislation as it is further interpreted. Weekly Legislative Update: Straight from the State House each week is an update from SCACPA’s lobbying team. My Membership SCACPA Store: SCACPA continues to create ways to promote and protect the image of the CPA profession. We are now offering an array of promotional items to showcase your pride in the organization and CPA profession. These items also make great gifts for your staff! E-Communication Archives: Miss a SCACPA e-blast? Stay informed by reviewing archived Current Assets and Tuesday Teasers (under Publications).
Virtual Membership Kit: Check out the 2010 Membership Orientation. Member Exclusives: Learn more about SCACPA’s new benefit programs (ADP Small Business Services and Internship Bank) plus updates from other programs (CCH, Employee Benefit Plan, IC System and others). Manage My Membership: Stay in touch with SCACPA and fellow members by keeping your personal and professional profiles updated. Professional Resources SCACPA Market Place: Browse information regarding SCACPA’s marketing partners. Classifieds: Browse and post classifieds— three opportunities all at discounts for members. Internships: Post a position or browse candidate resumes (under Career Center). Resources & Links: Commonly requested local, state and federal Web site; a complete list of state CPA societies; and, associations and a constantly developing list of resources. Continuing Education CPE Course Catalog: The 2010 course catalog opened in March. Plan early and reserve your seats today! Webinars, Self Study, Satellite and Online CPE: There are dozens of opportunities available to SCACPA members! Marketing Opportunities: Work with SCACPA to connect with fellow members. Staff Contact: Emily Allen
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 570 Chris Drive, West Columbia, SC 29169 (803) 791-4181 or Toll-free (888) 557-4814 Fax (803) 791-4196 | www.SCACPA SCACPA.org
OUR MISSION To support all CPAs – whether in public practice, industry, government or education – with lifelong learning opportunities necessary for their success and to promote high ethical standards and legislative advocacy for both the public good and the profession. We accomplish this mission through the following activities: Advocacy Certification & Licensing Communications
Recruiting & Education Standards & Performance
SCACPA STAFF Erin P. Hardwick, CAE, Executive Director Ext. 104, ehardwick@scacpa.org Reva E. Brennan, MPA, CAE, IOM, Associate Director Ext. 103, rbrennan@scacpa.org Karen M. Hancock, CPA, Finance Director Ext. 108, khancock@scacpa.org Glenna P. Minor, Peer Review & Member Services Manager Ext. 107, gminor@scacpa.org Katherine M. Swartz, CAE, Member Services Director Ext. 105, kswartz@scacpa.org April M. Cox, Education Manager Ext. 110, acox@scacpa.org Emily M. Allen, Communications Coordinator Ext. 106, eallen@scacpa.org Sandra P. Oxner, CMP, CMMM, Chapter & Special Events Coordinator Ext. 112, soxner@scacpa.org Alana M. Jordan, Office & Member Services Coordinator Ext. 100, ajordan@scacpa.org
(888) 557-4814 | www.scacpa.org
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On Your BEHALF
First Quarter Report
For the profession, by the profession—that’s what the South Carolina Association of CPAs is all about. SCACPA’s board of directors, committees and task forces, and young CPAs leadership cabinet are hard at work making decisions, providing guidance and embarking on projects and programs that strengthen the profession and enables members to improve their knowledge, network and technical skills.
BOArD Of DIrECTOrS
LEADErSHIP SUMMIT
The SCACPA Board of Directors met on January 22. Agenda items included continuing education innovation, a legislative update, a board self-review and an appraisal of the 2009 Professional Issues Update series.
SCACPA’s board of directors, committee chairs and chapter officer met on January 21 to hear about issues on which the Association is focused, to learn more about their respective responsibilities and to network with each other.
STRATEGIC PLAN REVIEW The board has six main goals or “bold steps” on which it focuses its resources. One of these is continuing professional education (CPE). It is critical that SCACPA continually seek to improve its CPE programs. As part of that effort, SCACPA is conducting an environmental scan of the CPE market. The board heard a presentation from AICPA’s director of training, Rick Bolton, who discussed AICPA’s new IFRS certification program, a new Learning Management System (LMS), CPE Express and blended CPE solutions.
SCACPA President Eddie Brown, CPA, opened the meeting with an overview of the strategic direction of the Association and followed with a presentation on a new initiative on sustainability. Pat McDermott, CPA, South Carolina’s elected member to the AICPA Council, presented a variety of national issues affecting the profession. Executive Director Erin Hardwick gave a history of SCACPA and an overview of how the Association operates. Participants received details of SCACPA membership activities including demographics of membership, a description of SCACPA’s three member events (CPA Day at the State House, PIUs and the CPA Summit). Select committee chairs presented their ongoing work and the issues they are tackling. These committees included legislative, CPE, state and local tax, CPA PAC, accounting careers, financial literacy, young CPAs, behavioral standards and peer review. Participants of the Leadership Summit later divided into focus groups (board, committee chairs, and chapter officers) to concentrate on their areas of responsibility and to plan for 2010.
CPE Committee Chair Rebecca Lee, CPA, and Associate Director Reva Brennan, MPA, CAE, IOM, presented information on SCACPA’s CPE program and explored the changing market for CPE. The presentations were followed by a board discussion, which resulted in the creation of a task force to conduct an in-depth study of the CPE market and develop a plan to address areas of improvement. LEGISLATIVE UPDATE President-elect Tim Baker, CPA, reviewed the list of SCACPA Key Person Contacts and noted that KPCs are needed for several key legislators. The CPA-PAC is raising funds from members to assist in making contributions this year to select candidates for state constitutional offices and seats in the House of Representatives. SELF REVIEW The board discussed the results of a self-review conducted at the end of 2009. This self-review provided insight into areas of governance that work well or that may need improvement. PIU RESULTS The board reviewed survey results from the 2009 Professional Issues Update series. PIUs were held in nine regions of the state with over 700 participants, or nearly 19 percent of SCACPA’s membership. (888) 557-4814 | www.scacpa.org
TAX GUIDES fOr STATE LEGISLATOrS The Taxation Task Force annually produces a tax guide for state legislators. The guide, specific to elected officials, is a handy tool for the legislators and their CPAs. Representatives from SCACPA delivered the tax guide on February 23 and received accolades from both the House of Representatives and the Senate.
Continued on page 27 South Carolina CPA Report
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E PIP EL IN
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he AICPA and SCACPA monitor trends in supply of accounting graduates and the demand for public accounting recruits. Below are the highlights from the annual AICPA supply and demand trends study:
THE SUPPLY The number of students who graduated with accounting degrees in the 2007-08 school year surpassed the previous year’s record level. More than 66,000 achieved bachelor’s and master’s degrees in accounting, 3.5 percent higher than in 2006-07. This represents the largest number of graduates since 1972, the year the AICPA began tracking the data. The gender ratio is 51 percent female, 49 percent male, with a one percent uptick in the male cohort. On a regional basis, the Southern region tends to have the highest percentage of minority enrollments, while the Pacific region has the lowest percentage of female and minority enrollments. 2007-08 enrollments in undergraduate, graduate and doctoral programs achieved a 4.7 percent boost over the previous year, with an aggregate total of 213,000 students.
IfrS ON CAMPUS As the U.S. capital market system readies for a transition to International Financial Reporting Standards (IFRS), 80 percent of the accounting programs participating in the Trends study reported that they currently offer IFRS material in their curricula, and an additional 15 percent said they will add it by Fall 2009.
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CPA EXAM rEACHES 1,000,000 In July 2009, the Uniform CPA Examination recently passed one million administrations of the computer-based test. The number of exam takers on an annual basis appears to have reached parity or exceeded the number of those sitting prior to the administration of the computerized exam, which was introduced in April 2004.
THE DEMAND Although the hiring of new graduates has declined overall as a result of the weakened economy, there is an uneven pattern of hiring based on firm size. Smaller firms (those having from 1-9 and from 10-49 CPAs) had hiring levels considerably below their previous year’s totals. Given that their hiring is often later than the larger firms, the hiring decline at least partially explains the Spring fall-off in hiring overall. Although these firms individually are relatively small, the sheer number of such firms means that in aggregate, they clearly constitute the largest hiring group. In a somewhat counter-intuitive finding, those firms with 50-200 CPAs actually increased their hiring in 2007-08. The largest firms with more than 200 CPAs started strong, but were ultimately down about 10 percent from the previous year. Forecasts for future hiring are predictably uncertain. Overall hiring is expected to be the same (64 percent) or lower (26 percent) compared to this year. As later charts demonstrate, firms overall were very conservative in projecting 2008-09 hiring levels.
The historic growth of accounting degrees is especially significant now because it coincides with the CPA profession’s programs and efforts to attract young talent. Students clearly recognize the attractiveness of accounting as a rewarding and fulfilling career path. —Jeannie Patton, AICPA vice president of students, academics and membership METHODOLOGY Invitations to participate went to 955 colleges and universities granting accounting degrees, and 4,941 firms of varying size. The response rate for colleges and universities was 25 percent. The margin of error at the 90 percent confidence level is +/- 5.7 percent. The response rate for firms was eight percent, but 63 percent of the largest firms surveyed responded. The margin of error at the 90 percent confidence level is +/- 4.4 percent. Read the entire 2009 Trends Report at www.aicpa.org.
Compiled from the AICPA 2009 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits. (888) 557-4814 | www.scacpa.org
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Accounting Doctoral Scholars Program Update
he Accounting Doctoral Scholars (ADS) program is off and running with the first class of ADS Ph.D. candidates hard at work in universities across the country. The program’s focus is to incrementally increase the number of Ph.D.’s teaching auditing and tax in undergraduate and graduate accounting programs in our nation’s universities. The shortage of academically qualified faculty continues to be a serious problem. The most recent data indicates that only 21.7 percent of the demand for Ph.D.’s teaching tax and 22.8 percent of the demand for those teaching auditing is being met by the current graduation rates of new Ph.D.’s. Our program is intended to have a significant and positive impact on this shortage. Following is an update on the progress of the program that you and your organization are so generously supporting, as well as logistics on the next installment of financial support.
cUrreNT sTATUs Of THe ADs PrOGrAM
The first group of ADS scholars was selected in December 2008 and started “back to school” in August 2009. For the first class, we received 131 applications, invited 53 to by Bill E zzell, AICPA Foundation the orientation conference and selected 30 finalists. Of those, 27 accepted openings at one of 39 universities that participated in the first year. At least five additional candidates William F. Ezell, CPA that did not make our final 30 were recruited is the immediate past and are currently enrolled with funding from president of the AICPA other sources. Nine of the candidates are in Foundation Board of programs focused on tax, and 18 in audit. Trustees. Bill served as All 27 candidates represent incremental AICPA chair from 2002enrollments above what these schools had 2003 and is national been admitting before the ADS program. Of managing partner of legislative and regulatory those, 23 candidates came from accounting relations in the Washington office of Deloitte. firms, three from industry (with prior accounting firm experience) and one from In 2009, he was awarded the Gold Medal for academia. Overall the schools expressed great Distinguished Service from the AICPA. satisfaction with the quality of the candidates we surfaced, as most were more qualified than the normal applicants at these schools. A second class of 30 has now been selected from 99 applicants, and are in the process of applying to one or more of the 39 schools
(888) 557-4814 | www.scacpa.org
participating for 2010. The quality of these applicants is equal to or better than our first class, and the universities are competing hard for these scholars. The original budget for the stipends and orientation conference costs was $17.3 million, and to date we have commitments for $16.8 million. We believe we will be able to realize some savings from the orientation conference budget, but will look for a few more sponsors to ensure full funding of the four-year stipends for 120 candidates. There are 71 CPA firm sponsors and 44 state CPA societies, including SCACPA. We are contacting the handful of Major Firm Group firms that opted not to participate last year to offer them a chance to join the program. This program would not be possible without the generous support of so many CPA firms, state CPA societies and other interested sponsors. The willingness to join together and deal effectively with a national problem like this shortage is a tribute to the vision of the leaders in each sponsoring organization. Your leadership in supporting this program has already made a difference, as the academic community addresses the shortage of academically qualified faculty. Please visit the ADS Web site at www.adsphd. org to learn more about the program and its sponsors, and do not hesitate to contact us with any questions. On behalf of the Board of Trustees of the AICPA Foundation, we remain committed to the success of this program and express our thanks to each of you for your leadership and support. n The scAcPA Board of Directors committed a $10,000 investment to ADs over five years. currently there are two ADs recipients in south carolina, both pursuing degrees at the University of south carolina, and additional ADs recipients have been selected for the Usc program beginning August 2010.
