CPA Report - Second Edition 2015

Second Edition 2015 South Carolina Association of Certified Public Accountants

Cyber Security Are You Prepared for a Threat?

Managing Passwords An Introduction to PCI Compliance

PLUS

Meet SCACPA’s New CEO

Learn & Thrive with CPE

Farewell from CEO Erin Pate

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CPA Report

South Carolina Association of CPAs

South Carolina Association of Certified Public Accountants Magazine Volume 45, Second Edition 2015

OFFICERS John B. Fennell, CPA, Chair Robert M. Tilton, CPA, Chair Elect Penny Lewis, CPA, Secretary – Treasurer Sharon E. Mann, CPA, Immediate Past Chair

Farewell from Erin, page 28

BOARD OF DIRECTORS Patrick P. Carey Jr., CPA Zoe M. Davis, CPA Suzanne M. Harnois, CPA Lesley H. Kelly, CPA Cheryl O. Lang, CPA Brad Leford, CPA J. Patrick (Pat) McDermott, CPA James W. McIlrath, CPA Kenneth L. Newhouse Jr., CPA Erin H. Pate, CAE Jason C. Sweatt, CPA

CHIEF EXECUTIVE OFFICER

Cyber Security 19 Are You Prepared for a Cyber Security Threat 21

A Look Back: Fraud

22

Managing Passwords

25

An Introduction to PCI Compliance: Information Security Affects Everyone

Erin H. Pate, CAE

MANAGING EDITOR Maureen A. Taylor

GRAPHIC DESIGNER Lisa S. McGee

CONTRIBUTING WRITERS Tim Baker, CPA, CGMA Robert C. Charles, CPA Mark Crocker, CPA George DuRant, CPA/ABV, CFF, ASA John B. Fennell, CPA Will Fleenor, CPA, PhD Lisa McGee Erin H. Pate, CAE Derrick Stark, CPA Maureen A. Taylor

2014-15 EDITORIAL COMMITTEE Charles E. Alvis, CPA, MPA, MBA, Chair Tim Baker, CPA Robert C. Charles, CPA Lisa S. Cooke, CPA Erin H. Pate, CAE Frances J. Pearce, CPA Derrick B. Stark, CPA Maureen A. Taylor

In This Issue 9 12 14 28 30

32 34 36

Meet the New CEO Let Us Help You Thrive Thank You to Our 2014-15 Volunteers Farewell from CEO Erin Pate DOR Director to Focus on Taxpayer Services, Collaboration and Antifraud Efforts Ethically Speaking: Let’s Not Forget Who Brought Us to the Dance Focus on the Future: Furman University Bob Cooper

In Every Issue 5 6 10 31 37

From the Chair Association News On Your Behalf BOA Update Chapter News

38 Member News 39 Welcome New Members 41 CPE 46 Classifieds 46 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 SCACPA. Advertising rates will be furnished on request to SCACPA, Brookland Place, 1300 12th Street, Suite D, Cayce, SC 29033, (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 SCACPA.

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E-10486-215 SC

From the Chair’s Desk Bratton Fennell, CPA SCACPA member since 1989

South Carolina Association of Certified Public Accountants

During my time with the South Carolina Association of CPAs, I have had the opportunity to work with a number of dedicated individuals. In addition to our great full-time staff, we are also blessed with many members who spend a great deal of time and energy volunteering for our organization. Our volunteers come from all parts of our state and bring many different skill sets. The impact of these volunteers can be seen in many different ways. They include: • Monitoring and influencing legislation that impacts our profession and how our profession protects the public.

• Identifying students for scholarships to help make sure that we are attracting the best and brightest to enter our profession.

• Making sure that our professionals are provided learning opportunities to help them to succeed in their career.

• Setting the strategy of the organization for the professional staff to ensure our organization stays relevant.

In this issue of the CPA Report we recognize many of the individuals who work behind the scenes to help lead and protect our profession. I want to thank the volunteers that help our organization make the impact it does. Without the help of these individuals, we would not be nearly as effective in succeeding in our mission to empower our members to grow professionally.

Yours very truly,

Bratton Fennell, CPA Chairman, SC Association of CPAs

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

5

Know an Accounting Major?

SCACPA Scholarships are Available The SCACPA Educational Foundation is now accepting scholarship applications for the 2014-15 academic year. In 2014, the Educational Fund Trustees awarded $26,750 in scholarships to 16 students across the state.

To be eligible students must: • Be a South Carolina resident • Be a rising junior or senior majoring in accounting

(or master’s degree student) at a South Carolina college

or university.

• Possess a GPA of no less than 3.25 overall (on a 4.0 scale).

• Possess a GPA in accounting no less than 3.5

(on a 4.0 scale).

For more information, or to apply, visit www.scacpa.org/Scholarships.

Reese Named SOC 1 Peer Review Specialist Brent Reese, CPA, CITP, CISA, of J.D. Shirley LLC in Columbia, has been named an AICPA Service Organization Control (SOC) 1 Peer Review Specialist. Brent is one of 28 approved SOC 1 specialists in the nation and the only one located in South Carolina. These specialists provide the high level of expertise required to perform SOC engagements. A SCACPA member since 2010, Brent is an alumni of the Young CPA Leadership Cabinet.

SCACPA Welcomes New Staff Members SCACPA has welcomed two new staff members to the team. Sharon Gollwitzer is the peer review and administrative coordinator and Meredith Williams is conference and events manager.

Gollwitzer

Williams

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South Carolina CPA Report

Sharon is responsible for administering the state's AICPA Peer Review Program and provides the office with administrative support. Sharon has 25 years of office experience.

When she is not working, she enjoys cooking, DIY projects and quiet time with her family.

As a part of the professional development team, Meredith is responsible for planning and managing SCACPA conferences and special events. A native of South Carolina and graduate of Presbyterian College, Meredith honed her keen eye for detail and communication through her experience working in technology sales, the hospitality industry and with non-profit events. Meredith has a passion for community involvement and relishes all things art and interior design. When she’s not working, Meredith enjoys spending time on the water and traveling with family and friends.

(888) 557-4814 | www.scacpa.org

PROMOTING THE PROFESSION

DHG Donates Over 400,000 Lbs. of Food In 2014, Dixon Hughes Goodman (DHG) donated 431,475 lbs. of food to organizations that feed the hungry.

With their Count the Cans Food Drive, the accounting and advisory firm continues to help those in need.

Bethanne Chapman, senior associate for Dixon Hughes Goodman, has been in charge of DHG’s Count the Cans Food Drive for the Greg Taylor, office managing partner for Dixon Hughes Goodman’s Greenville office Greenville, S.C. office. during the past three years. She stated that this year all 33 offices throughout the southeast, Texas and New York participated in collecting cans of food for the needy. During the food drive, the Greenville office alone collected 7,566 cans and donated more than $16,000. The drive benefitted Loaves & Fishes whose tagline is “bringing the hungry fresh food daily”. They state that 18.8 percent of South Carolinians are food insecure, which means they do not know if they will have enough to eat from one day to the next.

WebsterRogers LLP Employees Promote Careers in Accounting at The Citadel SCACPA member Melissa Barbour and Brittany Hannah, both with WebsterRogers LLP, in Charleston recently spoke to students at The Citadel about careers in accounting.

Pictured left Brittany Hannah and Melissa Barbour.

SCACPA Brookland Place, 1300 12th Street, Suite D Cayce, South Carolina 29033 (803) 791-4181 or Toll-free (888) 557-4814 Fax (803) 791-4196 | www.scacpa.org

To empower our members to grow professionally by providing education, advocacy, communication and leadership.

Shana M. Adams Membership & Digital Media Coordinator Ext. 111, sadams@scacpa.org Reva E. Brennan, MPA, CAE, IOM Chief Operating Officer Ext. 103, rbrennan@scacpa.org Sharon Gollwitzer Peer Review & Adminstrative Coordinator Ext. 107, sgollwitzer@scacpa.org Karen M. Hancock, CPA Finance Director Ext. 108, khancock@scacpa.org Lisa S. McGee Membership and Communications Coordinator Ext. 106, lmcgee@scacpa.org Erin H. Pate, CAE Chief Executive Officer Ext. 104, epate@scacpa.org Maureen A. Taylor Marketing & Member Services Director Ext. 105, mtaylor@scacpa.org Meredith W. Williams Conference and Events Manager Ext. 110, mwilliams@scacpa.org

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

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the past, present and future Join us in commemorating 100 years of service!

We will honor our history with a special commemorative publication, celebrate the profession during our Centennial Gala on Nov. 11 at the Marriott City Center and invest in the future with the “Next 100 Year� endowed scholarship.

Visit us at www.scacpa.org/centennial.

8

SC Association of CPAs...serving you since 1915.

South Carolina CPA Report

(888) 557-4814 | www.scacpa.org

Meet the New CEO Christopher Jenkins, CAE, CISSP “Professional associations are a relationship business, and creating and fostering relationships within the membership is my number one priority.”

Tell us a little about yourself including your professional experience.

Over the past 17 years I’ve worked for The Ohio Society of CPAs (OSCPA).

During this time, I’ve had the opportunity to build and hone my association management skills. As chief information officer, I worked within the executive team and with the board to plan, create and execute several leading edge initiatives. Most recently I worked with the team to shepherd “nano learning” from concept to reality.

Some highlights of my tenure include creating and implementing the association’s digital and mobile strategies to increase brand recognition and the development of a comprehensive system of on-demand education resulting in an additional revenue stream.

How will your experience benefit the South Carolina Association of CPAs? You could say I’ve grown up within a CPA association. My experience with the membership, the profession and my peers allows me to hit the ground running.

In today’s business environment technology plays a role in nearly every solution and my knowledge and experience in this

(888) 557-4814 | www.scacpa.org

area is a strong secondary skill. I understand how technology and the business of association management intersect, and plan to use this to our advantage.

What is your number one priority during your first three months as CEO? Professional associations are a relationship business, and creating and fostering relationships within the membership is my number one priority.

During my first three months, I want to focus on getting to know the staff, and understanding the unique needs of SCACPA members. I look forward to meeting with members during the Professional Issues Updates and at CPE events throughout the state.

Tell us about your family.

My wife, Alicia, and I have two children, Trinity, 8, and Jayden, 10. I am also the father to Jennifer, 23, Zach, 21, and Jeff, 18, and grandfather to Haythan and Lydia.

Quick Facts HOMETOWN Columbus, Ohio Columbus

EDUCATION DeVry University Bachelor’s Degree Business Administration EXPERIENCE The Ohio Society of CPAs 1998-2015 CREDENTIALS Certified Association Executive (CAE), Certified Information System Security Professional (CISSP), CISCO Certified Network Administrator (CCNA) and Microsoft Certified Systems Engineer (MCSE)

What is one thing members would be surprised to learn about you?

My favorite leisure activity is riding my Harley. I try to do one extended road trip per year with my family. Last year we rode from Ohio to Yellowstone and back in two weeks.

South Carolina CPA Report

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On Your Behalf For the profession, by the profession – that’s what the South Carolina Association of CPAs is all about. Our board of directors, committees and task forces are embarking on projects and programs that strengthen the profession and enable members to improve their knowledge, network and technical skills.

A Time to Celebrate!

Come Join the Fun! 2015 is shaping to be a remarkable year for the profession in South Carolina! The big news is that the South Carolina Association of CPAs marks its 100th anniversary this year.

But more than simply marking a date, this year offers us a pivotal point at which to reflect, celebrate and then to look forward. No matter your age, area of practice or region of the state our centennial offers us a time to show pride in our chosen profession.

3. In January, we launched a campaign to raise $100,000 for a special “Next 100 Years” endowed scholarship fund. The scholarship fund will help future leaders of the profession in South Carolina. As of March 26, we have raised $13,750.

We are asking EVERY member of SCACPA to get involved in the centennial celebration. Whether it is simply contributing $100 to the scholarship fund, attending the Gala event or choosing to become a sponsor at a higher level. Whatever suits you, please show your support of your profession, your credential and your professional association!

For details on how to contribute or sponsor, please see page 40. ..

SCACPA is embarking on three key projects to honor and celebrate the past, present and future of the profession.

1. A hard-bound, professionally edited book that will chronicle the profession’s history from SCACPA’s founding in 1915 to the current time.

The coffee-table-worthy book will be chock-full of photos and stories.

One of these belongs in your office or home!

2. A Centennial Gala is being planned for Wednesday, Nov. 11, 2015 and the event will serve as the culmination of the year-long celebration of our profession. This is NOT going to be a formal banquet-type of event, instead expect a lively visually interesting and entertaining celebration of the profession.

