WashingtonCPA 2014 Summer by Washington Society of CPAs

washington

CPA Summer 2014

Volume 57, Number 1

COSO Integrated Framework 2013 Impact of the DATA Act on CPAs Announcing WSCPA Award Recipients

Revised AICPA Code of Professional Conduct New Personal Financial Planning Services Standard How to Respond to a Comfort Letter Request

www.wscpa.org

WashingtonCPA Summer 2014

www.wscpa.org

CONTENTS

wa s h i n g t o n

CPA www.wscpa.org • memberservices@wscpa.org Tel (425) 644-4800 • Toll free in WA (800) 272-8273 Fax (425) 562-8853 902 140th Ave NE Bellevue, WA 98005-3480

BOARD OF DIRECTORS Heather L. Fitzpatrick Chair William A. Simer Vice Chair David J. Miniken Treasurer Lucy L. Liu Secretary Glenn G. Wisegarver Immediate Past Chair Richard E. Jones President & CEO

Laurie J. Anderson Marinilka B. Kimbro Thomas G. Donaghy Amanda V. O’Rourke Kirsten S. Duke Andrew L. Read Dean A. Granholm Abby M. Sanders Robert L. Grannum Joseph P. Smith Robert W. Heller CHAPTER BOARD CHAIRS Craig S. Connell Bellevue Area Alex R. King Central Molly Vander Woude Central Northwest Diane Bingaman Olympia Michael T. Enos Sammamish Valley Rachel T. Sites Snohomish County Dani L. Espinda South King County David P. Stubing Southwest Robert S. Plumb Spokane Sean P. Kinney Yakima

Jeanette Kebede

Editor

The WashingtonCPA is published by the Washington Society of Certified Public Accountants for its members. Views and opinions appearing in this publication are not necessarily endorsed by the WSCPA. The products and services advertised in The Washington CPA have not been reviewed or endorsed by the Washington Society of Certified Public Accountants, its board of directors or staff. The WashingtonCPA (USPS 009754) is published four times annually by the Washington Society of Certified Public Accountants, 902 140th Avenue NE, Bellevue, WA 98005-3480. $12 of members’ annual dues goes toward a subscription to The WashingtonCPA. Periodicals postage paid at Bellevue, Washington and additional mailing offices.

Contents 6

An Auditor’s Use of the ‘New’ COSO (Integrated Framework - 2013) Standard When the Auditor Does Not Intend to Rely on Internal Control

10 Understanding the Impact of the DATA ACT on CPAs 12 New Competency Framework Strengthens CGMA Value 17 2013-2014 WSCPA Annual Awards 23 Now Available: Revised AICPA Code of Conduct 24 How to Respond to a Comfort Letter/ Third-Party Verification Request 26 New Personal Financial Planning Services Standard: Does It Apply to You? 28 Washington CPA Foundation Awards $59,000 in Scholarships

Cover photo: © Getty Images/Image Source POSTMASTER: Send address changes to The WashingtonCPA, c/o WSCPA, 902 140th Avenue NE, Bellevue, WA 98005-3480.

DEPARTMENTS 4

Leadership Lens

News Briefs

39 Conferences

CPE Digest

22 Advocacy

Registration Form

28 Foundation

Classified Ads

Profile

Member Benefits

33 Events

www.wscpa.org

WashingtonCPA Summer 2014

LEADERSHIP LENS

Raising the Bar on Audit Quality By Rich Jones, CPA, CGMA, President & CEO

he accounting profession is a bit unique in its structure. Many, perhaps even most, of the functions performed by CPAs do not require a license. These functions include tax preparer or advisor, business consultant, expert witness, CFO or controller for a company, accounting faculty at a college or university, financial advisor, CEO, sales executive, etc. The list could go on and on. And even though you do not need a CPA license to perform these services, once you have a CPA license you must perform those services in strict conformance with the AICPA Code of Conduct or state Code of Conduct if more restrictive. So what services require a CPA license in order to perform them? Very simple: A CPA license is required in order to perform audit and attest services. As many people have observed over the years, audit and attest services then are the “franchise value” for CPAs, i.e. it is the one thing that only CPAs can do. Another interesting aspect of the CPA profession is that, for the most part, it has been allowed to be self-regulating. With the exception of audits subject to the jurisdiction of the Securities and Exchange Commission or the Public Company Accounting Oversight Board (and the number of these audits is miniscule in comparison to the number of audits of private companies), the accounting and auditing profession in the United States is a self-regulated profession. And the structure for this regulation is in large part through the operations of the American Institute of Certified Public Accountants (AICPA) and their close collaboration with many other groups of regulators [particularly the National Association of State Boards of Accountancy (NASBA) and individual state boards of accountancy]. For more than three decades the AICPA has been engaged in protect-

WashingtonCPA Summer 2014

ing the public through its Peer Review Program that monitors firms’ audit and attest services. The program was developed to be educational and remedial so that firms could improve the quality of their audit and attest work.That is still the principal goal of the program today. Over the years, state boards of accountancy recognized the effectiveness of the peer review program in helping firms perform higher quality work and most states now

The AICPA recently announced the launch of a new Enhancing Audit Quality (EAQ) initiative.

require that any firm doing compilations, reviews, audits, or attestation work be engaged in the AICPA Peer Review Program and have a review conducted by a peer organization every three years. Except for the largest firms, the Peer Review Program is administered by state societies and their volunteers, although the actual peer reviews are performed by qualified CPA firms who are engaged by the firm being reviewed. For the past two years I have had the privilege to serve on the Peer Review Board, a group of 20 individuals who have the overall responsibility to operate and oversee the program.This has been a tremendous learning opportunity for me and it has prepared me to appreciate some of the changes the program will be making in order to better meet the needs of the profession and the public going forward. Barry Melancon, CEO of AICPA, recently announced the launch of a new Enhancing Audit Quality (EAQ) initiative, to be headed by Sue Coffey, AICPA Senior Vice President of Public Practice & Global Alliances. In his announcement,

Barry described this initiative as follows: [This is a] comprehensive, holistic effort to look at auditing from multiple touch points, from the CPA exam and ethics enforcement to auditing and quality control standards, to learning and competency development and changes to peer review, and ultimately to a transformation of practice monitoring. The cornerstone of our EAQ initiative involves near and longterm changes to the Peer Review Program. This summer we will release a discussion paper that will highlight the AICPA’s plans and perspectives on moving forward. I am excited to engage in a dialogue and work together to address this profession-wide audit issue. Let’s pave our own path and take the continued journey to improving audit quality and maintaining audit relevance. I applaud the AICPA and the Peer Review Board for their vision and courage in recognizing the opportunity and need to enhance audit quality and the peer review program. Public polling of business decision-makers and investors continually confirms that CPAs are still the most trusted group of advisors. The public trusts us to do a good job and to put the interests of the general public above our own. In large part, that trust is based on our role as auditors of private and public companies. We must be continually vigilant to make sure that the quality of the audit and attest work we perform is up to those expectations. The Peer Review Program has successfully served this function for several decades. I am confident that the changes being evaluated for the short and long term will result in raising the bar on audit quality, which is very good for all CPAs and the public. Rich Jones can be reached at rjones@ wscpa.org. www.wscpa.org