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Feeding the Pipeline: An Interview with South Carolina’s Accounting Doctoral Scholars Compiled by Allison Caldwell Photos by B emo Pr ince
I
n its second full year, the Accounting Doctoral Scholars (ADS) program currently boasts two students in South Carolina: Tammie Rech and Bryan Stewart. Both enrolled in the ADS
program last year, are Ph.D. students at the University of South Carolina in Columbia, and anticipate graduation in 2014. Upon graduation, both also hope to teach at a top research university. SCACPA—which has joined other state societies in donating $10,000 towards ADS scholarships for the future of the profession— recently asked them about their experiences so far in the program.
Q|
The ADS program was formed in 2008—how did you first learn about the program, and what made you decide to apply? TAMMIE: I first learned about the program on the American Accounting Association’s Web site. Shortly after that, I received an email regarding the program. Pursuing a Ph.D. has been a long-term goal of mine since my time as an undergraduate student. However, I wanted to gain real world experience in the field before I began teaching, because I wanted to be able to offer more helpful insights to students. I also felt that my research would be more practical if I had experience functioning in the capacity of an auditor. BRYAN: I planned to teach at a college or university when I neared retirement, both as a way to give back to the profession and a way to do something I enjoyed when I retired. The importance of good teachers became more salient as I worked in public accounting and saw the impact that a tax professional’s lack of education,
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Tammie Rech, MBA, CPA
Bryan W. Stewart, CPA, CFE
Hometown: Wichita, KS
Hometown: Hurricane, UT
Areas of Expertise: Auditing,
Areas of expertise: Tax,
judgment and decision making, judgment and decision
understanding, or ethical foundation could have on a client. As a husband and father, going back to school didn’t seem like a responsible choice, so I continued to plan on teaching when I retired. When a friend told me about the ADS program, it was like an answer to a prayer. It didn’t make the decision easy, but it did make it possible. I told my wife about the program that afternoon, and when I got home she had all the paperwork filled out.
Q|
making, fraud examination
financial accounting
How far along are you in the process? What’s a typical week like?
TAMMIE: I am just finishing up my first year in the program. In terms of classes, we typically take three classes per semester. This semester I am taking courses in statistics, psychology and auditing. The coursework takes approximately 30-35 hours a week—much more demanding than my undergraduate and graduate work! BRYAN: I am nearing the end of my first year in the program here at the University of South Carolina. I am taking three courses
each semester, and I typically spend between 30-35 hours a week on coursework. Lots of reading, lots of writing, very little arithmetic.
Q|
What was your work experience before entering the ADS program? Are you balancing a work schedule now in addition to course work? TAMMIE: Prior to entering the ADS program, I worked for PricewaterhouseCoopers (PwC) in St. Louis, Missouri as an audit senior. Most of my clients were manufacturing companies, but I was also servicing a retail company and a university when I left. Prior to my time at PwC, I worked for a small public firm in Kansas City, MO where I serviced small businesses and individuals. I provided bookkeeping, consulting, payroll and tax services for these clients. In addition to coursework, we are assigned to faculty members as research assistants (we also will begin teaching classes in the future). We spend approximately 15-25 hours a week working on research projects and meeting any other obligations.
(888) 557-4814 | www.scacpa.org
What has been the most challenging part of the program so far?
TAMMIE: There have been several challenging aspects of the program, but I believe the most challenging part has been the acclamation back to the world of academia. Relearning statistics and reading several hours a day was an adjustment! BRYAN: Getting back into academia has been an exciting challenge. I have always done well in school, so I underestimated the amount of adjustment that transition would be. The most difficult part for me was getting up to speed for my biostatistics course. I hadn’t taken a statistics course for over 10 years! I was more nervous when I took my first test last semester than I ever remember being.
Q|
Even though it’s still early in the process, what have you learned or realized about the teaching profession that you didn’t know before? TAMMIE: There is a lot that goes on behind the scenes in terms of preparation and other duties. BRYAN: The amount of work involved with preparing, teaching and caring about students is much more than I thought it would be. I have also been surprised at the amount of time spent doing research and community service activities. So much for my dreams of golfing every day!
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Where did you attend college, and was there an accounting professor(s) who inspired you? What do you hope to inspire or instill in your future students? TAMMIE: I completed my undergraduate accounting degree and my MBA at Rockhurst University in Kansas City, MO. I actually had two accounting professors that inspired me and encouraged me to pursue
my goals: Dr. Gail King and Cheryl McConnell. I hope to instill in my future students a sense of strong work ethic and respect for the profession, encourage them to pursue their own goals, and provide them with the tools they need to succeed. BRYAN: The most influential professor in my life has been Dr. Kenneth Milani at the University of Notre Dame. His passion for teaching and his tireless service to the community and his students continue to inspire me. I feel strongly that graduates entering the profession must have both knowledge and the ability to think critically. I hope to instill in my future students the understanding that integrity and ethics are an integral part of the accounting profession, and that success is built on a foundation of trust with clients.
Q|
Anything else you’d like SCACPA members to know?
TAMMIE: Thank you for your support! BRYAN: Thank you for your support of the ADS program. Your help makes a difference. It certainly did for me.
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BRYAN: I worked at two regional firms early in my career in public accounting: in the national tax office of Crowe Chizek, and as a tax manager for Clifton Gunderson. Immediately before returning to school, I was in my second year of running my own small accounting practice.
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O
n September 25, 2009, the AICPA announced significant changes to the CPA exam effective January 1, 2011. In this article, Kaplan CPA Review summarizes the major technical and content changes that will occur on the CPA exam for candidates testing on or after this date.
The New CPA Examination by D enise C. Prober t, MBA, CPA Vice President of CPA Education, K aplan CPA R eview
Denise C. Probert, MBA, CPA, is the Vice President of CPA Education for Kaplan CPA Review and one of the company’s Online Review Course Instructors. For more information, call (800) CPA-2DAY or visit www.kaplanCPAreview.com.
BACKGrOUND In October, 2007, the AICPA Examination Team was charged by the Board of Examiners (BOE) to seek input from the boards of accountancy and other stakeholders on desired changes to the CPA exam. The last major changes to the structure of the exam occurred in April 2004, when the first computerized based testing (CBT) was launched. A formal evaluation of the new CBT exam has led to the most recent changes below.
TASK BASED SIMULATIONS Currently, three of the four sections of the CPA exam test your knowledge using case-based simulations. These are similar to the cases a professor may assign to assess your application of knowledge to a situation similar to real-life scenarios. The CPA exam simulations that currently appear in AUD (Auditing and Attestation), REG (Regulation), and FAR (Financial Accounting and Reporting) have several objective assignments, a research assignment, and one writing assignment. The simulation begins with a case scenario. As you progress through the simulation, you complete assignments based on the information given and your knowledge. After January 1, 2011, these case-based simulations will be replaced by task-based simulations. Instead of completing two case-based simulations, you will complete six or seven task-based simulations. Each task will likely be based on different sets of
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The decision to add IFRS to the new CPA exam was essential, since the U.S. Securities and Exchange Commission (SEC) is preparing to adopt IFRS as our national financial reporting standard. It is responsibility of every CPA to be proficient in this new, authoritative literature. information. The new simulations will not contain a writing component. The decision to move to a task-based format resulted from constituency feedback obtained by the AICPA examinations team that expressed a desire for shorter, more focused simulations. The task-based simulations will effectively provide evidence of your knowledge in a manner that can be evaluated by graders efficiently.
wrITTEN COMMUNICATION IN BEC Currently, candidates must complete a written communication assignment in each simulation. There are two simulations in each of the AUD, FAR and REG sections. Of these six writing assignments, three (one per section) are graded. As of January 1, 2011, written communication will only be tested in BEC. Ten to twenty percent of the BEC exam will consist of the written communication assignment(s). The decision to move the assessment of written
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communications to BEC was driven by the desire to expedite the grading process. Currently, three writing assignments must be graded for every candidate. The examination team believes that one writing assignment will give adequate assessment feedback on a candidate‘s written communication skills. International Financial Reporting Standards After January 1, 2011, you will be tested on International Financial Reporting Standards (IFRS). This change will have the greatest impact on the FAR section. However, global business concepts will appear in all four sections, and International Auditing Standards will be tested in AUD. The decision to add IFRS to the new CPA exam was essential, since the U.S. Securities and Exchange Commission (SEC) is preparing to adopt IFRS as our national financial reporting standard. It is responsibility of every CPA to be proficient in this new, authoritative literature.
fASB CODIfICATION
BE PrEPArED
You have been learning the standards by their traditional and somewhat confusing titles (e.g., SFAS 141r Business Combinations). We’ve had SFASs, SASs, APBs, ARBs, PBs, AINs, FINs, as well as SOPs. On July 1, 2009, FASB codified all authoritative literature and eliminated all previous titling. The updated authoritative literature will appear on the new CPA exam beginning January 1, 2011. This will have the greatest impact on the research taskbased simulation, where you will need to respond to a research question using the new authoritative literature.
You can start preparing now for the CPA exam. If you are a college student, take all of your classes seriously, even the ones that do not specifically pertain to accounting. Non-accounting topics like statistics, economics and business law are tested in the BEC and REG sections of the CPA Exam. In fact, a significant portion of the BEC section exam covers material covered in your nonaccounting classes. The elective credits you earn in these classes will also count toward the 120 or 150 hours required by your state to sit for the exam.
NEw CONTENT AND SKILL SPECIfICATION OUTLINES (CSOS/ SSOS) All content changes will be driven by the new Content and Skill Specification Outlines. These new CSOs/SSOs are now available at www.cpa-exam.org. For example, strategic planning and operations management theory have been added to the BEC section of the exam, and the AUD section will now test on professional responsibilities. The new CSOs/SSOs will ensure the CPA exam tests the knowledge and skills you use as an entry-level accountant. Strong knowledge of the CSOs/ SSOs will give confidence that you are studying the correct material. Utilizing a CPA exam review course will also serve you well in that regard, since review providers structure their courses to meet the CSOs and SSOs.