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South Carolina CPA Report

SCACPA Launches New Leadership Council The new SCACPA Leadership Council held its first meeting on May 7 in Columbia. This group of 40 thought leaders from across the state – all CPAs – will support and promote association initiatives and the CPA profession and provide broad-based input and feedback on programs, services, policies and legislative and professional issues.

When the SCACPA Board of Directors downsized its number in 2013, they created a new forum for the exchange of information and ideas in order to grow a strong cadre of leaders for the association and for the profession.

Some council members were appointed (i.e., by chapters) and others self-nominated. A call for interest was distributed in February by email to all members.

The council will meet once or twice a year and they will continue their work year-round in an online community.

Members of the council may serve a two-year term and will be eligible to serve two consecutive terms. The annual nominations process for the Leadership Council will occur in early 2016.

2015-16 Leadership Council Charles E. Alvis, CPA, PFS, CGMA, CFP Winthrop University Charles M. Ayers, CPA McDowell-Pearman, LLC John C. Bates, CPA Suggs Johnson, LLC William L. Byrd, CPA, CGMA William Levan Byrd, CPA, PC John F. Camp, CPA, CGMA Camp Moring & Cannon, LLC Patrick P. Carey Jr., CPA Carey & Company, PA Robert C. Charles, CPA, MBA Potter & Company, PA Amanda S. Colgate, CPA, CGMA Godshall & Colgate, LLC Kenneth T. Dailey, CPA, CVA Derrick Stubbs and Stith, LLP Harris Darver, CPA McGregor & Company, LLP Zoe M. Davis, CPA, CFE Hubbard Davis CPAs, LLP Stephanie A. Estrada, CPA, CGMA Goodwill Industries of Upstate John Bratton Fennell, CPA, CGMA Burroughs & Chapin Company, Inc. Jeffrey Fitzharris, CPA Environmental Express, Inc.

Continued on page 11 uu

(888) 557-4814 | www.scacpa.org

Jessica T. Glenney, CPA Prym Consumer USA, Inc.

David M. Knoble, CPA, MAC Knoble, LePhew & Associates, LLP

James P. McDermott, CPA, CGMA The Beach Company

Rebecca E. Goessel, CPA, CGMA USC-Upstate

Cheryl O. Lang, CPA, CGMA Tindall Corporation

Suzanne M. Harnois, CPA Bernard N. Ackerman, CPA, PA

Brad Ledford, CPA, CMA, CGMA DHG Search Advisors

James W. McIlrath, CPA Duncan, Farmer, McIlrath, Marlowe & McLaughlin, P.A.

Damon Hilton, CPA, CGMA, MBA Santee Cooper

Robert A. Leichtle II, CPA, MBA, CGMA General Information Services Inc.

Christopher D. Hinchee, CPA McGregor & Company, LLP

Penny Lewis, CPA, CGMA Penny A. Lewis, CPA, PA

Brian L. Johnson, CPA Suggs Johnson, LLC

Barry O. Long, CPA, Macc Robinson Grant & Co., PA

Christina R. Kelly, CPA The Hobbs Group, PA

J. Russell Madray, CPA, CGMA The Madray Group, Inc.

Lesley H. Kelly, CPA McGregor & Company, LLP

Sharon E. Mann, CPA, CGMA General Information Services Inc.

Lawrence S. Kennedy Jr., CPA McCall Farms

Betsy Y. Moseley, CPA Towne Centre Market, LLC Kenneth L. Newhouse Jr., CPA, CITP, CGMA Moore Beauston & Woodham, LLP, CPAs & Consultants Barbara G. Pierce, CPA, MPA, Ph.D Winthrop University James B. Reese, CPA, CITP, CISA J.D. Shirley LLC Robert M. Tilton, CPA WebsterRogers LLP n

Jada W. McAbee, CPA McAbee, Schwartz, Halliday & Company

CALL FOR VOLUNTEERS This is Your Chance to Thrive!

Serving on a SCACPA action team, committee or task force is an excellent opportunity to network with your peers from around the state and enables you to play an influential role in shaping the future of SCACPA and the CPA profession.

Whether you’re looking to share your skills, gain practical experience, enhance your career, build your contacts or give back to the profession, SCACPA relies on you to help make a difference for South Carolina’s accounting profession. When you choose to volunteer, you will get more from your membership. Just tell us how you would like to get involved.

(888) 557-4814 | www.scacpa.org

This is your opportunity to share your expertise and experience! As a committee, task force, or action team member, you will devote time, energy and ideas to move SCACPA projects and programs forward as envisioned by the Board of Directors and in turn, lead the profession in supporting a wide-range of efforts on behalf of our members, communities and CPAs across the country.

To learn more about how to get engaged visit www.scacpa.org/ getengaged or contact Chief Operating Officer, Reva Brennan at rbrennan@scacpa.org or 888.557.4814, ext. 103.

Get More.

Get Engaged.

South Carolina CPA Report

11

I

t’s that time of year again. In the next few weeks, your membership renewal will hit your inbox. The 201516 membership year begins July 1. When you renew, dues will be paid through June 30, 2016.

an opportunity to invest in the future. The 100 Year Committee and Educational Fund Trustees have set a goal to raise $100,000 for the Next 100 Years scholarship.

To learn more visit www.scacpa.org/centennial.

Your renewal statement also includes an opportunity to join your local chapter and contribute to the Educational Fund and the Political Action Committee. Plus, to commemorate our 100th anniversary you will also have

We pride ourselves on being your professional home and providing the tools and resources you need to thrive including:

PROFESSIONAL DEVELOPMENT Whether you prefer conferences, seminars, live webinars or self-study, the discount you receive on CPE will often pay for your membership. Grow your knowledge base with relevant CPE and timely updates on emerging issues.

JUNE

COMMUNICATIONS

ADVOCACY

We help you stay current on the latest news and information that impacts you and the profession through the SCACPA website, CPA Report, electronic newsletters and social media.

SCACPA is your voice at the state and national level and the only South Carolina organization that provides critical updates and advocacy for the CPA profession.

Through regular meetings with the S.C. Department of Revenue, S.C. Board of Accountancy, the Internal Revenue Service and others, we keep you up to date on issues that impact you and your clients.

Members are encouraged to renew prior to June 30, 2015. The fastest and easiest way to renew is online at www.scacpa.org.

QUESTIONS?

Email us at membership@scacpa.org

To renew follow these four steps:

u Log into your membership account v

Select “Manage My Membership”

w Select “Pay My Dues” x

12

Either renew for yourself or multiple people within your firm or organization.

South Carolina CPA Report

STAY CONNECTED

Log into your member profile and make certain we have your current information. Need help logging in? Email membership@scacpa.org or call us at 803-791-4181.

(888) 557-4814 | www.scacpa.org

Membership FAQs Have questions about your membership? The following are the most common questions our membership department receives.

Q. What period does my dues payment cover?

A. Your membership investment covers July 1, 2015 - June 30, 2016.

Q. At this time I no longer wish to remain a member.

Can I just ignore the statements?

A. No. Per the SCACPA Constitution you must resign from membership by sending a letter or email to request resignation. In addition, we require that you return your certificate of membership to the association office. Members who have not renewed within 90 days are no longer members in good standing. Membership dues must be paid in order to register at member rates for CPE seminars and other events, participate in Chapter events and to be eligible for SCACPA insurance and discount programs.

Q. Are my SCACPA dues tax deductible?

A. Dues are not deductible as a charitable contribution but may be deducted as an ordinary business expense.

A portion of your dues (estimated at 10 percent) are not deductible as an ordinary and necessary business expense to the extent that SCACPA engages in lobbying.

Q. When should I pay my dues?

A. Dues are payable upon receipt of the renewal notice – due by June 30, 2015.

Q: I allowed my membership to lapse and would like to rejoin. Can I pay the pro-rated dues amount?

A: The pro-rated dues amount is available only to those that have never been a SCACPA member. Former memTaxAdSpring2015Eggshell.pdf 3/23/15 3:39:41 bers must also pay a reinstatement fee of $35. n PM

Q. What form of payment does SCACPA accept?

A. Dues can be paid by personal check, firm or company check or VISA, MasterCard, American Express or Discover credit card.

Q. Can I pay my dues online?

A. Yes, in fact we prefer online dues payments. Pay online at www.scacpa.org. Simply log in and click on the Membership Area, Pay Dues Online link. Need help logging in? Contact membership@scacpa.org.

Q. My contact information has changed. How do I update my information with SCACPA? A. Update your information online in your membership account, on the mailed renewal notice or by emailing membership@scacpa.org. We require all membership contact information updates in writing.

C

Eggshell Audit?

M

Eggshell audits are examinations where concerns about potential civil fraud or criminal tax violations exist, but have not been identified by the revenue agent or other examining officer.

Y

CM

MY

Q. I’ve recently retired or am planning to retire this year. Can I pay the retired rate?

A. No, please contact SCACPA via email, mail or fax to have the change approved. We require notification of all membership changes and requests in writing and handle these on a case by case basis.

CY

CMY

Q. I’m unemployed, is there a special membership rate for me?

A. Yes. We have an unemployed classification that offers reduced dues. You must request this special rate in writing and complete an inactive membership waiver form.

(888) 557-4814 | www.scacpa.org

K

The primary goal of an eggshell audit is to avoid a referral to the IRS Criminal Investigation Division.

For more information, contact one of our Tax Controversy attorneys:

Caleb Riser

Tony Rebollo

trebollo@richardsonplowden.com 803.576.3722

criser@richardsonplowden.com 803.576.3709

experiencematters Columbia 1900 Barnwell St.

Myrtle Beach 2103 Farlow St.

Charleston 40 Calhoun St., Suite 220

www.RichardsonPlowden.com

South Carolina CPA Report

13

Central Chapter Officers

William J. Stevens, CPA, The Hobbs Group, PA, President Allyson T. DeHart, CPA, The Hobbs Group, PA, CPE Coordinator

Thomas E. Garbett, CPA, Hyland Ruddy & Garbett CPAs, LLC Rebecca M. Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLP Marc A. Quigley, CPA, Sheheen Hancock & Godwin, LLP Melvin R. Ratchford Jr., CPA, CGMA, Find Great People, LLC

Audit Committee Zoe M. Davis, CPA, CFE, Hubbard Davis CPAs, LLP (Chair) John B. Fennell, CPA, CGMA, Burroughs & Chapin Company, Inc. Sharon E. Mann, CPA, CGMA, General Information Services Inc. Robert M. Tilton, CPA, WebsterRogers LLP

14

South Carolina CPA Report

Timothy L. Baker, CPA, CGMA, USC - Darla Moore School of Business (Chair) Beth G. Bauknight, CPA, Bauknight Pietras & Stormer, PA Benjamin Cartwright, CPA, Wofford College Erica A. Dawgert, CPA, Fluor Corporation

David L. Splittgerber, CPA, Derrick Stubbs and Stith, LLP, Secretary-Treasurer

Chapter Goals for Success Action Team Deborah H. Armstrong, CPA, Armstrong Accounting, CPA, PA Stephanie L. Denham, CPA, CGMA

Coastal Chapter Officers

Accounting and Auditing Action Team

Accounting Careers & Academic Relations Committee

Debra A. Turner, CPA, PFS, WebsterRogers LLP (Chair) Roxanne R. Caldwell, CPA, MPA, Dixon Hughes Goodman, LLP Clarence Coleman Jr., CPA, PhD, CGMA, MBA, Winthrop University Harris Darver, CPA, McGregor & Company, LLP Kendall F. Erickson, CPA, Robinson Grant & Company, PA Tanya G. Greenlee, CPA, Burroughs & Chapin Company, Inc. Lollie Harper Lori B. Hudson, CPA, PricewaterhouseCoopers, LLP Lesley H. Kelly, CPA, McGregor & Company, LLP Sylvia L. Kitchens, CPA Sharon E. Mann, CPA, CGMA, General Information Services Inc. Austin M. Sheheen Jr., CPA, Sheheen Hancock & Godwin, LLP H. McRoy Skipper Jr., CPA, WebsterRogers LLP

Catawba Chapter Offiicers

100 Years Committee

2014-15 Volunteers

Christopher D. Hinchee, CPA, McGregor & Company, LLP, Vice President

Betsy Y. Moseley, CPA, Towne Centre Market, LLC, President Bridget R. Bushnell, CPA, Treasurer Kathryn M. Cleveland, CPA, MBA, Secretary Glenn A. Hair, CPA, Horizon Health Systems, LLC, Vice President

CPE Committee

J. Russell Madray, CPA, CGMA, The Madray Group, Inc. (Chair)

Sherri L. Freudiger, CPA, Sherri L. Freudiger, CPA, PA

Laura E. Amick, CPA, SC Electric & Gas / SCANA

Lesley H. Kelly, CPA, McGregor & Company, LLP

Neil A. Brown, CPA, MAcc, CFP, Burkett Financial Services, LLC

Charles P. McSwain Jr., CPA, M & H, LLC

Glenn E. Savage, CPA, President Mandi J. Persohn, CPA, Time Warner Cable, Inc., Vice President Barbara G. Pierce, CPA, MPA, CGMA, Ph.D, Winthrop University, Secretary-Treasurer Amy H. Rubin, CPA, MBA, Springs Creative Products Group, Immediate Past President