LEADERSHIP LENS

The Value of Membership By Heather Fitzpatrick, CPA, CGMA,WSCPA Chair for 2014-15

rom time to time, someone will ask me what I get out of my involvement in the WSCPA. After all, I’m the only CPA in a small, management consulting firm, and my accounting expertise is applied chiefly to management accounting issues in a strategic planning context, not financial reporting or tax compliance. “Isn’t the WSCPA for public accountants?” people will ask. My answer is unhesitating: No. It’s for CPAs – a designation that I’m proud to hold. And with the WSCPA’s expanding support for the growing number of CGMAs in Washington State, of which I am also one, the organization is becoming increasingly important to my success. Why is the WSCPA critical to my success as a CPA and a CGMA? The best explanation comes from a comparison of the benefits the WSCPA offers to members and the new CGMA Competency Framework, which offers a well-researched analysis of the knowledge requirements and skills required for management accountants to become and remain trusted business strategists within their organizations. The CGMA Competency Framework identifies four core areas of knowledge required to excel in a management accounting environment: technical skills, leadership skills, business skills and people skills. As a CGMA’s career progresses, the emphasis shifts. For example, mastering technical skills is more important to individuals who are just starting their careers, as it was to me as a new professional in public accounting. However, as a person’s career progresses, business and people skills become more important. Ultimately, leadership skills are required for executive-level success. The Framework was developed to help CGMAs and their employers assess what skills and development opportunities are appropriate to www.wscpa.org

each CPA’s career path. (For more on the Framework, see the article on page 12.) Compare the four sectors of the Competency Framework to the benefits of WSCPA membership, and you’ll see that regardless of where you are on the continuum, from staff accountant to CFO, the WSCPA provides resources and opportunities to CGMAs looking to become even better at what they do professionally. The WSCPA is well-recognized for the exceptional quality of its technical training programs. As the only CPA in my company, the WSCPA’s CPE classes, webcasts and webinars are an invaluable means of ensuring that I am applying accounting and finance skills appropriately. But the WSCPA’s contributions to my technical knowledge extend beyond CPE. The WSCPA’s Washington CPA magazine and e-newsletters help me keep on top of pending

changes in technical areas that affect me. And that’s just the start. The WSCPA’s expanded CFO series, access to speakers with specialty knowledge, and the ability to learn from peers and professionals outside of our profession while at conferences, such as the Notfor-Profit Conference, have allowed me to substantially deepen my understanding of the business context in which my company and my clients operate. But the greatest opportunities at the WSCPA actually provide members with the opportunity to develop the last two knowledge areas: people skills and leadership skills. There are classes, of course, but in my experience, the best teacher for these skills is experience. As an executive with hiring responsibilities, I am always surprised how continued on page 21

WashingtonCPA Summer 2014

COSO INTEGRATED FRAMEWORK

An Auditor’s Use of the ‘New’ COSO (Integrated Framework - 2013) Standard When the Auditor Does Not Intend to Rely on Internal Control By Gary Hotchkiss, CPA

his article will provide an overview of the COSO Integrated Framework – 2013 (2013 revision), issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission (Treadway Commission or the COSO Committee). The Integrated Framework – 2013 document is an update of the original Integrated Framework – 1992. The 2013 revision reflects a principles-based approach to professional standards, and has been updated to reflect enhancements to, and in, the original fundamental concepts, now referred to as principles. Additionally, this article specifically addresses the role that the 2013 revision plays in an audit conducted in accordance with U.S. Generally Accepted Auditing Standards (GAAS) when the auditor does not intend to rely on internal control.

Standards Board of the American Institute of Certified Public Accountants. One of the expectation-gap SASs, Statement on Auditing Standards No. 59, Consideration of Internal Control in a Financial Statement Audit, established a requirement that auditors obtain, and document, an understanding of certain aspects of their client’s internal control system for the purpose of identifying risk (now referred to as “risk assessment”), and determining the role that internal control would play in the audit plan for risk reduction. One of the

1. Operations, 2. Financial Reporting, and 3. Compliance with laws and/ or regulations Beneath each of the aforementioned objectives, the Framework defined five “components.” Distributed throughout each of the five components were 21 “fundamental concepts” which amounted to potential sources of risk, due to deficiencies in either design or effectiveness at the component level:

What is the Internal Control – Integrated Framework 2013?

The Treadway Commission was created in 1985 to identify those matters that may indicate the presence of fraudulent financial reporting in audited financial statements. While other study groups, prior to the creation of the COSO committee coined the term, it was output from this study, conducted by the COSO committee, which gave rise to a condition described as the “expectation gap” in auditing. This term formally recognized a fundamental difference in perception between what auditors (actually) do in the course of providing audit services and what users of those audited financial statements believe auditors do in the course of an audit conducted in accordance with GAAS. This study was a prime motivating factor in the comprehensive re-write of auditing standards, often referred to as the expectation-gap SASs [Statements on Auditing Standards (SAS) Nos. 53 – 63, effective for GAAS audits beginning in 1990] by the Auditing

WashingtonCPA Summer 2014

resulted in its issuance of Internal Control – Integrated Framework, in 1992. The content of 1992 version of Internal Control – Integrated Framework has been the standard benchmark for what constitutes an adequate system of internal control since its issuance. This rulesbased framework (standard) defined internal control through the use of three discrete internal control objectives (categories), which equate to reasons why an entity would go to the cost of developing and maintaining a system of internal control.Those objectives are for the purpose of monitoring:

implied requirements of this standard was a determination of whether the client had an adequate system of internal control (regardless of the formality of that system). Shortly after this Standard became effective, auditors realized that, while there were numerous non-authoritative writings on aspects of an adequate system of internal control, there was no standard, generally accepted, definition of what constituted an adequate system of internal control. Without a common reference point, there was no objective way for auditors to evaluate the adequacy of a client’s system of internal control. It was this lack of a common standard that led to the COSO committee’s study that

a. b. c. d.

Control Environment, Risk Assessment, Control Activities, Information and Communication, and e. Monitoring This three-objective, five-component framework has stood as the benchmark used by auditors to evaluate the adequacy of internal control systems used by client entities in the United States.

How does the 2013 version of the Framework differ from the original 1992 Framework?

The 2013 version of the Integrated Framework essentially recasts the 1992 www.wscpa.org

COSO INTEGRATED FRAMEWORK

2013 Integrated Framework Framework from a rules-based approach to standards into the international, converged,x“clarity”xprinciples-based approach to professional standards. The 1992 Framework, while rules-based, was produced in a format that very closely resembles the standard format for principles-based standards in that it: 1. 2.

Begins with objectives Is followed by components that apply to each objective and, within each component, there appears specific guidance referred to as Fundamental concepts (closely akin to “application guidance” as used in principles-based standards)

While the end result of the 2013 version of the Integrated Framework is deceptively similar to the 1992 Integrated Framework, the differences, while subtle, are significant. At the most fundamental level of difference, rules-based standards stress compliance with rules and minimize the exercise of professional judgment by those subject to that standard. Principles-based standards, on the other hand, minimize (eliminate) the promulgation of rules in the standard-setting process, and maximize the exercise of professional judgment on the part of those who will apply, or evaluate compliance with, the objectives of that standard. The 2013 Integrated Framework has also been “refreshed” to reflect symmetry with terminology used in other current professional standards. The 2013 Integrated Framework retains the same three objectives and five components as the 1992 Framework.The fundamental concepts (now referred to as “principles”) have been reduced from 21 to 17. The components and principles, as currently defined are as follows: www.wscpa.org

