CPA Report Fourth Edition 2014 by South Carolina Association of CPAs

Fourth Edition 2014 South Carolina Association of Certified Public Accountants

In the Spotlight

CPAs in Government

Association Looks to the Future with New Brand

Meet Our 2014 Women to Watch

Educational Fund Awards $26,750 in Scholarships

South Carolina CPA Report

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

CPA Report

South Carolina Association of CPAs

South Carolina Association of Certified Public Accountants Magazine Volume 44, Fourth Edition 2014

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

2014 Women to Watch Awards, pg. 22

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

Special Section 25 In the Spotlight: CPAs in Government

Kenneth L. Newhouse Jr., CPA Erin H. Pate, CAE Jason C. Sweatt, CPA

CHIEF EXECUTIVE OFFICER Erin H. Pate, CAE

MANAGING EDITOR Maureen A. Taylor

GRAPHIC DESIGNER Lisa S. McGee

CONTRIBUTING WRITERS Reva Brennan, MPA, CAE, IOM Mark Crocker, CPA John B. Fennell, CPA Erin P. Pate, CAE Maureen A. Taylor

2014-15 EDITORIAL COMMITTEE

In This Issue 10 11 12 13 15 19 22 23 32 37

Association Looks to the Future with New Brand Email Preference Center SCACPA Centennial Celebration 100 Most Influential Accountants Nomination Form SCACPA Educational Fund Awards $26,750 in Scholarships SC CPA-Political Action Committee Contributions Four SC CPAs Named Women to Watch CPA Day of Service Introducing the Profession’s Enhancing Audit Quality Initiative SCACPA’s New Office and Learning Center

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 Every Issue 5 6 8 31 33

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

34 Welcome New Members 36 Chapter Connections 38 CPE 41 Classifieds 42 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. (888) 557-4814 | www.scacpa.org

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South Carolina CPA Report

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From the Chair’s Desk In August, SCACPA CEO Erin Pate announced her resignation to the Board of Directors. A letter was sent to the membership on Sept. 23 announcing the change in leadership. While you should have received a copy of the letter, we are including the text in this issue of the CPA Report.

Bratton Fennell, CPA SCACPA member since 1989

South Carolina Association of Certified Public Accountants Dear SCACPA Members and Colleagues: For almost 10 years, Erin Pate has served as the Association’s chief executive officer and proven herself an effective leader for our profession. Recently, Erin shared with me that she will be stepping away from her role on May 1, 2015. While we hate to see her go, Erin’s service has moved us forward as an Association and I thank her for her tireless dedication to SCACPA and to the CPA profession. I hope you will join me in thanking her for nearly a decade of service to the S.C. Association of CPAs. We will work diligently in the coming months to achieve a successful transition that is open and transparent and will allow SCACPA to exercise our core values of accountability, integrity, diversity, competence and leadership. I have asked Sharon Mann (immediate past chair) and Robert Tilton (chair-elect) to lead a task force to begin the search process for a new CEO. Please know that the Association is strong and well-positioned for success in the future. Our staff and volunteer leaders understand our history and are wellversed in what the future holds. We have accomplished a great deal over the past decade. I am grateful for Erin’s exemplary service to SCACPA and wish her well in her future endeavors. Please feel free to contact me at bratton.fennell@bccompany.com or Erin at epate@scacpa.org if you have any questions.

Yours very truly,

Bratton Fennell, CPA Chairman, SC Association of CPAs

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

South Carolina CPA Report

Third Edition

2014

South Carolin

New Affinity Partners

We are excited to announce two new affinity partners â&#x20AC;&#x201C; eDocHome and United LTC.

eDocHome eDocHome offers convenient access to healthcare professionals, anytime, anywhere. A national provider of telehealth services, eDocHome utilizes U.S. board certified physicians who use electronic health records, telephone consultations and online video consultation to diagnose, recommend treatment and write short-term, non-DEA controlled prescriptions when appropriate. Physicians are available 24 hours, 365 days a year allowing members of any age to access quality care from their home, office, or while traveling as opposed to more expensive settings like the doctor's office, urgent care center or emergency room. Plus, there is no consultation fee when you speak to a doctor. Select the monthly or annual plan that works for you. As a SCACPA member the application fee is waived. View the plans at www.scacpa.org/edoc.

Long Term Care Insurance Plan SCACPA has partnered with UnitedLTC to provide you with the tools to appropriately plan for and address a long-term care event. UnitedLTC Network, an industry expert, utilizes a multiple insurance company approach which allows it to ensure the best price and product for each individual. Carriers include John Hancock, Mutual of Omaha, and TransAmerica, to name a few. The program features special discounted rates for members, their spouses, and their family members; comprehensive plans from multiple highly rated companies; and full assistance with questions, the application process, and benefits. Visit www.scacpa. org/unitedltc to learn more.

South Carolina CPA Report

2015 CPA Report Share Your Thoughts

a Association

of Certified

Public Accoun

tants

Internatio nal Opportun Tax Practice: ities and Risks

In 2015, the association will launch its new brand. As part of the process, we will also be redesigning the CPA Report and would like your input. Are there regular features or sections you would like to see included? Do you have ideas for articles? Email your suggestions to mtaylor@scacpa.org. Two SCA CPA CPAs Vyi ng Comptro for ller General

Local CPA

Strives to Fulfill Godfath er of Soulâ&#x20AC;&#x2122;s Leg acy

100 Influential People in Accounting - Nominate Today! The association will mark its 100th year in 2015 and as part of the celebration we will honor 100 Influential People in Accounting. Nominees will be evaluated based on their service to the association and the profession. Do you know a CPA that should be included on this list? If so, please complete the nomination form on page 13.

100% Membership Firms Bauknight Pietras & Stormer, PA Bernard N. Ackerman, CPA, PA Bradshaw Gordon & Clinkscales, LLC Burkett, Burkett & Burkett CPA, PA Derrick Stubbs & Stith, LLP Dixon Hughes Goodman, PLLC Elliott Davis, LLC McAbee, Schwartz, Halliday & Company McGregor & Company, LLP Moore Beauston & Woodham, LLP CPAs & Consultants Robinson Grant, PA Scott & Company, LLC Sheheen Hancock & Godwin, LLP Smith Sapp Bookhout Crumpler & Calliham, PA SwaimBrown, PA The Hobbs Group, PA WebsterRogers, LLP * To qualify as a 100% Membership Firm, firms must have at least 10 CPAs on staff.

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Develop Your Communication & Leadership Skills at SCACPA Leadership and communications were identified as the top core competencies needed by CPAs in Horizons 2025. SCACPA has established a Toastmasters group to help you focus on these essential skills. The group meets at the SCACPA office on Tuesdays from 8-9 a.m. If you live or work in the Columbia area, please join us. If you don’t live in the area and would like additional information on Toast Masters please visit http://reports.toastmasters.org/findaclub/.

We Need You - Get Engaged as a Key Person Contact By the time you read this election day will have come and gone. With House elections for 124 seats, we need your help. Our key contact person (KPC) program plays a vital role in advancing CPA and business interests in the legislative arena. If you are acquainted with your legislator, or possess the desire to see the association’s and the profession’s voice heard in Columbia, get engaged today! Learn more about becoming a Key Person Contact visit www.scacpa.org/kpc

CLICK

YOU’RE INVITED – SCACPA Open House On Jan. 13, we will host an open house at our new office. Details are still being finalized but plans are for a late afternoon/evening reception. Please visit our website at www.scacpa.org for the latest information.

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 Communications & Membership Coordinator Ext. 111 sadams@scacpa.org Danielle Amran Seminars and Online Learning Manager Ext. 112, damran@scacpa.org Reva E. Brennan, MPA, CAE, IOM Chief Operating Officer Ext. 103, rbrennan@scacpa.org Karen M. Hancock, CPA Finance Director Ext. 108, khancock@scacpa.org Lisa S. McGee Member Services & Graphic Design Coordinator Ext. 106, lmcgee@scacpa.org Erin Pate, CAE Chief Executive Officer Ext. 104, epate@scacpa.org Maureen A. Taylor Marketing & Member Services Director Ext. 105, mtaylor@scacpa.org

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

South Carolina CPA Report

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.

n the previous issue of the CPA Report I highlighted three of the five strategic goals developed by SCACPA’s Board of Directors. The three we covered in August were related to: 1. CPE innovation (enabling members to deliver), 2. Advocacy (protecting the public and the profession) and 3. Leadership and the younger CPA (strengthening our membership and profession)

and creating a stronger brand for the profession. The first order of business was a membership-wide survey to glean member needs and preferences that would drive improvement in how we deliver services. Over 525 members completed the electronic survey and participated in face-to-face focus groups. The data from this research project provided a foundation for a marketing and communications plan.

In this issue of the CPA Report I’d like to focus on goals four and five, they are: 4. Membership, communications and branding (driving market to members) 5. Structure and governance (striving for excellence in association operations and governance)

Tangible outcomes from this strategic goal include more targeted member communications statewide and at the chapter level. Two projects now underway, are a new website and a new brand, a new image for the association. See page 10, for more information.

4. Membership, Communications and Branding - Driving Market to Members When SCACPA’s strategic plan was created we focused on serving the membership, improving how we communicate the association’s value

South Carolina CPA Report

Because most members now connect with SCACPA via the website, we will be delighted to launch a more user-friendly, easy-to-navigate website just after tax season 2015. The site will be accessible on your mobile devices and will include a social network to encourage collaboration among members.

5. Structure and Governance Striving for Excellence In Association Operations and Governance As the SCACPA Board of Directors began thinking about the association’s governance and operational structures it became clear that many of these systems had been in place for decades. While the adage “if it’s not broke, don’t fix it” may be true in some cases, the board was interested in taking an introspective look at how organizational resources are allocated and becoming more laser-focused on helping members advance in their professional work. The profession has changed dramatically since the 70s and 80s; it was therefore necessary for the association to ensure it is keeping up with the changing needs and demands of our members. Board members read a book titled Race for Relevance by Harrison Coerver. Its premise is that to remain relevant in the future, membership organizations of all types must be willing to make significant changes in how they serve members. In recent years the board has wrestled with what this means for SCACPA and they methodically examined the committee structure, the chapter structure and even the board’s structure. These structures were benchmarked against the updated organizational mission – which is to help members grow professionally – and adjustments to these structures were subsequently made. To many these changes are invisible as they relate to governance of the association and how resources are allocated, but the changes are making a difference in SCACPA’s ability to focus on what matters the most.

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The centennial affords us an opportunity to celebrate the profession’s rich history while anticipating a vibrant future. 99 and Counting! This coming year marks an important year not only for the S.C. Association of CPAs, but the profession as well. Both SCACPA, the profession’s advocate, and the S.C. Board of Accountancy, the profession’s regulating body, were founded in 1915. You could say the profession in our state was born 100 years ago because it was then that it became organized and recognized in a more formal way. The centennial affords us an opportunity to celebrate the profession’s rich history while anticipating a vibrant future. And celebrate we will - throughout the entire year with continual ways to remind us all how special it is to be a part of the CPA profession! A 100-Year Committee, appointed earlier this year, is developing plans for a yearlong celebration. While there will be birthday cake and many other surprises along the way, the main activities the committee is planning include: • A centennial publication which will trace the history of the profession since its founding. This publication will include historical facts, anecdotal stories and photographs. • A listing of the 100 Influential People in Accounting. While a list of this nature will never be all-encompassing, it will seek to honor 100 individuals, both living and deceased, who have made a significant impact on the profession in our state. • A culminating event, a Centennial Gala, will take place Nov. 12, 2015

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

at the Marriott in Columbia. This will be THE event to attend next year, so go ahead and save the date. Let your participation be a testament to how much your credential means to you -plan to join the celebration next November. New Century, New Home for SCACPA You’ve probably noticed that SCACPA has a new home. We moved Aug. 29 from our office just off I-26 in West Columbia. For close to 30 years we operated in the attractive building off Chris Drive. SCACPA built the building and in 1987 then Gov. Carroll Campbell cut the ribbon before we moved in. While the Chris Drive location served us well for all these years, the surrounding area became much less desirable. For this and other reasons, the SCACPA Board decided earlier this year that relocating was an important move for SCACPA now and into the future. We are leasing space, as do some 38 other state societies of CPAs, in a beautiful building in Cayce just 10 minutes from downtown Columbia. The new office was planned to offer additional space for members to take classes and to interact. There are also various ways members can use the space for individual or organizational needs. The board room and classroom are ideal for group meetings. For members that would like to stop in between meetings and do a bit of work, check their email or host a small meeting, the café or business center are a viable solution. Please come see us!