Allyson T. DeHart, CPA, The Hobbs Group, PA Jay J. Jacobs, CPA, MBA, Jay J. Jacobs, CPA Rebecca M. Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLP Kenneth L. Newhouse Jr., CPA, CITP, CGMA, Moore Beauston & Woodham, LLP, CPAs & Consultants Ethel C. Pettigrew, CPA, Whitener, Pettigrew and Company, LLC Christina L. Rowe, CPA, WebsterRogers LLP Keith M. Vincent, CPA, CITP, Keith M. Vincent, CPA

(888) 557-4814 | www.scacpa.org

Kenneth T. Dailey, CPA, CVA, Derrick Stubbs and Stith, LLP Darren J. Hardin, CPA, Elliott Davis Decosimo Kathryn G. Heeney, CPA, MBA, Greene Heeney & Associates Brian L. Johnson, CPA, Suggs Johnson, LLC Jason C. Sweatt, CPA, EY Anthony C. Wrobel, CPA, WebsterRogers LLP

Department of Revenue Alter. Allocation & Apportionment Action Team

Charles E. Alvis, CPA, PFS, CGMA, CFP, Winthrop University (Chair) Timothy L. Baker, CPA, CGMA, USC - Darla Moore School of Business Robert C. Charles, CPA, MBA Lisa S. Cooke, CPA, John Shell Associates, Inc. Frances J. Pearce, CPA Derrick B. Stark, CPA, MiraVista LLC

Financial Planning Action Team

Educational Fund Trustees

Editorial Committee

Kenneth T. Dailey, CPA, CVA, Derrick Stubbs and Stith, LLP Russell K. Little, CPA, Dixon Hughes Goodman, LLP Valerie E. Rumbough, CPA, CFP, Baptist Foundation of South Carolina (Chair) Angela W. Hamilton, CPA, Lee Broome MacBay & Associates, LLC Sheryl McAlister, CPA, CFP, CGMA Jeffrey L. Deason, CPA, CFE, CGMA, York County Natural Gas Authority Sherri L. Freudiger, CPA, Sherri L. Freudiger, CPA, PA

Future of Learning Task Force Zoe M. Davis, CPA, CFE, Hubbard Davis CPAs, LLP (Chair) Jessica T. Glenney, CPA, Prym Consumer USA, Inc. Rebecca M. Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLP J. Russell Madray, CPA, CGMA, The Madray Group, Inc. James W. McIlrath, CPA, Duncan, Farmer, McIlrath, Marlowe & McLaughlin, P.A. Christina L. Rowe, CPA, WebsterRogers LLP Walda C. Wildman, CPA, Walda C. Wildman, LLC

Grand Strand Chapter Officers

Department of Revenue AdHoc Committee

Sharon D. Proctor, CPA, President Deborah H. Armstrong, CPA, Armstrong Accounting, CPA, PA, Vice President David T. Cole, CPA, Duncan, Farmer, McIlrath, Marlowe & McLaughlin, P.A., Secretary-Treasurer

Neil A. Brown, CPA, MAcc, CFP, Burkett Financial Services, LLC Susan Y. Close, CPA, MBA, CGMA, Wells Fargo Janice S. Culp, CPA, MBA, The Springs Company Kenneth T. Dailey, CPA, CVA, Derrick Stubbs and Stith, LLP Ellen G. Hill, CPA Damon Hilton, CPA, CGMA, MBA, Santee Cooper James M. Holloway Jr., CPA, James M. Holloway Jr., CPA Caroline M. Kennerty, CPA, Andy Cook, CPA, LLC Marsha G. LePhew, CPA, CFP, PFS, CFP, Knoble, LePhew & Associates, LLP

Leadership Selection & Succession Committee

Leadership Selection and Succession Committee John B. Fennell, CPA, CGMA, Burroughs & Sharon E. Mann, Chapin Company, Inc.CPA, CGMA, General Information Services Inc.General (Chair) Sharon E. Mann, CPA, CGMA, Information Services Inc., Chair Erin H. Pate, CAE, SCACPA Robert M. Tilton, CPA, WebsterRogers LLP John B. Fennell, CPA, CGMA, Burroughs & Chapin Company, Inc.

Ethel C. Pettigrew, CPA, Whitener, Pettigrew and Company, LLC

Michael R. Putich, CPA, CGMA, Robinson Grant & Co., PA

Kevin M. Tomas, CPA, Greene Finney & Horton, LLP

Robert M. Tilton, CPA, WebsterRogers LLP

Foothills Chapter Officers Christopher T. Holtzclaw, CPA, CGMA, William Barnet & Son, LLC, Chair Christina A. Braswell, CPA, PricewaterhouseCoopers, LLP, Vice Chair Michelle S. Gneisig, CPA, CGMA, CBA, Tindall Corporation, Treasurer Elizabeth F. Martin, CPA, PricewaterhouseCoopers, LLP, Secretary

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2014-15 Volunteers continued on page 16 South Carolina CPA Report

15

Legislative, Advocacy & Regulatory Committee Kenneth T. Dailey, CPA, CVA, Derrick Stubbs and Stith, LLP (Chair) Tyler K. Gibbons, CPA, Riser McLaurin & Gibbons, LLP Kathryn G. Heeney, CPA, MBA, Greene Heeney & Associates Lori B. Hudson, CPA, PricewaterhouseCoopers, LLP Robert A. Leichtle II, CPA, MBA, CGMA, General Information Services Inc. James P. McDermott, CPA, CGMA, The Beach Company Kenneth L. Newhouse Jr., CPA, CITP, CGMA, Moore Beauston & Woodham, LLP Steven C. Rau, CPA, CVA, Moore Beauston & Woodham, LLP Douglas A. Snyder, CPA, CGMA Jason C. Sweatt, CPA, EY

Long Range Planning Task Force

James Manly Ward, CPA, James M. Ward, CPA, PC

16

A. David Masters, CPA, CGMA, Derrick Stubbs and Stith, LLP (Chair) Timothy L. Baker, CPA, CGMA, USC - Darla Moore School of Business Roxanne R. Caldwell, CPA, MPA, Dixon Hughes Goodman, LLP Samuel W. Howle, CPA, Elliott Davis Decosimo Christina R. Kelly, CPA, The Hobbs Group, PA Sharon E. Mann, CPA, CGMA, General Information Services Inc. Charles M. Redfern III, CPA, CGMA, Charles M. Redfern, CPA

South Carolina CPA Report

Managing Partners Roundtable A. David Masters, CPA, CGMA, Derrick Stubbs and Stith, LLP (Chair) Bernard N. Ackerman, CPA, PFS, CFP, Bernard N. Ackerman, CPA, PA Joseph T. Argo, CPA, Argo and Associates, LLP Robert M. Baldwin, CPA, PFS, AEP, CGMA, Baldwin & Associates, LLC Mark E. Ballew, CPA, Grant Thornton, LLP Kenneth H. Bauknight, CPA, Bauknight Pietras & Stormer, PA John B. Beauston, CPA, CGMA, Moore Beauston & Woodham, LLP, CPAs & Consultants Charles E. Brown, CPA, SwaimBrown, PA Kerry R. Brown, CPA, The Brittingham Group, LLP Terry Grayson-Caprio, CPA, KPMG LLP Mark S. Crocker, CPA, MBA, Dixon Hughes Goodman, LLP Max L. Cummings, CPA, Burkett, Burkett & Burkett, CPA, PA Richard E. Davis, CPA, Elliott Davis Decosimo Theresa Drew, Deloitte Edward M. Farmer, CPA, Duncan, Farmer, McIlrath, Marlowe & McLaughlin, P.A. Thomas E. Fitzsimmons, CPA, WebsterRogers LLP Mark T. Hobbs, CPA, CGMA, The Hobbs Group, PA Dick W. King, CPA, Pope Smith Brown & King, PA Donald J. Mobley, CPA, Scott & Company, LLC Michael R. Putich, CPA, CGMA, Robinson Grant & Co., PA Annette H. Ross, CPA, J.W. Hunt & Company, LLP Terry K. Schmoyer Jr., CPA, Schmoyer and Company, LLC Gerald D. Skipper, CPA, McGregor & Company, LLP Philip R. Snipes, CPA, EY Charles R. Statler Jr., CPA, Derrick Stubbs and Stith, LLP Daryl W. Taylor, CPA, Sheheen Hancock & Godwin, LLP Larry G. Tuttle, CPA, Smith Sapp Bookhout Crumpler & Calliham, PA Margaret G. Young, CPA, PricewaterhouseCoopers, LLP

Members in Business & Industry Committee Amanda B. Koehler, CPA, Turner Padget Graham & Laney, PA (Chair) Brian D. Bowen, CPA, MBA, CGMA, SC Farm Bureau Insurance Company Hamilton C. Howard, CPA, CGMA, Invista SARL Rebecca F. Richardson, CPA, CIA, CGMA, CRM, Palmetto Health

Nonprofit Action Team

Membership Action Team Emily E. (Betty) Best, CPA, SC Electric & Gas/SCANA Thomas D. Childers Jr., CPA, Elliott Davis Decosimo Penny Lewis, CPA, CGMA, Penny A. Lewis, CPA, PA Michael R. Putich, CPA, CGMA, Robinson Grant & Co., PA Derrick B. Stark, CPA, MiraVista LLC

Jessica L. Bastedo, CPA, WebsterRogers LLP Rebecca M. Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLP Sabrina E. Preston, CPA, Dixon Hughes Goodman, LLP Elizabeth G. Westbury, CPA, CGMA, Columbia College Walda C. Wildman, CPA, Walda C. Wildman, LLC

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Piedmont Chapter Officers Stephen C. Stokes, CPA, CGMA, Stokes & Company, CPAs, PC, President James F. ten Pas, CPA, Dixon Hughes Goodman, LLP, Vice President Rebecca E. Goessel, CPA, CGMA, USC-Upstate, Secretary James H. Lindley, CPA, Lindley & Tompkins LLP, Treasurer

Michelle M. Moore, CPA, CGMA, Millard & Moore, CPA, PA Daniel Quirk Jr., CPA, MBA, Wilson & Quirk, LLC

Pee Dee Chapter Officers Lawrence S. Kennedy Jr., CPA, McCall Farms, President Stephanie L. Denham, CPA, CGMA, Vice President William D. Hardaway III, CPA, WebsterRogers LLP, Secretary-Treasurer

Peer Review Committee Christina R. Kelly, CPA, The Hobbs Group, PA (Chair) Joseph S. Beck II, CPA, CGMA, Jones Pounder & Associates Matthew A. Brown, CPA, Brown, CPA, LLC Karen A. Currin, CPA, Phillips,Currin & Company, CPA's, LLC Thomas E. Fitzsimmons, CPA, WebsterRogers LLP Dennis L. Gore, CPA, Dennis L. Gore, CPA, LLC Carol S. Hubbard, CPA, Hubbard Davis CPAs, LLP Gary J. Johnson, CPA, Norman Johnson & Company, PA Lynne D. Jones, CPA, Lynne D. Jones, CPA, LLC Robert P. Jordan, CPA, Hill & Jordan, LLC, CPAs Rebecca M. Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLP Susan B. McCracken, CPA, Dixon Hughes Goodman, LLP Sheila S. Morgan, CPA, McAbee, Schwartz, Halliday & Company Howard M. Nichols, CPA, CGMA, Howard Nichols, CPA David G. Phillips, CPA, Greene Finney & Horton, LLP Terry K. Schmoyer Jr., CPA, Schmoyer and Company, LLC

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Taxation Committee Political Action Committee

Glenn E. Savage, CPA

Steven M. Mann, CPA, Sumter School District, (Chair) John F. Camp, CPA, CGMA, Camp Moring & Cannon, LLC John B. Fennell, CPA, CGMA, Burroughs & Chapin Company, Inc. Leanne W. Lordo, CPA, CGMA, Fort Mill School District James P. McDermott, CPA, CGMA, The Beach Company Douglas A. Snyder, CPA, CGMA Nancy O. Upton, CPA, Upton & Upton, CPA, PA Victor C. Webster, CPA, MBA, CGMA, WebsterRogers LLP Brian Loftis Johnson, CPA, Suggs Johnson, LLC (Chair) Charles M. Ayers, CPA, McDowell-Pearman, LLC William L. Byrd, CPA, CGMA, William Levan Byrd, CPA, PC L. Barton Carson Jr., CPA, L. Barton Carson Jr. CPA James M. Cudd, CPA, James M. Cudd, CPA, LLC Charles A. Gatchell, CPA, CVA, Moore Beauston & Woodham, LLP W. Edward Howard Jr., CPA, Esquire, W. Edward Howard Jr., Attorney at Law Harold W. Jones, CPA, CGMA, Jones Pounder & Associates Caroline M. Kennerty, Andy Cook, CPA, LLC Kenneth L. Newhouse Jr., CPA, CITP, CGMA, Moore Beauston & Woodham, LLP Andrew J. Preston, CPA, Welch Roberts & Amburn, LLP Jay L. Reitzes, CPA, JD, Reitzes Consulting, Inc. Caroline D. Strobel, CPA, Ph.D., MAcc, USC - Darla Moore School of Business Nancy R. Waring, CPA, CGMA, Waring & Associates, CPAs, PA