Principles & Components

Control Environment (tone-at-the-top or entity culture) 1) The organization demonstrates a commitment to integrity and ethical values 2) The board of directors demonstrates independence from management and exercises oversight of the development and performance of internal control 3) Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in the pursuit of objectives 4) The organization demonstrates a commitment to attract, develop, and retain competent individuals in alignment with objectives 5) The organization holds individuals accountable for their internal control responsibilities in the pursuit of objectives Risk Assessment (identification) The organization: 6) Specifies objectives, with sufficient clarity, to enable the identification and assessment of risks relating to objectives 7) Identifies risks to the achievement of its objectives across the entity, and analyzes risks as a basis for determining how the risks should be managed 8) Considers the potential for fraud in assessing risks to the achievement of objectives 9) Identifies and assesses changes that could significantly impact

the system of internal control Control Activities (policies and/or procedures) The organization: 10) Selects and develops control activities that contribute to the mitigation of risks to the achievement of objectives to acceptable levels 11) Selects and develops general control activities over technology to support the achievement of objectives 12) Deploys control activities through policies that establish what is expected and procedures that put policies into action Information & Communication (processing of data) The organization: 13) Obtains or generates and uses relevant, quality information to support the functioning of other components of internal control 14) Internally communicates information, including objectives and responsibilities for internal control, necessary to support the functioning of other components of internal control 15) Communicates with external parties regarding matters affecting the functioning of other components of internal control Monitoring The organization: 16) Selects, develops, and performs ongoing and/or separate evaluations to ascertain whether the components of internal control are present and functioning, and 17) Evaluates and communicates internal control deficiencies in a timely manner to those parties responsible for taking corrective action, including senior management and the board of directors, as appropriate WashingtonCPA Summer 2014

COSO INTEGRATED FRAMEWORK

Despite the changes in the enumerated principles, the types of risk addressed by the principles are basically unchanged from the original Framework. Each of the 17 principles must be considered in the risk assessment phase of planning the risk-based audit.

While there has been no change in the definition of internal control, inter-

What is the role of the Framework when the auditor does not intend to rely on internal control in the conduct of an audit conducted in accordance with generally accepted auditing standards?

nal control objectives or internal control components, there has been a significant change in the application of these foundational elements

The requirement that auditors obtain, and document, an understanding of aspects of every audit client’s internal control system has been expressly required for more than 24 years. However, many auditors tend to dismiss this risk assessment requirement in the small- to medium-sized audit client environment because of the informality of the client’s internal control system. In fact, a marginally documented system of internal control presents a very fertile potential for risk identification. An underconsideration of this type of client’s system of internal control presents at least two potential problems in an effectively planned risk-based audit: 1.

Such a supposition can lead to a superficial understanding of the elements of a client’s internal control system that are, in fact, present. In many situations, control policies or procedures are present, but undocumented. Auditors should become aware of the significant control policies and/or procedures that are routinely employed by the client. The fact that a client employs a particular policy or procedure implies that the client is relying on that procedure to monitor a particular risk. Most of the time this type of risk is a control

WashingtonCPA Summer 2014

that will affect how auditors identify risk in their client’s system of internal control.

activity component concern, and the potential type of risk is a “blind-siding” type of risk, in that the client may be relying on a particular policy or procedure to monitor a particular risk when, in reality, the procedure does not:

i. Adequately address the risk, or ii. Is not being done in an effective manner.

This is a primary reason why auditors review a client’s bank reconciliation (a control activity intended to establish completeness of cash transactions) policies, as well as the mechanical integrity of the reconciliation. Deficiencies related to either the regularity of the reconciliation process or reconciliation process itself could lead to a false sense of security, on the

part of the client or auditor, regarding the achievement of this completeness concern. 2.

Risk can also come from a total absence of elements (principles) within the components of internal control. This type of risk gives rise to “holes” in the client’s system of internal control, and can occur within any of the five components in each of the internal control objectives. For example, risk exists in an environment where clients do not have a policy regarding checking references prior to hiring persons who will provide significant inputs for the financial reporting and compliance internal control objectives (a risk assessment concern).

Phase one of the two-part risk-basedaudit planning process is referred to as the risk assessment phase. In this phase www.wscpa.org

COSO INTEGRATED FRAMEWORK

the auditor assembles a proactive list of risks that have been identified as being applicable to a particular client. Phase two involves developing an approach to reduce the risk surrounding those identified in phase one to an acceptably low level. The approach that an auditor decides to use in the risk reduction phase is a matter of professional judgment, and may or may not include reliance on internal control. Existing professional standards require that auditors perform risk assessment (identification) procedures to each of the components of the financial reporting objective as defined in the COSO Integrated Framework. Also, in accordance with the Clarity Standards of the AICPA, if compliance with laws and/or regulations could be a significant source of risk for a given audit client, then the risk assessment requirement extends to the components of this objective as well. Risk assessment is not an intellectual requirement—it is done for the very practical purpose of planning an audit. If the risk identification process does not result in an identifiable effect on the audit approach, then the auditor has not taken the effort to its intended goal. Consider this example. Starting with the COSO Integrated Framework, Control Environment. Then look at the first principle, “The organization demonstrates a commitment to integrity and ethical values.” Let’s say that an auditor discovers that his or her client is completely lacking in the subject matter of this principle. This is a gross example of risk identification. Being aware of a particular risk does: 1. 2.

Nothing to reduce this risk, and Not mean that an adverse manifestation of this risk has occurred.

Awareness of this risk may have an effect on specific aspects of the audit of this type of client. Here are some examples to consider: www.wscpa.org

2. 3. 4. 5. 6.

The amount of reliance placed by the auditor on responses to inquiries posed to members of management and/or those charged with governance, The size of samples used in the course of the audit, The experience level of staff assigned to the engagement, Amounts used for planning materiality and tolerable misstatement, The timing, and extent of working paper review and The use of specialists in the audit of areas that present significant risk.

Each of COSO Framework’s 17 principles should be addressed in a manner similar to the above example when an auditor determines that a risk related to that principle exists. Each identified risk should be sufficiently understood by the auditor to enable that auditor to identify, with specificity, the effect(s) that the identified risk will have on the approach to risk reduction taken by the auditor.

Conclusion

While there has been no change in the definition of internal control, internal control objectives or internal control components, there has been a significant change in the application of these foundational elements that will affect how auditors identify risk in their client’s system of internal control. Auditors are required to sufficiently understand their client’s system of internal control, as it relates to the financial reporting, and compliance with laws and regulations objectives, to identify risk as it relates to potential deficiencies in existing aspects of the system, as well as the absence of significant elements in the internal control system (holes). All identified risks need to be understood at a level that enables the auditor to specifically identify the (potential) effect that the risks will have

on the approach to the audit. GaryxHotchkiss, CPA, is a partner in a small CPA firm in Dallas, Texas, and the President of RealisticApproach Seminars, Inc. He can be reached at realisticapproach@ hotmail.com.xCatch Gary, one of the WSCPA’s most popular instructors, in the classroom this fall in Washington State. See below for his upcoming seminars.