COMPUTEr-BASED TESTING EVOLUTION (CBT-E)
Consider sitting for the CPA examination as soon as you qualify. Check with the state regulatory board for the jurisdiction in which you will be licensed. Each jurisdiction has its own requirements. Your state may even allow you to apply to sit for the exam before you graduate. Applying early could allow you to test as soon as you graduate and complete all four sections sooner. Displaying such initiative always impresses prospective employers. The sooner you apply to take the exam, the better your chances of finishing all four sections before January 1, 2011 when the changes covered in this article will take effect. Your career will benefit from passing the CPA exam. Every industry needs CPAs. Your CPA designation could be your ticket to a rewarding career in public accounting, or any industry you choose. The possibilities are endless and the opportunities are many once you’ve passed the CPA Exam.
The new CPA exam will be administered using enhanced technological advances. We will be able to see the full impact of this enhanced technology when the AICPA publishes sample tests and tutorial in 2010.
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Preparing For and Passing the CPA Exam by Amanda S. Colgate, CPA on behalf of SC ACPA’s Young CPAs Leadership Cabinet
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re you looking forward to passing the CPA Exam? Of course you are! You are probably much less excited about studying for the exam. Members of the Young CPA Leadership Cabinet have shared some tips to make this daunting task more manageable.
STUDYING wHILE wOrKING The number one thing that Cabinet members wish they had done differently was to start studying for the exam right after graduation and pass at least a few sections before beginning their jobs. Studying will be more difficult if you wait a year of two after graduating, since you may have to relearn material. In addition, your work schedule will only become more demanding. Most of the Cabinet members had already entered the workforce before passing the exam. Their advice is to set goals and create a realistic study plan. First, determine the best time of year to study based on your work schedule. Then, decide how many hours you will set aside each day of the week to devote to exam review. Most importantly, do not deviate from your plan. Communicate your goals to those close to you so they will respect your time constraints and help where they can. You may also find it motivating to devise a reward system for yourself.
also
rEVIEw COUrSE Or SELf STUDY? Choosing between taking a review course or studying independently is a matter of personal preference. Be honest with yourself. If you are inclined to procrastinate, you may need a course to help keep you on track. Two factors to consider before signing up for a review course are the expense and
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“It was hard to find the time to study. I used most of my vacation time to study.” — Amanda Koehler, CPA the class schedule. One Cabinet member actually signed up for a Becker review course, but was unable to attend the classes at the scheduled time. Studying independently allows you to fit your study time to your schedule. This works as long as you are disciplined and can stick to a schedule that you design. In addition, it allows you to concentrate on exam areas in which you are weak. The majority of Cabinet members studied on their own and used materials published by Gleim, Becker or Bisk. In addition to review books, most of the review companies have recorded lectures that you can access at your convenience.
HOw DO YOU STUDY BEST? No matter which review materials you choose, it is important to find the methods that work best for you. Test simulations are a must. These will familiarize you with the exam structure and question formats. Do not forget to time yourself during the simulations. This will help you become accustomed to completing the test during the allotted time so you do not panic in the actual exam. Maximize your study time. A good way to do this is to invest in audio exam review. You can multitask and study while driving or exercising. One Cabinet member made outlines and flashcards for his weak areas for quick reviews when he had small amounts of time to study. Take notes while studying, and use these to review in the final days prior to the exam.
PrACTICE, PrACTICE, PrACTICE! Practice may not get you a perfect score, but it will help you pass. Practice answering multiple choice questions to better prepare you for the exam. You may actually find that the questions on the exam are very similar to those that you have already seen. There is software available that will grade your answers and identify your weak areas so you can spend your time where needed. It is also important to be acquainted with the exam format and functionality of the exam software before getting to the testing center. Visit The Uniform CPA Examination Web site (www.cpa-exam.org) to access a tutorial and sample tests to familiarize yourself with the exam.
STArT STUDYING NOw! There is no better time to start studying than now! Most of you who are working have just finished busy season and have hopefully had some time to rest and enjoy life for a few weeks. Now is a great time to set your goals and develop a personalized schedule to pass the CPA Exam. You have eight full months before the next busy season is here. Students who are graduating this month and starting to work in the fall should take the Cabinet’s advice and pass the exam before you have the added pressures of working full-time. Passing the CPA Exam is not easy. It will take time and effort, but it will be worth it.
Thanks to the following Cabinet members who were interviewed for this article: Peter L. Chrobak, Brian Dubis, Ryan Foster, Howie Houston, Amanda Koehler, Cory Ouellette, David Rosenberg, Leigh Schaefers, Gretchen Taylor, W. Ashley Thiem, Robert M. Tilton and Maria Walls.
“I was working at a local CPA firm while I was studying for the exam. I was also a newlywed, and it was college football season! I was not able to take time off to study, so I studied for 2-3 hours every night after work and then 5-6 hours on Sunday.” — Robert M. Tilton, CPA (888) 557-4814 | www.scacpa.org
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In 2008, more than 460,000 students passed one or more AP exams. Shouldn’t the accounting profession be part of the process that recruits this caliber of student and attracts them to college-level programs?
The AP Accounting Project by Joe Bittner, CPA, Universit y of Connec ticut and Dan D eines, PhD, CPA, K ansas State Universit y
T
he AP Accounting Project seeks to address the long standing issue of no meaningful link between a high school and college or university-level accounting education. The root of the problem is that high school accounting courses focus on bookkeeping and the vocational aspects of accounting instead of preparing students for the rigors of college-level courses. Colleges and universities have contributed to the problem by ignoring the shortcomings of high school courses, and then barring promising college students from taking accounting until their sophomore year. Unlike programs such as engineering and the sciences that foster a smooth transition between high school and college course work, most accounting programs pose systemic barriers to the very students they wish to attract.
THE PrOBLEM Joe Bittner, CPA is an Accounting Instructor, InResidence for the University of Connecticut Stamford campus and an adjunct accounting instructor for the New York University School of Continuing and Professional Studies (NYU SCPS). Prior to joining the University of Connecticut, Joe was Manager of Education Programs for the Federal Reserve Bank of New York and the American Institute of CPAs (AICPA), where he created products and developed programs to enhance accounting education at the high school level and college level and to inform and educate students about careers in accounting and as a CPA. Dan Deines, PhD, CPA, received his BA degree in History from Fort Hays State University, his Masters in Business from Emporia State University, and his Ph.D. in Accounting from the University of Nebraska. He has been at Kansas State University since 1982 where he now holds the Ralph Crouch, KPMG Professorship in Accounting. He is active in the American Accounting Association, the American Institute of CPAs, and the Kansas Society of CPA and the National Business Education Association.
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In 2000, the AICPA commissioned the Taylor Research and Consulting Group to identify factors that had a negative impact on the profession’s ability to attract quality students. Challenges of student perception included the following: Student ignorance. Most students are ignorant of or have limited knowledge of the exciting opportunities a career in accounting offers. Misinformation. Much of the information students have about the profession is limited or faulty. For example, many see accounting as limiting—rather than expanding—their future career choices. Negative perception. Students often stereotype accountants as performing boring, tedious, monotonous number-crunching by themselves. Because high school accounting courses are often remedial in nature, they do not create the type of interest necessary to increase the number and quality of accounting majors. Talented high school students (and their parents), when given a choice between enrolling in an AP course that will boost the student’s GPA, qualify for college admission and possibly count toward three hours of college credit (for a fee of $86 to take the qualifying exam), will choose it over (888) 557-4814 | www.scacpa.org
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a vocational accounting course. In 2008, more than 460,000 students passed one or more AP exams. Shouldn’t the accounting profession be part of the process that recruits this caliber of student and attracts them to college-level programs?
Milwaukee, Wisconsin. It is our hope that future training sessions will be held in association with state CPA societies, building additional bridges nationwide between the profession and accounting education.
THE PrOJECT: GOALS AND BENEfITS
In March of this year, a training session was held at the National Business Education Association’s Annual Convention, and additional summer workshops are planned. It is anticipated that by the end of the summer, an additional 450 teachers from more than 30 states, including South Carolina, will be trained to teach the curriculum.
The overall goal of the Project is to create an accounting course and exam that will be adopted by the College Board and become part of AP curriculum nationwide. Such a course would create the following benefits:
In summer of 2009, the Project trained more than 100 high school teachers from more than 20 states.
Build a visible link between high school and college-level accounting programs. Unlike other college prep courses, high school accounting is vocational in nature and primarily associated with bookkeeping or secretarial jobs. Create an infrastructure that provides a long-term means of addressing the misconceptions and negative stereotypes about accounting. Eliminate the systemic barriers that make it unlikely for AP-caliber students to take accounting in high school. Give accounting professionals the opportunity to identify quality students earlier, therefore expanding the supply chain of high quality students. College Board studies indicate that students who take an AP class in high school will take another class in that subject in college. Build a working relationship between high school teachers and university faculty. Engineering, math, language and science departments all interact with high school faculty. Attract more minority students to the profession. In their latest Report to the Nation, the College Board noted that the number of minority students taking AP courses and taking and passing the qualifying exam is still underrepresented, but increasing. Financially disadvantaged students will find the $86 exam fee a great way to reduce the cost of college.
READY TO GET INVOLVED? A summer session will be held July 7 – 9 in Atlanta. Learn more about this and other initiatives of the AP Accounting Project, including a detailed course outline, contact either of the project leaders: Dan Deines at ddeines@ksu.edu or (785) 532-6038 or Joe Bittner at joebittner@msn.com or (917) 693-2480
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PrOGrESS TO DATE In summer of 2009, the Project trained more than 100 high school teachers from more than 20 states. The training took place on the campus of Kansas State University, the training center of the Virginia Society of CPAs in Richmond, Virginia and at the training center of the Wisconsin Association of CPAs in
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South Carolina CPA Report
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Future CPAs Receive Scholarships from SCACPA by Angela W. Hamilton, CPA SC ACPA memb er since 1997 and Glenna P. M inor S er ving SC ACPA since 2007
T
he SCACPA Educational Fund Trustees are pleased to announce the recipients of the 2009-2010 SCACPA Educational Fund Scholarships. More than $19,000 was awarded to 18 outstanding young men and women who plan to pursue careers in accounting. The recipients were honored along with their parents and other guests in November at a Student Recognition Luncheon during the Association’s CPA Summit. These scholarships are awarded to South Carolina residents who are rising juniors or seniors majoring in accounting, or master’s degree students at a South Carolina college or university. To be eligible, students must possess a GPA of no less than 3.25 overall, with a GPA in accounting of no less than 3.5. Recipients must apply annually and scholarships are not renewable. Winners also receive a free one-year student membership to the South Carolina Association of CPAs.
Applications for the 2010-2011 scholarship program are now available at www.scacpa.org, with a postmark deadline of June 1, 2010. We encourage members to connect with students at their firm or company and pass information along to their alma mater in South Carolina.