Sea Island Chapter Officers Christopher M. Linkimer, CPA, Carecore National, LLC (Chair) Amy L. Cavanaugh, CPA, June & Associates, PA, CPAs, Secretary Dean A. Cochenour, CPA, MBA, Carey & Company, PA, Treasurer Amy L. Graybill, CPA, Robinson Grant & Co., PA, Vice Chair

Women to Watch Awards Task Force

Small Firms Action Team

Onsite CPE Coordinators

R. Douglas Crowley, CPA, CVA, Crowley Wechsler & Associates, LLC Ronald I. Hendrix, CPA, P.G. Palmer & Company, CPAs, LLC Mark T. Hobbs, CPA, CGMA, The Hobbs Group, PA Matthew C. Irick, CPA, Sheheen Hancock & Godwin, LLP Ginger R. Lawrimore, CPA, CGMA, Lawrimore CPA, PA Stacey C. Moree, CPA, Harper Poston & Moree, CPAs, PA William A. Thiem, CPA, Thiem & McCutcheon, CPAs, PA Gregory J. Thompson, CPA, Graydon Thompson, LLC

Amanda S. Colgate, CPA, CGMA, Godshall & Colgate, LLC Anne P. Harty, CPA, CGMA, City of Rock Hill Gary J. Johnson, CPA, Norman Johnson & Company, PA Brittany B. Owen, Elliott Davis Decosimo Patricia B. Wilson, CPA, ABV, Dixon Hughes Goodman, LLP Sarah L. Windham, CPA, Dixon Hughes Goodman, LLP South Carolina CPA Report

17

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This is NOT Insurance

Cyber Security

Are You Prepared for a

Cyber Security Threat ?

by Robert C. Charles, CPA SCACPA member since 2008

S

ome threats are more visible than others. The mind is more readily able to conceive them because they are more tangible. We know that we need security in a manufacturing facility because we can see the inventory, we can see the entryways to the storage area and therefore it is easier for us to imagine someone breaking in to steal that inventory than it is to imagine someone trying to steal data or confidential information. Most businesses and companies would not leave their facilities unsecured. We lock our doors. We shut our windows.

We place security guards at entranceways. We take every measure necessary to secure our tangible assets because we know that not doing so could be costly. However, in contrast many companies don’t always take the measures necessary to safeguard their intangible assets, information, data, etc.

We have heard before that – “what you don’t know can hurt you” – and that statement is still very true. Cybercrime is an enormous threat to businesses, companies, and even nonprofit organizations and governments or municipalities.

Cybercrimes can be costly on various levels. Consider the following: 1) Loss of reputation by clients and other stakeholders 2) Cost associated with investing cyberattacks 3) Costs associated with litigation from clients and stakeholders for negligence 4) Cost to customers or clients whose identity may have been stolen 5) Cost to the company for theft of its financial assets, etc.

6) Loss of employment, trade or competitiveness 7) Cost of countermeasures and mitigation of future occurrences 8) Loss and disruption of services to clients According to a recent article by Reuters (Sandle, Paul, “Cyber Crime Costs”) – Cybercrime is estimated to cost the economy approximately $445 billion dollars in revenue annually. Statistics Continued on page 20 uu

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South Carolina CPA Report

19

Cyber Security uu Cyber Security continued in the same article estimate that 15 percent of all Americans have already had or will have their identity, personal information, or financial information stolen by hackers at some point in their lives. Cybercrimes has been called one of the biggest taxes on innovation today by leading economists. The question is who pays that tax? The answer is the private sector, the businesses and companies who are not adequately prepared, the customers who trust businesses to protect their information and even the private citizenry that gives that same trust to the municipalities and governments. In addition to the cost

1. Review your policy

for mobile devices that your company is sending information over. Educate your employees on proper security protocols for these devices.

2.

Depending on the size of your company and its exposure to cyberrisks have a CERT (Company Emergency Response Team) in place within your company.

3. Secure your IT

infrastructure by investing in proper firewalls, anti-virus/malware/and spyware detection software and services.

4.

Protect your company credit cards and bank accounts. Be careful who

20

South Carolina CPA Report

“People committing cyber fraud will always be one step ahead of the game and they will always try to access any and all computers.” aspects of cybersecurity crimes – the time it takes to fully recover from these types of crimes can stretch several years.

One of the biggest mistakes associated with addressing cybercrime is the assumption that one should wait until after their cybersecurity has been breached before they address the crime. Charlotte Allen, CPA, CFE CITP, director in audit and attestation services at Webster

has this information and how you send it over the Internet.

5. Do not keep paper

copies of bank statements.

6. Have a strong employee password policy that changes regularly (60 to 90 days) and make sure they are complex. Educate your employees by holding regular training sessions.

Complete background checks on employees and insure your business against cyber fraud. The best IT solution is useless if it is submarined by an ignorant employee.

Constantly remind them to be careful of emails and to limit Internet activity to what is required by their job.

Rogers LLP in Summerville says, “Preventative measures are key. In North America cybercrimes tend to occur most in retail, gaming, financial services, travel and logistics.

Credit card fraud, identity theft, spam and solicitations and account takeover attempts are the most prominent…” Today, like never before, the risk of becoming a victim of cybercrime has also increased due to the use of “e-commerce, social media marketing and recruiting,

7. Only access company

approved websites from company computers.

Do not download from any website that has not been authorized by the company; make sure to change your passwords regularly and have different passwords for each account.

8. Install robust spam

filters, delete suspicious emails and be careful of information posted on social media outlets.

9. Ensure that remote

any computer that access the internet as security patches are not deployed for out of date operating systems.

11. Encrypt laptops and

tablets, and have policies about securing them when not in the office.

12. Do your research

before choosing an e-commerce platform and do the same before you choose portal products, cloud services or other cyber-related services.

access is configured appropriately and that firewalls are sufficient.

10. Do not use

unsupported (or out of date) operating systems on

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cloud computing and [information delivered on] mobile devices.”

Andy Barbee CPA/ABV/CFF, CIRA, is a partner at Greer Walker LLP in litigation and forensic accounting services in Charlotte, N.C. and has over 20 years of experience in investigation.

According to Barbee, one of the myths regarding cyber security is that often companies do not consider their business to be vulnerable to cyberattacks and may think that “only companies who take payments online are at risk of cybercrime…” However, this is not true. He explains, “Cybercriminals are only getting smarter and employees are downloading more and more at work for personal reasons.” Even if your company is not accepting payments online you can still be at risk for an attack through some other means of cyber use. “Companies should be extremely concerned. People committing cyber fraud will always be one step ahead of the game and they will always try to access any and all computers, no matter the individual or size of the business,” says Barbee.

How CPA Firms Can Help Today firms are providing a myriad of services to help clients prevent and respond to issues related to cybersecurity in their businesses. In the event of a breach, firms are available to help clients work through the process of determining the effect of the data breach, and assist them in choosing the right resources and plan for “getting back to business with minimum disruption,” says Allen. For clients who may need more advanced services, firms are also available to help “quantify damages, assist with issues related to insurance coverage, and [help] improve their internal controls to further combat all types of fraud or defalcation,” said Barbee. n

Robert Charles, CPA, MBA, resides in Rock Hill and is a senior tax associate with Potter & Company, P.A., in Monroe, N.C. He is also a part-time law student at the Charlotte School of Law where he will finish his JD in 2015. He is a member of the SCACPA Editorial Committee and the Young CPA Cabinet of the NCACPA.

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A Look Back Tim Baker, CPA, CGMA SCACPA member since 1995

Tim Baker is currently a lecturer at the University of South Carolina’s Moore School of Business. Previously, he was responsible for implementations of ERP software with Blytheco, LLC and served as chair of SCACPA’s Information Technology Forum. We asked him about the changes he has seen in the areas of fraud and cybersecurity.

When you first entered the CPA profession, what were the biggest issues/concerns related to fraud?

The fraud issues that were most identified and focused on were much the same as today: the misappropriation of assets and financial statement fraud. Organizations from the public and private sectors were trying to get their arms around this fraud, while many businesses were still transitioning to fully computerized systems. The focus later turned to misappropriation of assets and financial statement fraud, often aided by the computer. Today we have an ever-increasing threat from cyber-attacks and computer fraud.

How did the introduction of computers in the 1980s impact accountancy and fraud?

While businesses had been using automation and mainframe systems for some time, the introduction of the PC revolutionized accounting. It enabled not only data collection and storage, but most importantly, sped up analysis of that information for decision making.

The opportunity to commit fraud using the computer has always been a challenge. Many accountants were not comfortable applying the controls they had used for many years to computer systems, hence the term “auditing around the black box” was coined. For the small business, this meant the risk that an employee might steal from the company and be able to conceal it was magnified. In larger companies and other organizations, they not only faced misappropriation of assets, but financial statement fraud that could affect many stakeholders outside the organization.

Please discuss the advantages/issues that e-filing created.

The obvious advantages of e-filing are the speed at which filing a return can occur, and the efficiency which can be gained on the processing side. The unforeseen consequence has been the proliferation of returns filed fraudulently each year, and the continued growth of that type of fraud. Who thought that thousands of false returns could be filed by inmates from a Texas prison? This area requires a good deal of additional work to combat identity theft in general. n South Carolina CPA Report

21

Cyber Security

Managing Passwords

by Will Fleenor, CPA, Ph.D. K2 Enterprises

Weak passwords account for 48% of breaches.

Verizon 2013 Data Breach Investigations Report

Understanding the Problem Seventy-six percent of reported breaches are from weak credentials according to a Verizon 2013 Data Breach Investigations Report that analyzed more than 47,000 security incidents. Weak passwords account for 48 percent of the breaches. It is clear from this report and other similar reports that mismanagement of authentication credentials is the primary culprit when it comes to data breaches.

Substantial evidence exists proving that weak passwords and poor password management practices are the rule rather than the exception. A well-known hacker group called Anonymous made public passwords and usernames for 44,000 subscribers of a company known as Strafor (Strategic Forecasting, Inc.). Subscribers are mostly international business travelers and government officials (ex. Henry Kissinger, Dan Quayle, the Defense Department, Lockheed Martin, and Bank of America).

One might think that these business and government officials would use better passwords than most users – not true. Seventy-four percent of the revealed passwords were weak and 10 percent were less than 5 characters long.

The use of weak passwords and poor password management practices is not from lack of good guidance.

22

South Carolina CPA Report

Microsoft, SANS (largest source for information security training and security certification in the world), the Privacy Rights Clearinghouse and many others provide guidance on what good passwords should look like.

According to these authoritative sources, passwords used to access sensitive information should: • Contain both upper and lower case characters • Have digits, letters and punctuation characters • Be at least fifteen alphanumeric characters long • Not be a word in any language, slang, jargon, etc.

• Not be based on personal information, names, etc.

• Never be written down • Changed regularly • Never be recycled or used for multiple assets For most users, the first question that comes to mind is “Who could possibly follow these rules?” The answer is, probably nobody without the help of password management software. People just cannot remember strong passwords.

Fortunately, we have many good choices when it comes to using software and services to generate and manage high quality passwords. Even better, adopting a password management tool will not only make your data more secure, it will also save you lots of time.

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How Password Management Software Works Most password managers are easy to use, inexpensive and require very little user training. Typically, they accumulate your passwords as you type them in during your regular login processes. Then when you go to log in again, they fill in the password and username automatically without you having to type anything.

Most password managers integrate with your Web browser. You log into a Web site or software application by selecting the site from a drop down menu located on your Web browser toolbar. To prevent others who might have access to your computer (with or without your permission) from accessing your passwords, the password database files are heavily encrypted. A “master password� is required to unlock this database.

If your computer is left unattended (or it is lost or stolen), the database locks automatically after a set period of time or when the computer is powered off.

Password managers will also fill in forms that require name, address, billing information and even credit card information. You can accomplish all this securely without using the keyboard (which is susceptible to key logging programs) and without putting anything on the clipboard (another prime target for malware programs trying to capture your credentials).