Legislative/Regulatory Update The SC Board of Accountancy met Aug. 22 at their regularly scheduled meeting. Donny Burkett, who served as board chairman from 2008-2009 and again from 2012-14, completed his term on the board. Mark Crocker, Dixon Hughes Goodman, Greenville, was elected as the new chairman with Tanya Greenlee, Burroughs and Chapin, Myrtle Beach, serving as vicechair. Among the actions taken at the meeting, the board approved the creation of a policy to require firms to have a succession plan in place. This is necessary, they feel, to protect clients. In addition, the board heard from SCACPA and approved legislation to update the practice act. SCACPA is looking forward to a busy legislative season in 2015. As has become expected, SCACPA will help pass tax conformity legislation in as expedient a manner as possible to give tax preparers and their client’s certainty about the rules as early in the calendar year as possible. In addition, SCACPA is helping draft legislation that will update the practice act and seek conformity in certain provisions with the Uniform Accountancy Act. To learn more about legislative and regulatory changes, visit www.scacpa.org/legislativenews.n Erin Hardwick Pate, CAE, has served as SCACPA’s CEO since 2005. She currently serves as past-president of the CPA Society Executives Association.

South Carolina CPA Report

Association Looks to the Future with New Brand by Maureen Taylor Director of Marketing & Member Services

s the S.C. Association of CPAs marks its 100th year in 2015, we will also be looking to the future with the launch of a new brand. If you attended the 2014 Professional Issues Update you already received a sneak peek of the new brand. For those of you that were unable to attend we wanted to share it with you prior to the Q1 2015 launch.

“We brought together a group of your peers to help guide us in the process and to ensure we were conveying our story – past, present and future.” It was important to capture the growth, unity and vibrancy of the association. We brought together a group of your peers to help guide us in the process and to ensure we were conveying our story – past, present and future.

The rebranding is a result of the feedback received in the 2011 member research project By the Numbers. Through an online survey and focus groups we asked, “How can we help you succeed?” You answered, “By branding the profession.”

We also wanted to tie Southern elegance with contemporary sophistication. So, the interwoven fronds of the palmetto tree became the inspiration for the mark. The colors and overall shape convey both unity and growth.

So, we took a long look at our brand. We realize that branding the profession encompasses far more than rebranding the association. However, we also realize that our brand must be timely and relevant in order to effectively promote the CPA profession in the public eye.

Another important change is the absence of the word “association.” We believe moving from the acronym SCACPA to South Carolina CPAs not only unifies the profession but also is better from an auditory standpoint. Plus, the use of South Carolina CPAs immediately conveys

South Carolina CPA Report

who we are and puts the emphasis on you, the CPA. Lastly, is the new tagline, Where CPAs Thrive. This mirrors our mission statement, SCACPA will empower our members to grow professionally. After all that is what we strive to do – help you thrive so you can help your clients and organizations thrive. As part of the rebranding we will also be launching a new website. We have lots of exciting developments on the horizon and while we are still in the planning stages, I did want to mention one in particular. As part of the brand launch, we have developed a marketing plan that includes raising awareness of the CPA profession in the public eye. Stay tuned for more information. n (888) 557-4814 | www.scacpa.org

Email Preference Center

ou asked for targeted communications and with the new email preference center (EPC) we are able to deliver. By setting your personal preferences you will receive only the communications you want. The EPC allows you to opt in, or ofPreference any SCACPA enewsletter or SCACPA Email Center SCACPA| out, | Email Preference Center communication that is sent via our email marketing platform, HighRoad Solutions. You can also opt out of all communications during tax season or choose to opt out of the print edition of the CPA Report.

To access the EPC, scroll to the bottom of any SCACPA enewsletter or CPE evaluation and click on Update Your Preferences. This will take you to a personal landing page where you can set your preferences. The items you are currently opted into are checked. If you wish to opt out simply uncheck the box. http://www2.highroadsolution.com/scacpa_epc/form.aspx http://www2.highroadsolution.com/scacpa_epc/form.aspx Wish you hadnâ&#x20AC;&#x2122;t opted out of something? No, problem. Just access the EPC and update your preferences again.n

QUESTIONS?

Contact Shana Adams sadams@scacpa.org (803) 791-4181 x. 111

Manage ManageYour YourSCACPA SCACPAEmail EmailSubscriptions Subscriptions Below Beloware areallallofofthe theSCACPA SCACPAemail emaillists. lists.Check Checkthe thebox boxnext nexttotoeach eachthat thatyou youwould wouldlike liketotosubscribe subscribeto.to.ToTounsubscribe, unsubscribe, uncheck uncheckthe thebox boxand andclick clickthe theUPDATE UPDATEbutton buttonbelow. below.

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South Carolina CPA Report

the past, present and future Join us in commemorating 100 years of service at the Centennial Gala on Nov. 11 at the Marriott City Center in Columbia. We will honor the 100 Most Influential People in Accounting, celebrate the strength of our community and set the stage for our second century of excellence.

SC Association of CPAs...serving you since 1915. South Carolina CPA Report

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

Influential People in Accounting In 2015, the South Carolina Association of CPAs will celebrate its 100th year. As part of the Centennial Celebration we are seeking nominations for the 100 Influential People in Accounting. Nominees must have been a member of the association at some point in their career. Accounting professionals may be nominated posthumously.

NOMINEES WILL BE EVALUATED ON

All entries must be submitted by May 1, 2015

>> Outstanding commitment to SCACPA and the accounting profession. >> Service to the profession resulting in a significant impact on the profession. >> Dedication of service, distinctive and exceeding the services provided by his/her contemporaries. >> Upholding the highest standards of the accounting profession.

NOMINEE INFORMATION

(Attach additional pages if needed.)

Name:

Firm: (If applicable)

SCACPA Member #: (If available)

Date(s) of Membership:

(If available)

Address: Phone:

Email:

Please describe the nomineeâ&#x20AC;&#x2122;s service to the association (Board, committee, task force, other volunteer service, etc):

Please describe the nomineeâ&#x20AC;&#x2122;s service to the profession (SC Board of Accountancy, NASBA, AICPA, etc):

NOMINATOR INFORMATION Name:

Firm:

Telephone:

Email:

Signature/Date:

Return form and supporting documentation to Maureen Taylor at SCACPA, 1300 12th Street, Suite D, Cayce SC 29033 QUESTIONS? Contact Maureen Taylor at (803) 791-4181 x105 or mtaylor@scacpa.org

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SCACPA Educational Fund

Awards $26,750 In Scholarships The South Carolina Association of Certified Public Accountants Educational Fund Trustees recently awarded $26,750 in scholarships to 16 students across the state. “The scholarships promote the study of accounting as a career path for the next generation of CPAs,” said Valerie Rumbough, CPA, and chair of the trustees. “We are truly excited to recognize these young men and women who represent the future of our profession. “ The scholarship recipients will be honored Nov. 13 at the student recognition luncheon during SCACPA’s CPA Summit at the Columbia Marriott. n

2014-15 Scholarship Winners Evan T. Barbare, of Columbia, a graduate student at the University of South Carolina and recipient of the SCACPA Graduate Student Scholarship.

Jeffrey C. Harteg, of Greenville, a junior at Clemson University and recipient of the Brigman, Holcomb, Weeks Scholarship and the Lollie Harper Scholarship.

Leonard B. Blanchard, of Orangeburg, a senior at Erskine College and recipient of the Central Chapter of SCACPA Scholarship.

Oxana Hendrix, of North Myrtle Beach, a senior at Coastal Carolina University and recipient of the Burkett, Burkett & Burkett, CPA, PA Scholarship and SCACPA Scholarship.

Cody M. Brown, of Columbia, a graduate student at the University of South Carolina and recipient of the Central Chapter of SCACPA Graduate Student Scholarship. Lulu Chen, of Spartanburg, a senior at Wofford College and recipient of the Ray Waters Scholarship. Cathryn M. Cushwa, of Myrtle Beach, a senior at Coastal Carolina University and recipient of the Sea Island Chapter of SCACPA Scholarship, Burch Oxner Seale Scholarship and SCACPA Scholarship. Alyssa C. Daniel, of Georgetown, a senior at Clemson University and recipient of the Past Presidents Scholarship.

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

Tristan Howard, of Goose Creek, a senior at the College of Charleston and recipient of the Coastal Chapter of SCACPA Scholarship, Robinson Grant & Co. PA Scholarship, and Francis Humphries Scholarship. Matthew Ledbetter, of Greenville, a junior at Bob Jones University and recipient of the Edgar Vaughn Scholarship and SCACPA Scholarship. Luke Murphy, of Charleston, a senior at the College of Charleston and recipient of the WebsterRogers LLP Scholarship and SCACPA Scholarship. Taylor S. Richey, of Belton, a senior at Anderson University and recipient of the Sheheen Hancock & Godwin Scholarship and SCACPA Scholarship.

Georgiana Sellers, of Irmo, a senior at Presbyterian College, and recipient of the Kaye Carter Scholarship. Andre Talley, of Columbia, a senior at Limestone College and recipient of the C.C. McGregor Scholarship and SCACPA Scholarship. Elizabeth W. Vaughan, of Conway, a senior at Coastal Carolina University and recipient of the Joe Jackson Memorial Scholarship, which is the highest honor awarded to the top recipient. Jared M. Young, of Simpsonville, a senior at Clemson University and recipient of the Piedmont Chapter of SCACPA Scholarship and Hobbs Group, PA Scholarship in Memory of Malynda Mills Grimsley, CPA, CVA.

Scholarship recipients These must be South Carolina scholarships residents and possess a would not be made GPA of no less than 3.25 possible without our overall, with a GPA in Ed Fund Donors. accounting of no less than Page 16-17 3.5. Recipients must apply annually and scholarships are not renewable.

South Carolina CPA Report

Educational Fund Donors Contributions are from May 15, 2014 â&#x20AC;&#x201C; Sept. 21, 2014

CUM LAUDE | $100-$499 William L. Byrd, CPA, CGMA

Suzanne M. Harnois, CPA

Erin H. Pate, CAE

Robert C. Cooper, CPA (Lollie B. Harper Scholarship)

Penny A. Lewis, CPA

Pamela K. Roe, CPA

Glenn J. Matthews, CPA

Edgar A. Vaughn, CPA

John B. Fennell, CPA

Sheryl McAlister, CPA, CFP

Mark W. Webster, CPA

Dennis L. Gore, CPA

Jackie H. Park, CPA

Gary L. Wheeler, CPA

DEAN'S LIST | $50-$99 William E. Abernethy Jr., CPA Marianne B. Allardice, CPA Dr. Liz W. Arnold, CPA, MBA Christopher J. Bachkosky, CPA, CFP Michael G. Barb, CPA Henry D. Barnett Jr., CPA Kenneth H. Bauknight, CPA Ann M. Belser, CPA Robert F. Berry, CPA, CRPC Erin W. Bigham, CPA Angela G. Bishop, CPA,CGMA Allan G. Bolden, CPA Robert I. Brace, CPA, CFE, CTP Duncan F. Breckenridge Jr., CPA K. Brodie Brigman Jr., CPA Orvis B. Buie, CPA Kimberly M. Burgess, CPA, MAcc, CGMA John F. Camp, CPA Daniel M. Campbell, CPA Patrick P. Carey Jr., CPA Dr. Charles G. Carpenter, CPA Marguerite S. Carroll, CPA, CGFM Christine E. Cassidy, CPA, JD, LLM Timothy P. Cherry, CPA, CGMA Deanna L. Cochran, CPA, CGMA Mary Jo Cole, CPA Dr. Clarence Coleman Jr., CPA Christopher J. Controne, CPA Annmarie Corrow, CPA James M. Cudd, CPA George L. Counts Jr., CPA Robert A. Curtis, CPA, PFS Micahel E. Davis, CPA Zoe M. Davis, CPA, CFE

South Carolina CPA Report

Joseph C. de Brux, CPA Jeffrey L. Deason, CPA, CFE, CGMA Andrew T. Derajtys, CPA James H. Derrick, CPA George W. DuRant, CPA, ABV, ASA

South Carolina

CPA

Richard A. Eckstrom, CPA, MBA, MAC Cimberlie C. Elkins, CPA, CGMA Barry A. Emerson, CPA Mary L. Enright, CPA Michael R. Evans, CPA A. L. Fee, CPA Janice H. Fergusson, CPA, MACC Ryan F. Finklea, CPA Bernard S. Fleischman Jr., CPA, JD Donald A. Floyd, CPA Robyn M. Frampton, CPA, CIA