2009-2010 SCACPA EDUCATIONAL fUND SCHOLArSHIP rECIPIENTS
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SCHOLARSHIP
RECIPIENT
HOMETOWN
COLLEGE/UNIVERITIY
Brigman, Holcomb, Weeks Scholarship
Sarah Tollison
Edgefield
Presbyterian College
Burch, Oxner, Seale Scholarship
Danielle Nicole Bauman
Goose Creek
Charleston Southern University
C. C. McGregor Scholarship
Brittany Miles
Florence
Francis Marion University
Central Chapter of SCACPA Scholarship
Carson Brewer
Columbia
University of South Carolina
Coastal Chapter of SCACPA Scholarship
Elizabeth Fields
Myrtle Beach
University of South Carolina
Edgar Vaughn Scholarship
Robert E. Deuel
Columbia
University of South Carolina
Joe Jackson Scholarship
Lauren Burgess
Columbia
University of South Carolina
Kaye Carter Scholarship
Jennifer Erin Thiessen
Clover
Wofford College
Lollie Harper Scholarship
Bradley MacAaron Gainey
Irmo
University of South Carolina
Past Presidents Scholarship
Emily Mc“Laurin” Rogers
Pawleys Island
University of South Carolina
Piedmont Chapter of SCACPA Scholarship
Joshua Bryan Baughman
Abbeville
Lander University
Ray Waters Scholarship
Ruth deVroomen
Greenwood
Clemson University
Robinson Grant & Co. PA Scholarship
Kristin Leigh Profitt
North Augusta
University of South Carolina
2009 SCACPA Graduate Student Scholarship
Cindyann F. Hunnicutt
Clover
University of South Carolina
2009 SCACPA Graduate Student Scholarship
Bryan A. Thompson
Aiken
University of South Carolina
2009 SCACPA Graduate Student Scholarship
Elizabeth Nicole Shealy
Leesville
University of South Carolina
Sheehan Hancock & Godwin Scholarship
Lauren Margaret Causey
Cayce
Columbia College
WebsterRogers LLP Scholarship
Ashleigh Hogue
North Charleston Charleston Southern University
South Carolina CPA Report
(888) 557-4814 | www.scacpa.org
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Best Practice for Student Internships by Char les E. Alvis, CPA/PFS, CFP® SC ACPA memb er since 1983
Charles is the Associate Professor of Accounting and Director of Student Professional Opportunities at Winthrop University. A past president of SCACPA, Charles has served on various committees and task forces since 1991.
P
When considering the internship process, it is helpful to reflect on what it was like when we started— Most accounting educators will probably agree that students generally “catch on fire” during an internship, becoming highly how confusing and motivated and focused as a result. Students often return to the bewildering it was to classroom much more enlightened regarding what it takes to be a success in the world of professional accounting—a most enter the profession, desirable outcome for all parties concerned. More importantly, most students will tell you that their internship was the and how great it singularly most valuable experience of their academic life. was for those of us This pipeline of students is the life blood of our profession. Without them, clients and employers alike will be left either who were fortunate un-served or under-served, and there will be no successors for enough to find that the continuation of our firms. To best capitalize on internship opportunities, certain expectations need to be met—doing so mentor that made the forms the framework of Best Practices for Internships. These expectations include the following: difference in our career. erhaps more than ever, there is a real need for a robust internship system for students seeking to pursue a career as a Certified Public Accountant. With the graying of the profession, there is a critical need to recruit the best and the brightest in the most efficient and cost effective manner. The internship experience holds the key to accomplishing this goal.
Conduct an orientation and expectation-setting session. Make the intern feel welcome and part of the team. Hold a training session and provide a schedule of assignments. Provide a personal work space and place to park. Identify a manager or direct supervisor of the intern. Have weekly meetings for interns with their manager or supervisor. Evaluate the intern’s work and provide them with constructive feedback. Give interns creative and challenging assignments – a chance to show what they can do – but don’t overload them with basic clerical tasks (although some of this type activity is normal). Showcase the intern’s work and accomplishments by allowing them to participate in meetings and make presentations. Conduct an exit interview to help continually improve the internship experience for both employer and students.
With educational and living expenses being what they are, it is generally expected that an intern needs to be paid. Moreover, they should be paid since they will be providing a valuable service to the organization. The pay should be competitive for the area. Guidance on this number can be obtained from the student’s accounting faculty supervisor for the internship. When considering the internship process, it is helpful to reflect on what it was like when we started—how confusing and bewildering it was to enter the profession, and how great it was for those of us who were fortunate enough to find that mentor that made the difference in our career. Whatever effort you put into supporting an internship will earn you a wonderful return in both tangible and intangible benefits. Touching someone’s life in such a profound and meaningful way might be the greatest reward of all.
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(888) 557-4814 | www.scacpa.org
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FEATURE
5 BOLD STEPS fOr 2009 In late 2008 the SCACPA Board of Directors identified five bold steps as part of its strategic planning process, for which the Association has made great strides.
A
by Er in P. Hardwick , C AE S er ving SC ACPA since 2005
s we begin our journey into 2010, we want to look back and thank you for your support in 2009, particularly during these challenging economic times. As we strive to build value for you and make the South Carolina Association of CPAs the best it can be, we would like to share with you a few of our 2009 achievements.
MEMBErSHIP We ended the year with 3,882 members; 3,341 of these are CPA members (86% of membership). CPA candidate and student membership categories are thriving. “BEGIN,” members in business, education, government, industry and nonprofit, represent nearly a third of SCACPA’s membership.
MEMBEr BENEfITS Professional Issues Update: Expanded to nine cities in 2009, SCACPA connected with 707 members with this four-hour CPE program offered for free to members. Member Exclusives: More than 20 new firms enrolled in SCACPA’s employee health benefits program. CPA Referral Program: 118 firms are enrolled in the program, for which SCACPA provided more than 200 referrals in 2009. Chapter Network: SCACPA’s eight chapters offered more than 60 events and nearly 200 hours of CPE.
VOLUNTEErS Committees and Task Forces: 315 members served their association and profession, providing countless hours of volunteer service.
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wEB SITE AND SOCIAL MEDIA www.scacpa.org was completely redesigned to include more enhanced features. SCACPA created a presence on social media sites including Facebook, LinkedIn and Twitter.
LEGISLATIVE ADVOCACY CPA Day at the State House: April 29 marked the fourth annual event, during which more than 140 members took part in special CPE and a networking reception with legislators. CPA-PAC: Members and their firms provided $19,300 in contributions to the PAC to ensure SCACPA has an effective voice at the State House. Tax Guide: SCACPA provided a Tax Guide to all 170 legislators in February 2009. LLR Reorganization: SCACPA is leading a group of professional associations to call for the creation of semi-independent regulating boards that would be funded through license fees. TRAC: The General Assembly established the Tax Realignment Commission (TRAC) to take a comprehensive look at the state’s tax structure; three CPAs serve on the commission.
PEEr rEVIEw In 2009 we had a total of 147 reviews, 77 engagement and 70 system, processed by the SCACPA Peer Review Committee under the AICPA Practice Monitoring Program. 24 additional firms enrolled during 2009 and the committee added three new members.
Facility Upgrade and Future Facility Planning: SCACPA headquarters were renovated, including expansion of offices, restrooms and a new server room. CPE Innovation: A new CPE subcommittee has created two new conferences: a women’s leadership conference and a hot topics conferences. They are exploring more ways to use technology in the delivery of CPE. Young CPAs Leadership Cabinet: The Cabinet held its inaugural meeting in April, followed by quarterly retreats. The Cabinet, which is comprised of 22 young professionals, is planning a dynamic program schedule for 2010 that will involve young CPAs across the state. BEGIN Campaign: This project focuses on members in business, education, government, industry and non-profit organizations. Members and non-members were identified as target for participation, along with a direct mail campaign and special programs. Financial Literacy: The Task Force has created a presentation for GED candidates focusing on basic financial skills. SCACPA received a list of the 50 GED programs across the state and will be coordinating an effort among multiple committees and the membership through October 31, 2010. We will continue to work hard in 2010 to meet and exceed your expectations and to support you during this current economic climate. Thank you again for your valued membership in the South Carolina Association of CPAs!
Erin P. Hardwick, CAE Executive Director Erin has served as executive director of SCACPA since 2005.
(888) 557-4814 | www.scacpa.org
FEATURE
UPMIFA Overview
Investing & Managing Endowment and Charitable Funds by Valer ie E. Rumbough, CPA, CFP SC ACPA memb er since 1997
I
n 2006, the Uniform Law Commission (ULC) recommended that the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) be enacted in all states. UPMIFA provides guidance to organizations regarding the investment and management of their endowment funds, and also imposes additional requirements on those organizations that manage charitable funds. As a result of UPMIFA, the Financial Accounting Standards Board (FASB) released guidance in FASB Staff Position No. 117-1, “Endowments of Not-for-Profit Organizations,” effective for years ending after December 15, 2008. There have been many commentaries written on the new law. However, it is this author’s opinion that the best source for guidance is the FASB’s guidance itself, now found in Codification Subtopic 958-205 (CS 958-205). In it, the reader will find both the official guidance, the background on how the new law was enacted, and specific examples on how the organization should both manage and disclose information regarding their endowment funds. CPAs who have non-profit clients would do well to educate themselves and their boards on the privileges and responsibilities of this law. Among the privileges, these organizations may now be allowed to spend corpus, or the “historic dollar value” as defined in the former Uniform Management of Institutional Funds Act (UMIFA). Under UPMIFA, the term “historic dollar value” is no longer used. Instead, the law charges the organization with the responsibility of determining a prudent approach to spending based on certain factors, some of which are discussed below. The exception to this would be any restriction on spending by the donor as stated in the endowment
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CPAs who have non-profit clients would do well to educate themselves and their boards on the privileges and responsibilities of this law. Among the privileges, these organizations may now be allowed to spend corpus, or the “historic dollar value” as defined in the former Uniform Management of Institutional Funds Act. document. This approach to spending does not, however, do away with the responsibility to track corpus. An organization now has greater responsibility in the management, distribution, and classification of their endowment funds. First of all, the institution has to “act in good faith,” in a way similar to the Prudent Man Rule. In addition, there are several specific factors that have to be considered by the organization in determining the amount to be spent from the fund. CS 958-205 gives guidance on the following factors to be considered: • The duration and preservation of the endowment fund; • The purposes of the institution and the endowment fund; • General economic conditions;
• The possible effect of inflation or deflation; • The expected total return from income and the appreciation of investments; • Other resources of the institution; and • The investment policy of the institution. Before determining what is available to spend, however, it is important for organizations to be sure the funds they consider to be an endowment actually are, and the actual amount that should be classified as corpus. Sometimes the endowment’s governing instrument requires undistributed funds be reinvested and become a permanent part of the corpus. Also, the governing instrument may require that a portion of the amount allocated for spending actually be reinvested. Both of these will increase the fund’s corpus. Occasionally, however, funds may be placed into an endowment fund when, in fact, those funds were given with the intention of being spent entirely instead of being endowed. In this case, these funds—and any earnings they may have generated—need to be removed from corpus and the endowment altogether. It would be wise for institutions to perform a thorough analysis of their funds and place them in their proper category. An endowment funding policy may need to be established to ensure that future gifts are properly categorized. Funds that are guided by UPMIFA laws have to be segregated into several classifications. Funds may have donor restrictions, not only with regard to the purpose for which the income is to be used, but also the timing of use. Also, fund income distribution may be under the control of the institution’s board, placing them in a separate category. Once
Continued on page 27 South Carolina CPA Report
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Board of Accountancy
BOA UPDATE by Mark T. Hobbs, CPA, Vice Chairman, SC Board of Accountancy SCACPA member since 1981
T
he Board of Accountancy has dealt with several issues over the past several months. Following is a brief report to our licensees.