Learn more with Gary Hotchkiss BELLEVUE Aug 6 Annual Accounting Update and Review for Accountants in Industry Aug 7 Financial Statement Analysis – A Realistic Approach WEBCAST Sep 10 Annual Compilation Update – A Seminar Designed for Smaller Firms 2014 BELLINGHAM Nov 24 Compilation and Review Annual Update Nov 25 Financial Statement Analysis – A Realistic Approach

WashingtonCPA Summer 2014

DATA ACT

Understanding the Impact of the DATA Act on CPAs By Charles Hoffman, CPA

WashingtonCPA Summer 2014

he Digital Accountability and Transparency Act, or the DATA Act, was signed into law by President Barack Obama on May 9, 2014 (Public Law No. 113-101). The primary purpose of the bill is to standardize the format of all federal spending information and put that information online in both machine-readable and user-friendly human-readable formats. Essentially, the DATA Act makes it so American taxpayers, the media and other federal government watchdogs, and federal agencies can “Google” the information and see where the government’s money goes. The bill was widely praised as an important step toward an open and transparent government and it was unanimously approved by both the House and Senate. So what does the DATA Act mean for CPAs? There are both micro-level and macro-level messages. At the micro level: beginning in about three years the US Department of the Treasury (Treasury Department) will publish checkbook-level payment data with government-wide common data elements so that federal grantee/contractor payment information will be searchable by agency, program, appropriation, account, grant/contract, and grantee/ contractor. This information will be available in standard machine-readable and human-readable formats. The American Institute of Certified Public Accountants (AICPA) and Institute of Management Accountants (IMA) predict that the eXtensible Business Reporting Language (XBRL) will be the machine-readable format selected by Treasury. The AICPA and IMA were both instrumental in the creation of XBRL which is being adopted globally for financial and other business reporting. It is important to recognize that, as currently enacted, the provisions of the DATA Act are like grocery stores pasting

Universal Product Codes (UPC) stickers, those bar codes common on everything you buy, onto the products on their shelves rather than the UPC code being printed on packaging by the manufacturers of products. It is highly likely that the Treasury Department will recognize this and push the initial assignment and formatting of information downstream in the supply chain to federal grantees and contractors. Further, it is highly likely that the paperbased financial reports sent to the federal government will be replaced by machinereadable financial statements. That brings us to the macro-level message: digital financial reporting is on the horizon. The AICPA and IMA were leaders of the creation of the global standard

XBRL machine-readable information format. This effort began in 1999. Beginning in 2005 the Federal Deposit Insurance Corporation (FDIC) has required the financial statements of the financial institutions it regulates to submit that information using the XBRL format. By all accounts, the FDIC use of XBRL has been a resounding success. Since 2010, US public companies have been submitting financial information to the Securities and Exchange Commission (SEC) using the XBRL format. The SEC’s use of XBRL has not gone as smoothly as what the FDIC experienced. Public companies have complained about the cost and complexity of expressing their financial information using XBRL and the quality of the information has led to www.wscpa.org

DATA ACT

challenges in making use of that information. Legislation has even been proposed to exempt smaller reporting entities from the XBRL reporting requirement as a result. While there are significant differences between the FDIC’s use of XBRL which is more forms-based and the SEC’s use which is about as flexible as one can get, the issues being experienced by public companies are becoming understood and being addressed. Software costs are dropping, and complexity is being reduced as software is improving. In addition, more and more analytical tools are becoming available so that many of the promises of what XBRL offers are beginning to be understood. It is highly likely that the SEC XBRL-based financial reporting system will have its glitches fixed and provide significant insight toward making effective use of the XBRL format for financial reporting. Around the world other regulators are mandating the use of XBRL for financial and other business reporting including regulators in the United Kingdom, France, Spain, the Netherlands, Australia, India and Japan, to name just a few. Understanding how others are applying XBRL to financial reporting helps CPAs understand the pros and cons of digital financial reporting. While there is no guarantee that XBRL will be the machine-readable information format chosen by the Treasury Department for implementation of the DATA Act, some digital format will be selected. The technical format makes no difference really. What matters is that information will be structured and it will be readable by machines such as computers. It will reduce the time and therefore the costs of creating and consuming financial report information and improve the information’s quality and utility. CPAs will need to understand how to work with this digital information. Further, the DATA Act will likely have www.wscpa.org

an impact on the federal single audit (OMB A-133 audit). If you consider the DATA Act and that the AICPA has published audit data standards which utilize the global standard XBRL, it is not a huge leap to realize that standardized machinereadable formats can be used for not only the financial reports which are required to be issued to the federal government, but also for the audit data in support of that financial report. Financial analysis is already digital, generally performed using electronic tools such as spreadsheets. Rekeying financial information from paper-based reports or even electronic-based PDF, HTML or Word files into electronic spreadsheets makes little sense, particularly given the ever increasing volume of information. So, while the DATA Act will have a micro-level impact on CPAs, it is also a

clue into what financial reporting will look like in the future. These changes are not only inevitable, they are imminent. You can see the signs. The DATA Act is a sign of a much larger trend which CPAs should realize will have an impact on their work practices. CPAs need to keep their fingers on the pulse of this inevitable change. CharlesxHoffman, CPA, MBA, MCPS, is a sole practitioner from Tacoma. He is credited as being the Father of XBRL. He can be reached at charleshoffman@olywa.net.

Learn More DATA Act www.datacoalition.com/issues/data-act.html Betting the Odds www.vox.com/2014/5/22/5723878/how-a-bill-becomes-a-law-in-2014 US profession predicts upsurge in XBRL to comply with DATA Act www.theaccountant-online.com/news/us-profession-predicts-upsurge-inxbrl-to-comply-with-data-act-4265033 Tech Industry Applauds DATA Act’s Enactment www.prnewswire.com/news-releases/tech-industry-applauds-data-actsenactment-258714991.html Digital financial reporting harnesses computers for speed, accuracy http://searchfinancialapplications.techtarget.com/opinion/Digital-financialreporting-harnesses-computers-for-speed-accuracy Audit Data Standards www.aicpa.org/interestareas/frc/assuranceadvisoryservices/pages/audit datastandardworkinggroup.aspx

WashingtonCPA Summer 2014

CGMA

New Competency Framework Strengthens CGMA Value

s the accounting profession evolves, so does the set of skills required of individuals and their teams. Over the past two years, the AICPA has joined CIMA in reaching out to companies around the globe. We heard that executives are looking for finance professionals with strong technical and people skills, an understanding of the business, and the potential to be leaders within the organization. The new CGMA Competency Framework helps management accountants and their employers identify the competencies needed to adapt to these shifting business demands.

Knowledge and Skills Define Designation Standard

The new employer-driven framework is designed around four knowledge areas that have a series of relevant integrated competencies or functions. Each competency prescribes a series of skills that assist in the CGMA’s professional

The Research

The AICPA and CIMA conducted extensive global research with employers, identifying the competencies organizations require to drive better business. The research, which was used to develop the competency framework, was conducted in three phases: •

• •

Face-to-face interviews performed with 67 organizations from the United States, Malaysia, South Africa and the United Kingdom Roundtable discussions held in 13 countries in the Americas, Asia, Europe and Africa Online survey taken by nearly 3,400 CIMA members, students, academics and tuition providers

Research participants included both finance and non-finance staff in mid- to senior-level positions from a wide range of industries in both the private and public sectors.

WashingtonCPA Summer 2014

development and can be performed at, and measured by, four proficiency levels. Knowledge areas within the framework include: •

•

Technical skills that enable finance professionals to collect, store, process and analyze information to be shared with stakeholders Business skills that allow finance professionals to use their knowledge of the business and its environment to transform data into strategic insights People skills that influence the decisions, actions and behaviors of decision makers, others throughout the organization and stakeholders

•

Leadership skills that span peer, functional and strategic levels

The proficiency levels for each competency skill are Foundational (staff/entry level), Intermediate (supervisor/manager), Advanced (senior manager) and Expert (executive/C-suite). The importance of each skill varies by proficiency level, and the more important the skill is at a specific level, the higher it will be weighted on a 100-point scale. As a result, as individuals advance in their proficiency, and career, the weighting of individual skills will change accordingly. For example, finance professionals at the Foundational level will receive the highest weighting for Technical skills. Yet, as they progress along proficiency levels the weighting for Technical skills will decrease while weightings for Business, People and Leadership skills will increase consistently with their career progress. At the Advanced level, the importance of Business skills and People skills level off and the importance of Leadership skills increases.