Sherri L. Freudiger, CPA Monica C. Gaddis, CPA Jennifer N. Gahl, CPA John W. Gandy, CPA, MBA Jonathan I. Godwin, CPA Barney G. Gosnell, CPA John M. Greene, CPA Angela W. Hamilton, CPA Richard A. Hargrave, CPA Martha M. Hartley, CPA, CGMA Larry W. Hartsell, CPA Alice B. Hazel, CPA Robert M. Heil, CPA Douglas W. Henderson, CPA Kenneth S. Higgenbotham, CPA J.C. Hincher, CPA Thompson P. Hoffmeyer Jr., CPA Katerine W. Holmes, CPA Donna K. Hudson, CPA Donald L. Hunter, CPA Harry A. Huntley, CPA Richard A. Hutto, CPA Leona L. Hydrick, CPA Arthur L. Jayroe Jr., CPA Jana W. Jayroe Robert M. Jones, CPA, CGMA Richard L. Jordan, CPA Michael J. Kerscher, CPA James D. Kidd, CPA Jeffery E. Kinard, CPA Joycelynn S. Knight, CPA Holly L. Kyle, CPA Frances Lambe, CPA Cheryl O. Lang, CPA, CGMA

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

Paula J. Lawrence, CPA Robert A. Leichtle, CPA, CGMA Robet A. Leichtle II, CPA, MBA, CGMA Daniel E. Livengood, CPA Kenneth E. Love, CPA Michael W. Lowrance, CPA, MBA Patrick M. Luciano, CPA Dr. Gary A. Luoma, CPA, CMA, CFM Roger F. Luttrell, CPA, MBA Kara H. Mahon, CPA, MACC Sharon E. Mann, CPA, CGMA Steven M. Mann, CPA Bobby T. Mardis, CPA Sarah, L. Martin, CPA Kenneth M. May Chris A. McCraw, CPA J P. McDermott, CPA, CGMA C. Stephen McDonald, CPA Ann A. McDuff, CPA Henry A. McFaddin, CPA Sheila C. McKinney, CPA Dr. Charles L. McLafferty, CPA Robert A. Merritt, CPA James R. Miller Jr., CPA, CGMA David H. Mims, CPA Thomas P. Monahan, CPA, CGMA Gregory R. Morgan, CPA, CGMA Robert J. Nagy, CPA, CGMA Gina S. Noble, CPA, CGMA Susan G. Novotny James M. O'Cain, CPA Diedrich H. Ohlandt Jr., CPA Jackie H. Park, CPA Sadhna Patel, CPA Dr. Barbara G. Pierce, CPA James B. Pierce Sr., CPA Samuel H. Plexico III Pamela A. Pollitt, CPA, CGMA Sarah D. Pope, CPA J. Randolph Potter, CPA Robert B. Privette, CPA, MBA Michael R. Putich, CPA, CGMA John J. Quin, CPA, CGMA Daniel Quirk Jr., CPA, MBA Charles M. Redfern III, CPA Duncan M. Rogers, CPA Deborah M. Rose, CPA, CGMA Thomas E. Ross, CPA Terry K. Schmoyer Jr., CPA Ruth A. Schult, CPA

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

William E. Sellars Jr., CPA Paul A. Semones Jr., CPA, CGMA Nancy F. Simonetti, CPA Al H. Sirmon, CPA Laura K. Smith, CPA Julius O. Spradley Jr, CPA James M. Stewart Jr., CPA, MBA Caroline D. Strobel, CPA George F. Taylor Jr., CPA Robert T. Theodore, CPA, CGMA Billie H. Thomas, CPA Bruce E. Truesdale, CPA, MBA James G. Tzouvelekas, CPA, CGMA Michael S. Upton, CPA Nancy O. Upton, CPA Dennis L. Wade, CPA, CIA, CGMA Kyle P. Waltz, CPA, MBA R. Patten Watson, CPA Susan O. Weesner, CPA, CGMA Carolyn L. Williams, CPA Henry S. Wilson, CPA Kathy B. Wine, CPA Jacqueline C. Wirszyla, CPA Amy L. Wood, CPA Beth T. Zamorski, CPA, CGMA

HONOR ROLL | $25-$49 James B. Black Lois R. Blanco, CPA Christopher O. Farris Sr., CPA Lynda S. Hardwick, CPA Samuel L. Howell, CPA, MAcc Amy M. Krainas, CPA Jeanne F. Morrisette, CPA Renita M. Owens, CPA Zachary M. Solomon, CPA Jason C. Sweatt, CPA Thomas J. Way, CPA

SUPPORTER | up to $25 Emile W. Artus III, CPA, MBA Anne Breeden George W. Clements, CPA Jessica D. Cutler, CPA Julia A. DuMars, CPA M. Timothy Hucks, CPA Leigh A. Marks, CPA, CGMA Kirk S. Messick, CPA Gwendolyn L. Randolph, CPA William R. Smoak, CPA Bruce L. Tallant, CPA Tom J. Younan, CPA, CGMA

experiencematters. I

Anthony E. Rebollo Frederick A. Crawford fcrawford@richardsonplowden.com trebollo@richardsonplowden.com 803.576.3722 803.576.3711

Benjamin P. Carlton bcarlton@richardsonplowden.com 803.253.8687

The complexities of mergers, acquisitions, contracts, and tax disputes sometimes require a team approach. We welcome the opportunity to assist you with your clientâ&#x20AC;&#x2122;s legal needs.

www.RichardsonPlowden.com

South Carolina CPA Report

TAX CREDIT? YOU CAN RE-DIRECT UP TO 60% OF YOUR STATE INCOME TAXES TO HELP CHILDREN WITH SPECIAL LEARNING NEEDS! SCHOLARSHIP PROVIDERS SFOs are special 501(c)3 charities that award grants for tuition, textbooks and transportation costs paid by special education students at participating private schools. Three of these SFOs have signed the Access Opportunity Best Practices Pledge.

DONORS Individual and corporate taxpayers can claim a dollar-for-dollar state income tax credit for contributions to Scholarship Funding Organizations (SFOs).There is a statewide annual cap of $8 Million for these credits.

STUDENTS Through this new program, disabled students across the state have been given the chance to attend the specialized private school of their familiesâ&#x20AC;&#x2122; choosing!

www.IndependentEd.org 18

South Carolina CPA Report

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

S.C. CPA-PAC Contributions

he South Carolina CPA-PAC has made $42,500 in contributions to select candidates running for state constitutional seats as well as the South Carolina House of Representatives. South Carolina senators are not up for reelection until 2016.

The SC CPA-PAC trustees, seven practicing CPAs, carefully consider which candidates to support taking into account their past support of business-friendly issues as well as the CPA profession. This year the trustees focused support on members of the House Ways and Means Committee and the House Labor Commerce and Industry Committee. Most legislation that would affect the CPA profession would go before one of these two committees.

Receiving contributions from the South Carolina CPA-PAC State Constitutional Officers Gov. Nikki Haley Sen. Vincent Sheheen

Henry McMaster Rep. Bakari Sellers

Richard Eckstrom, CPA Kyle Herbert, CPA

State House of Representatives (Of the 124 House members, the PAC supported 47 incumbents and one candidate.) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16.

Rita Allison, R-Spartanburg Carl Anderson, D-Georgetown Mike Anthony, D-Union Todd Atwater, R-Lexington Jimmy Bales, D-Richland Nathan Ballentine, R-Richland Bill Bannister, R-Greenville Eric Bedingfield, R-Greenville Kenny Bingham, R-Lexington Bill Bowers, CPA, D-Hampton Grady Brown, D-Lee Bill Clyburn, D-Aiken Gilda Cobb-Hunter, D-Orangeburg Kris Crawford, R-Florence Tracy Edge, R-Horry * Shannon Erickson, R-Beaufort

17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32.

Mike Forrester, R-Spartanburg Mike Gambrell, R-Anderson Dan Hamilton, R-Greenville Jackie Hayes, D-Dillon Bill Herbkersman, R-Beaufort Jeannie Horne, R-Dorchester Lonny Hosey, D-Barnwell Chip Huggins, R-Lexington Chip Limehouse, R-Charleston Dwight Loftis, R-Greenville Deborah Long, R-Lancaster Phillip Lowe, R-Florence James Lucas, R-Darlington David Mack, D-Charleston Joe McEachern, D-Richland Jim Merrill, R-Charleston

33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47.

Dennis Moss, R-Cherokee Joe Neal, D-Richland Michael Pitts, R-Laurens Todd Rutherford, D-Richland Bill Sandifer, R-Oconee Gary Simrill, R-York Garry Smith, R-Greenville Murrell Smith, Jr., R-Sumter Mike Sotille, R-Charleston Leon Stavrinakis, D-Charleston Tommy Stringer, R-Greenville David Tribble (candidate) Mac Toole, R-Lexington Brian White, R-Anderson Bill Whitmire, R-Oconee *=Lost primary

Key Person Contacts A sincere thank you goes to the following 38 South Carolina CPAs who serve as Key Person Contacts and volunteered to deliver contribution checks to their local legislators this year. 1. Bob Berry 2. Del Brown 3. Donny Burkett 4. John Camp 5. Farris Cauthen 6. Don Cochran 7. Clarence Coleman 8. Brad Covar 9. Robbie Ellison 10. Bratton Fennell 11. Ryan Finklea 12. Beth Fryer 13. Arden Gatchell (888) 557-4814 | www.scacpa.org

14. Al Hodges 15. Suzanne Harnois 16. Scott Hood 17. Debbie Kesler 18. James King 19. Harold LeMaster 20. Adrienne Lucas 21. Steve Mann 22. Jim McGuire 23. Robert Milhous 24. Steve Miller 25. Greg Padgett 26. Michael Putich

27. Christian Rasor 28. Joy Rollins 29. Chris Samellas 30. Bobby Silvers 31. McRoy Skipper 32. Doug Snyder 33. James Stewart 34. Chris Stormer 35. Nancy Upton 36. Jeff Varn 37. Gary Wheeler 38. Ken Whitener

South Carolina CPA Report

South Carolina CPA-PAC Donors LEADER | $250-$499 Gary L. Wheeler, CPA

INVESTOR | $100-$249 S. C. Beckwith, CPA, CFP John F. Camp, CPA Converse A. Chellis III, CPA, CGMA Robert C. Cooper, CPA John B. Fennell, CPA Dennis L. Gore, CPA

Willis E. Haselden, CPA Robert P. Jordan, CPA Penny Lewis, CPA Leon W. Maginnis, CPA, CFE, CFF Sharon E. Mann, CPA, CGMA Gina S. Noble, CPA, CGMA

Erin H. Pate, CAE Sara B. Penn, CPA Samuel H. Plexico III, CPA Jason C. Sweatt, CPA Walda C. Wildman, CPA

BACKER | up to $99 William E. Abernethy Jr., CPA Bernard N. Ackerman, CPA, PFS, CFP Marianne B. Allardice, CPA Dr. Liz W. Arnold, CPA, MBA Christopher J. Bachkosky, CPA, CFP Michael G. Barb, CPA Henry D. Barnett Jr., CPA Kenneth H. Bauknight, CPA Christopher Baum, CPA Ann M. Belser, CPA Matthew D. Bernstein, CPA Robert F. Berry, CPA Jeremy S. Betsill, CPA Allan G. Bolden, CPA Peter D. Botzis, CPA Deana D. Bouknight, CPA William M. Boyd, CPA Kathryn L. Boysen Robert I. Brace, CPA, CFE, CTP Robert P. Bradham, CPA, ABV, CVA Anne Breeden Brian J. Broom, CPA Thomas J. Bryson, CPA Nicholas G. Buchan Orvis B. Buie, CPA Kimberly M. Burgess, CPA, MAcc, CGMA Heather L. Butz, CPA William L. Byrd, CPA, CGMA