PEEr rEVIEw COMPLIANCE As you know, there is a recently enacted mandatory peer review requirement for South Carolina licensees. As a refresher, the law requiring mandatory peer review in South Carolina was signed in 2004 and the regulations implementing the process were adopted in 2007. All registered firms who currently issue financial statements must either have a system or engagement peer review dependent on their attest practice. Peer review standards were revised effective January 1, 2009, and firms need to make sure they modify their Systems of Quality Control to be in compliance with these new standards. These new standards introduce pre-issuance quality control review of selected attest engagements, and require most attest firms to have a separate quality control document to assist in compliance with professional standards. Licensees may want to consider taking the AICPA CPE program offered by SCACPA, Peer Review: Is Your Firm Ready, to make sure these requirements and other quality control issues have been implemented. The new standards eliminated the Report Peer Review, and now provide for a System and Engagement Peer Review. All licensees are urged to devote some CPE resources to these new standards. The Board of Accountancy has adopted the AICPA Peer Review Program, which is administered by SCACPA. All licensees must realize that once you commence a peer review, you must complete any actions demanded by the Peer Review Committee of SCACPA. The Peer Review Committee serves as the Review Acceptance
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South Carolina CPA Report
SC DEPArTMENT Of LABOr, LICENSING AND rEGULATION Body (RAB) in South Carolina. The Board has been made aware of several firms who had findings and corrective follow-up actions required by the RAB. However, instead of completing action determined to be appropriate, these firms advised the RAB that they were no longer going to practice in the area where problems were identified. This type of response is deemed contrary to the spirit of the Peer Review Program and will result in an investigation by the Board of Accountancy. The Board will not be involved with a peer review unless a firm fails to comply with the program as administered by SCACPA, but does perform oversight procedures for the Peer Review Program.
fIrM rEGISTrATION CPA firms or any licensees that offer services to the public must be registered with the Board of Accountancy. There still seems to be some confusion about whether or not a firm must register with the Board of Accountancy. All practice offices must register—failure to do so is a violation of the Accountancy Practice Act. This applies to those licensees that may have full-time jobs in private industry, government or education. If you perform any service as a CPA, you must register your office. If you issue financial statements, you will be subject to the peer review process. Please contact Doris Cubit, CPA or Michael Teague at (803) 896-4770 with any questions or comments.
ETHICS rEQUIrEMENT The Board plans to continue the discussion later this year on requiring ethics CPE for licensees. North Carolina has a two-year ethics course requirement annually, and they are convinced that this educational requirement improves ethical behavior of their licensees. To comment on the possible
Board of Accountancy (803) 896-4770 www.llr.state.sc.us/pol/accountancy adoption of a CPE requirement to include an ethics component, please send your thoughts to Michael Teague at the South Carolina Board of Accountancy, P.O. Box 11329, Columbia, SC 29211-1329.
2010 NASBA MEETING COMES TO CHArLESTON Our state will be hosting the Eastern Regional Meeting of the National Association of State Boards of Accountancy (NASBA) in Charleston on June 9-11, 2010 at the Francis Marion Inn. Information about this event can be obtained at http://nasba.org. Following is a quote from David A. Costello, President and CEO of NASBA: “It’s tempting at times to get so caught up in compliance issues, making sure CPAs and firms do the right thing, in the right way, at the right time and with the right people. That’s laudable and commendable, but let’s not forget that the foundation of trust must undergird all compliance issues. The public, through its Board of Accountancy and through the professional competency of licensed CPAs, has every right to expect compliance to rules, laws and professional standards. Likewise, the public should not be concerned about a deficit of trust when it comes to CPAs. Trust is presumed as an essential requirement—a core character trait—and the basis on which all services are provided.”
Mark Hobbs, CPA is the managing partner of The Hobbs Group, PA in Columbia. A past president of SCACPA, Mark currently serves on SCACPA’s Nominating and Investment Committees as well as the Long Range Planning Task Force. Email: mark@hobbscpa.com (888) 557-4814 | www.scacpa.org
UPMIFA Overview, continued from page 26. this is determined, these funds can then be classified into categories that are more familiar in name, but not necessarily in definition, to the organization—permanently restricted, temporarily restricted and unrestricted net assets. CS 958-205 provides additional guidance on how to classify endowment net assets in these categories. It further defines the method by which funds move from one classification to the other. It is important to note that, in light of the above discussion on spending from endowment funds, the corpus has to be accounted for as permanently restricted. This holds true even to the point that unrestricted and temporarily restricted net assets are shown as being “under water,” or with a negative balance. Basically, the components of net assets are as follows: • Permanently restricted—the corpus of the endowment fund, as defined by the former UMIFA, and as outlined above. • Temporarily restricted—the amount over the corpus up to the fair market value of the fund at the valuation date (typically the organization’s year end). This amount is considered to be available for spending. • Unrestricted—the amount appropriated for spending in the near future.
In following this classification, many organizations will find themselves having to list unrestricted and/or temporarily restricted assets as negative amounts because of recent events in the financial markets. This may cause concern among board members or other interested parties that review the organization’s financial statements. CS 958205, however, gives detailed instructions on disclosing how the organization should determine these numbers. These instructions should be used by the organization to enhance their current spending policies. Again, CPAs need to educate their non-profit clients and their boards on the components of these amounts. Unless the amounts are significant in relation to the fund’s corpus, there may not be any cause for alarm. It does, however, serve as a method of accountability to the organization to work toward restoring the balance into positive territory. UPMIFA goes on to state rules for the institution to follow in investing the funds, securing an agent to manage and invest the funds for their benefit, and instructions on how to release or modify restrictions placed on the funds by the donor in the endowment document, among other things.
In conclusion, the new law brings an updated management guideline to nonprofits with regard to their endowed funds. This, in turn, should go far in providing more accountability, and thus trust, in the non-profit in the eyes of the public.
Valerie E. Rumbough, CPA, CFP is the Executive Vice President/Chief Operations Officer of the Baptist Foundation of SC, a foundation created and accountable to the South Carolina Baptist Convention for receiving and administering charitable gifts and managing investment funds for South Carolina Baptist institutions, associations, churches and ministries. Her responsibilities include supervision of trust administration, tax preparation, budget and audit as well as responsibility for the Foundation’s portfolio of almost $90 million in over 600 accounts. Valerie also serves on SCACPA’s Investment Committee.
On Your Behalf, continued from page 9.
LEGISLATIVE ACTIVITY The 2010 legislative session has proven to be a busy time as SCACPA works on behalf of the profession. Thank you to every member who has made a phone call or sent an e-mail to their legislators on behalf of various issues. Your contact makes a real difference. A special thank you goes to three members who testified before committees or commissions: Jason Sweatt, CPA, (Elliott Davis) testified February 19 before the state Tax Realignment Commission (TRAC) in favor of early tax conformity. The TRAC is considering including such a provision in their final recommendations to the state legislature.
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Donny Burkett, CPA, (Burkett, Burkett, Burkett) testified February 23 before the Senate Sales and Income Tax Subcommittee in favor of Senate bill 1174, the stand-alone tax conformity bill. John Camp, CPA, (Camp Moring and Cannon) testified March 10 before the House Business and Commerce Subcommittee in favor of House bill 4546, a bill to allow the board of accountancy to operate as a semiautonomous entity.
part in leadership training focused on the entrepreneurial spirit. The Cabinet also hosted a Young CPAs Meet Up and Lunch and Learn for fellow members.
For information on the board of directors or legislative activity, contact Erin P. Hardwick, CAE, ehardwick@scacpa.org. For information on the Young CPAs Leadership Cabinet, contact Katherine Swartz, CAE, kswartz@scacpa.org.
YOUNG CPAS LEADErSHIP CABINET The Young CPAs Leadership Cabinet held its fourth meeting in Charleston, January 14-15. The 21 Cabinet members took
South Carolina CPA Report
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Member Profiles
Focus On Membership
Profession’s Rewards & Challenges Meet Christopher Huggins and Charles Ayers by Allison Caldwell
Christopher S. Huggins, CPA Vice President/Shareholder at Smith, Sapp, Bookhout, Crumpler & Calliham, P.A. SCACPA member since 1991 SCACPA involvement: Past President of Grand Strand Chapter; served on SCACPA Board as chapter representative Hometown: Conway, SC Favorite Book: Huckleberry Finn by Mark Twain Favorite Movie: Jeremiah Johnson
The focus of this issue is the CPA Pipeline, and here’s a chance to see it in action. Members Christopher Huggins and Charles Ayers are not only active in the Association—both were also SCACPA scholarship recipients at the start of their careers. Both also work in the area of tax, and were gracious enough to take a few moments from their busy tax season schedules to share their thoughts on the profession’s rewards and challenges.
Q|
How did The SCACPA scholarship kick start your career?
HUGGiNs: The SCACPA scholarship helped me to achieve my goal of becoming a CPA. The recognition from SCACPA was very meaningful to me, as I am sure it has been to other recipients.
Charles M. Ayers, CPA Manager, McDowell-Pearman, LLC SCACPA member since 1988 SCACPA involvement: Vice Chair of Taxation Task Force; past member of Information Technology Committee; 2003 President’s Award winner; two-time SCACPA representative to the AICPA National CPA/IRS Tax Issues Meeting in Washington, D.C. Hometown: Winnsboro, SC Favorite Book: Anything by Stuart Woods Favorite Movie: Recently, The Blind Side
AYers: Receiving a SCACPA scholarship helped reinforce that I would like to become a CPA. I also enjoyed attending the annual meeting luncheon to be recognized as a scholarship recipient. I thought a group of professionals that had Bloody Marys and Screwdrivers before lunch would be a fun group to work with.
Q|
You continue to be actively involved in SCACPA. How do you make the time and why?
HUGGiNs: I have enjoyed being involved with SCACPA, as I believe it is important to be actively involved in your profession to help shape its future. Time requirements can be tough, but you can always seem to find time for things you enjoy doing.
AYers: I feel it is important to contribute to the profession by helping where I can. I make the Association’s activities a priority on my calendar. I also find the contacts with other CPAs to be invaluable.
Q|
What made you choose to become a CPA?
HUGGiNs: In college, I had originally planned to major in electrical engineering until I was encouraged by professor Jim Eason to take an accounting course. From that first class, I knew I had discovered my career path. Becoming a CPA was my goal after acquiring a passion for accounting. AYers: I took some bookkeeping courses in high school and decided I liked accounting. My teachers encouraged me to compete in the Accounting II competition sponsored by Future Business Leaders of America, and I was fortunate enough to win the S.C. competition. I then decided to major in accounting at Clemson. I approached my neighbor, who was a CPA, for a summer job hoping to gain some “real world”
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Member Profiles accounting experience and was hired. During summers home from college I continued working for CPA firms, liked the work and environment, and decided to become a CPA.
Q|
What do you enjoy most about your job?
HUGGINS: I enjoy the relationships that I have developed with my clients and colleagues. I enjoy helping my clients understand the importance of accurate accounting and how it can help them be successful in their business pursuits. AYErS: I enjoy the variety of clients that we serve. Solving problems and creating solutions that will work for each unique client is very satisfying. Through the years, I have found that each client is different—what works for one may not work for another. Since my primary areas of practice are taxation and small business services, it is always challenging to stay on top of the many changes that affect our clients.
Q|
What do you believe are the major concerns of CPAs today, and how can they be addressed?
HUGGINS: CPAs face more complexity and uncertainty than ever before. New regulations relating to attest engagements and the ever-changing tax environment makes it impossible for a CPA in today’s environment to be proficient in all areas. Today’s CPA needs to focus on certain areas where they can be proficient and keep pace with the changes. AYErS: For CPAs to remain relevant, I believe they have to adapt to the constantly changing environment of today’s business world while continuing to maintain their trusted business advisor status.