Password managers allow users to generate passwords that follow best practices such as using long randomly generated passwords for highly sensitive assets.

Password generators are part of all the better products.

Since password managers enter usernames and passwords automatically, it is just as easy to use a 16 character long random password for your bank login as it is to use a weak password.

With most password managers, you have the option of backing up your passwords in the Cloud as a heavily encrypted file. With some products, you have the option of choosing where to back up the password database.

You and you alone have the key to unencrypt this file. If someone hacks the backup site, your passwords are still safe because only you have the key to unencrypt the file.

If your local machine hard drive fails and this is where the password database file is stored, your passwords are not lost. Even better, the software automatically synchronizes your password database between multiple devices such as desktops, laptops, tablets and even phones. Having all your passwords available at all times is a real asset to most business users.

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Figure 1 – RoboForm Password Generator

Some password managers also have the ability to store confidential information that is totally unrelated to logging in to Web sites, software and documents.

Examples include: the social security numbers of spouses and children, license codes of purchased software and credit card information.

These features both improve security and save time. If you log in to five or more Web sites or software packages a day, you can save over 20 hours per year using a password manager.

Good Password Management Solutions The password management software market has become competitive with lots of good choices. The products mentioned below have proven track records and are always highly rated in product reviews. There are other good choices and many of the top products have similar features.

RoboForm Everywhere, LastPass Premium, Dashlane, Keepass, Password Depot, and 1Password are well established products with proven track records. Further, they always rank at, or near, the top of product reviews.

Continued on page 24 uu

South Carolina CPA Report

23

uu Password Management continued RoboForm Everywhere is my personal favorite.

Following are some of the features that make it a product to consider: • Automatically remembers your passwords and enters them securely without using the keyboard (avoiding key loggers) or the clipboard • Encrypts your data with military-grade AES 256 bit encryption • Fills in forms as well as passwords • Supports multiple browsers (IE, Firefox, Chrome on Windows and Macs, and Safari) • Available for Windows, Mac, Linux, iPhone/iPod, Android, Blackberry, Windows Phone, Palm, and Symbian • Synchronizes passwords securely across all your devices so you always have them with you and upto-date • Automatically backs up your password database securely in the Cloud and only you have the key to this encrypted backup file • Comes in a desktop only version if you are not comfortable with the Cloud • Generates strong passwords • 24/7/365 live chat or phone support • Has “Secure SafeNotes” for storing confidential

information like social security numbers, credit card information, and software activation codes • Has a series of short online training videos that make the product easy to learn and use • Roboform2Go can be installed on a USB drive and used securely with any computer 1Password is a particularly good product for Mac users.

It was designed for the Mac rather than being a Windows product that was ported to the Mac.

Conclusions Those who are interested in securing their personal information or are responsible for keeping company, customer, client or firm information secure, should not consider password management software optional. The days of being able to keep secure credentials in your head are long past. If you are someone who tries to use the same passwords or slight variations of the same passwords over and over – you are desperately in need of password management software. n

Will Fleenor is a shareholder in K2 Enterprises, where he develops and presents continuing professional education programs to accounting, financial and other business professionals across North America. You may contact him at will@k2e.com.

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6/16/14 12:40 PM

Cyber Security

An Introduction to PCI Compliance: Information Security Affects Everyone

by Derrick Stark, CPA SCACPA member since 1996

S

ecurity breaches of sensitive financial information are commonplace in the morning news reports.

The good news, however, is that the ubiquity of hacker guile and security missteps are giving rise to awareness and tools to protect our sensitive data. For its part, the credit card industry established the PCI Security Standards Council (the "Council") in 2006 to develop and manage standards with regards to the acquisition, storage and disposal of cardholder information. In November 2013, the Council published the Payment Card Industry Data Security Standard v3.0 ("PCI DSS" or the "Standard"), the latest version of its consolidated guidance on best practices. The Standard is comprehensive and can be overwhelming at first glance, especially given its heavy emphasis on information technology and network security. The technical savvy and curious nature of CPAs, however, can be valuable in establish-

ing strong, practical controls over cardholder data for the protection of our companies, ours firms and our clients.

In general, PCI DSS contains 12 compliance requirements (see PCI Data Security Standard chart below).

Organizations should consider creating a PCI task force responsible for ensuring the cardholder data environment complies with applicable validation requirements. While IT personnel are important given the labyrinth of firewalls, user permissions, and network security protocols, task force members should also include personnel who deal directly with cardholder data. Their input is invaluable to developing an environment that is rational, as well as secure. Moreover, these individuals will ultimately bear the responsibility for supporting the control environment and spotting control weaknesses in real time.

Continued on page 26 uu

PCI Data Security Standard - High Level Overview Build and Maintain a Secure Network and Systems

1. Install and maintain a firewall configuration to protect cardholder data 2. Do not use vendor-supplied defaults for system passwords and other security parameters

Protect Cardholder Data

3. Protect stored cardholder data 4. Encrypt transmission of cardholder data across open, public networks

Maintain a Vulnerability Management Program

5. Protect all systems against malware and regularly update anti-virus software or programs 6. Develop and maintain secure systems and applications

Implement Strong Access Control Measures

7. Restrict access to cardholder data by business need to know 8. Identify and authenticate access to system components 9. Restrict physical access to cardholder data

Regularly Monitor and Test Networks

10. Track and monitor all access to network resources and cardholder data 11. Regularly test security systems and processes

Maintain an Information Security Policy

12. Maintain a policy that addresses information security for all personnel

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South Carolina CPA Report

25

uu PCI Compliance continued

“While PCI DSS coverage is limited to credit card holder information, it provides a strong framework for protecting all of the confidential data we manage daily.”

Assessment Individual payment brands are responsible for the ultimate adoption and enforcement of the Standard. As such, it is important that each organization first assess its responsibilities based on the types and volume of credit cards processed. For example, Level 1 Visa merchants, those merchants processing over 6 million Visa transactions annually, require the following for validation: • Annual Report on Compliance ("ROC") by a qualified security assessor ("QSA") or internal auditor, if signed by an officer of the company • Quarterly network scan by an approved scan vendor ("ASV") • Attestation of Compliance Form

Remediation, Reporting and Monitoring Based on the assessment of the cardholder data environment, merchants need to correct vulnerabilities by modifying procedures with regards to the collection and storage of all cardholder data. In addition to websites with e-commerce functionality, merchants should also evaluate all paper documents received with cardholder data resulting from telephone or fax transactions. PCI DSS provides guidance and best practices for using, redacting, encrypting, storing and destroying sensitive data.

For many payment brands, merchants with less volume have less stringent requirements. For example, Level 3 Visa merchants processing more than 20,000 but less than 1 million Visa e-commerce transactions annually, require: • Annual Self-Assessment Questionnaire ("SAQ") • Quarterly network scan by an ASV • Attestation of Compliance Form

While not all organizations are required to submit compliance reports prepared by QSAs, many organizations may want to incorporate internal reporting and monitoring to ensure continue compliance as business operations and outside circumstances evolve. As with any control structure, monitoring reduces the risk of obsolescence, public embarrassment or financial loss.

It is important to note that the cardholder data environment extends beyond the merchant's direct control to any third party payment processors (e.g.

Paypal, Intuit, website hosts). The payment brands, as well as many of the larger third-party payment processors publish pertinent PCI DSS compliance information on their websites.

Conclusion

Organizations should document existing policies, procedures and infrastructure. Questionnaires and other tools provided by the Council at www.pcisecuritystandards. org are useful in identifying potential risks to private cardholder data. Key steps include: • Mapping existing processes with regards to obtaining, processing and storing card holder data.

• Modification of processes, where possible, to limit the scope of PCI compliance. For example, if stored cardholder data is limited to location(s) only

26

accessible to individuals on a need to know basis, the cardholder environment is smaller and the scope of compliance reduced.

• Gathering compliance data from the service providers used to ensure their adherence with PCI DSS 3.0 (e.g. Intuit, Paypal, etc).

• Completion of the appropriate self-assessment questionnaire. Each requirement should be assigned to task force members with appropriate knowledge and authority.

• Implementation of policies for breach events and general monitoring.

South Carolina CPA Report

While PCI DSS coverage is limited to credit card holder information, it provides a strong framework for protecting all of the confidential data we manage daily. Though it is easy to think of data breaches as inevitable, the Standard provides a commonsense approach for protecting sensitive information, and reinforcing the importance of doing so into our everyday culture. n

References www.pcisecuritystandards.org; http://usa.visa.com/merchants/protect-your-business/ cisp/merchant-pci-dss-compliance.jsp

Derrick B. Stark, CPA, is a managing member of MiraVista LLC in Columbia. He currently serves on SCACPA’s Editorial Board Task Force and the CPA Ambassadors Task Force.

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South Carolina CPA Report

27

Farewell from CEO Erin Pate Dear SCACPA Member, May 1 marks the day I step down as the CEO of the S.C. Association of CPAs, a date that seemed far away when I shared my plans with the SCACPA Board of Directors in August 2014. My departure in no way reflects my heartfelt dedication to the organization and the people in and around it. Quite to the contrary. Making the decision to leave my position was one of the most difficult decisions I’ve made. For me it is time to take a new path in life, to build a home with my husband at the coast and to seek new challenges and opportunities.

One of the great privileges of my life has been the opportunity to work in the CPA profession. Of these experiences, and perhaps the greatest reward, has been working alongside extraordinary

people. From the SCACPA staff and volunteer leaders, to my colleagues from across the country and the staff of the AICPA, there are so many who have a deep passion and commitment to the CPA profession and our community of CPAs. Many of these people I am blessed to count as personal friends.

Effective May 4, Chris Jenkins will step into the role of CEO of SCACPA. Chris brings years of experience in the CPA society environment and has played an integral role in helping the Ohio Society of CPAs become one of the exemplary state societies in the country. I am confident that Chris will serve SCACPA well. Please welcome and support him.

In the 10 years since I arrived, we have made significant advancements in key programs.

2006 28

South Carolina CPA Report

An increased emphasis on advocacy for the profession has given us a strong, effective voice and many positive working relationships at the state legislative and regulatory levels. We have improved interaction with members through our website and electronic communications, both of which were fledgling in 2005, and will go to a new level later this year with the launch of a new website. The CPA Report, a longvalued part of your membership, has made enormous strides now boasting all local content designed for and about the South Carolina CPA community.

Our professional development programming has remained strong as we have expanded conferences, content and delivery options.

Engaging younger CPAs has become a core initiative and our Leadership Institute is annually

2008 (888) 557-4814 | www.scacpa.org

2013 training a cadre of new leaders for the profession and the association.

Back in 2007, we created a Professional Issues Update series and enjoyed being face-to-face each year with about 25 percent or 1,000 SCACPA members during these regional events. And SCACPA begins its centennial year – 2015 – in a new office in Cayce, setting a modern stage for member engagement going forward.

One of our most notable accomplishments, though largely unseen by most members, is a more progressive mindset as we work to meet the needs of our members in a marketplace that is changing constantly. Thinking strategically, being open to trying different things, letting some programs go and taking calculated risks -- this was a new approach for us. I am proud of the SCACPA board, staff and other

volunteers for their willingness to go down this path. Change is not without a certain element of risk and bumpiness, and we’ve seen our measure of that too, but the end goal has always been to strengthen the association and its ability to serve CPAs who are themselves dealing with fast-paced change in their own professional lives.

One thing that is for certain – change is the new normal. We are seeing increasing complexity, growing specialization and the impact of technology, change the profession for good. While your profession is facing transformation, so is your association. It’s clear that for SCACPA to maintain its relevance with members we must constantly measure ourselves by how well we are meeting your evolving professional needs.

2009 (888) 557-4814 | www.scacpa.org

2015 That’s a tall order, a moving target and a challenge we are now better positioned to meet.

I will always be a SCACPA fan and a champion for the profession.

Thank you for allowing me to play a leadership role in this amazing organization.

With warm regards and best wishes,

Erin Hardwick Pate You may reach Erin at erinppate@gmail.com

2010 South Carolina CPA Report

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DOR Director Rick Reames, III Focus On Taxpayer Services, Collaboration and Antifraud Efforts Compiled by Maureen Taylor SCACPA Director of Marketing & Member Services You were appointed by Gov. Nikki Haley in July 2014 as the new director of the Department of Revenue. Briefly describe your professional background and service specialty (-ies) leading up to this position.

I came to the S.C. Department of Revenue after nearly 15 years in the private sector as an attorney with a large, regional law firm, of which I became a partner in 2007. My practice focused exclusively on tax and business issues, specifically “State and Local Tax” matters including tax planning and controversy work involving departments of revenue throughout the country. I served as chair of the firm’s Hiring Committee and also led the firm’s State and Local Tax Group, managing a team of professionals and representing various businesses and industries from local, homegrown companies to large, multistate corporations.