South Carolina CPA Report

Kevin H. Cain, CPA Roxanne R. Caldwell, CPA, MPA Daniel M. Campbell, CPA Patrick P. Carey Jr., CPA Dr. Charles G. Carpenter, CPA Marguerite S. Carroll, CPA, CGFM Christine E. Cassidy, CPA, JD, LLM Elizabeth A. Chapman, CPA Blair E. Clawson, CPA George W. Clements, CPA Deanna L. Cochran, CPA, CGMA Mary Jo Cole, CPA Dr. Clarence Coleman Jr., CPA Christopher J. Controne, CPA W. H. Cook, CPA Annmarie Corrow, CPA Mark S. Crocker, CPA, MBA R D. Crowley, CPA, CVA Doris E. Cubitt, CPA Matthew W. Curran Robert A. Curtis, CPA, PFS Jessica D. Cutler, CPA Hope M. Davis, CPA, MAcc, CMA Michael E. Davis, CPA Zoe M. Davis, CPA, CFE Joseph C. de Brux, CPA Jeffrey L. Deason, CPA, CFE, CGMA James H. Derrick, CPA

Amy E. Devore David A. DeWerff Johnathan N. Dowbak, CPA Debra M. Downing Julia A. DuMars, CPA Wallace Dunn II, CPA George W. DuRant, CPA, ABV, ASA Richard A. Eckstrom, CPA, MBA, MAC Cimberlie C. Elkins, CPA, CGMA Barry A. Emerson, CPA Mary L. Enright, CPA Randolph B. Epting, CPA, Esq. Tracey H. Erbe, CPA Michael R. Evans, CPA James D. Ewart, CPA, ABV, CFF, CVA A. L. Fee, CPA Christopher M. Feehan, CPA Gale A. Fennell, CPA Ronald M. Fields Jr., CPA Ryan F. Finklea, CPA Bernard S. Fleischman Jr., CPA, JD Donald A. Floyd, CPA Stanislava S. Fowler, CPA Sherri L. Freudiger, CPA Monica C. Gaddis, CPA Jennifer N. Gahl, CPA Beau S. Ganas, CPA John W. Candy, CPA, MBA

Mary K. Garland Cathy Gatchel Keith B. Giddens Jr., CPA Jeremy J. Gilbert, CPA, MBA, CFE, CFF Betsy Gillette Maxwell H. Glenn, CPA Andrew W. Godwin Jonathan I. Godwin, CPA Stacey L. Goodmen Barney G. Gosnell, CPA Joseph K. Graver Jorge L. Guerrero Barry D. Gumb, CPA Angela W. Hamilton, CPA John F. Hamilton, CPA Lynda S. Hardwick, CPA Richard A. Hargrave, CPA Martha M. Hartley, CPA Larry W. Hartsell, CPA Kathryn G. Heeney, CPA, MBA Robert M. Heil, CPA Douglas W. Henderson, CPA Ronald I. Hendrix, CPA Kenneth S. Higgenbotham, CPA J. C. Hincher, CPA Robert Holloman, CGMA, CGFM Karherine W. Holmes, CPA Paul K. Hooker Jr., CPA

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

Daniel B. Howard, CPA Natalie K. Howard Donna K. Hudson, CPA Amanda V. Hunter Donald L. Hunter, CPA Steven L. Hyatt, CPA Leona L. Hydrick, CPA Caroline K. Inman, CPA Arthur L. Jayroe Jr., CPA Jana W. Jayroe Brian L. Johnson, CPA Harry L. Johnston, CPA Cristen Jones, CPA Harold W. Jones, CPA Robert P. Jordan, CPA Richard L. Jordan, CPA Michael R. Kelly, CPA Michael J. Kerscher, CPA James D. Kidd, CPA Jeffery E. Kinard, CPA Dick W. King, CPA Joycelynn S. Knight, CPA David M. Knoble, CPA, MAC, CGMA Heather B. Koepenick, CPA Holly L. Kyle, CPA Frances Lambe, CPA Cheryl O. Lang, CPA, CGMA Carol C. Lawlor, CPA Paula J. Lawrence, CPA Brad Ledford, CPA, CMA, CGMA Robert A Leichtle II, CPA, MBA, CGMA Harold E. LeMaster, CPA Russell K. Little, CPA Jennifer M. Littrell, CPA Daniel E. Livengood, CPA Richard T. Livingston, CPA, CFF, CFE Leanne W. Lordo, CPA, CGMA Michael W. Lowrance, CPA, MBA, CGMA Patrick M. Luciano, CPA Craig R. Lundgren, CPA Cynthia J. MacAulay, CPA Bobby T. Mardis, CPA Leigh A. Marks, CPA, CGMA O. C. Marsh, CPA Christopher S. Matthews, CPA, CFE Travis L. Matthews, CPA

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

Kenneth M. May Sheryl McAlister, CPA, CFP Susan B. McCracken, CPA Chris A. McCraw, CPA C. Stephen McDonald, CPA Ann A. McDuff, CPA Sheila C. McKinney, CPA Cindy L. McMaster, CPA John D. Meachum, CPA Robert A. Merritt, CPA Meriah J. Miksa, CPA James R. Miller Jr., CPA David H. Mims, CPA Thomas P. Monahan, CPA Clarke C. Moore III, CPA Robert C. Moorhead, CPA Connie G. Morris, CPA Zachary H. Mueller, CPA Albert A. Munn IV, CPA Robert J. Nagy, CPA Laurel S. Nason, CPA, MPAcc, CGMA James R. Newell, CPA Elizabeth W. Nichols, CPA Rachel M. Nightengale, CPA Stuart H. Nofsinger, CPA, CVA Susan G. Novotny James M. O'Cain, CPA, CFP, CLU, ChFC Andrew J. Ochsner Benjamin D. O'Dell, CPA Diedrich H. Ohlandt Jr., CPA Rudolph M. ONeal III, CPA Catherine A. Opalka Marty P. Ouzts, CPA Sherry N. Ouzts, CPA Kimberly I. Owen, CPA Renita M. Owens, CPA Sadhna Patel, CPA Ellen L. Patterson, CPA Dr. Barbara G. Pierce, CPA James B. Pierce Sr.,CPA Leslie Platt, CPA Pamela A. Pollitt, CPA Sarah D. Pope, CPA Douglas E. Pounder, CPA Harold R. Pratt-Thomas, CPA Sabrina E. Preston, CPA

Joseph E. Priitt, CPA Michael R. Putich, CPA, CGMA Adam L. Quattlebaum, CPA John J. Quin, CPA David M. Rainey, CPA Charles M. Redfern III, CPA Pamela K. Roe, CPA Harmony A. Romo, CPA Deborah M. Rose, CPA Del A. Rosebrock, CPA, CGMA Annette H. Ross, CPA Leigh A. Ross, CPA Thomas E. Ross, CPA Antonia L. Rossi Scott D. Russell, CPA Paul S. Saltzman, CPA Christopher J. Sanders L. Kent Satterfield, CPA Charissa D. Saunders, CPA Gerald E. Saunders, CPA Marc L. Saunders, CPA Michael W. Saunders, CPA Terry K. Schmoyer Jr., CPA Ruth A. Schult, CPA Allyson Schuster, CPA William E. Sellars Jr., CPA Paul A. Semones Jr., CPA, CGMA James J. Sfiris, CPA Jennifer Shields, CPA Lauren A. Simms, CPA Nancy F. Simonetti, CPA Al H. Sirmon, CPA H. B. Smith, CPA Kelly J. Smith, CPA Ryan W. Smith Wilfred A. Smith, CPA Daniel B. Smoak, CPA William R. Smoak, CPA Philip R. Snipes, CPA Ralph M. Snow III, CPA Douglas A. Sparacino, CPA, CGMA Zachary M. Solomon, CPA Douglas A. Sparacino, CPA Julius O. Spradley Jr., CPA Andrew B. Sprenger, CPA Matthew R. Stalnaker

Kelley C. Steen, CPA Keon Stevenson, CPA Catherine B. Stoddard, CPA, ABV, CVA Leroy E. Strickland II, CPA, CFE Caroline E. Sydow Douglas E. Szubski, CPA Neil T. Tabor, CPA Bruce K. Tallant, CPA George F. Taylor Jr., CPA Gregory S. Taylor, CPA James F. ten Pas, CPA Judith C. Thomas, CPA Rudolph S. Thomas, CPA, CVA John S. Turner, CPA James G. Tzouvelekas, CPA, CGMA Michael S. Upton, CPA Mrs. Nancy O. Upton, CPA Joeseph A. Vano Edgar A. Vaughn, CPA Dennis Vick, CPA Dennis L. Wade, CPA, CIA, CGMA Patricia A. Walker Katherine Walters, CPA Jennifer D. Walton Kyle P. Waltz, CPA, MBA Kristen B. Warren, CPA R. Patten Watson, CPA Thomas J. Way, CPA Mark W. Webster, CPA Susan O. Weesner, CPA Clayton T. Westbrook Preston W. Williams, CPA Patricia B. Wilson, CPA, ABV, CVA Sarah L. Windham, CPA, CCIFP Kathy B. Wine, CPA Benjamin W. Wingo Sam B. Winkler, CPA Jacqueline C. Wirszyla, CPA Amy L. Wood, CPA Joy E. Wright, CPA Justin S. Yandle, CPA Patricia M. Yount, CPA Beth T. Zamorski, CPA

South Carolina CPA Report

Four S.C. CPAs Named Women to Watch

our South Carolina CPAs have been named Women to Watch by the South Carolina Association of CPAs (SCACPA) and the American Institute of Certified Public Accountants (AICPA). The Women to Watch Award highlights the accomplishments of women in the CPA profession in two categories – experienced leaders and emerging leaders. Recipients were recognized during the 2014 Women in Leadership Conference luncheon on Oct. 21 at the Marriott in Columbia, SC. Co-sponsored by the Women’s Initiatives Executive Committee of the American Institute of Certified Public Accountants (AICPA) and the South Carolina Association of CPAs (SCACPA), the Women to Watch Award highlights the accomplishments of women in the CPA profession.

Winners of the 2014 SCACPA Women to Watch Awards: EMERGING LEADER

Cynthia J. MacAulay Dixon Hughes Goodman, LLP Director Charleston, SC

EXPERIENCED LEADERS Terry Grayson-Caprio KPMG, LLP Partner Greenville, SC

Susan B. McCracken Dixon Hughes Goodman, LLP Partner Greenville, SC Caroline C. Van Hook Elliott Davis, LLC Shareholder Greenville, SC

South Carolina CPA Report

x Pictured Above: 1) Caroline Van Hook with students from the Barclay School, one of the partner schools in the Palmetto Kids FIRST Scholarship program. 2) Award winner Susan McCracken 3) Award winner Terry Grayson-Caprio 4) Award winner Cynthia MacAulay (second from right) with (from left) Shannon Stith, AICPA, SCACPA Board Treasurer Penny Lewis and Melissa Hooley, AICPA.

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

CPA Day of Service

On Sept. 19, the S.C. Association of CPAs joined with other states across the nation to mark CPA Day of Service. This is the first year we participated in the national day and are thankful to those members, firms and chapters that took part. We plan to make this an annual event and will share the date as soon as it is announced so you can begin making plans for 2015. n

Pictured: 1) SCACPAâ&#x20AC;&#x2122;s Foothills Chapter held a canned food drive to benefit the Hope Center for Children. 2) CPAs from the Coastal Chapter volunteered with East Cooper Meals on Wheels. 3 & 4) Derrick, Stubbs, and Stith of Columbia gave back to the community by volunteering at The Nurturing Center.

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CGMA, CHARTERED GLOBAL MANAGEMENT ACCOUNTANT, and the CGMA logo are trademarks of the Association of International Certified Professional Accountants. These trademarks are registered in the United States and in other countries.15484B-326

South Carolina CPA Report

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South Carolina CPA Report

CAMICO representative

Cherie Tolbert 404.504.3829 ctolbert@nfp.com (888) 557-4814 | www.scacpa.org

South Carolina CPAs in Government Compiled by Maureen Taylor Director of Marketing & Member Services

As CPAs we have a better grasp of what financial reports mean and are better able to ensure that revenue is properly collected and money is spent wisely. This is essential when it comes to how our tax dollars are collected and spent.

Cathy Archer, CPA, CGMA | Page 26 Waccamaw Regional Council of Governments, Georgetown SCACPA Member Since 1993

Many of our members work in the government sector and each in their own way help our tax dollars go further. In this issue of the CPA Report, we spotlight a few of our members in local and state government.