Framework Drives Qualification Syllabus and Assessment Exam

The framework is the foundation that will demonstrate the relevance and capabilities of a CGMA as a trusted finance and business strategist because it’s the underpinning of the CIMA syllabus, which will be covered in the mandatory CGMA strategic case study exam next year. To learn more about the framework, please contact Nancy Marc-Thrasybule, Technical Manager, AICPA Management Accounting Team nmarcthrasybule@ aicpa.org.

www.wscpa.org

WashingtonCPA Summer 2014

NEWS BRIEFS

And the Winners Are... Three WSCPA members were selected as winners from 8,538 entries in the WSCPA annual dues drawing. Each of these members won a $300 Amazon gift card. Congratulations to the following members: •

Conrad Gehrmann, CPA, is a founding and managing member of Filament LLC in Seattle, and has been a member since 1999.

•

Dan Shao, CPA, is with Loveridge Hunt & Co PLLC CPAs in Bellevue, and has been a member since 2007.

•

Rebecca McCarthy, CPA, is a Tax Manager with Moss Adams in Everett and has been a member since 2003.

Thank you to all members who renewed their membership by June 1. If you have not yet renewed your membership, visit www.wscpa.org or call (800) 272-8273 (toll-free in Washington) or (425) 644-4800. If you are currently unemployed or on leave for family or medical reasons please call (425) 586-1142 to determine if you qualify for reduced rates. Renew your membership by July 31 to avoid a lapse in your member benefits.

Find a CPA Referral Service: Easy Marketing For Your Firm Sign up today at www.wscpa.org (click “Find a CPA”) Was the public able to easily find your firm this past tax season? Are you looking for ways to attract new clients? Now is a great time to renew your current listing or enroll your firm in the WSCPA Find a CPA Referral Service and expand your client base. For just $175 your listing will be enrolled for a full year. This service does far more than any ordinary phone book listing. Not only does this service make it easy for new clients to find your firm, but it also highnow for a full New! Enroll lights the services and areas of expertise year for just $175 offered by your firm. The WSCPA referral service is a great source of new clients looking for services in industries that match your firm’s expertise. Rather than using directory assistance to find a CPA, potential clients feel comfortable about their referral from the WSCPA because they are able to view information about services offered by your firm. To enroll in the service visit www. wscpa.org > Find A CPA. If you have questions, call (425) 586-1142, or toll-free in Washington at (800) 2728273, Ext. 1142, or send an e-mail to memberservices@wscpa.org.

WashingtonCPA Summer 2014

Thank you to all members who renewed their membership by June 1.

Correction Notice

“Commissions, Contingent, and Referral Fees—Can You Accept?”, an article published in the Spring 2014 issue of The WashingtonCPA, incorrectly stated: “The applicable Washington state law (Washington Administrative Code 4-30-044) is nearly identical to that of the AICPA’s Rule 503. Therefore, if you are a licensed CPA in Washington State and following the guidance in Rule 503, you should be in the clear.” The article should have read: “The applicable Washington state law (Washington Administrative Code 4-30044) is more restrictive than the AICPA’s Rule 503. According to Washington’s rule it is a conflict of interest and the fee is prohibited if the CPA is doing a compilation, regardless of a disclosure of lack of independence.”

Save big with

Value CPE www.wscpa.org/value

www.wscpa.org

NEWS BRIEFS

Join the conversation! LinkedIn

Are you a member of the WSCPA group on LinkedIn? Join the conversation today! Plus, follow WSCPA news and find event photos on Facebook and Twitter.You may have missed the following discussions, news and posts:

Facebook

Twitter

Does anyone have a recommendation or experience working with budgeting software? As a CPA in industry, do I need to issue a compilation report when sending financials to a third party? Can anyone share experience on terms for purchasing an existing practice? Connect with fellow members, and participate in discussions at www.wscpa.org/linkedin

www.wscpa.org

Like the WSCPA on Facebook WashingtonCPAs

Follow the WSCPA on Twitter @wscpa

WashingtonCPA Summer 2014

See page 35 for a complete list of CPE options.

WashingtonCPA Summer 2014

www.wscpa.org

2013-2014 AWARDS

2013-2014

WSCPA Awards

Every year the WSCPA recognizes CPAs for making a difference in their communities, providing outstanding service, dedication or leadership to advance the accounting profession and the Society. The Society congratulates this year’s honorees.

www.wscpa.org

John L. O’Brien Lifetime Achievement Award Rick Anderson, CPA For an exemplary career of leadership and service to the accounting profession “Rick Anderson exemplifies Moss Adams’ core values of passion for excellence, integrity, lifetime learning, leading by example and respect,” said Chris Schmidt, Chairman and CEO of Moss Adams. Rick has been with Moss Adams since graduation from Western Washington University in 1973, having spent his career in the Seattle and Yakima offices. He provided audit and consulting services to manufacturing, agricultural, and food processing entities in Seattle from 1973 to 1978 and then in Yakima until 1993. Rick was appointed the firm’s Director of Accounting and Auditing in 1984 and filled that role while remaining active in client service. In 1993, he returned to Seattle and became Director of Operations, and in 1999, he became the President/COO of Moss Adams LLP. From July 2004 to March 2013, he served as the Firm’s Chairman/Chief Executive Officer. Today Rick remains an active partner in Moss Adams, serving as Chairman of Praxity, and working part time on special projects for Moss Adams. Rick has served on several AICPA committees and task forces, is a former member of the AICPA Council, and is a past chair of the AICPA Major Firms Group. He also served two terms as a trustee on the Financial Accounting Foundation (FAF) Board. In January 2010, the AICPA, FAF, and the National Association of State Boards of Accountancy (NASBA) named Rick chairman of a “Blue-Ribbon Panel” established to address how U.S. accounting standards can best meet the needs of users of private company financial statements. In January 2008, Rick was appointed to the Praxity Management Board and Governing Council, and in January 2013, he was appointed Chairman of the Praxity Management Board. Rick and his wife Lori have two children. A WSCPA member since 1975, Rick is only the ninth member of the Society to receive the John L. O’Brien Lifetime Achievement Award. WashingtonCPA Summer 2014

2013-2014 AWARDS

Business of the Year

For continuous support of the WSCPA through membership, volunteering, program participation and sponsorships

Peterson Sullivan is a leading local public accounting and business advisory firm based in Seattle with more than 150 professionals and support staff. It is listed in the top 10 of the most recent Puget Sound Business Journal’s top accounting firms list and is included on INSIDE Public Accounting’s Top 200 list, making the firm among the largest accounting firms in the nation. For many years Peterson Sullivan has supported the activities and programs of the WSCPA. More than 120 Peterson Sullivan employees are WSCPA members. Thanks to the firm’s encouragement and flexible policy of allowing staff to volunteer during work hours, 13 employees are active WSCPA volunteers. Peterson Sullivan offers support and sponsors the Society’s events and conferences. When the Society’s began holding New Professionals networking events, Peterson Sullivan was one of the first firms to offer support for these events.

Outstanding Volunteer Leader Award

Dave Trujillo, CPA

Mike Cheney, CPA

For dedicated leadership and ambassadorship for the WSCPA

For continuous and unwavering support and leadership to the WSCPA Governmental Accounting and Auditing Committee

A licensed CPA since 1998, David Trujillo, CPA, CGMA, was appointed Executive Director of the Washington State Gambling Commission, effective June 19, 2013. Previously he was Deputy Director of the agency, where he began his career in 1992. Soon after becoming a WSCPA member in 2000, David became actively involved with the WSCPA’s Professional Conduct Committee serving as committee member and committee chair. He encouraged the Professional Conduct Committee to educate the membership on matters of professional ethics and has written articles for The Washington CPA magazine. David served on the Society’s Board of Directors, Olympia Chapter Board, and on the 2010 WSCPA/State Board of Accountancy Structure and Operations Review Task Force. He enjoys advocating for the WSCPA and CPA profession, and guest lecturing. He is a favorite speaker with college students who seem to be in awe of a CPA that carries a gun to work.