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Focus On Membership
For CPAs to remain relevant, I believe they have to adapt to the constantly changing environment of today’s business world while continuing to maintain their trusted business advisor status.
Q|
What advice do you have for young CPAs?
HUGGINS: The profession is demanding and requires dedication and commitment. Always seek to improve your knowledge and skills. Treat others, most importantly your clients, the way you would expect to be treated. AYErS: Always keep learning. Just because you have (or will have) earned your CPA designation doesn’t mean that you can stop learning. Also, always try to learn about your clients’ whole business, not just the accounting side.
Q|
What’s the toughest thing you’ve had to deal with in this economy?
HUGGINS: Witnessing clients whom I have had long-term relationships with struggling to stay in business and even facing bankruptcy. It has been difficult seeing clients lose everything they have worked so hard to build. AYErS: The toughest thing I have had to deal with is to see friends and clients struggle to keep their businesses open. It has been really hard to see the businesses that have had to close because of decreased demand in the troubled economy.
Q|
If you weren’t a CPA, what would you be—and why?
HUGGINS: I’m not sure, but it would probably be related to the outdoors and nature. I enjoy outdoor activities and sharing my experiences with others. AYErS: I’m not sure what I would be, but it would be a career without an April 15th deadline!
Auditor Malpractice Issues Litigation Consulting/ Representation
Peer Review & Inspections Over 425 system Reviews Conducted Nationwide
Direct (803) 608-8066
Email Johnfh@aol.com South Carolina CPA Report
29
Member News In the News & the Community
Ronny H. Burkett, CPA, Burkett, Burkett & Burkett, CPA, PA appeared on WIS-TV, Columbia’s NBC affiliate, in a feature story: Haiti donations can be claimed on 2009 taxes. Penny A. Lewis, CPA, Penny A. Lewis, CPA, PA, was quoted in the Charleston Post & Courier’s February article, The Art of Deduction. Richard H. Ett, CPA, CFM, CFP, Ett Financial Services, LLC was interviewed on ETV Radio’s South Carolina Business News with Mike Switzer. Jason M. Blumer, CPA, CPE, Blumer & Associates, CPAs, PC was featured in Accounting Today’s March article, Pioneering the New Firm.
Congratulations
Jennifer Morrison, CPA, of Robinson Grant and Co., PA successfully completed the certification process with the National Association of Certified Valuation Analysts to earn her CVA designation. Michael Slapnik, CPA has been named Partner, Assurance and Advisory Services of Scott McElveen, LLP.
Member Moves
Gary T. Bailey, CPA has joined George N. Love, CPA in Laurens. Melinda F. Bedenbaugh, CPA has joined WebsterRogers, LLP in Columbia. Nat B. Benson III, CPA, MSA has joined Insulfab Plastics, Inc. in Spartanburg.
The following members and staff members recently spoke to accounting students about CPA careers and SCACPA student membership: Sherri L. Freudiger, CPA, Sherri L. Freudiger, CPA, PA and Jimmy Burkett, CPA, MTax, University of South Carolina, at Coastal Carolina University; Art Tompkins, CPA, MBA, Joy Rollins, CPA, and Katherine Swartz, CAE to Clemson University’s Beta Alpha Psi Chapter; Jennifer Floyd, CPA, Leigh Schaefers, CPA, Jamie Lopez, CPA, Jane Pelletier, CPA and Bobby Creech, CPA and Katherine Swartz to the College of Charleston’s Beta Alpha Psi Chapter; and Katherine Swartz, CAE to South Carolina State University’s Beta Alpha Psi Chapter. Special thanks to Barbara Adams, PhD, CPA, Ralph Welton Jr., PhD, CPA and Dana L. Garner, Phd, CPA for inviting SCACPA to their respective schools.
Theodore S. Blanchard, CPA, MA has joined Knight & Blanchard, PA, CPA in Mount Pleasant.
Erin P. Hardwick, CAE spoke at the South Carolina Association of Accounting Educators 2010 Annual Meeting. Katherine Swartz, CAE appeared on SCETV’s Forum show, New Rules for the Credit Card Game, promoting SCACPA’s financial literacy resources.
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Focus On Membership
South Carolina CPA Report
Mark E. Burgess, CPA is now with B.P. Barber & Associates, Inc. in Columbia. Meghan Burkett has joined Dixon Hughes, PLLC in Charleston. Daniel B. Clark, CPA is now with Clark Schaefer Hackett in Cincinnati, MI. William H. Cochrane, CPA, MBA is now with Santee Cooper in Moncks Corner.
John D. Dotson, CPA, MBA is now with MeadWestvaco in Summerville. Jacob G. Driggers, CPA, MACC is now with Coastal Kids Dental in Hanahan. Glenn F. Givens, CPA, JD, MTax, LLM is now with Robert P. McCullough, CPA, LLC in Columbia. Mark B. Gregory, CPA is now with StandardAero, formerly Garrett Aviation, in Augusta, GA. Steven D. Heyboer, CPA has joined Kiawah Development Partners, Inc. Donald J. Horres, CPA has joined Mount Pleasant Presbyterian Church in Mount Pleasant. Vanessa M. Howell, CPA is now with Turner Enterprises, Inc. in Atlanta. Holly B. Keller, CPA is now with Atlanta Public Schools in Atlanta. Angela M. Kirby, CPA is now with Rogers Townsend & Thomas PC in Columbia. Frances Lambe, CPA has joined WebsterRogers, LLP in Myrtle Beach. Jennifer A. Leviner, CPA is now with Tuomey Healthcare System in Sumter.
Joseph D. Collins, CPA has joined Center State Bank in Atlanta.
Robert W. Majernik, CPA is now with Ford and Crowley, CPA, LLC in Mount Pleasant.
Tyler H. Courtright, has joined WebsterRogers, LLP in Myrtle Beach.
Tonia L. Morris, CPA has joined Pro Bowl Motors, Inc. in Columbia.
Margaret T. Craft, CPA has joined The Methodist Oaks in Orangeburg.
Matthew Perdue, has joined WebsterRogers LLP in Florence.
Lawrence W. Dawson, CPA, CMA, CFE is now with Limestone College in Gaffney.
Richard F. Raybon, CPA has joined ISOGroup, Inc. in West Melbourne, FL.
David B. Dechant, CPA is now with Computer Software Innovations, Inc. in Easley.
Mark A. Rhoden, CPA has joined Ellett Brothers in Chapin.
(888) 557-4814 | www.scacpa.org
Member News Jonathan C. Richardson is now with SwaimBrown, PA in Spartanburg. John M. Ridenhour is now working with Grant Thornton, LLP in Columbia. G. Garnett Rodgers, CPA has joined Charlotte Mecklenburg Housing Partner in Charlotte. Richard G. Rogers, CPA is now with Vishay Micro-Measurements in Wendell, NC. Bonnie M. Schwerd is now working with Horry County Government in Conway. Adam B. Slice, CPA has joined Hill & Jordan LLC, CPAs in Hartsville. Stacy F. Smith, CPA is now with South Carolina Manufacturing Extension Partnership in Columbia.
Focus On Membership
Retirements
K. Brodie Brigman Jr., CPA of Anderson Foy N. Chalk, CPA of West Columbia C. Ray Frady, CPA of Columbia Thomas A. Harbin, CPA of Anderson William C. Weeks, CPA of Greenville
Firm News
Gay S. Adams, CPA recently opened Gay S. Adams, CPA in Columbia. Gosnell Menard Robinson & Infante, CPA of Spartanburg recently changed partners. Hinske & Clarey, LLC of Charleston recently changed partners. James M. Lopez, CPA has started James M. Lopez CPA, LLC in Summerville. John F. Moore Jr., CPA has started John F. Moore, CPA, LLC in Myrtle Beach.
Danny A. Stevens, CPA, BBA is now with O'Dell Oil Company in Belton.
M. Brown Fant, PA recently opened M. Brown Fant, PA in Union.
Glenn C. Stisser, CPA has joined I-sys Corporation in North Charleston.
McDade & Adams CPAs, PA of Fort Mill recently changed partners.
G. Bruce Thomas, CPA has joined GBT Consulting, LLC in Columbia.
Richard D. Vogt, CPA, MBA, CVA has opened Vogt & Company, PC in Greer.
William W. Traynham, CPA has joined American National Bank in Danville, VA.
Richard W. Voltz, Jr., CPA has opened Richard W. Voltz, Jr., CPA, LLC in Myrtle Beach.
Dale L. Vervaet, CPA has joined Resort Custom Homes, LLC in Greenville. Robert J. Vodzack, CPA, MBA is now with RW Beck Inc. in Orlando, FL. John R. Warner III, CPA has joined InnoVenture LLC in Greenville. Karl E. Weeks, CPA is now with the Central South Carolina Habitat for Humanity in Columbia. Sam L. Wingard Jr., CPA has joined the SC Department of Mental Health in Columbia.
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Zoe M. Davis, CPA, CFE and Carol S. Hubbard, CPA, MS have opened Hubbard Davis CPAs, LLP in Mount Pleasant.