Don Grant, CPA | Page 27 S.C. Department of Employment and Workforce, Columbia SCACPA Member Since 2012

CPAs in government oversee the fair collection of tax revenues; the development of financial controls; the proper disbursement of funds; and financial, performance and compliance audits. They are often tasked with evaluating the efficiency of their agency and advising decision makers. As such, they are subject to a high degree of public scrutiny, accountability and transparency. While all organizations are impacted by economic conditions, those in government often face reduced budgets and reductions in staff. And these cuts can ultimately have a direct impact on the communities served. The one common trait among those working in government is a desire to serve their community. I am thankful that we have members willing to work in the public sector and help our government work more effectively and efficiently. These members are another example of how CPAs make a difference in our state. Bratton Fennell, CPA SCACPA Board Chair

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

Anne Harty, CPA | Page 28 City of Rock Hill, Rock Hill SCACPA Member Since 1990 Amy D. Heard, CPA | Page 28-29 Anderson School District Five Anderson SCACPA Member Since 2000 Harry A. Huntley, CPA | Page 29-30 SC Jobs-Economic Development Authority, Columbia SCACPA Member Since 1984 Maria Walls, CPA | Page 30 Beaufort County Treasurer's Office Beaufort SCACPA Member Since 2009

South Carolina CPA Report

“Since programs are funded by taxpayer dollars... there is greater pressure and expectations to be as transparent and fiscally responsible as possible.” Cathy Archer, CPA, CGMA Workforce Development Finance Manager Waccamaw Regional Council of Governments, Georgetown

orking in government can be quite challenging, but never boring according to Cathy Archer, CPA, CGMA, of Waccamaw Regional Council of Governments. Archer, who previously worked in public accounting, now serves as finance manager for the local Workforce Investment Area for Georgetown, Williamsburg and Horry counties. The agency administers and manages workforce programs as mandated by the Workforce Investment Act of 1998. Funding is administered by the U.S. Department of Labor and the S.C. Department of Employment and Workforce. “Whereas a private company’s goals are to make a profit, we are nonprofit. Our budget for any given year is limited to our available funding and we have to operate within our budgets,” Archer explained. “In the private sector there may be more consistency in companies that provide an established product or service. Governmental accounting seems to be frequently changing because we are required to

South Carolina CPA Report

implement and administer programs mandated by state and federal law.” Archer spends 85-90 percent of her time on day-to-day accounting tasks such as managing funding, determining allowable or disallowable costs according to applicable laws and regulations, and reporting to the state and board of directors. “Our Workforce program is subject to a fiscal audit and a program audit once per year and our agency as a whole undergoes an annual audit. A portion of my time is spent on auditrelated tasks during these times,” she said. “I used to be a public auditor and in my current position I have felt that this has been an advantage. Often times I try to picture how an auditor would look at certain situations or transactions to make sure we are in compliance.”

and fiscally responsible as possible. Adding, “Our management within our agency leads by example and reminds us that we work for the citizens of our community.” And what advice would she offer to young CPAs considering a career in government? “I would encourage any accounting student to try an internship with a governmental agency if they are considering a career in government, or even if they are undecided as to a specific career path,”Archer said. “It can be rewarding and challenging in so many different ways and they might be surprised to find it may be a good fit for them.”

Archer said CPAs working in government face different pressures and expectations than those in public practice or industry. Since programs are funded by taxpayer dollars, she said there is greater pressure and expectations to be as transparent

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

“CPAs working in government are constantly looking for smarter ways to report actual and forecasted financial information that is accurate, timely and decision-useful.” Don Grant, CPA Chief Financial Officer S.C. Department of Employment and Workforce, Columbia

on Grant had reached a point in his career where he was ready for a new challenge, and was also ready to take ownership of an end-to-end financial process. He was also interested in using his background to perform a service to the citizens and businesses of South Carolina. In 2009, he was asked to join the SC Department of Employment and Workforce (DEW). “We were at the height of the national recession, unemployment benefit expenditures had spiked to $2 billion per year, and the unemployment trust fund had recently become insolvent,” Grant said. And while the stakeholders and underlying financial reporting purposes were certainly different from the private sector, the magnitude of the agency’s financial footprint was still ‘big business’ in Grant’s eyes. He saw it as an opportunity to improve processes, modernize systems and controls, and improve oversight on both the trust fund and financial administration sides of the agency.

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

Typically, Grant spends less than five percent of his time with the actual detailed mechanics of the agency’s accounting functions. To a greater extent, he maintains visibility over monthly financial reports/ analyses; both for reasonableness and for short/long-term strategic planning, and also reviews agency purchase requests to ensure funding availability, consistency and allowability against the requested source. “I am very fortunate to have the freedom and resources I need to build an exceptional team of accounting professionals over the last five years. My management team and professional staff have diverse backgrounds in finance, accounting, reporting, purchasing, systems and internal controls. They regularly collaborate with other industry professionals to monitor compliance with all applicable rules and regulations,” Grant said. “Just as importantly, our team continues to challenge the ‘as-is’ state of internal processes and systems. They give me the ability to focus more on agency strategic

initiatives and process and system improvements, while maintaining confidence that our records remain in good shape,” he added. Grant sees technology as a hot topic for government agencies in regard to information security and financial reporting. He cites the age and complexities of the information systems as an ever-increasing risk. “CPAs working in government are constantly looking for smarter ways to report actual and forecasted financial information that is accurate, timely and decisionuseful. The accounting and reporting rules and internal goals and strategies change quite often, and older legacy systems continue to require more attention, from a rapidly declining programming/ support knowledge base, in order to provide what we need,” he said.

“Just as importantly, our team continues to challenge the ‘as-is’ state of internal processes and systems. ” South Carolina CPA Report

“There is a disconnect between what citizens expect in service and what citizens feel they should have to fund.” Anne Harty, CPA

rowing up with a father that was an elected official, Anne Harty was instilled with a desire to make her community a better place. As chief financial officer for the City of Rock Hill she sees first-hand the impact government has on the community. “The rewards from working in government are the success stories - seeing our police reduce crime, our firemen save families, and our Parks, Recreation, and Tourism Department create economic impact in our community,” she said. Harty spends very little time, probably 10 percent of any given day, on accounting and auditing related tasks. She has a staff of 43 covering customer services (the largest division), risk management, archives/records management, and accounting with seven employees. Most of her time is spent on administrative and managerial tasks, accounting review, strategic planning, and major project financing and analysis. The city has a very large municipal utility system providing electric, water and sewer services. In fact, 75 percent of revenues are derived from enterprise funds operations so Harty’s governmental employment is very similar to the CFO position for an industry. As a CPA in city government, Harty’s busiest season is budget season, which lasts six months. The second busiest is

South Carolina CPA Report

Chief Financial Officer City of Rock Hill audit season, which lasts the other six months. “I do admit though, that I give thanks every year on April 15 for my governmental accounting job,” she said. “Governmental accounting has a different kind of pressure and stress. Workload is much more predictable, but it is also a very thankless career field and is emotionally draining at times.” “The pressures and constraints of governmental accounting are financial. There is never enough money to go around for the ever increasing demands and expectations of our citizens. There is a disconnect between what citizens expect in service and what citizens feel they should have to fund.” Recruiting high level accounting talent can also be a challenge since governmental agencies are not able to compete in the area of compensation, Harty said. To get high level talent, they promote a healthy work-life balance environment and good benefits. And what does she see as the most significant issues facing CPAs in government? “Recession recovery is significant. Transparency is critical. The balance between preparing useful and understandable information with regulatory standards for reporting is a challenge. Accounting for OPEB (Other Postemployment Benefits) in an understandable way is a challenge,” she said.

Amy D. Heard, CPA Executive Director for Financial Services Anderson School District Five

“Finding a way to cut budgets mid-year is the hardest part of my job because it affects all the major players in our organization”

my Heard made the transition to government following the birth of her first child. After the long hours of tax season, she wanted a position with slightly less hours in a challenging environment. As executive director for financial services with Anderson School District Five, the biggest challenge is all the different pots of money and the regulations. The district currently has approximately 78 different funding sources. And while busy season may differ from public accounting, it’s still busy. From March – June 30, Heard works on the budget and then spends September working on the audit. “In school district accounting, we do work a lot of additional hours due to deadlines from the state or a project (888) 557-4814 | www.scacpa.org

we are working on for our district,” she said. “Most everything done in a school district somehow touches finance – paying employees, paying vendors that provide services, supplies, utilities, etc., paying for marketing of the school district, working with staff and paying insurance claims, working estimates for any new idea or project developed by the school administration. It is a fun job, but a demanding job.” The pressures of the job are also different from business and industry and public accounting.

Harry A. Huntley, CPA

“I do not have the pressure of having my company show a profit to receive a bonus but in a school district we are accountable to our board of trustees, community and parents of students,” she explained. With the budget cuts, I believe that the skepticism has increased that school districts are not transparent and have too much administration and that is very stressful to someone that is objective and an open book. I try to have my staff look at everything in a way that they wouldn’t mind a newspaper reporter, TV personality or parent watching them and scrutinize everything they do.”

Executive Director SC Jobs - Economic Development Authority, Columbia

The economy is also a significant factor for school districts.

“This was my first venture into politics and I was opposed by a two-term county council member. I won that election and remained in office for a total of 18 years,” Huntley explained.

“In South Carolina we are highly funded by the sales tax so when the economy is not doing well then we typically get a budget cut. A lot of times this information comes after our school year and fiscal year have started so the budget is set and then we lose a significant amount of money,” Heard said. “Finding a way to cut budgets mid-year is hardest part of my job because it affects all the major players in our organization – personnel has to be cut which in turn will affect our students.”

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“It is great to see the new hospitals, schools, senior living facilities and industrial projects that create many new jobs and improve the quality of life in South Carolina.”

arry Huntley began his career in government by accident when in 1989 he was appointed by Gov. Carroll Campbell to fill the unexpired term of Richland County auditor. In 1990, he ran for the office.

Huntley then moved to a state agency, SC Jobs-Economic Development Authority (JEDA) where he serves as executive director. He also serves as executive director of InvestSC, which manages investments for the SC Venture Capital Authority (VCA). Both of these positions are very unique in government. JEDA is the only statewide qualified conduit issuer of tax-exempt bonds and issues bonds for small manufacturers, nonprofits and solid waste disposal facilities.

Customers range from small borrowers such as YMCAs and charter schools to large hospital systems, university foundations and tire recyclers. InvestSC is the designated investor group which oversees the venture capital investments of the VCA. This state program that has successfully leveraged borrowed funds to create or retain over 1,400 jobs in South Carolina over the past seven years. As executive director, Huntley’s position focuses on finance related duties and only occasional traditional accounting duties. Busy season is often dependent on economic conditions and interest rate cycles. Much of JEDA’s business in the past was from small manufacturers, Huntley said, but the low interest rate environment has compressed the difference between taxable and tax-exempt uu

Continued on page 30 South Carolina CPA Report

rates to the point that it is not advantageous for them to use tax-exempt bonds. Larger borrowers, however, are reaping significant savings from refinancing bonds that are callable, as well as funding new projects in such a low rate environment. “We have recently seen a spurt of activity with 13 new applications

for bond financing in the past three months, compared to 15 for each of the past three years,” Huntley said. “It is great to see the new hospitals, schools, senior living facilities and industrial projects that create many new jobs and improve the quality of life in South Carolina. While we don’t have the tax season deadlines to deal with, we have deadlines that

come and go constantly as we work each of these projects to closing.” Huntley said transparency and public scrutiny are much greater in government than in the private sector. Even though JEDA receives no state funds and is completely self-supporting, it is still necessary to maintain a high level of transparency, he added.

“It was a formidable but exciting challenge to create order and accountability out of the disarray.” Maria Walls, CPA

n 2011, after a fraud incident and a contentious election, Maria Walls was presented with the opportunity to join the Beaufort County Treasurer’s Office to design and implement the office’s internal controls and subsequently oversee the financial and accounting functions. The office had received internal control comments for years prior to the fraud taking place that were never addressed or resolved. The technologies being used were antiquated and public opinion and trust were at an all‐time low. Walls said, it was a formidable but exciting challenge to create order and accountability out of the disarray. As deputy treasurer, Walls spends 70 percent of her day on accounting or audit‐related tasks. Generally, this will include accounting and general ledger responsibilities and internal controls analysis and assessment. Busy season is the tax collection cycle which begins in November and

South Carolina CPA Report

Deputy Treasurer Beaufort County Treasurer's Office ends in January. The county collects approximately 92 percent of the $321 million billed during that three‐month period. Collecting, managing, and disbursing such a large volume of funds can be a pressure, Walls said. “Our funding is derived from property taxes and other forms of taxation, not from engagement fees for a service provided,” Walls said. “I have a responsibility to be vigilant in ensuring we are operating as efficiently and cost effectively as possible, we owe that to our taxpayers.” “Innovation and competitiveness is unfortunately not as common in government organizations as it is in the private sector and was a new concept for this office in particular. Our staff has been encouraged to constantly evaluate our processes to find better and faster ways of doing business. This led to significant budget cuts, increased processing speeds, and improved transparency and internal controls. Most importantly, it contrib-

uted to the restoration of trust with our taxpayers and provided an example of government working right,” she added. For CPAs considering a career in government, Walls advises they know what is going on in that jurisdiction and get involved in a professional organization. “Continue to or become active in SCACPA as well as a government related professional organization. It will give you an opportunity to network with others in government who can share their experiences with you and provide guidance. If you decide to pursue a government position, do what is necessary to maintain a fresh perspective and challenge yourself in order to ensure your continued professional growth,” she said. Walls is expanding her service to the community, she is running for Beaufort County Treasurer and will be on the November 4 ballot. n

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Board of Accountancy

South Carolina Board of Accountancy Update by Mark Crocker, CPA SCACPA member since 1982

am delighted to serve as the 201415 chairman of the South Carolina Board of Accountancy. As my first duty, I ask that you join me in recognizing the distinguished service of our retiring board chair, Donny Burkett, CPA. Donny is a role model for all CPAs and encompasses the qualities the public has come to expect from our profession. Let’s wish him well as he starts his next chapter which includes recently being elected vice president of NASBA.