WashingtonCPA Summer 2014

Mike Cheney has been the backbone of the WSCPA Government Accounting and Auditing Committee (GAAC) for 30 years. Thanks to his vast store of knowledge and contacts, the GAAC Conference always has interesting and relevant speakers and topics. He has mentored all committee members over his tenure; that probably covers 30 to 40 individuals who remain his steadfast fans. “His leadership and ability to serve as a role model have fostered many WSPCA volunteers and leaders within the profession,” said Laurie Tish, CPA, Moss Adams LLP. Mike is a retired state employee. He prepared the first Washington State Comprehensive Annual Financial Report and was primarily responsible for the state receiving its first coveted Government Finance Officers Association’s Certificate of Excellence in Financial Reporting. As Mike retires this year from the GAAC, the Society honors him for his dedication, commitment and passion for government accounting. www.wscpa.org

2013-2014 AWARDS

New Professionals Award

Rising Star Award Wendy Kwan

Sarah Ozanne, CPA

For enthusiasm and assistance to the WSCPA, Beta Alpha Psi and fellow accounting students

For passion and commitment to the WSCPA, its programs and committees Sarah Ozanne has been active in the WSCPA since 2008. She was a key member of the New Professionals Committee in Spokane. After relocating to Moss Adams in Everett in 2012, she joined the New Professionals Committee in the Puget Sound area and again became a vital member of the committee. As the new chair of the Puget Sound committee, she is already using her strengths in relationship building, and finding opportunities to engage fellow members. A past scholarship recipient, she serves on the Washington CPA Foundation scholarship committee. Sarah also volunteers to introduce college students to the profession. “Sarah is a dedicated volunteer, who always shows up with a can do attitude and goes the extra mile to ensure that everything is going well,” said Amy O’Donnell,WSCPA Director of Member Services. Sarah is a senior accountant with Moss Adams, LLP in Everett, where she provides assurance services to a number of different industries.

A 2014 graduate of University of Washington - Bothell, Wendy Kwan is an enthusiastic supporter of the WSCPA. She has been a leader in the Beta Alpha Psi (BAP) Club at UW Bothell for several years. For the past two years, she has been a vital part of the team that organizes an accounting careers symposium for more than 100 high school students on campus. This year Wendy jumped in to fill the BAP lead role in planning the symposium. She did this while taking a full course load and working full time. Thanks to her dedication and leadership with the college students, the day went smoothly. Wendy has also been a strong advocate for the WSCPA on the UW-Bothell campus by promoting scholarships, the value of membership, and spreading the word about opportunities to connect with CPAs. Wendy has accepted a job with Bader Martin.

Special Award Representative Roger Goodman For support of the WSCPA and service to the accounting profession throughout Washington State

Representative Roger Goodman has been actively involved with the WSCPA and AICPA. Representing Washington as a legislator, Roger presented at an AICPA meeting to all states. He also took time to present at the WSCPA’s first professional issues update webcast in January, which was viewed by more than 400 members. In addition, he presented at the first ever advocacy event of the Sammamish Valley Chapter. Roger actively asks the WSCPA if there are issues we are concerned with, and how he can help. He also demonstrates an understanding of the profession’s needs.

www.wscpa.org

WashingtonCPA Summer 2014

2013-2014 AWARDS

Chair’s Award

President’s Award

Russell Price, CPA, MBA, ACA

Trina Doty, CPA, CGMA, CFE

For contributions in service to the CPA profession at the local, state, and national level

For extraordinary effort and leadership in directing the new website, database, and financial reporting projects

Russell Price has over 30 years of diverse experience in corporate finance, accounting, auditing, business consulting, and operations management. “Russell’s dedication and leadership at the local, state, and national level has made a real difference to our profession,” said Glenn Wisegarver, WSCPA Chair for 2013-14. Russ is currently Senior Compliance Manager in the Ethics and Legal Compliance Group at Intel Corporation responsible for the company’s FCPA Compliance Program. Prior to joining Intel, he was a Senior Manager with Andersen. Russ has held corporate accounting, operations finance, and operations positions with Tektronix, Frito-Lay, and Procter & Gamble. Formerly he served on the WSCPA Board of Directors, served multiple terms as the WSCPA Southwest Chapter president, and was a member of the AICPA Business and Industry Executive Committee. He currently serves on the board of the Clark County Food Bank as treasurer.

WashingtonCPA Summer 2014

Trina Doty, CFO of the WSCPA, has devoted the last two years to implementing a new association management system, website, and financial reporting software for the Society. “This award and Trina’s recent promotion to Chief Financial Officer were in recognition of her talent, enthusiasm, and leadership of all aspects of the WSCPA’s financial and operating functions,” said Rich Jones, WSCPA President & CEO. “She is a tireless worker who continuously strives to improve every aspect of our financial operations and demonstrated this over the past two years in the implementation of our new website, database and financial reporting systems.” Prior to joining the staff of the WSCPA as Controller in 2008, Trina served as Entrepreneurial Services Coordinator with Clothier & Head. A licensed CPA in Washington since 2002, Trina also worked with the Washington State Bar Association for a number of years.

www.wscpa.org

LEADERSHIP LENS

The Value of Membership continued from page 5

few emerging leaders take advantage of non-profit leadership opportunities to hone and demonstrate their leadership and interpersonal skills. Personally, when choosing between candidates of equal technical skill, I will almost always select the one with demonstrated leadership experience, particularly in volunteer settings which often require greater commitment and interpersonal skills than an employee position would. For members looking to develop these critical skills, the WSCPA is an invaluable resource offering an expansive array of options for future leaders to demonstrate what they have to offer. My own skills, as a CPA, a CGMA and a business leader, have grown in each of the four areas of the CGMA Competency Framework as a direct result of my involvement in the WSCPA. But there is a fifth benefit I’ve received, and it’s just as important as what I have to offer my employer and my clients. It’s the

www.wscpa.org

value my designations have in the market. The CPA remains one of the most highly regarded professions, second only to physicians. We are also the preferred solution within the accounting field. Seventy-five percent of business decision-makers and 72 percent of investors reported higher confidence in a job performed by a CPA than one performed by a non-CPA. In Washington State, we can thank the commitment the WSCPA has made, for 110 years, to protecting the integrity of the profession, monitoring quality, advocating for strong ethical practices, promoting the benefits of certification, and actively lobbying to prevent legislation that would negatively impact our profession. And that’s why my answer to the question of relevance is unhesitating. The WSCPA looks after my needs as a member in industry, ensuring I have the resources and the opportunities to succeed. It also works to ensure that those

three letters after my name, “CPA,” and the four more that follow those, “CGMA,” command respect and reward. I would not be as successful as a CPA in industry without the WSCPA’s help. Heather Fitzpatrick is President & CEO of MarketFitz. You can contact her at hfitzpatrick@marketfitz.com.