I have also been honored to serve as a former chair of the S.C. Bar Association Tax Section, a former tax delegate for the S.C. Bar Association House of Governors, and former chair of the North Carolina/South Carolina Joint Tax Bar Conference.

What about your past experience has prepared you to lead a state agency, and what do you hope to accomplish?

The experience most directly relevant to preparing me to lead a state agency is the experience I have had since coming to the department more than a year ago. I joined the department in February 2014 as part of a comprehensive succession plan, serving first as chief of staff for several months before being nominated as director by Gov. Haley in July

“Serving South Carolina’s citizens and businesses drives everything we do...”

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South Carolina CPA Report

2014. I served as interim director until March 2015 when I was brought forth and officially confirmed by the S.C. Senate.

Since day one, I have been extensively involved not only in day-to-day operations but also in development and implementation of strategic priorities including organizational restructuring, operational improvements and enhanced security.

As director, I will build upon the progress of the past year, continuing to strengthen security as well as enhancing customer service and improving accountability.

What areas and issues will be a top priority for 2015-16?

As CPAs, what should we be aware of in the near future?

Serving South Carolina’s citizens and businesses drives everything we do, and the department is working to identify opportunities and measures to enhance our service to taxpayers. For the first time, we are implementing a comprehensive system to establish and track processes and production, enabling the department to anticipate trends and determine needed improvements.

Recognizing the great value of partnerships and collaboration, the department is expanding outreach efforts and creating new opportunities to connect with constituents, policymakers and industry leaders. We are hosting more public forums – including recent ones on Combined Unitary Reporting and the Abandoned Building Revitalization Act – to foster productive discussion and to gather input on important issues. Our newly revamped ReveNews and SCDOR Policy Update enewsletters help constituents stay engaged and up-to-date on Continued on page 31 uu

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Board of Accountancy

South Carolina Board of Accountancy Update

by Mark Crocker, CPA, S.C. Board of Accountancy Chair SCACPA member since 1982

A

s part of H.3459, passed last year through the general assembly and signed by the governor, the Board of Accountancy hired Dwayne Eanes, CPA, CGMA, as a full-time CPA investigator/inspector.

The board outlined the following partial list of items to be assigned to Eanes: 1. Investigate any and all violations to the Code of Professional Ethics and professional standards, e.g., tax violations could be reviewed in light of our code of ethics and/or any audits could be reviewed based on the current auditing standards.

2. Review CPE documentation to determine course qualification and validity under board policy.

3. Compile and build a library of investigative reference materials.

4. Review the proper format of client records during investigative process.

5. Help determine the relevancy of all CPE as it relates to the licensee’s practice area.

6. Review licensing applications for any unusual or inconsistent items.

7. Conduct inspections as outlined in the law.

8. Interview complainants to help determine the veracity of their charges.

9. Prepare a checklist of items to be investigated in a normal investigation based on the different types of complaints.

uu DOR Director continued related news, issues and recommendations. Subscribe via our website at dor.sc.gov.

With tax fraud a growing problem nationwide, enhancing the department’s antifraud efforts is also a priority.

This year and every year, the department is evaluating and expanding our tools and tactics to effectively combat thieves attempting to prey on innocent taxpayers.

Can you provide an update on the agency’s technology upgrade? How is the implementation going? What is the expected timeframes for additional modules/enhancements to roll out?

The Department has begun implementation of a new,

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The Board has reviewed the AICPA’s Exposure Draft – Proposed Changes to the AICPA Standards for Performing and Reporting on Peer Reviews. We applaud the AICPA’s efforts to ensure that peer reviewers of “must-select engagements” are competent to review such engagements. These efforts are consistent with the responsibility of our Board of Accountancy’s charge to protect the public interest. The board also supports the AICPA’s efforts to ensure that peer reviewers have adequate experience and knowledge.

Additionally, the board is developing stronger peer review standards in light of the Department of Labor audit results.

NASBA and the AICPA, along with continuing professional education (CPE) stakeholders, have developed a task force to review and make recommendations to the current CPE Standards. The recommendations will be reviewed

by NASBA’s CPE Committee which will present its recommendation to a Joint AICPA/NASBA CPE Standards Committee. The review of the CPE standards will pay particular attention to innovations in delivery methods, blended delivery methods and nano-learning.n

Mark S. Crocker, CPA, is a partner with Dixon Hughes Goodman, LLP and practices in Greenville, S.C. Long active in the profession, he is a member of the AICPA, has served on the board of SCACPA and is president of its Piedmont Chapter.

easy-to-use and secure integrated tax processing system that will modernize the way taxpayers interact with the department. Complete with a taxpayer portal that will provide singular access to all services as well as an up-todate view of taxpayer records, the new system will also enable the department to better identify and eliminate fraudulent returns.

The initial rollout will focus on sales and use taxes as well as withholding and is on schedule to take place this fall. A second rollout including corporate income and partnership taxes is scheduled for 2016, followed by a third rollout in 2017 focusing on individual income tax and alcohol related filings. The fourth and final rollout will include all other taxes and filings and is scheduled for completion in 2018. n

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“We promote financial integrity, expose wrongdoing and lift the veil of uncertainty to shine light on the truth.

When you think about it, we are much like the Swiss-Army knife for modern business—equipped to bring solutions in countless ways.”

Ethically Speaking:

Let’s Not Forget Who Brought Us to the Dance

by George W. DuRant, CPA/ABV, CFF, ASA SCACPA member since 1976

Assume one of your tax clients instructs you to provide select information from your file to a third party. You know the information is incomplete and would be misleading for the third party’s specific use. What do you do?

L

ikely, if you are a tax return preparer not subject to the AICPA’s Code of Professional Conduct, you would send the information as instructed because you would not want to risk losing the client’s business.

As long as no laws are broken, that would be just good business practice.

If you are an attorney, you might do the same thing but for a different reason. Many attorneys believe they are obligated ethically to advance a client’s interest within the bounds of the law without necessarily considering the morality of a client’s actions. Thus, as long as no laws are broken, many would consider it just good legal practice.

However and in contrast to business people and attorneys, CPAs are generally seen as having a greater ethical obligation to third parties and the public. So much so that the public has reason to think, and tends to think, of CPAs somewhat as watchdogs for the public interest.

To understand why that is so, it helps to remember who brought us to this dance – it was the public.

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Public accounting as a profession in the United States got its big kick-start in the 1930s with passage of the Securities Acts of 1933 and 1934. That legislation was responsive to the stock market scandals of the 1920s and early 30s - in particular the 1932 Swedish Match Company investment scheme that in current dollars might rival investor losses in Enron. Then for the first time, federal law required public companies to include audited financial statements in their registration statements and annual reports.

At the time, there was considerable debate over whether the government should do the auditing. The prestige of the public accounting profession is owed in large part to those who persuaded the Senate Committee on Banking and Currency not to assign the external audit function to a government agency. Essentially, the argument was and continues to be that in the final analysis CPAs and in fact all accountants should be and can be trusted to be loyal and accountable to the public at large.

Recently, Olivia Kirtley, former chair of the AICPA board of directors and current president of the International Federation of Accountants (IFAC) posted the following on the AICPA Insights blog: “I’ve always thought the world would be a better place if only there were more professional accountants working throughout organizations.

Each and every day, we bring transparency and accountability to businesses and governments around the globe.

We promote financial integrity, expose wrongdoing and lift the veil of uncertainty to shine light on the truth.

When you think about it, we are much like the SwissArmy knife for modern business—equipped to bring solutions in countless ways.”

Without regard to the type of service performed (audit, tax, litigation support or other services), the AICPA Code of Professional Conduct obligates members to always act in the public interest, always honor the public trust, and always demonstrate a commitment to professionalism (§0.300.030.01). Our obligation to the public interest is far more than just a lofty aspiration. George Oliver May, one of the giants of the accounting profession, observed in 1932 that accountants can be seen to have greater ethical obligations to persons who are not clients than other professionals such as lawyers and physicians.

As the late Harvey Kapnick (chairman and chief executive of Arthur Andersen from 1970 to 1979) put it: “the accounting profession is – or should be – the link between responsible business and the public in providing adequate financial data in an understandable manner

(888) 557-4814 | www.scacpa.org

for use in arriving at sound, unbiased conclusions about the effectiveness of business enterprises in managing our economic wealth for the overall benefit of society.”

Kapnick succinctly described the accounting profession’s public service calling. It is our integrity and objectivity that warrants the public trust. It is our fidelity to that trust that makes us professional and different from other business people and attorneys.

Acting in the public interest can and often does conflict with a client’s interest or the CPA’s self-interest. The code provides that CPAs must resolve conflicting pressures from clients, credit grantors, governments, employers, investors, the business and financial community and others by acting “with integrity, guided by the precept that when members fulfill their responsibility to the public, clients’ and employers’ interests are best served” (§0.300.030.03).

The “conflict” dilemma described at the beginning of this column has a multitude of variations in practice, all with the same solution. For example, a client asks you to prepare a tax return based on information that you know or suspect is wrong; what do you do? Or, you are asked to prepare cash basis financial statements for an insolvent client seeking capital; what do you do? In each case, acting with integrity and objectivity in the public interest requires subordination of all other interests, including the CPA’s own interest as a business person.

Fortunately, most clients want to act morally and legally and when tempted to do otherwise they welcome a virtuous response from their CPA. For the few who do not, we should remember that helping them obtain an unjust result is the same as helping them to steal.

We are at the dance because the public trusts us. Let’s keep it that way. n

Source: Kapnick, Harvey, Accounting And Financial Reporting In the Public Interest, Arthur Andersen & Co. 1974, Vol. 1

Please join the conversation on SCACPA’s LinkedIn site.

CLICK George DuRant is a member of DuRant, Schraibman & Lindsay, LLC in Columbia, South Carolina. George is a past president of the Central Chapter and has been a member of SCACPA and AICPA since 1975. He currently serves as a member of the AICPA’s Joint Trial Board.

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Focus on the Future

FOUR COLOR PROCESS

A

ccording to the Bureau of Labor Statistics, accounting jobs are expected to grow by 13 percent annually through 2022, making accounting an attractive career choice for recent high school graduates. In upcoming issues of the CPA Report we will highlight a South Carolina college or university offering undergraduate and/or graduate degrees in accounting and take a close look at what each program has to offer.

FURMAN UNIVERSITY Founded in 1826, Furman is a private liberal arts university located in Greenville. The 750-acre campus enrolls approximately 2,700 undergraduate students and provides 40 areas of study.

Furman offers a four-year accounting program that blends a signature approach to the liberal arts with a rigorous accounting curriculum. This combination helps Furman develop well-rounded graduates who can approach complex issues from multiple angles—a real asset in the business world. Additionally, students learn the importance of ethics and professional responsibility through discussion, writing and participation in the Volunteer Income Tax Assistance Program (VITA) service learning project.

A typical graduating class has between 15 and 20 students, but they have had as many as 28 graduate

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South Carolina CPA Report

FURMAN UNIVERSITY n Total Enrollment: 2,736 students n Students to Faculty: 11:1 n Average Class Size: 19 n Students from South Carolina: 28.5 % n 4-year Graduation rate: 80% n Mascot: Paladins

in a class. There are currently 45 students enrolled in the accounting program and 13 seniors are expected to graduate spring 2015. According to Associate Professor of Business and Accounting Sandy Roberson, the number of accounting majors is highly dependent on the timing of declaration and includes sophomores, juniors and seniors (and occasionally freshmen) at any point in time.

The enrollment in the accounting program has generally increased over the years. “The first upper level accounting class currently has 30 students,” said Roberson. “It is unlikely that all of these students will continue in the major, however, this is a bigger class than in the prior two years.”

Roberson adds that they are also seeing more nonaccounting majors enroll in upper level financial

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“Furman was recently ranked third in the nation in the 2013 Uniform CPA Examination Candidate Performance publication issued by NASBA.” accounting courses. This includes economics or business majors with an interest in finance and non-accounting majors who have decided to attend graduate school in accounting and would like to take at least Intermediate Accounting I, before going to graduate school.

The university is also home to the Furman Accounting Society and is run by student accounting majors who organize several events during the year to help students advance in the profession.

“The ‘Meet the Firms’ event is a great opportunity for students to network with representatives from the Big 4 firms as well as several large regional firms,’’ explains Roberson, “and ‘Graduate School Night’ gives students an opportunity to meet representatives from a number of masters in accounting programs in the southeast.“ Accounting students who have an interest in finance can also become involved in the Investment Club. Club members identify investment strategies, purchase stocks and gain experience in the world of finance while managing a portfolio of investments that is part of the Furman endowment.