To continue his legacy, the following officers have been elected for 2014-2015: Chairman Mark S. Crocker, CPA, Dixon Hughes Goodman LLP Partner Vice Chairman Tanya G. Greenlee, CPA Burroughs and Chapin Corp Vice President of Finance Secretary Gary F. Forte, CIMA UBS Financial Services Senior Vice President In a state of nearly five million residents, we have less than 7,000 CPAs. This is a highly regarded designation earned by a diverse group of professionals who are generally of high intellect, dignity and public respect. In joining this profession, we all take an oath to protect the public. In that, lies the role of the S.C. Board of Accountancy (SCBOA). The SCBOA, which is a

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

In a state of nearly five million residents, we have less than 7,000 CPAs.

part of SCLLR, consists of nine members appointed by the governor to be responsible for a broad range of duties described by S.C. law. Among those duties are individual and firm licensing, CPA exam administration, peer review, CPE compliance, enforcing laws and regulations, and others. While we protect the public, we look forward to serving the needs of our licensees and other constituents. Our theme will be “to do more, with less” and our 2014-15 goals will be as follows: • implement recently passed South Carolina Accountancy Law • increase efficiency of administrative duties • improve services to licensees and other constituents

• build relationships with key organizations such as NASBA and SCACPA • enhance Peer Review monitoring • help attract “the best and brightest” to the profession On behalf of my fellow board members, I invite your input on how we can serve you better. We all owe a great deal to this profession that has afforded us gratifying careers. Let’s do all that we can to continue to earn our moniker as the most trusted profession. 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.

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South Carolina CPA Report

Introducing the Profession’s Enhancing Audit Quality Initiative The following article was provided by the AICPA

“With accounting issues and the business environment becoming more complex, information-driven and fast-changing, practitioners face new challenges in maintaining audit excellence.”

ntegrity, objectivity and competence have long been hallmarks of the CPA profession and provide the foundation for CPAs’ reputation in the marketplace. With accounting issues and the business environment becoming more complex, information-driven and fast-changing, practitioners face new challenges in maintaining audit excellence. To address those challenges, the AICPA has launched the Enhancing Audit Quality (EAQ) initiative, which presents the Institute’s efforts to help auditors of private entity financial statements further improve the quality of the services they provide. Practitioners can give input on those plans by commenting on the AICPA’s newly released discussion paper, Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession. Comments were due November 7, 2014.

Advancing Audit Quality throughout the Profession The discussion paper highlights ways the profession maintains and enhances audit quality, from establishing requirements for competence, diligence and due care;

South Carolina CPA Report

to setting audit and quality control standards; to administering the Peer Review Program. By summarizing near- and longer-term proposals to continue raising financial statement audit quality, the paper asks for feedback from all parties involved in the audit process of non-public entities. (For purposes of the EAQ, “private entities” refers to all nonSEC registrants, including notfor-profit organizations, employee benefit plans and governmental entities.) “As they navigate today’s business environment, practitioners are intent on providing high-quality audit services to their clients,” said Erin Pate, SCACPA CEO. “The profession’s Enhancing Audit Quality initiative demonstrates the profession’s continued commitment to quality. It outlines the many areas where stakeholders from our profession’s many constituencies— our own members, peer reviewers, state boards, state societies and regulators—can work together to strengthen audit performance.”

EAQ Areas of Focus The AICPA is looking for input that could help it shape plans and programs proposed by the EAQ

effort. The discussion paper poses specific questions through an online community where stakeholders can engage in a productive dialogue. Based on the foundational elements of quality—Competence and Due Care; Standards (Audit and Quality Control); Guidance, Tools, Learning and Resources; and Monitoring and Enforcement—the discussion paper proposes significant changes to the following areas, among others: • Peer Review Program: The AICPA Peer Review Board approved a near-term plan introducing substantial improvements to the current Peer Review Program that range from enhanced peer reviewer quality and in-depth reviews of high-risk industries to improved engagement/firm tracking and more informative review results. In the longer term, an upcoming project will seek to transform the current Peer Review Program into a more real-time practice monitoring system that marries advanced technology and human oversight.

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Focus on Membership

Member News

Hazel F. Brazell, CPA, of Moore Beauston & Woodham L.L.P has been promoted to senior accountant in the tax and business consulting practice of the firm’s Columbia office. Chris Clem has joined SuggsJohnson LLC as senior manager on the firm’s tax team.

Charles A. Gatchell, CPA, CVA, of Moore Beauston & Woodham L.L.P has been promoted to senior manager in the tax practice of the firm’s Hartsville office. Ronnie Head, CPA, has joined Scott and Company LLC as a senior manager on the firm’s assurance and advisory services team. Bryan P. Hudson, CPA, of Bauknight Pietras & Stormer, PA was recently named the 2014 Captive Person of the Year by the South Carolina Captive Insurance Association (SCCIA). The Captive Person of the Year award recognizes individuals for outstanding leadership and accomplishments on behalf of the association and captive insurance industry in South Carolina. Sarah Judge, CPA, has joined Scott and Company LLC as an associate accountant on the firm’s assurance and advisory services team. Julia E. Ridley, CPA, has joined the audit and assurance practice as a senior accountant in Moore Beauston & Woodham L.L.P’s Charleston office. (888) 557-4814 | www.scacpa.org

Laura M. Rhoads of Moore Beauston & Woodham L.L.P has been promoted to senior accountant in the tax practice of the firm’s Hartsville office. Patrice Sebastian, CPA, of WebsterRogers has been promoted to director of the forensics and valuation services group. Greg S. Taylor, CPA, of Dixon Hughes Goodman, LLP has been promoted to office managing partner of the firm’s Greenville office. Robert Visbisky has joined Scott and Company LLC, as a senior auditor on the assurance and advisory services team. Dennis Vick has been named as managing partner of Dixon Hughes Goodman’s Tax Compliance and Consulting Practice. Heather L. Walters has joined Moore Beauston Woodham L.L.P as a senior accountant in the firm’s Hartsville office.

Firm News

Derrick, Stubbs & Stith, LLP has created a new management team, which consists of Derrick Stubbs partners Charles R. Statler Jr., CPA; Alan F. Grimsley, CPA; and K. Todd Dailey, CPA. Elliott Davis, LLC was named one of the top 50 family-friendly companies in North Carolina by Carolina Parenting, Inc. This honor recognizes the firm’s commitment to providing employees with opportunities, benefits and programs that contribute to long-term career fulfillment and career/life balance.

Columbia-based practice Clifton Bodiford CPAs has merged with Scott and Company LLC, and will now operate under the Scott and Company brand. Former founders and Bodiford CPA firm principals Clif Bodiford and Dave Bodiford will both join Scott and Company LLC. Scott and Company LLC has been ranked as one of South Carolina’s Best Places to Work for companies with fewer than 250 employees, coming in at #13 in the 2014 competition. Elliott Davis, LLC admitted six new shareholders in their firm, including members Claudia Gibbons, CPA; Brandon Renaud, CPA; Drew Rogers, CPA; and Jeff Walker, CPA.

Condolences

Leona L. Hydrick, CPA, 50, died Sept. 14. A native of West Columbia, Hydrick was a graduate of Brookland Cayce High School, an honors graduate of Columbia College, and member of SCACPA since 1988. Rupert L. Thompson Jr., CPA, 75 died Aug. 10. Born in High Point, N.C., he graduated from the University of South Carolina, where he earned his bachelor’s degree in accounting and master’s in business administration. A veteran of the U.S. Navy, Thompson coached for 28 seasons over 17 years in Dixie Youth and Trenholm Park Little League baseball. Thompson was a SCACPA member since 1972. George R.Wise Jr., CPA, 66, died Sept. 20. Born in Charlotte, N.C., he was a 1970 graduate of The Citadel. A SCACPA member since 1982, Wise served his community as president of Central S.C. Better Business Bureau, treasurer of the Columbia Country Club, treasurer for the Columbia Touchdown Club, and past president of the North Lake Sertoma Club. n South Carolina CPA Report

Focus on Membership

WELCOME NEW MEMBERS (through 9/30/14) AFFILIATE MEMBER Casey L. Gilbert Columbia, SC Mary F. Glenn West Columbia, SC Sarah A. Judge Scott & Company, LLC* Columbia, SC

John F. Ashworth Greenwood, SC Sara W. Baker, MBA Rock Hill, SC

Willis C. Keith Greenville, SC

Angela M. Bare Myrtle Beach, SC

William K. Lawter Chesnee, SC

Terry J. Bishop Varnville, SC

Vernie South, CPA Mount Pleasant, SC

Anne Breeden Spartanburg, SC

ASSOCIATE Angela Allard, CPA Mount Pleasant, SC

Jesus A. Cruz WebsterRogers, LLP* Florence, SC

Robert M. Eidson Jr., CPA WebsterRogers, LLP* Bluffton, SC

Mary Allison C. Glenn Anderson, SC

Joann L. Elkin, CPA Mount Pleasant, SC Bayly A. G. Felch, CPA McGregor & Company, LLP* Columbia, SC Kimberly P. Free, CPA Greer, SC Elise M. Lamoureux-St. Germain, CPA WebsterRogers, LLP* Bluffton, SC

CPA CANDIDATE Joseph M. Andrade Derrick Stubbs and Stith, LLP* Columbia, SC

Jessie D. Hazel WebsterRogers, LLP* Columbia, SC Caleb B. Jennings IV Spartanburg, SC Damian L. Jones Greenville, SC Megan Lansing WebsterRogers, LLP* Bluffton, SC

*100 percent member firm

FELLOW Rayne B. Adams, CPA Greenwood, SC

James E. Gresham, CPA Bluffton, SC

Barbara J. Anderson, CPA Greenville, SC

Kristi C. Griffin, CPA Taylors, SC

Rachel L. Anderson, CPA Simpsonville, SC

Neekis D. Hammond, CPA Chapin, SC

Nat B. Benson III, CPA, CGMA Gaffney, SC

Stanley J. Harvell II, CPA Greenville, SC

Teresa S. Bickley, CPA Chapin, SC

Kelli R. Horton, CPA Greer, SC

Justin S. Byars, CPA Chapin, SC

John G. Jenkins, CPA Mt. Pleasant, SC

Craig M. Calhoun, CPA Elliott Davis, LLC* Charleston, SC

Kelly-Jean Kwiatkowski, CPA Waxhaw, SC

Fiona M. Cantrell, CPA Columbia, SC Christopher E. Carter, CPA Rock Hill, SC

Ashley G. Langley, CPA Spartanburg, SC Chris C. Louthan, CPA Greenville, SC

Ivan E. Chirolla, CPA Anderson, SC

James D. McAllister Jr., CPA Elliott Davis, LLC* Greenwood, SC

Mallory K. Cooper, CPA Columbia, SC

Kelly P. McBride, CPA Fort Mill, SC

Colleen E. Daniel, CPA Charleston, SC

Amber Neeley, CPA Lexington, SC

Randall L. Digby, CPA Spartanburg, SC

Sarah Owings, CPA Roebuck, SC

Kathryn C. Diminich, CPA Mount Pleasant, SC

Katharine A. Pace, CPA Easley, SC

Jessica A. Dupee, CPA Myrtle Beach, SC

Madison A. Rankin, CPA Greenville, SC

Anna V. Spann, CPA Dixon Hughes Goodman, LLP* Charleston, SC Kevin S. St. Germain, CPA Daniel Island, SC Diane M. Thigpen, CPA Chapin, SC Courtney Trich, CPA Myrtle Beach, SC Andrea C. Tucker, CPA Elliott Davis, LLC* Columbia, SC Kenneth G. Vella, CPA Bluffton, SC Robert F. Visbisky Jr., CPA Scott & Company, LLC* Columbia, SC Anthony E. Williams, CPA Greenville, SC Kelci M. Wilson, CPA Greenwood, SC FELLOW â&#x20AC;&#x201C; OTHER Kristie C. Cole, CPA Anderson, SC John D. Edens, CPA Leesville, SC Robert N. Hamblin Jr., CPA Daniel Island, SC