WashingtonCPA Summer 2014

ADVOCACY

Election Year: What’s Ahead?

oes hearing the words “election year” make you want to cancel cable, stop reading the news, and hibernate until the election is over? You’re not alone. Or maybe you look forward to happily putting up signs and advocating for your candidate or cause. However you feel about politics it is hard to ignore them during election time. Figuring out what is true and what is propaganda can be tough. Figuring out how to get a question answered or to simply be heard can be overwhelming. Advocacy is one of the main reasons professional organizations are and were formed. The value of advocacy is often overlooked because if done well you are protected, and most people tend to pay attention only when they feel they have been wronged. For many decades the WSCPA leadership, volunteers, lobbyist and staff have been monitoring bill proposals, new rules and laws, and weighing in when necessary to ensure the profession is protected. One way professional organizations provide effective advocacy is by encouraging members to build relationships with their legislators. When legislators need professional expertise on financial topics that could have drastic consequences on businesses in Washington State, they can contact CPAs with whom they are already familiar and can trust for advice.The CPA Political Action Committee (CPAPAC) provides WSCPA members with the opportunity to help deliver checks to legislators. This is a great way to start building relationships with your local legislators so they have a CPA in their area to turn to when they have questions. If you are interested, please let me know. This year promises to be an important year on the advocacy front. Why? Currently there are several legislative developments unfolding in our state, and

WashingtonCPA Summer 2014

This year promises to be an important year on the advocacy front. Why? Currently there are several legislative developments unfolding in our state, and this might continue during the next legislative session. this might continue during the next legislative session. The state’s budget will again be a challenge. The McCleary decision (McCleary v. State of Washington) has legislators needing to find over $5 billion in the next couple of years to fund education.Will the money come from cutting expenses, raising taxes, or other new revenue streams? A variety of proposals can be expected this next session and the WSCPA will be monitoring all proposals. You may recall that last session’s proposed budget included a sweep of the Washington State Board of Accountancy (WBOA) funds into the general funds. The WBOA has a fund balance, which is used to run operations, fund investigations, and protect the public when necessary. One hundred percent of the fund balance comes directly from CPA license fees. Thanks to members responding to their legislators, the WBOA was able to retain their current balance. This could be considered again during the budget cycle. In addition to monitoring bill proposals for budget issues and safeguarding CPA funds, there is a need for some clarification in Washington State’s Accountancy Act (RCW 18.04) around the definition of attest. There has also been a trend in many states to get an exemption for CPAs in the Private Investigator business rules.

There is also a new designation that applies to CAs, CMAs, and CGAs in Canada.That designation is the Chartered Professional Accountant (CPA). There is work being done at the state and national level to help clarify how the CPA designations can be used in each country to eliminate confusion with consumers. To find out more about the Canadian program visit www.cpacanada.ca. Whether you’re excited for or dreading the coming elections, you can rest easy knowing that the WSCPA advocacy team is watching out for CPAs in the state of Washington as we head into the next legislative session. However, this year may prove to be a year where more members are asked to participate by reaching out to legislators. We will keep you informed. If you would like to “raise your hand” to volunteer, either by delivering checks, creating relationships, or getting more actively engaged as a grassroots volunteer, please contact me at kscott@ wscpa.org. Kimberly Scott, CAE, is WSCPA Vice President of Member Services.

www.wscpa.org

By Kimberly Scott

PROFESSIONAL CONDUCT

Now Available: Revised AICPA Code of Professional Conduct

Electronic Format

The revised code is accessible on a new and dynamic electronic platform. This platform not only allows the user to conduct and save basic and advanced searches but also includes the ability to email links, create and name bookmarks and add and save notes while reviewing the code. In addition, the code features pop-ups for defined terms as well as hyperlinks connecting to other relevant content within the code as well as external non-authoritative material issued by staff of the Ethics Division. The Code of Professional Conduct’s new online capabilities will facilitate a more user-friendly experience.

Intuitively Arranged

The reformatted code is arranged into three parts. Part 1 applies to AICPA members in public practice; Part 2 to members in business; and Part 3 to all www.wscpa.org

rom making the right determination on accepting gifts from vendors, to deciding whether it is appropriate to audit a friend’s business, CPAs face ethical concerns each day. One thing is certain: ethical decisions often need to be reached quickly, which is why the AICPA’s Ethics Division and the Professional Ethics Executive Committee undertook a project in 2008 to restructure the AICPA Code of Professional Conduct for quick and easy navigation. The revised code is now available at www. aicpa.org/newcode and will be effective starting December 15, 2014 with early adoption encouraged. The updated code lives on a new and dynamic online platform, is broken down into different parts by line of practice, is intuitively arranged by topic and where necessary subtopic and section and incorporates the conceptual framework approach all while retaining the substance of the existing AICPA ethics standards.

Revised AICPA Code of Professional Conduct www.aicpa.org/newcode other members, including those who are retired or between jobs. This new organization allows members to easily access relevant sections of the code, based on their line of practice. Additionally, the code is organized by topic and where appropriate, subtopic and section. As a result, members in business will not have to sort through topics applicable for members in public practice such as independence and confidential client information. These changes to the code’s organizational structure will allow members to apply the rules and reach correct conclusions quickly and efficiently.

Conceptual Framework Approach

The most significant change to the Professional Code of Conduct is the incorporation of two conceptual frameworks, one for members in public practice and one for members in business.The conceptual framework approach, also known as the “threats and safeguards”

approach, is a way of identifying, evaluating and addressing threats that may exist and safeguards that may be applied to eliminate or reduce those threats to an acceptable level. The conceptual framework is used for areas where the code lacks guidance.This new section broadens the reach of the code by allowing members to reach conclusions even if specific guidance is not written in the code. The AICPA Professional Ethics Executive Committee (PEEC) and the Professional Ethics Division are pleased to share the revised Professional Code of Conduct in its new format, www.aicpa.org/ newcode. The code has an effective date of December 15, 2014, with a delayed effective date for the Conceptual Frameworks. Early implementation is encouraged. For information and resources on the Ethics Codification project, including implementation tools, visit www.aicpa. org/ethicscodification.

WashingtonCPA Summer 2014

COMFORT LETTERS

How to Respond to a Comfort Letter/ Third-Party Verification Request

CPAs cannot provide assurance on matters relating to solvency. Matters relating to solvency are subject to legal interpretation under the Federal Bankruptcy Code and various state fraudulent conveyance and transfer statutes. © iStock by Getty Images/Jesper Elgaard

“C

PAs are often faced with requests for information from lenders and are not sure how to respond, but offering the right response can present a real service opportunity for your practice,” said Chuck Landes, CPA, Vice President, Professional Standards and Services with the American Institute of CPAs (AICPA). “While you cannot provide assurance on matters relating to solvency, you can provide a number of services to your clients with other types of responses or activities that address their particular situation.”

Understanding Types of Requests

You may be asked to provide any number of verifications. Some frequent requests include verification of: • Self-employment status • Income • Number of employees • Business ownership • Business profitability • Business sustainability • Real estate purchase impact on business • Business loan impact There are several ways a CPA can respond and not every response need be in the form of an attestation engagement.

• • • •

Determining the Proper Response

A CPA may provide a response that states factual information and may provide a conclusion, assuming the CPA has performed sufficient procedures and has a basis for the response. A CPA may respond verbally or via email, form letter or other written channels. Additionally, an accountant may provide a client with these other options:

WashingtonCPA Summer 2014

Prepare an audit, review or compilation of financial statements; Offer an examination, review or compilation of pro forma financial information; Supply an examination or compilation of prospective financial information; or Write an agreed-upon procedures report, as long as the agreed-upon procedures do not provide any assurance on matters related to solvency.

For example, some CPAs are receiving requests from bank lenders on verification of financial information from a tax return. Without providing assurance on matters relating to solvency, CPAs can respond to such requests in a number of ways, such as: 1.

By providing a letter explaining that the CPA prepared the tax

return—based on information provided by the client—and that such financial information agrees with the tax return prepared by the CPA. By performing an attest engagement for the client based on the level of assurance needed by the lender.