In addition to the support provided by student clubs, Furman offers an internship department that works with students to find opportunities that interest them. Alumni are often an excellent source of internships for students.

The university helps students with job placements as well. “The majority of Furman’s accounting majors attend graduate school and those students who have not secured a permanent position through an internship usually find permanent positions through the recruiting process during the fall in graduate school,” said Roberson. “Career Services works with students as well in regards to permanent placement, and, of course, the accounting faculty counsels students regarding their career options.”

As for the future of the program, Roberson said Furman was recently ranked third in the nation in the 2013 Uniform CPA Examination Candidate Performance publication issued by NASBA. “We are, of course, thrilled with this ranking and it will be shared with prospective students,” she added.

To learn more about the accounting program at Furman please visit, www.furman.edu/ businessandaccounting. n

(888) 557-4814 | www.scacpa.org

Jacob James Behal

Senior Furman University Why accounting?

My initial interest in accounting came from my desire to pursue a career in business. I was fortunate to have some great professors that taught me the value of accounting and encouraged me to continue studying it. I also enjoy the problem solving and technical aspects of accounting.

What’s next?

This summer I will be interning with Ernst and Young with the tax group in their Greenville office. Then, I plan to work towards my Masters in Accounting and CPA at Clemson starting this fall. Upon graduation from Clemson I anticipate working for a public accounting firm.

What is your ideal job?

My ideal job would be one that would challenge me with complex problems and give me the opportunity to work together with a team to find solutions and strive for improvement. n

South Carolina CPA Report

35

Bob Cooper, CPA

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“An actor, a gentleman and a great CPA. His wit and ready smile will be missed!” -- Anne Ross, CPA

key figure was noticeably absent from the Annual Member Meeting on May 7. Bob Cooper, CPA, would have marked his 50th consecutive meeting. Unfortunately, the association and the profession lost a distinguished colleague and friend when Bob passed away on Jan. 29. Those in attendance celebrated Bob’s commitment to the association with an engraved vase honoring his attendance at 49 member meetings.

Bob joined the association in 1965. He was a staunch supporter of the Educational Fund and served on various committees including the MAP Committee, Finance Committee and Meetings Committee. He most recently served on the 100 Year Committee and was very involved in planning our Centennial celebration.

Bob also had another side to him. He was a model and actor. He appeared in local theater productions as well as major films including Sleeping with the Enemy, The Program, Ace Ventura: When Nature Calls, Eddie and Leatherheads.

“Bob Cooper was a dedicated CPA, friend of all of us, friend of the profession, a person that loved life and a person that I always loved to be around. He will be missed.” -- McRoy Skipper, CPA

We will miss Bob’s cheerful demeanor and enthusiasm but know that his commitment and dedication to the profession will live on in sprit. n

“Bob was a pillar of our profession, a gregarious and humorous guy and above all, a friend. He will truly be missed by our profession and by his many friends.”

-- John Wentzell, CPA

In celebration of Bob, we invite you to donate to the Next 100 Years Scholarship. (page 40)

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South Carolina CPA Report

(888) 557-4814 | www.scacpa.org

Visit www.SCACPA.org/Chapters for the latest information on chapters and chapter events.

Calendar of Events Catawba

Dues: $75 (Year 2015-16) Includes discounted registration to CPE seminars and free family/networking events.

May 21: Annual Update for Accountants and Auditors Jul. 9: Annual Update for Preparation, Compilation and Review Engagements

Central

Dues: $50 (Year 2015-16) Includes discounted registration to CPE seminars, free social events.

June 3-4: Annual Accounting and Auditing Workshop July 30: Governmental Accounting and Reporting Sept. 1: Professional Issues Update

Coastal

Dues: $140 (Year 2015-16) Includes free registration to CPE seminars (additional registration fee for Tax Update) and free registration to family/networking event.

May 19: IT Risks and Controls in Current and Emerging Environments Sept 21: Professional Issues Update Sept 24: Technology Update

Foothills

Dues: $45 (Year 2015-16) Includes discounted registration to CPE seminars and free social/networking event.

May 22: Annual Update for Accountants and Auditors Sept. 30: Professional Issues Update Oct 28: Federal Tax Update

Aug. 31: Professional Issues Update

Oct. 16: Creating Great Budgets: Maximizing Profits, People and Power

Oct. 26-27: Federal Tax Update

Nov.: Tax Update

Grand Strand

Pee Dee

Piedmont

Sea Island

Aug 27: Professional Issues Update

May 28: Annual Update for Accountants and Auditors

Oct 1: Professional Issues Update - Greenville

May 29: Annual Update for Accountants and Auditors

Oct 20: Accounting and Auditing Update

Aug 26: Professional Issues Update

Jan 5, 2016: Federal Tax Update

Oct 29: Federal Tax Update

Dues: $125 (Year 2015-16) Includes free registration to CPE seminars; Holiday Party and Student Recruitment Fair.

(888) 557-4814 | www.scacpa.org

Dues: $55 (Year 2015-16) Includes discounted registration to CPE and free social events.

Nov 3: The Best Federal Tax Update

Dues: $50 (Year 2015-16) Includes discounted registration to CPE and free social events.

Oct 2: Professional Issues Update - Anderson

Dues: $135 (Year 2015-16) Includes free registration to CPE seminars and special events.

Sept. 22: Professional Issues Update Oct 30: Federal Tax Update

South Carolina CPA Report

37

Focus on Membership

Member News

John (Clint) Bates, CPA, of Suggs Johnson LLC in Anderson, has been promoted to tax manager.

Geoffrey B. Busby has joined Moore Beauston & Woodham L.L.P.’s tax and business consulting practice as staff accountant in the firm’s West Columbia office.

Thomas (Tom) E. Fitzsimmons, CPA, of WebsterRogers LLP in Florence, was promoted to managing partner effective Feb. 1, 2015.

Deven A. Fozdar, CPA, CFE, ABV, with Burkett Burkett & Burkett CPA, PA in West Columbia, has been promoted to executive vice president. Fozdar has over 25 years of experience working in accounting and has been with the firm for 15 years.

Willam (Bill) Gleason, II, CPA, CGMA, has joined Moore Beauston & Woodham L.L.P.’s audit and attestation practice in the firm’s Hartsville office.

Mark Moore has joined Moore Beauston & Woodham L.L.P.’s tax and business consulting practice as staff accountant in the firm’s West Columbia office.

Kirk Stringer, CPA, has joined Moore Beauston & Woodham L.L.P.’s tax and business consulting practice as accounting supervisor in the firm’s West Columbia office.

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South Carolina CPA Report

Ray Warco, CPA, of WesterRogers, LLP was recently awarded the Alice Glenn Doughtie Good Citizenship Award for his commitment to community service. This is the highest honor awarded by the Hilton HeadBluffton Chamber of Commerce.

Firm News

Suggs Johnson, LLC has been ranked as one of the fastest growing businesses in the 2015 Bulldog 100 Rankings coming in at number 28. The Bulldog 100 Rankings honor businesses owned or operated by a University of Georgia graduate with the highest compounded annual growth rate in revenues for the last three years.

Condolences

Robert C. (Bob) Cooper, 75, died Friday, Jan. 30. A native of Greensboro,

N.C., Cooper served in the U.S. Navy and was the owner of McKinley, Cooper & Co., LLC. A SCACPA member since 1965, he holds the record for attending the most Annual Member Meetings at 49. He also served on the 100 Year Committee.

Walter C. (Trey) Kannaday III, 43, died Jan. 15. Born in Atlanta, Ga., Kannaday graduated from Wofford College in 1993 then attended Cumberland School of Law of Samford University in Birmingham, Ala. in 1997. He was an attorney, certified public accountant, certified internal auditor, certified treasury professional and was employed by the State of South Carolina. A SCACPA member since 2009, he served on the S.C. Board of Accountancy. n

Invest in the Future.

Next 100 Years Scholarship Learn more on page 40 or donate online at www.scacpa.org/EdFund

$3,951

average cost of college tuition in 1981

$23,066

average cost of college tuition in 2011

As we mark the association’s, and the profession’s, 100th year in South Carolina, we are also laying the foundation for the next generation of CPAs. Show your commitment to the profession by supporting the Next 100 Years Endowed Scholarship.

(888) 557-4814 | www.scacpa.org

Focus on Membership

WELCOME NEW MEMBERS (through 4/1/15) AFFILIATE Ryan P. O'Loughlin Dixon Hughes Goodman, LLP* Spartanburg, SC

*100 percent member firm

Summer E. Castro, CPA Greenville, SC

Ashley L. Jennings Charleston, SC

Katy L. Pate Buffalo, SC

Russell Coleman Jr., CPA Glen Allen, VA

Alicia R. Johnson Florence, SC

Jay W. Peay Clinton, SC

William W. Gleason II, CPA, CGMA Florence, SC

William W. King IV Charleston, SC

John Penman Greenwood, SC

Jaime Campbell, CPA, CGMA, MBA, CTT Rock Hill, SC

Robert Hardaway, CPA Piedmont, SC

Glenn E. Klosowski Jr. Myrtle Beach, SC

Jessica A. Pettry Rock Hill, SC

Nicholas P. Flanagan, CPA Dixon Hughes Goodman, LLP* Greenville, SC

Xi Li, CPA Charlotte, NC

Ashley N. Lanford Roebuck, SC

Clayton Reed Charleston, SC

Gloria U. Onyebueke, CPA Greer, SC

Brenna M. Lauer Mt. Pleasant, SC

LaPrecious Rivers Columbia, SC

Dena E. Piper, CPA Ladson, SC

Derek J. Mills Mount Pleasant, SC

Georgiana D. Sellers Irmo, SC

Angela R. Wilson, CPA Liberty,SC

Huntley L. Nolan Florence, SC

Laura Simpson Rock Hill, SC

Franklin E. Worrell, CPA Mt. Pleasant, SC

Austin G. Parker Lancaster, SC

Emily Skelton Iva, SC

FELLOW – OTHER Christa L. Divis, CPA, MBA, CGMA Charleston, SC

Christopher A. Pasheilich Central, SC

Meagan S. Steers Rock Hill, SC

ASSOCIATE Camden E. Baird, CPA, MBA Charleston, SC

Eric Llorey, CPA, CGMA Blythewood, SC Joel K. Scheving, CPA Greer, SC Robert W. Van Arnum, CPA Princeton Junction, NJ Matthew P. Whitehead, CPA Greer, SC Kevin A. Winchester, CPA Waxhaw, NC CPA CANDIDATE Jessica F. Chiasson Dixon Hughes Goodman, LLP* Charleston, SC Anna E. Graham Charleston, SC Kimberley S. Jackson, MAcc Dixon Hughes Goodman, LLP* Myrtle Beach, SC Michael Lagueux Piedmont, SC Mark Moore Summerville, SC FELLOW Anna-Liese Anderson, CPA Charleston, SC Kimberly Brody, CPA, Mtax Lexington, SC Alicia A. Burdick, CPA, MBA Dalzell, SC Elizabeth W. Casey, CPA, MBA Greenville, SC

(888) 557-4814 | www.scacpa.org

Susan M. Edwards, CPA Charleston, SC FIRM ADMIN Autumn Drozda Charleston, SC STUDENT Nicholas A. Cunningham Rock Hill, SC Jonathan N. Dixon Rock Hill, SC Michael A. Fox Rock Hill, SC Christopher P. Graham Summerville, SC Tyler M. Higgins Greenville, SC Kimberly M. Hrivnak Charleston, SC Adam R. Jackson West Columbia, SC Charles E. Jackson Jr. Columbia, SC

South Carolina CPA Report

39

Invest in the Future.

Join us in honoring the past by investing in the future. As we mark the association’s, and the profession’s, 100th year in South Carolina, we are also laying the foundation for the next generation of CPAs. Show your commitment to the profession by supporting the Next 100 Years Endowed Scholarship.

Yes. I would like to support the “Next 100 Years” Scholarship. q Recommended Amount - $100 for 100 years

q Other __________________

q My check payable to SCACPA Next 100 Years Scholarship is enclosed. q I would like to charge my sponsorship to my

mVISA

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mAmerican Express

Card Number

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Name on Card (please print)

CCV Number

Signature Date Billing Address

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Best Phone

Email

Thank You! Your generous contribution will help promote and advance the study of accounting in South Carolina, and more importantly sustain the future of South Carolina CPAs.