Condolences
Richard Bruce Mikell was born on December 31, 1946, in Columbia, South Carolina. He was the son of Walter Taylor Mikell, Jr. and Ann Pearcy Mikell. Mr. Mikell died on July 15, 2009, after a brief illness. Mr. Mikell graduated from Brookland-Cayce High School in Cayce and the University of South Carolina. He also earned a Master of Business Administration from the University of South Carolina and
became licensed as a CPA in 1988. He was awarded the Eagle Scout badge by the Boy Scouts of America as a member of Boy Scout Troop 14 of Trinity Cathedral, Columbia. He enjoyed a career with the State of South Carolina, AgFirst Farm Credit Bank, Farm Credit Administration and Richland County School District One. He was the owner of Adventure Carolina, Inc. in Cayce. Mr. Mikell has been a volunteer with Camp Kemo and Camp Burnt Gin for more than thirty years. He was honored as Member of the Year by the Professional Paddle Sports Association. He has served as Executive Director of Friends of the Edisto and on the staff of Women in Outdoor Recreation. He has served as President of South Carolina Nature-Based Tourism Association and Vice-President of South Carolina Paddle Sports Industry Association. He has been a long-time member of SCACPA, the Audubon Society and the Sierra Club. In lieu of flowers, memorials may be made to Camp Kemo; 7 Richland Medical Park Drive, Suite 7215; Columbia, South Carolina 29203. Norman Conrad Seguin, 72, died May 25, 2009. Mr. Seguin was born in Wells, Mich., a son of the late Oscar and Eva Seguin. He was a U.S. Air Force Veteran and a member of the Veterans of Foreign Wars. He was also a CPA for more than 40 years. Please sign a guest book at goldfinchfuneralhome.com and at TheSunNews.com. Memorials may be made to St. Jude Children’s Research Hospital, 501 St. Jude Place, Memphis, TN 38105. n
Share Your News
Staff Contact: Katherine Swartz
South Carolina CPA Report
31
Welcome New Members APPLICATIONS FOR REINSTATEMENT ASSOCIATE
Marie S. Codinha, CPA Tapada das Merces, Portugal Shanon Kilburn, CPA Greer, SC
CAMPUS CHAMPION
Dana P. Garner, PhD, CPA College of Charleston School of Business & Economics Charleston, SC
CPA CANDIDATE
Roger W. Long, CPA Roger W. Long, CPA Sumter, SC
James A. Isbell PCS Nitrogen Evans, GA
Nanette K. Miller, CPA Nanette Miller, CPA Washington, DC
CPA CANDIDATE
Stacey R. Singleton, CPA, MBA Grant Thornton, LLP Columbia, SC Rupert L. Thompson Jr., CPA, MBA, ChFC Rupert L. Thompson, CPA Columbia, SC
Erin E. Gilbert Moore Beauston & Woodham, LLP, CPAs & Consultants* Charleston, SC
Kim G. Tindal, CPA East Richland County Public Service District Columbia, SC
Jamie B. Mitchum Charleston, SC
Jonathan T. Walker, CPA Ernst & Young, LLP Greenville, SC
Kristopher Reed Elliott Davis, LLC * Charleston, SC Brandy Ward-Alexander Moore Beauston & Woodham, LLP, CPAs & Consultants* Charleston, SC
Christina B. Wilson, CPA W. R. Toole Engineers, Inc. Augusta, GA
STUDENT
Marilyn E. Dorley Clark Brady and Associates, PA Columbia, SC
FELLOW MEMBER
Tara J. Bachkosky, CPA, CIA, MBA SCANA Cayce, SC William F. Bodie, CPA William F. Bodie, CPA Lugoff, SC Amanda C. Diehl, CPA Elliott Davis, LLC* Columbia, SC Jacob G. Driggers, CPA, MAcc Coastal Kids Dental Hanahan, SC Kendall O. Fields III, CPA Charleston, SC
32
South Carolina CPA Report
Focus On Membership
APPLICATIONS FOR NEW MEMBERSHIP AFFILIATE MEMBER / NON-CPA David B. Burleson Robert Half Greenville, SC
Josue Garcia Dixon Hughes, PLLC * Charleston, SC
ASSOCIATE
Caprice Atterbury, CPA Hollywood, SC
Caroline L. Hall Bauknight Pietras & Stormer, PA* Columbia, SC
Robert E. Adams Jr. Clark Brady and Associates, CPA, PA Greenwood, SC
Thomas B. Hughes Bauknight Pietras & Stormer, PA* Columbia, SC
Casey M. Andrews Bauknight Pietras & Stormer, PA* Columbia, SC
Elizabeth G. Jackson Bauknight Pietras & Stormer, PA* Columbia, SC
Christopher D. Arthurs Scott McElveen, LLP* Columbia, SC
Joseph Kassim Elliott Davis, LLC* Charleston, SC
Alison D. Boyd Dixon Hughes, PLLC* Charleston, SC
Robert M. Kruk Bauknight Pietras & Stormer, PA* Columbia, SC
Philip L. Busscher Bauknight Pietras & Stormer, PA* Columbia, SC Alfred T. Clarkson Dixon Hughes, PLLC* Charleston, SC Paula L. Cooper Dixon Hughes, PLLC* Spartanburg, SC Jonathan T. Crapps Elliott Davis, LLC* Charleston, SC Jeremy G. Dunn Elliott Davis, LLC* Myrtle Beach, SC James H. Fowles Bauknight Pietras & Stormer, PA* Columbia, SC Kimberly L. Garmany Moore Beauston & Woodham, LLP, CPAs & Consultants* Charleston, SC
Julie M. Latham Clark Brady and Associates, CPA, PA Greenwood, SC Terri McNaughton Elliott Davis, LLC* Greenville, SC Mallory K. Pound Bauknight Pietras & Stormer, PA* Columbia, SC Paula J. Pridgen Dixon Hughes, PLLC* Charleston, SC Nathan Reed Elliott Davis, LLC* Charleston, SC Meghan R. Rose Dixon Hughes PLLC* Greenville, SC Edward M. Royall Elliott Davis, LLC* Charleston, SC Scott D. Russell Dixon Hughes, PLLC* Charleston, SC
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Welcome New Members Amanda M. Scoli Elliott Davis, LLC* Charleston, SC Marcia L. Smeenk Spartanburg, SC Farrell E. Spigner Dixon Hughes PLLC* Greenville, SC Jill Vang The Hobbs Group, PA Columbia, SC David M. Ward Bauknight Pietras & Stormer, PA* Columbia, SC Ally E. Weaver The Hobbs Group, PA Columbia, SC Matthew F. Young Elliott Davis, LLC* Columbia, SC Robert M. Young Elliott Davis, LLC* Columbia, SC
FELLOW - GOVERNMENT
Jessica Y. Zhou, CPA Fort Mill Housing Authority Fort Mill, SC
FELLOW
Jeremy S. Betsill, CPA Dixon Hughes, PLLC* Charleston, SC Amanda S. Brinkley, CPA Bauknight Pietras & Stormer, PA* Columbia, SC Amie L. Busbee, CPA ETV Endowment of SC Spartanburg, SC Matthew T. Clark, CPA Elliott Davis, LLC* Greenwood, SC Brent R. Cooler, CPA World Acceptance Corporation Greenville, SC (888) 557-4814 | www.scacpa.org
Amanda J. Dearing, CPA Moore Beauston & Woodham, LLP, CPAs & Consultants* Charleston, SC Joseph G. Folsom III, CPA Glenn Folsom, CPA, LLC Bishopville, SC Mary M. Gardner, CPA SC Credit Union League Columbia, SC Russell D. Gladden, CPA The Springs Company Lancaster, SC Paul E. Griz, CPA Robinson Grant & Co., PA* Bluffton, SC Sharon E. Johnson, CPA John Shell Associates, Inc. Columbia, SC Erika S. Kovacs, CPA SCANA Cayce, SC William R. Prevost, CPA Elliott Davis, LLC* Charleston, SC Rudy Raborn, CPA James R. Raborn, CPA Batesburg, SC Robert M. Stevens, CPA Elliott Davis, LLC* Greenville, SC Jonathan E. Sutter, CPA Cherry Bekaert & Holland, LLP* Greenville, SC
Focus On Membership
FIRM ADMINISTRATOR
Alicia Cakley Johnson Lambert & Company, LLP Charleston, SC Phyllis Fabian Cherry Bekaert & Holland, LLP* Bluffton, SC
Helen S. Michael Charleston, SC Cache Mille, MA Aiken, SC Christopher C. Peavy Conway, SC Benjamin C. Ponds Rock Hill, SC
James Yetman Solomon & Hardwick, LLC Charleston, SC
Brandon Prosser Charleston, SC
STUDENT
Season L. West Rock Hill, SC
Travonte Aldrich Columbia, SC Jennifer U. Arellano Greenville, SC Tram T. Dao Charleston, SC Lauren E. Deuell Columbia, SC David A. Donald, BS Columbia, SC Johnny Fryar Jr MyrtleBeach, SC Jessica S. Gawler Columbia, SC
Katherine L. White St. Charles, IL Jessica L. Williams Clover, SC Alyssa Ziobrowski Rock Hill, SC
South Carolina Association of CPAs Membership Applications January 12 – April 9, 2010 An asterisk (*) indicates the firm supports SCACPA through the 100% Membership Program.
Karen Harris Rock Hill, SC Allison B. Holmes Spartanburg, SC Ashley M. Ivester Greer, SC
Emily R. Temple, CPA Elliott Davis, LLC* Greenwood, SC
Charlton D. Jacobs Rock Hill, SC
Russell A. Vedder, CPA Elliott Davis, LLC* Charleston, SC
Brian Lang Moore Beauston & Woodham, LLP, CPAs & Consultants* West Columbia, SC
William N. Ward, CPA Elliott Davis, LLC* Greenville, SC
Xi Li Rock Hill, SC
South Carolina CPA Report
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Introducing The Insurance Place of The Carolinas! T
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The relationship between a client and their CPA has, historically, been one of the most important and trusted relationships anyone will ever have. We think you will agree that no one better understands the needs of a CPA than another practicing CPA.
Supported by the nation's largest independent distributor of insurance, and provider of insurance planning support services, with access to over 100 top rated insurance carriers offering over 6,000 products, The Insurance is your source for all types of individual life insurance, individual long-term care insurance, individual disability insurance and annuities.
EVERY 10 SECONDS A CHILD IS ABUSED IN THIS COUNTRY AND 3 DIE EACH DAY Purchasing insurance is one of the most important FROM ABUSE AND NEGLECT!!! The decisions a person will ever make. It is critical to creators of this service support an organization make sure that your clients are being guided by known as Prevent Child Abuse America (www.preventchildabuse.org). When you professionals who have the experience to help them make the absolute best choice. With literally choose to use , in addition to your clients receiving decades of experience, the professionals at the absolute best service of its kind in the are committed country, you are also helping us make the to helping you help your clients make the right world a safer place for abused children.
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With regard to the specific types of insurance planning support services we provide, here is a list of some, but not all, of our capabilities:
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If you have questions, contact Dianne Odom or Raymond Scruggs at 803-407-1040 or by email Dianne@TIPoftheCarolinas or Raymond@TIPoftheCarolinas
rolina Assoc Ca ia t
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Southh Carolina Sout
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QUALITY CHAPTER AWARD r Ce
Sell
Chapter Connections
ed nt Public Accou
2009 Quality Chapter Award Winners CENTRAL COASTAL FOOTHILLS GRAND STRAND SEA ISLAND
Focus On Membership
CATAWBA
GRAND STRAND
May 13: Advising a Troubled Business, Dennis Gerschick (8 hours, CA051310)
May 14: Advising the Troubled Business with Dennis Gerschick (4 hours, GR051410)
August 30 PM: Professional Issues Update (4 hours, 60910RH)
August 13 AM: Professional Issues Update (4 hours, 60910MB)
CENTRAL
PEE DEE
Dues: $60, includes discounted registration to CPE seminars and free family/networking event
Dues: $50, includes discounted registration to CPE seminars, free Oyster Roast, Family Day and Business Meeting Dinner; invitation to Entertainment Night and Golf Tournament
Suzanne M. Merritt, CPA, Catawba Amy L. Cain, CPA, Central
Richard H. Ett, CPA, CFM, CFP, Coastal Kara S. Shealy, CPA, Foothills Amanda T. Hallman, CPA, Grand Strand Bryan L. Rabon, CPA, Pee Dee Melanie C. Hill, MPA, CPA, CMI, FLMI, Piedmont Patrick P. Carey Jr., CPA, Sea Island
May 13: Pee Dee/IMA - IFRS & GAAP Convergence, Eric Schmid, KPMG (2 hours, PE051310) August 12 PM: Professional Issues Update (4 hours, 60910FL)
June 12: Annual Barbeque at Riverbanks Zoo; free to members and family or guest. (CEBBQ10)
PIEDMONT
July 22: Fair Value Accounting, Jeffrey Lieman, CPA (8 hours, CE072210)
COASTAL
Dues: $130, includes free registration to CPE seminars (additional registration fee for Tax Update with Jack Surgent) and free registration to family/networking event May 18: A&A Update with Russ Madray (8 hours, CO051810)
FOOTHILLS
Dues: $40, includes discounted registration to CPE seminars and three free social/ networking events May/June: CPE Seminar (8 hours) August 31 AM: Professional Issues Update (4 hours, 60910SP); Annual Business Meeting in conjunction with PIU
(888) 557-4814 | www.scacpa.org
Dues: $50, includes discounted registration to CPE seminars
May 25: Golf Tournament at Cobblestone Park; register online for your team (two members and up to two guests) (CEGOLF10)
July 23: Governmental A&A Update, Jeffrey Lieman, CPA (8 hours, CE072310)
Chapter Presidents
Dues: $125, includes free registration to CPE seminars; Holiday Party and Student Recruitment Fair
Dues: $50, includes registration for CPE at a nominal fee and free holiday luncheon May 17: BPEN with SC Bar Young Lawyers Division: Issues Involving the Repeal of the Estate Tax, Robert August/Verne McGough (1 hour CLE; 1 hour CPE) and Accounting Issues for Troubling Times, Rebecca Lee (1 hour) (2 hours total, PI051710) June 21: BPEN with Risk Managers Association (PI062110) July 26: BPEN with Institute of Internal Auditors (PI072610) August 25: BPEN – Non-Profit Update: Governance and Funding Issues in our Challenging Economy, Stuart Sobel (1 hour, PI082510)
SEA ISLAND
Dues: $135, includes free registration to CPE seminars and two special events, Night at Comedy Club and Professionals’ Night May 24: A&A Update with Kurt Oestriecher (8 hours, SE52410A)
South Carolina CPA Report
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Upcoming CPE
Focus On CPE
IN THE SPOTLIGHT
Check out these hot topics for July & August 2010 Health Care Reform Act: Critical Tax & Insurance Ramifications for You, Your Business & Your Clients (69910AM or PM)
Effectively and Efficiently Reviewing Audit Work papers: The Line of Defense Against Deficient Audits (64910)
JULY 19 | SCACPA, WEST COLUMBIA Dramatic and significant tax and health insurance changes are coming to America! The nearly $1 trillion, ten year cost of the Patient Protection and Affordable Care and Reconciliation Acts of 2010 will change the way health insurance is delivered and how we will pay for it. Be informed of these changes and get tips for strategies to best deal with them.