Jolinda B. More, CPA Simpsonville, SC

Martin J. McClellan Bauknight Pietras & Stormer, PA* Columbia, SC

Dale M. Planicka, Hilton Head Island, SC

Mary K. McDorman Beaufort, SC

Melinda T. DuRant, CPA Bluffton, SC

Julie A. Rogers, CPA Greer, SC

Jack N. Rose, CPA WebsterRogers, LLP* Florence

Brittany L. Pratt Columbia, SC

Andrew C. Finley, CPA Greenville, SC

Andrew W. Saleeby, CPA Columbia, SC

STUDENTS Richard S. Barnes Florence, SC

Jan M. Schultz, CPA, CGMA Anderson, SC

Jacqueline N. Toomer WebsterRogers, LLP* Bluffton, SC

Nickolas J. Schomisch, CPA Greenville, SC

Joseph M. Blanchard Surfside Beach, SC

George L. Strobel II Sarasota, FL

Heather Walters Cheraw, SC

Elizabeth B. Gierhart, CPA Irmo, SC David G. Grabosky, CPA Greer, SC

Jessica L. Smith, CPA Rock Hill, SC

Shannon N. Brahn Conway, SC

Phillip W. Tetterton, CPA Charlotte, NC

Crystal Willis Columbia, SC

Tracey C. Green, CPA, J.D. Columbia, SC

Morgan E. Smith, CPA Charleston, SC

Caitlin A. Cash Easley, SC

South Carolina CPA Report

Melanie L. James, CPA Myrtle Beach, SC Bonnie C. Martin, CPA Columbia, SC

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

Focus on Membership

New Lifetime Members for 2014

SCACPA is pleased to recognize the following individuals for their dedication and service to the profession. Lifetime members are given complimentary SCACPA dues upon 30 years of membership and age 68 or older.

New Lifetime Members 2014-15 Membership Year Dianne B. Baughman, CPA Columbia, SC

Donald P. Cresswell, CPA Travelers Rest, SC

Harry L. Johnston, CPA Spartanburg, SC

Sara B. Penn, CPA Greenville, SC

Michael N. Swaim, CPA Spartanburg, SC

James A. Belous, CPA Marion, SC

David R. Crumpler, CPA Myrtle Beach, SC

Ralph D. Kellar, CPA Greenville, SC

James B. Pierce Sr., CPA Rock HIll, SC

Ashley C. Taylor, CPA Lexington, SC

Hubert L. Bernheim, CPA Hilton Head, SC

Joseph C. de Brux, CPA Isle of Palms, SC

Barry T. Kight, CPA Columbia, SC

J. Randolph Potter, CPA Greer, SC

Michael G. Taylor, CPA Summerville, SC

John D. Bourne, CPA Irmo, SC

William H. Duncan, CPA Florence, SC

Susan G. Legare, CPA Charleston, SC

Kenneth E. Prince, CPA West Columbia, SC

James T. Truesdale, CPA Hollywood, SC

Fred S. Breeden, CPA Salisbury, NC

Judith H. Evans, CPA Beaufort, SC

Robert A. Leichtle, CPA, CGMA Columbia, SC

Henry J. Rawl III, CPA, CGMA Ridgeland, SC

John W. Vun Cannon, CPA Columbia, SC

Leonard F. Broderick, CPA, CGMA Easley, SC

J. Louis Grant, CPA Ridgeland, SC

John A. Lindsay, CPA Greenville, SC

Robert D. Wade, CPA Aiken, SC

Harriette P. Gravesen, CPA Johns Island, SC

Roger F. Luttrell, CPA, MBA Spartanburg, SC

Thomas E. Ringer III, CPA, CGMA, CMA Spartanburg, SC

W. Michael Hamilton, CPA Columbia, SC

John R. Markel, CPA, ASA, ABV, CFF, ABAR Greenville, SC

Anthony A. Callander, CPA Greenville, SC John F. Camp, CPA Columbia, SC Thomas M. Carabo, CPA Blenheim, SC W. H. Cook, CPA Charlotte, NC

Loyd L. Hansen, CPA Greenville, SC H. Lee Hoffman, CPA Charleston, SC

Gordon L. McCay, CPA, MBA Mount Pleasant, SC Helen M. Molten, CPA Columbia, SC

Jack C. Robinson, CPA Greenville, SC Frank M. Rogers IV, CPA Florence, SC Paul A. Semones Jr., CPA, CGMA Lexington, SC

Walda C. Wildman, CPA Columbia, SC Albert L. Wolfe, CPA Orangeburg, SC Elizabeth L. Woody, CPA Kiawah Island, SC

Harriet S. Simpson, CPA, CITP, CISA Columbia, SC

James M. Cooper, CPA Spartanburg, SC

Edward Howard Jr., CPA, Esquire Lexington, SC

Francis R. Corley, CPA Irmo, SC

Charles H. Jesser, CPA Chicago, IL

A D. Patten Jr., CPA, MAcc Taylors, SC

STUDENTS, cont. Cathryn M. Cushwa Myrtle Beach, SC

Lorelei M. Graye Lexington, SC

Jason C. Kneese Greenville, SC

Jordan K. Murray Conway, SC

Alexandria L. Veary Conway, SC

Baker D. Ellerbe Florence, SC

Oxana S. Hendrix North Myrtle Beach, SC

Tatiana V. Lavrova Conway, SC

Evgeny V. Proshin Myrtle Beach, SC

Mitchell P. Woodard Myrtle Beach, SC

P. W. Ferrell Jr Anderson, SC

Megan C. Holmes Clinton, SC

Benjamin C. Lawyer West Columbia, SC

Dustin C. Scott Charlotte, NC

Zachary D. Wright Graniteville, SC

Collin Fleenor Conway, SC

Tawnya M. Hulit Myrtle Beach, SC

Devin G. McCray Aiken, SC

Kevin R. Taylor Conway, SC

Jeremy L. Goldberg Charleston, SC

Jennifer L. Kingsmore Irmo, SC

Nicholas L. Mosher Myrtle Beach, SC

Theresa W. Todd West Columbia, SC

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

Rodney J. Moss, CPA Spartanburg, SC

William R. Smoak, CPA Beaufort, SC

South Carolina CPA Report

South Carolina

CPA

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

Congratulations 2014-15 Chapter Officers Catawba Chapter

Glenn Savage, president

Foothills Chapter

Piedmont Chapter

Christina A. Braswell, vice president PricewaterhouseCoopers, LLP

James ten Pas, vice president Dixon Hughes Goodman, LLP

Elizabeth Martin, secretary PricewaterhouseCoopers, LLP

Rebecca Goessel, secretary USC - Upstate

Christopher Holtzclaw, president Holcombe, Holtzclaw & Ravan, LLC

Mandi Persohn, vice president Time Warner Cable, Inc. Dr. Barbara Pierce, secretary/treasurer Winthrop University

Stephen Stokes, president Stokes & Company, CPAs, PA

James Lindley, treasurer Lindley & Thompkins LLP

Central Chapter

Michelle Gneisig, treasurer Tindall Corporation

Christopher Hinchee, vice president McGregor & Company, LLP

Grand Strand Chapter Sharon Proctor, president

Christopher Linkimer, president Carecore National, LLC

David Splittgerber, secretary/treasurer Derrick Stubbs and Stith, LLP

Deborah Armstrong, vice president Armstrong Accounting, CPA, PA

Amy Graybill, vice president Robinson Grant & Co., PA

Allyson DeHart, CPE coordinator The Hobbs Group

David Cole, secretary/treasurer Duncan, Farmer, McIlrath, Marloew and McLaughlin, P.A.

Amy Cavanaugh, CPA, secretary June & Associates, PA, CPAs

William Stevens, president The Hobbs Group, PA

Coastal Chapter

Betsy Moseley, president Towne Centre Market, LLC Glenn Hair, vice president Horizon Health Systems, LLC Kathryn Cleveland, secretary Bridget Bushnell, treasurer

Pee Dee Chapter Officer

Lawrence Kennedy Jr., president McCall Farms Stephanie Denham, vice president William Hardaway III, secretary/ treasurer WebsterRogers, LLP

Is YOUR Data Secure?

Security Policies

Risk and Vulnerability Assessments

Penetration Tests

Don West

(803) 315-1299 • don@dpwcpa.com CPA, CITP, eCPPT, CISA, CISSP Member SCACPA, AICPA, ISACA, InfraGard, (ISC)²

South Carolina CPA Report

Sea Island Chapter

Dean Cochenour, treasurer Carey & Company, PA

Chapter Events CENTRAL

2014-2015 Dues: $50 Nov. 20: Income Tax Update with William Grooms (CE18014) Double Tree by Hilton, Columbia Dec. 3: Annual Business Meeting (CEABM14) - Double Tree by Hilton, Columbia

GRAND STRAND

2014-2015 Dues: $125 Nov. 18: Annual Update for Accountants & Auditors with Bruce Shepard (GR19914A) - Ocean Creek Resort, Myrtle Beach Jan. 23: Annual Federal Tax Update (GR20715A) - Horry Georgetown Technical College, Myrtle Beach

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

SCACPAâ&#x20AC;&#x2122;s New Office & Learning Center You spoke and we listened. The South Carolina Association of CPAs moved into its new headquarters on Aug. 29. The new space was designed with your needs in mind and features a more intimate and high-tech classroom as well as modern community space to have lunch and network with peers. We also realize that business doesnâ&#x20AC;&#x2122;t stop when you are away from the office so there is a dedicated space to check emails or return phone calls during breaks. We hope you come visit us soon!

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

South Carolina CPA Report

Focus on CPE

Accounting & Auditing Conference Preview Highlights include: • Two days with 16 CPE credits, two tracks and eight concurrent sessions. • A kick-off general session featuring an A&A Update with longtime favorite, Brad Newkirk, Dixon Hughes Goodman, LLP.

egistration is open for the 2014 Accounting and Auditing Conference, Dec. 8-9 in beautiful downtown Charleston at the Marriott Hotel. SCACPA members save $125 when registering by Nov. 17. This conference features dynamic speakers that will provide you the latest information on a variety of topics designed for CPAs in public accounting and business and industry. The format of the conference offers you the flexibility to choose the sessions that best meet your needs. For conference details and to register, visit www.scacpa.org/A&A2014

2014 FEDERAL

• Hometown expert Rebecca Lee, Sheheen Hancock & Godwin, LLP, will offer expert advice on COSO framework and Revenue Recognition regarding implementation and challenges organizations face. • NFP changes in financial reporting with the assistant director for Nonpublic Entities at the Financial Accounting Standards Board. • Technology expert Bryan Smith with CPA Crossings will discuss the effect of IT on financial stament audits and what every auditor should know when planning an audit. • Howard Einstein, Rosenfield Eisten, will focus on the annual fees (PCORI and Transitional Reinsurance) and reporting (sections 6055 and 6056) during the Affordable Care Act Update. The conference also includes ethics, human resources, excel, and GAAP.

South Carolina

CPA

TAX UPDATE

• David Bean, director of Research and Technical Activities with the Governmental Accounting Standards Board, will be on hand to answer your questions on recently issued GASB statements.

with Walter Nunnallee

2014 Fedeal Tax Update with Walter Nunnallee Highlights include: • A checklist of developments first effective in 2014.

Dec. 12 Greenville 19114FG

Dec. 15 Columbia 19114FC

Dec. 15 Webinar/Webcast WEB19114

Dec. 22 Myrtle Beach 19114FM

et ready to tackle tax season with Walter Nunnallee. The Federal Tax Update combines Walter’s engaging sense of humor with timely examples and up-to-the minute tax tips. Walter will walk you through the latest tax developments affecting 2014 tax return preparation and tax planning for individuals, corporations and non-corporate businesses.