Mail to: SCACPA, Next 100 Years, 1300 12th St., Suite D, Cayce, SC 29033

the past, present and future Learn more about sponsorship levels at www.scacpa.org/centennial

Yes, I would like to support the Centennial Celebration. q Centennial Club | $10,000

q Centennial Benefactor | $5,000

q Anniversary Sustainer | $1,000

q Anniversary Supporter | $500

q Anniversary Patron | $2,500

q Yes, I want to be a Centennial Sponsor. Please invoice me for $_____________ on this date ___________. q My check payable to SCACPA is enclosed. q I would like to charge my sponsorship to my

mVISA

mMasterCard

mDiscover

mAmerican Express

Card Number

Exp. Date

Name on Card (please print)

CCV Number

Signature Date Billing Address

City/St/Zip

Best Phone

Email

We will honor our past with a special commemorative publication, celebrate the present during our Centennial Gala and invest in the future with the “Next 100 Year” endowed scholarship.

Mail to: SCACPA, Centennial, 1300 12th St., Suite D, Cayce, SC 29033

40

South Carolina CPA Report

(888) 557-4814 | www.scacpa.org

Focus on CPE

Register for 4 or more 8-hour SCACPA programs and save $20 per program.

SCACPA CPE

SAVE BIG When You

AUDITING

TAX

FINANCE

ETHICS

BUNDLE! Visit the online course catalog at www.scacpa.org/cpe to start planning your CPE bundle. Your CPE hours will add up and so will your savings!

*Offer is available for SCACPA members only on courses scheduled April 15, 2015 – Jan. 31, 2016. You must register for the CPE bundle courses at the same time. If one or more of the events are cancelled the bundle discount is forfeited and deducted from any refund due. Excludes broadcasts, chapter events, co-sponsored events, webcasts and webinars. See the CPE Policies section at www.scacpa.org/CPEpolicies.

Upcoming SCACPA Conferences May 20 Government Conference Embassy Suites - Columbia May 21 Nonprofit Conference Embassy Suites - Columbia June 4 Client Advisor Workshop

(formerly Small Firms Conference)

SCACPA Learning Center, Cayce

Sept. 24 Fraud Conference SC Bar Conference Center, Columbia

Friend us on Facebook. Chat with us on Twitter. Join our group on LinkedIn.

Oct. 27 Financial Planning Conference SC Bar Conference Center Oct. 29 Governmental Workshop Columbia Conference Center Nov. 11-12 CPA Summit (Centennial Gala - Nov. 11) Marriott - Columbia Dec. 7-8 Accounting & Auditing Conference Marriott - Charleston

Learn more at www.scacpa.org/conferences (888) 557-4814 | www.scacpa.org

Get Social

South Carolina

CPA South Carolina CPA Report

41

Focus on CPE

2015 Ethics Courses

Still Need to Fulfill the South Carolina Ethics Requirement?

No problem, we’ve got you covered!

SEMINARS June 5: Loscalzo's Professional Ethics for South Carolina CPAs and FASB Updates (22315) – Cayce* Sept. 15: Ethics in Action: Protect and Defend (25915AM) – Cayce Sept. 16: Only Financial Officer: Skills for Smaller Company Financial Managers (26115) – Cayce Oct. 19: Loscalzo's Professional Ethics for South Carolina CPAs and FASB Updates (26815) – Cayce *

WEBINARS May 5: Professional Conduct for South Carolina CPAs (WEBSC1) – 3:00 pm* June 17: Professional Conduct for South Carolina CPAs (WEBSC2) – 10:00 am* Aug. 31: Professional Conduct for South Carolina CPAs (WEBSC3) – 3:00 pm* Dec. 2: Professional Conduct for South Carolina CPAs (WEBSC4) – 10:00 am* Dec. 30: Professional Conduct for South Carolina CPAs (WEBSC5) – 10:00 am*

*Meets the two-hour state specific requirement

ONSITE

SELF-STUDY Professional Conduct for South Carolina CPAs developed by NASBA QAS approved vendor The Madray Group, Inc. (NASBA Registry ID: 109436) is available for you 24/7. To learn more about this course and purchase securely online visit www.scacpa.org/ethics.

Balancing cost-effectiveness with the need to meet the ethics requirement can be challenging. The South Carolina Association of CPAs offers a highly effective solution - delivering highquality training to you when and where you want it. To learn more about bringing ethics to your firm or office contact Reva Brennan at rbrennan@ scacpa.org or (803) 791-4181, ext. 103.

S.C. Ethics CPE Requirement In 2012, the South Carolina Board of Accountancy instituted new regulations governing the CPE ethics requirement. The new regulation states South Carolina licensees are required to obtain six (6) hours of Ethics CPE over a three (3) year period, of the six (6) hours, two (2) must be in South Carolina Rules and Regulations. The first threeyear period is Jan. 1, 2013 Dec. 31, 2015, and then every three years thereafter. For the initial three-year period, licensees who complete an ethics course between May 25, 2012 - Dec. 31, 2012 may apply the hours toward their 2013-2015 requirements.

For more information about the South Carolina ethics requirement, please visit our website at www.scacpa.org/ ethics.

2015 Peer Review Series May 8: Compilation and Review Practice Guide Embassy Suites, Greenville

May 19: Compliance Auditing from Start to Finish S.C. Association of CPAs Learning Center, Cayce July 14: Annual Update for Preparation, Compilation and Review Engagements Marina Inn at Grande Dunes, Myrtle Beach July 21: Compilation and Review Practice Guide S.C. Association of CPAs Learning Center, Cayce July 30: Upcoming Peer Review: Is Your Firm Ready?

S.C. Association of CPAs Learning Center, Cayce

42

South Carolina CPA Report

Aug. 5-6: How to Conduct a Peer Review Under the AICPA Practice-Monitoring Program S.C. Association of CPAs Learning Center, Cayce Aug. 19: Compilation and Review Update Live Webcast Aug. 27: AICPA Peer Review Program Advanced Course S.C. Association of CPAs Learning Center, Cayce Nov. 5: Compilations and Reviews: Engagement Performance and Annual Update S.C. Association of CPAs Learning Center, Cayce Nov. 18: Compilation and Review Practice Guide S.C. Association of CPAs Learning Center, Cayce

(888) 557-4814 | www.scacpa.org

Focus on CPE

Grand Strand Vacation Cluster

Coastal Vacation Cluster

Upstate Vacation Cluster

July 13 - 15 Myrtle Beach

August 10 -12 Charleston

Marina Inn at Grand Dunes

Marriott

Embassy Suites

Aug. 10: The Best Individual Income Tax Update Course by Surgent (24415)

Sept. 14: Slashing Taxes for your Small Business Clients: Corporations, Partnerships and LLCs (25815A)

Aug. 10: Annual Update for Controllers (24515A)

Sept. 14: Making the Deal: FastPaced Acquisition Case Studies (25715)

July 13: Annual Update for Accountants and Auditors (23215A) July 13: The Best Federal Tax Update Course by Surgent (23315) July 14: Surgent’s Individual and Financial-Planning Tax Camp (23415) July 14: Annual Update for Preparation, Compilation and Review Engagements (23515A) July 15: Shortcuts to Tax Cuts: Business Tax Planning Strategies for S Corporations and LLCs (23615) July 15: Revenue Recognition: Mastering the New FASB Requirements (23715A)

Aug. 11: Surgent’s Handbook for Mastering Basis, Distributions and Loss Limitation Issues for S Corporations, LLCs and Partnerships (24615) Aug. 11: Transforming Your Role as Controller to Business Partner (24715A) Aug. 12: Practical Guide to Small Business Health Insurance and Fringe Benefits: 2014 and Beyond (24815) Aug. 12: Analytics and Big Data for Accountants (24915A)

September 14 - 16 Greenville

Sept. 15: Multistate Income Tax (26015A) Sept. 15: Ethics in Action: Protect and Defend (25915AM) Sept. 15: NEW! Staff Retention: Why Your Best People are Leaving You and How to Prevent It Next Time (25915PM) Sept. 16: Payroll Taxes and 1099 Issues: Everything You Need to Know (26215A) Sept. 16: Only Financial Officer: Skills for Smaller Company Financial Managers (26115)

For latest information on the 2015 Vacation Clusters please visit www.scacpa.org/clusters (888) 557-4814 | www.scacpa.org

South Carolina CPA Report

43

Focus on CPE

2015 CFO Series May 11: CPAs in Business & Industry Conference (415015) - Marriott, Columbia Aug. 10: Annual Update for Controllers (24515A) - Marriott, Charleston

O

ur continuing education programs are designed to help CPAs in business and industry learn and thrive.

Whether you are a CFO, controller or financial manager, we realize it can be difficult to find professional development that fits your needs.

Plus, you want to ensure your time is spent wisely. That is why we partner with vendors that provide relevant tools and resources designed especially for you.

For the full listing and to learn more visit www.scacpa.org/CFOseries.

Aug. 19: Excel Boot Camp: Two Days of Intensive Excel Training - Day 1 (25115) - SCACPA Learning Center, Cayce Aug. 20: Excel Boot Camp: Two Days of Intensive Excel Training - Day 2 (25215) - SCACPA Learning Center, Cayce Sept. 14: Making the Deal: Fast Paced Acquisitions Case Studies (25715) Embassy Suites, Greenville Sept. 15: NEW! Staff Retention: Why Your Best People are Leaving You and How to Prevent it Next Time (25915PM) - Embassy Suites, Greenville

Sept. 16: Only Financial Officer: Skills for Smaller Company Financial Managers (26115) - Embassy Suites, Greenville Oct. 23: Excel Financial Reporting & Analysis (27315) - SCACPA Learning Center, Cayce Nov. 11-12: CPA Summit (411015) Marriott - Columbia Dec. 14: NEW! The Strategic CFO: Big Picture Skills (21615) - SCACPA Learning Center, Cayce Dec. 15: NEW! The Tactical CFO: Make Your Business Processes Work for You (21715) - SCACPA Learning Center, Cayce Dec. 28: Analytics and Big Data for Accountants (23115A) - SCACPA Learning Center, Cayce

CUSTOMIZED TRAINING SCACPA’s customized training is designed to help your team learn and thrive.

Content is focused on your employees’ training needs and experience level plus, it’s delivered right to your front door.

Our customized training will help you: Strengthen Your Team – Staff develops skills as a group and addresses issues as a team.

Engage in Open Dialogue – Your team has the freedom to discuss proprietary information and other sensitive organizational issues.

Boost Morale – Show your staff that their training needs are important by providing the programs they need without having to leave the office.

CPE that’s convenient, cost effective and designed to help your team learn and thrive. Start Your Customized Training Program Today!

South Carolina

Carolina CPA South ASSOCIATION OF CPAs

44

South Carolina CPA Report

Contact Reva Brennan, 803-791-4181, ext. 103, rbrennan@scacpa.org or visit www.scacpa.org/onsitetraining.

(888) 557-4814 | www.scacpa.org

Focus on CPE

SAVE the DATE Nov. 11-12, 2015 Save the date for our centennial CPA Summit on Nov. 11-12 at the Marriott City Center in downtown Columbia. This year’s summit will be an event to remember with finance experts and thought leaders such as: Ron Baker, VeraSage • Future of the Profession Panel • Pricing for Profit • The Perils of Mindless Metrics

David Walker, Fix the Debt • Keynote During Wed. Luncheon • Fix the Debt - Facilitated Budget Planning

Tom Hood, Business Learning Institute • Future of the Profession Panel • Get Ready for the Fast Future - The Anticipatory CPA/Accounting Professional

Tim Christen, AICPA Chair • Managing Partner Breakfast • Keynote During Thurs. Luncheon

PAS Postcard Front r8.pdf

1

3/3/14

5:06 PM

Donny Burkett, NASBA Chair • Future of the Profession Panel • What’s Happening at NASBA?

Join us at the

Centennial Gala Wed., Nov. 11

and hear the world renowned String Angels.

2015 CPA Summit

Tired? Over-worked?

Ready for a Change?

PRACTICE SALES Buy / Sell / Merge

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800.729.9031 • www.cpasales.com 45

(888) 557-4814 | www.scacpa.org

South Carolina CPA Report

CLASSIFIEDS

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Are you a one or two partner firm in the state of South Carolina? Are you concerned about the succession of your firm and are interested in capturing the value of your Firm as your retirement stream? Moore Beauston & Woodham (MBW) could be your solution. We have successfully been the succession and retirement plan for many firms in South Carolina and would love to talk with you.

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South Carolina CPA Report

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For more information about the CPA Report, or other advertising opportunities, please contact Lisa McGee, Membership and Communications Coordinator 888-557-4814 or lmcgee@scacpa.org.

(888) 557-4814 | www.scacpa.org

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PoeGroupAdvisors.com • 1-888-246-0974 • info@poegroupadvisors.com Thinking of selling? Learn about our unique process by going online to PoeGroupAdvisors.com or by scanning the code with your smart phone. (Download the free Kaywa Reader in the app store.)

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South Carolina Association of CPAs

1300 12th Street, Suite D | Cayce, SC 29033

PRSRT STD US POSTAGE PAID PERMIT NO. 1146 Columbia, SC