JULY 29 | SCACPA, WEST COLUMBIA Reviewing work papers is a critical internal quality control safeguard that ensures issued audit reports are appropriate given the specific engagement’s circumstances. There is a presumption that more experienced engagement team members should review work performed by less experienced staff. The objective of this course is to provide tips and techniques for effective and efficient review of audit work papers.
Form 706 and 709 Estate and Gift Tax Preparation Workshop (64710A) JULY 27 | SCACPA, WEST COLUMBIA The 45% federal transfer tax can make the government a major beneficiary of your client’s estate. Accordingly, all Federal Gift and Estate Tax Returns are subject to a thorough review process. This course will give you the background to timely and properly prepare Forms 706 and 709 to reduce the likelihood of an examination and achieve the best result for your client.
Form 990: AICPA’s Answer to Unlocking the Tax Complexities (64810A) JULY 28 | SCACPA, WEST COLUMBIA Updated for the completely redesigned Form 990! Not only is the IRS crackdown on nonprofits continuing but the Form 990 has been completely redesigned - are you ready? New legal traps for the organization and its officers and directors created by the excess benefit rules make this course a must! Find out how to deal with the very tricky 990 problems that will confront your clients. This course addresses tricky and potential tax-trap issues you will face. Get practice in completing the revised 990 tax form and solving unique filing problems. Examine the entire Form 990 family: Schedule A, 990T, 990PF, executive compensation reporting, disclosure requirements and guidelines for handling tough UBIT questions.
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South Carolina CPA Report
IFRS for Smaller Entities vs. U.S. GAAP: A Study in How the Financial Statements Look and Feel Different (65010) JULY 30 | SCACPA, WEST COLUMBIA While U.S. financial, accounting and audit professionals have an existing familiarity and comfort with U.S. GAAP, an increasing number of these same professionals are being asked to prepare or report on financial statements using IFRS (as either a mandatory or voluntary alternative). A practical knowledge of IFRS for SMEs is important for professionals providing accounting, reporting or attest services for private entities, especially when private company stakeholders and financial statement users focus on asking questions about how the two sets of standards actually differ.
How to Conduct a Review Under the AICPA Practice-Monitoring Program (65910A) AUGUST 17-18 | SCACPA, WEST COLUMBIA Make the transition from auditor to peer reviewer, and successfully conduct a peer review with the help of this mandatory training course for team and review captains. It features realistic case studies of system peer review circumstances and several examples of engagement selections in an engagement peer review. Learn to effectively plan a peer review, develop an understanding of a firm’s system of quality control, document procedures used in testing a firm’s system (including reviewing selected engagements), prepare the peer review report, provide recommendations and assist a firm in its response to a peer review. (888) 557-4814 | www.scacpa.org
Upcoming CPE
Focus On CPE
AICPA Advanced Course: Overview of the AICPA Peer Review Program Standards (66010A)
Upcoming Peer Review: Is Your Firm Ready? (66610A)
AUGUST 19 | SCACPA, WEST COLUMBIA, SC This one-day, advanced course is designed for experienced reviewers who want to heighten their peer-review skills. It is an excellent follow-up to the AICPA’s training course, How to Conduct a Review Under the AICPA Practice-Monitoring Programs, and includes an upto-the-minute analysis of the AICPA Peer Review Program Standards effective January 1, 2009. Enhance your ability to conclude and report peer-review findings for system, engagement and report reviews while learning about changes to the peer review standards and the risk-based approach to planning a peer review.
What does it take to have an effective quality control system that leads you to a clean, unmodified peer review report? Find out how to prepare for your next review and what can be done on a daily basis to create a strong quality control environment for your firm. Identify the most common, significant deficiencies that peer reviews uncover and what you can do to prevent them from occurring in your firm. You will consider the process for selecting the appropriate peer reviewer and the right review year-end for your firm. If you have specialized engagements, such as governmental units, not-for-profit organizations, construction contractors or employee benefit plans, you will learn additional issues that come into play.
AUGUST 31 | SCACPA , WEST COLUMBIA, SC
TECHNOLOGY CONFERENCE (419510) | JULY 20
Embassy Suites, Columbia
Don’t Be Left Behind!
Attend the 2010 Technology Conference and learn how to leverage new technologies to increase productivity and improve collaboration. This conference will cover everything from the latest technologies affecting the accounting profession, the organizations we work for and the clients we serve. For example, where should you invest for the best technology ROI? Technology companies will roll out major upgrades, as well as new solutions, all year long. Attend this conference and receive the most current recommendations for computers, servers, printers and scanners and much more. Registration Fees: CC $200, EB $205, M $230, NM $305
2010 VACATION CLUSTERS
From the Mountains to the Ocean.
Technology
July 20, 2010 • Columbia, SC Silver Sponsor
Greenville, Myrtle Beach, Asheville, Charleston
Learn. Relax. Have Fun.
UPsTATe cLUsTer • MAY 17-19, 2010
MOUNTAiNs cLUsTer • JULY 12-14, 2010
Embassy Suites 670 Verdae Boulevard, Greenville, SC 29607 Reservations: (864) 676-9090 Room rate: $119 (based on availability)
The Grove Park Inn Resort & Spa 290 Macon Avenue, Asheville, NC 28804 Reservations: (800) 438-5800 or www.groveparkinn.com Group code: 68Y410 Room rate: $159 (expires June 11)
GrAND sTrAND cLUsTer • JUNe 14-16, 2010
cOAsTAL cLUsTer • AUGUsT 9-11, 2010
Myrtle Beach Marriott Resort & Spa at Grande Dunes 8400 Costa Verde Drive, Myrtle Beach, SC 29572 Reservations: (800) 228-9290 or www.marriott.com Group Code: scascaa Room rate: $189 (expires May 21)
DoubleTree Guest Suites Historic Charleston 181 Church Street , Charleston, SC 29401 Reservations: (877) 408-8733 or www.doubletree.hilton.com/charleston Group code: cpa Room rate: $129 (expires July 17)
NOTE: A discounted block of rooms are available for the vacation cluster courses. Group room rates are available only when you make reservations before the cut-off date and identify yourself as being with the SC Association of CPAs. Reservations made after the cut-off date are subject to space availability and may be substantially higher.
(888) 557-4814 | www.scacpa.org
South Carolina CPA Report
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Classifieds OFFICE SPACE AVAILABLE ACCOUNTING PRACTICE SALES Selling? We can help you: • Maximize the value of your practice. • Experience a smooth, pleasant process • Achieve confidence that you will find the right buyer. CURRENT LISTINGS Charlotte, NC - $145,000 Greenville Area, SC - Price TBD Spartanburg, SC - $175,000 Hilton Head Area - $145,000 Charleston, SC - $220,000 Buyers: Registration is free and simple. See our complete, up-to-date list of available practices at: www.accountingpracticesales.com. Contact: Brannon Poe, CPA at (888) 246-0974.
INVESTMENT OPPORTUNITIES Buy, sell, merge or finance your practice with the country’s number one accounting brokerage firm! Let our 27 years of CPA firm merger-acquisition experience work for you! We offer complete consulting assistance packages, including 100 percent conventional bank financing so you can cash the seller out at closing. Current Carolina practices include Asheville ($1,600,000+); Myrtle Beach ($300,000); Winston-Salem ($175,000); Greenville ($300,000) and Columbia ($345,000). Many others soon! Contact Leon Faris CPA, Professional Accounting Sales at (800) 729-9031 or visit www.cpasales.com.
ONSITE TRAINING AVAILABLE Get quality CPE in your office at your convenience. You choose the location, topic and date and we take care of the rest. Visit www.scacpa.org for more information. Staff contact: Reva Brennan
SCACPA encourages you to recycle when you are finished reading. To learn more visit www.recycleplease.org. To find recycling centers near you visit www.earth911.com or www.wm.com.
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South Carolina CPA Report
ADVERTISER INDEX Accounting Practice Sales www.accountingpracticesales.com Inside Back Cover ADP www.adp.com/accountant.aspx Page 23 American Pensions http://www.ampen.com/ Inside Front Cover Aon/BB&T Insurance Services/AICPA Professional Liability Insurance Program www.cpai.com Page 4 BB&T www.bbt.com Page 13 Blytheco www.blytheco.com Back Cover Camico www.camico.com Page 8 First Federal www.firstfederal.com Page 21 John F. Hamilton, CPA JOHNFH@aol.com Page 29 The Insurance Place of the Carolinas www.thelifeinsuranceplace.com/ carolinas/index.htm Page 34 McAngus Goudelock & Courie, LLC www.mgclaw.com Page 19 Southeastern Insurance Consultants http://siconsultants.com/ Page 17
(888) 557-4814 | www.scacpa.org
Picture this... next tax season, a chair ...no desk Go with the leader. We provide excellent service and get the best results. We have qualified buyers waiting. See detailed articles about the process on our website!
available PracticeS South of Charlotte, NC CPA Firm – $375,000 Augusta Area CPA Firm – $405,000 Hilton Head, SC CPA Firm – $128,000 Clemson Tax/Bookkeeping Firm – $200,000 Raleigh, NC CPA Firm – $1,000,000
buyers – registration is free and simple Brannon Poe, CPA 1.888.246.0974 poe@knology.net
W W W. A C C o u N T i N g P R A C T i C e S A l e S . C o m
South Carolina Association of CPAs
PRSRT STD US POSTAGE PAID PERMIT NO. 1146 Columbia, SC
570 Chris Drive, West Columbia, SC 29169
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