South Carolina CPA Report

• A checklist of retroactive developments that may require amended returns. • A detailed planning section, including important individual and business planning ideas. • Selected new or modified Federal tax forms for 2014. This year we are offering this top-rated seminar at three locations around the state, plus a webcast option. Register today! Dec. 12 – 19114FG - Greenville – Embassy Suites Hotel & Golf Resort Dec. 15 – 19114FC - Columbia – Embassy Suites Dec. 15 – WEB19114 - Webcast Dec. 22 – 19114FM - Myrtle Beach – Marina Inn at Grande Dunes For event details and to register, visit www.scacpa.org/taxupdate2014 (888) 557-4814 | www.scacpa.org

Focus on CPE

Tax Season Survival Guide

2014

TAX

SEASON Survival Guide Nov. 17: Estate and Life Planning Issues for The Middle-Income Client (17614) – SCACPA Office, Cayce Nov. 18: Fiduciary Income Tax Returns – Form 1041 Workshop (17714) - SC Pharmacy Association, Columbia

Nov. 20: Social Security, Medicare, and Prescription Drug Retirement Benefits: What Every Baby Boomer Needs to Know Now (18114) Embassy Suites, Greenville Nov. 21: Shortcuts to Tax Cuts: Individual Tax, Social Security, and Retirement Planning Tools and Strategies (18314) - Embassy Suites, Greenville Nov. 25: Obamacare and Fringe Benefits: 2014 and Beyond (18514) SC Bar Conference Center, Columbia

Nov. 19: South Carolina Tax Update (10314AM) - SC Bar Conference Center, Columbia

Dec. 3: Advanced Technical Tax Forms Training -- LLCs, S Corporations, and Partners (18614) SCACPA Office, Cayce

Nov. 19: Understanding the Purchase and Sale of Businesses (17814SW) – Various

Dec. 4: Advanced Technical Tax Forms Training -- Form 1040 Issues (18714) – SCACPA Office, Cayce

Dec. 10: Annual Tax Update (18914SW) – Various Dec. 12: The Complete Guide to Payroll Taxes and 1099 Issues (19214) – SCACPA Office, Cayce Dec. 12: Federal Tax Update with Walter Nunnallee (19114FG) – Embassy Suites, Greenville Dec. 15: Federal Tax Update with Walter Nunnallee (19114FC) – Embassy Suites, Columbia Dec. 15: Federal Tax Update with Walter Nunnallee (Web19114) – Webinar/Webcast Dec. 22: Federal Tax Update with Walter Nunnallee (19114FM) – Marina Inn at Grande Dunes, Myrtle Beach

CPE Reporting Deadline & Reminders >> CPE should be earned annually, by Dec. 31 and reported to the South Carolina Board of Accountancy by completing a CPE report and submitting to the Board office on or before Jan. 31 of each year. >> Self-study courses are limited to 20 hours per year, and cannot be carried over. There is a 10 hour maximum on the number of hours an individual can earn in a day. Self-study courses must be NASBA QAS approved. >> Members of SCACPA can access their CPE transcript online at www.scacpa.org, under My Membership, Manage My CPE. >> Personal Development is limited to eight hours per year. These hours cannot be carried over.

>> The six hour ethics requirement every three years must be completed by Dec. 31, 2015 of which two hours must be South Carolina specific.* >> Excess ethics hours cannot be carried over. >> A course cannot be repeated during a CPE cycle or within a two year period. For example, if you have attended an approved state specific ethics course, you should not repeat that course within the CPE year. In 2013, if you attend a course titled Why Auditors Fail to Detect Fraud you should not attend the exact same course in 2014. A courses content must have changed significantly for it not to be considered a repeat. The 2013 Federal Tax Update would be significantly different from the 2014 Federal Tax Update.

*SCACPA offers ethics programs in various formats: seminar, self-study, and webinar, visit www.scacpa.org/ethics.

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

South Carolina CPA Report

Focus on CPE

Get a Jump Start on 2015 CPE Jan. 6 - Form 990: A Comprehensive Approach to Accurate Preparation (20115A) Discover the tax information and understanding of notfor-profit organization issues you need to prepare the current Form 990. Participants will gain the tax knowledge necessary both to complete Form 990 properly and advise exempt clients on the Form's complexities and demands.

Join us as we explore state-of-the-art planning ideas and tax-saving strategies to keep more of your client's money in their pockets. We'll answer the tough questions and show you what strategies are best for your clients as a result of the most recent tax reform.

CPE Credit: 8 Area: Taxation Leader: Petter Towle, JD, LL.M Location: SCACPA Office, Cayce Fee: $220 Early Bird* (by Dec. 16) $245 Members, $345 Non-Members

CPE Credit: 8 Area: Taxation Leader: William J. Harden Location: SCACPA Office, Cayce Fee: $220 Early Bird* (by Dec. 25) $245 Members, $345 Non-Members

Jan. 8 - Getting Ready for Busy Season: A Guide to New Forms, Filing Issues, and Other Critical Developments (20215)

Jan. 15 - Basis/Distributions for Pass-Through Entities: Simplifying the Complexities (20015A)

Receive an up-to-date review of important tax form changes, new tax forms, key developments as they are reflected in the IRS forms, and IRS filing issues and deadlines that will be invaluable to attendees who prepare tax returns for individuals, partnerships, and LLCs. CPE Credit: 8 Area: Taxation Leader: L.B. Carson Jr., CPA Location: SCACPA Office, Cayce Fee: $220 Early Bird* (by Dec. 18) $245 Members, $345 Non-Members

Jan. 9 - Transform Your Busy Season with Technology Tools You Already Use! (20315) Learn how to save an hour or two each day by incorporating simple time management techniques that are available in the technology tools you use every day. This practical, easy to understand, and cost-effective course is a "must have" to prepare for the upcoming busy season. CPE Credit: 8 Area: Computer Science Leader: Bryan Smith Location: SCACPA Office, Cayce Fee: $260 Early Bird* (by Dec. 19) $285 Members, $385 Non-Members

Jan. 15 - Slashing Taxes for Your Small Business Clients: Corporations, Partnerships, & LLCs (20415A)

South Carolina CPA Report

Address the rules used to determine basis for partnerships and S corporations, and puts the computation of basis in contexts that often come under scrutiny - loss limitations, distributions, and sales of an interest, among others. CPE Credit: 8 Area: Taxation Leader: Peter Towle, JD, LL.M Location: SCACPA Office, Cayce Fee: $220 Early Bird* (by Dec. 15) $245 Members, $345 Non-Members

Jan. 16 - AICPA's Annual Federal Tax Update (20515A) This comprehensive course covers all legislative, judicial, and IRS developments of the past year with a focus on implementation and compliance. Discover how to effectively and confidently complete tax planning and compliance engagements. CPE Credit: 8 Area: Taxation Leader: William J. Harden Location: SCACPA Office, Cayce Fee: $220 Early Bird* (by Dec. 26) $245 Members, $345 Non-Members *Only SCACPA members qualify for the Early Bird discount

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

CLASSIFIEDS Are you ready for Retirement? Do you have a Succession Plan? If not, let MBW be your plan. 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. John Beauston, Managing Partner, can help you accomplish your goals of maintaining an income stream after retirement, while giving you peace of mind that your clients are receiving the kind of attention and care you worked hard to provide them. Please give him a call for a confidential consultation at 843-766-5010.

TAX CREDIT? You can re-direct up to 60% of your state income taxes to help students with special

UNIQUE OPPORTUNITY Unique opportunity to become a significant percentage equity owner of a relatively young, successful public accounting firm located in South Carolina. Excellent location with good growth potential. Client base is diverse and evolving with revenues of approximately 60% tax and 25% A & A and 15% other services. Must be experienced CPA and energetic to operate in this environment. Please send personal/confidential inquiry for further information to JohnnyPlatter@outlook.com

Successful transitions require experienced, confidential, professional services you can trust. This is what Akins Professional Brokerage provides. Specializing exclusively in the brokerage of CPA firms, we have no upfront fees. List your firm with a professional. Call David Akins, CPA, at (877) 277-0272. Visit our website at www.ProfessionalCPAbroker.com uu

Classifieds continued on page 42

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

learning needs! LEARN HOW AT www.IndependentEd.org South Carolina

CPA

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

South Carolina CPA Report

CLASSIFIEDS The new merger/acquisition season is underway. A list of the active opportunities is available below. Email info@ poegroupadvisors.com for more information on any of these opportunities. Also, feel free to call 888-246-0974. Listing# VA1056 NC1085 NC1095 NC1096 VA1052 NC1082 NC1093 NC1092 NC1091 VA1053 SC1057 VA1055 SC1060 NC1099 SC1059 NC1094 NC1097 SC1058

Location Midlothian, VA Winston-Salem, NC Raleigh Area, NC One Hour from Piedmont Trial Northern Neck of Virginia Charlotte/Lake Norman, NC Asheville Area, NC Raleigh Area, NC Northeastern, NC Richmond, VA West Columbia, SC Covington, VA Sumter, SC High Country, NC Lexington, SC Asheville, NC Concord, NC East of Columbia, SC

Annual Gross $275,000 $695,000 $466,000 $772,000 $283,000 $147,000 $227,000 $2,100,000 $103,000 $435,000 $195,000 $202,000 $67,000 $317,000 $137,000 $850,000 $102,000 $287,000

Asking Price $285,000 $700,000 $495,000 $795,000 $295,000 $135,000 $240,000 $105,000 $460,000 $199,000 $199,000 $75,000 $350,000 $150,000 $895,000 $110,000 $315,000

...Audit Quality Initiative • Auditing and Quality Control Standards: A joint task force consisting of representatives from the AICPA’s Auditing Standards Board (ASB), Peer Review Board and others is now gaining stronger insights into audit quality issues. The task force will examine where and how audit concerns occur and their root causes, so appropriate solutions can be explored. • Evolving the Audit: The AICPA Assurance Services Executive Committee (ASEC) is looking to the future of assurance services and seeking to leverage technology to develop new methodologies that will contribute to a more effective, efficient and timely audit process that will be more relevant to users. ASEC is working to provide insight into the traditional audit approach, how it has evolved and how it might continue to evolve into the future audit.

Advertiser Index Access Opportunity www.independentED.org Page 18 & 41 ADP accountant.ADP.com Page 5 American Pensions www.ampen.com Inside Front Cover Aon/BB&T Insurance Services/ AICPA Professional Liability Insurance Program www.cpai.com Page 14 CAMICO Mutual Insurance www.CAMICO.com Page 24 Don West don@dpwcpa.com Page 36 Mergent, Inc. www.mergent.com Page 31 PNC pnc.com/cashflowinsight Back Cover POE Group Advisors PoeGroupAdXisors.com Inside Back Cover Richardson Plowden Attorneys at Law www.richardsonplowden.com Page 17

For More Information The AICPA has created an informational webpage, aicpa.org/auditquality. This webpage features EAQ-related news and developments, including links to articles and blog posts on AICPA efforts, as well as resources on areas of focus identified by the Peer Review Board. A video featuring AICPA Board Chairman Bill Balhoff, CPA, CFF, CGMA, discussing the EAQ initiative is housed on the site, too.

For more information about the CPA Report, or other advertising opportunities, please contact Maureen Taylor, Director of Marketing & Member Services 888-557-4814 or mtaylor@scacpa.org.

The second part, “Practice Monitoring of the Future” will be available soon. n

South Carolina CPA Report

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

Looking for a change of scenery? Looking for a change of scenery?

Looking for a change of scenery?

We will identify suitable candidates to carry on the success of the CPA firm you’ve worked hard to build. When the time comes to breeze into the next phase of life, we’ll be here to support the entire transition with our proven 5-step Seamless Succession™ process.

We will identify suitable candidates to carry on the success of the CPA firm you’ve worked hard to build. WhenThinking the time of comes to breeze into the phase of life, beonline here to PoeGroupAdvisors.com or selling? Learn about ournext unique process bywe’ll going to support the entire our proven 5-step Seamless Succession™ bytransition scanningwith the code with your smart phone. (Download theprocess. free Kaywa Reader in the app store.)

We will identify suitable candidates to carry on the success of the CPA firm you’ve worked hard to build. When the time comes to breeze into the next phase of life, we’ll be here

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.)

to support the entire transition with our proven 5-step Seamless Succession™ process.

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

PoeGroupAdvisors.com • 1-888-246-0974 • info@poegroupadvisors.com

South Carolina Association of CPAs

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

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