Another example may involve a request for self-employment verification, in which case, the CPA may respond by performing an engagement to gather and provide the requested information for the client or, if more assurance is needed, an examination or review engagement.

The Question of Solvency

According to AT Section 9101, paragraph .27 of Interpretation No. 2 (www. aicpa.org/research/standards/auditattest/ downloadabledocuments/at-00101_9. pdf), CPAs cannot provide assurance on matters relating to solvency. Matters www.wscpa.org

COMFORT LETTERS

relating to solvency are subject to legal interpretation under the Federal Bankruptcy Code and various state fraudulent conveyance and transfer statutes. Because these matters are not clearly defined in an accounting sense and are subject to varying interpretations, practitioners don’t have suitable criteria to evaluate a subject matter or make an assertion. Lenders are often concerned with legal issues on matters relating to solvency; however, CPAs are generally unable to evaluate or provide assurance on these matters of legal interpretation. The attestation standards preclude practitioners from giving any form of assurance on matters relating to solvency. Here are a few examples of the types of solvency requests a practitioner is precluded from providing any form of assurance on, whether through examination, review, agreed-upon procedures engagements or any other consultative engagements. Assurance that the client (business): •

• •

is not insolvent at the time the debt is incurred or would not be rendered insolvent in the near future does not have unreasonably small capital has the ability to pay its debts as they mature

Or that the client’s (business’s): • • •

fair salable value of assets exceeds liabilities contingent liabilities will not pose a problem commitments will not have an impact on its business operations

Remember, providing third-party verification letters is an individual, or firm, decision. Credit decisions should www.wscpa.org

be based on the requestor’s exercise of due diligence in obtaining and considering multiple factors and information and not solely granted based on your response. Make sure you obtain the client’s consent before revealing confidential client information.

Obtaining Client Consent

A CPA cannot provide any confidential client information without signed, written consent from the client. Obtaining client consent to share tax return information creates an added complication: using a standard client consent form is not suffi-

Providing third-party verifications is a critical service CPAs provide to their clients, and understanding the ins-and-outs can help you make quick decisions and foster client relationships.

cient. In fact, it’s a crime. Internal Revenue Code Section 7216 (www.irs.gov/TaxProfessionals/Section-7216-InformationCenter) dictates that CPAs use a specific format to obtain consent to disclose client tax return information to a third party, so be sure you follow the Code when being asked to provide copies of tax information, tax returns or other information used in the preparation of a client’s tax return.

Resources for Your Use

Providing third-party verifications is a critical service CPAs provide to their clients, and understanding the ins-and-

outs can help you make quick decisions and foster client relationships. To find out more, visit the AICPA’s Financial Reporting Center webpage dedicated to third-party verification requests, aicpa.org/verifications, where you can find information that will help you make smart decisions about whether providing a comfort letter makes sense for you and your firm. You’ll find guidance from various AICPA resources, including sample response letters from the AICPA’s Private Company Practice Section (PCPS), a toolkit for your use and an article by AON, the AICPA’s professional liability insurance program. Additionally, on the third-party verifications page, you’ll find this video (www.aicpa.org/InterestAreas/ FRC/Pages/ConcernsRegardingComfortLetters.aspx) featuring Sue Coffey, CPA, CGMA, AICPA Senior Vice President – Public Practice and Global Alliances, discussing third party verification requests and the legal issues related to solvency requests. Reprinted with permission of the American Institute of Certified Public Accountants, Inc.

In Memoriam The WSCPA holds in memory with families and the larger community, these members who have recently passed on: Gerald D. Archer Daniel L. Hanson Murray Hildebrand Napoleon J. Lucchini, Jr. William A. McDonald Robert E. Shannon WashingtonCPA Summer 2014

FINANCIAL PLANNING

New Personal Financial Planning Services Standard: Does it apply to you? By David A. Stolz, CPA/PFS, CFP®

n July 1, 2014, the new Statement on Standards in Personal Financial Planning Services No. 1 went into effect for all AICPA members. This is the first statement on personal financial planning services to be issued by the AICPA. Prior to this, practitioners in this area had relied on the AICPA Statement on Responsibilities in PFP Practice as a guideline. The pathway to this new statement began in 1986 when the Personal Financial Planning (PFP) division and executive committee were formed, and then moved forward to the early ’90s when the Statement on Responsibilities in PFP Practice was issued. In 2012 the AICPA PFP executive committee was granted standards-setting authority; since then there have been numerous exposure drafts and comment periods to arrive at this new statement. The statement addresses the delivery of financial planning services in the areas of communication, disclosures, and documentation, which apply whether the services are delivered verbally or in writing. Under the statement, PFP services are defined as, “the process of identifying personal financial goals and resources, designing financial strategies, and making personalized recommendations that, when implemented, assist the client in achieving these goals.” As CPA practitioners in public accounting, most of us are involved in personal planning conversations with our clients in some of the areas that are covered by the statement. The statement encompasses cash-flow planning; risk management and insurance planning; retirement planning; investment planning; estate, gift, and wealth transfer planning; elder planning; charitable planning; and education planning. Our clients look to us to provide sound advice in all or some of these areas. The statement builds on the AICPA’s Code of Professional Conduct

WashingtonCPA Summer 2014

and reinforces that, in the PFP area, we have a fiduciary obligation to always act in our client’s best interest. To determine if the statement applies to an individual member, the AICPA has produced a simple flowchart (shown at right). This flowchart begins by identifying the types of planning activities that members are likely to be involved in. If the member provides personalized recommendations in any of these areas, the flowchart asks three additional questions to determine if the statement will apply to them. 1.

Does the member represent to the public or clients that they provide PFP services? This would include looking at their promotional materials, website information, etc. Does the member engage in activities that would require registration as an investment adviser under federal or state law? This can be a complicated question, and the AICPA has produced a guide called The CPA’s Guide to Investment Advisory Business Models to assist with this question. Does the member sell a product as a result of the PFP engagement?

If the member provides personalized recommendations in the areas described above, and answers yes to any of these questions, then the new statement applies to them. Members are, of course, expected to comply with relevant ethical requirements and should possess a level of knowledge in the PFP area that enables them to: •

Identify client goals and objectives;

• • •

Gather and analyze relevant information; Consider and apply appropriate planning approaches and methods; and Use professional judgment when developing financial recommendations.

The statement indicates that all compensation should be disclosed in writing at the beginning of the engagement as well as when circumstances dictate. The disclosure should include: • • • •

The amount of compensation; The method of compensation, including the impact of indirect compensation; The time period over which compensation will be received; and The compensation, including noncash benefits, received by the member for referrals to other providers.

When obtaining and analyzing client information, the member should always try to determine if sufficient information exists to establish a reasonable basis for his or her subsequent recommendations. During those times when sufficient data does not exist, the scope may need to be restricted or the agreement terminated. Documentation boils down to good common sense and good judgment. Communicating the scope and nature of services is critical to a successful engagement; however, communicating the assumptions and estimates that are significant to the recommendations is just as important. This communication to the client should include the following: • •

A summary of the client’s goals; Significant assumptions, estimates, and recommendations; www.wscpa.org

FINANCIAL PLANNING

When Does the AICPA Statement on Standards in Personal Financial Planning Services No. 1 Apply to a Member? Do you make personalized recommendations in one or more of the following activities?

Do you represent to the public or clients that you provide PFP services?

YES

Cash flow planning Risk management and insurance planning

Do you engage in activities that would require registration as an investment adviser under federal or state law?

Retirement planning

YES

The AICPA Statement on Standards in Personal Financial Planning Services No. 1 applies.

Investment planning Estate, gift, and wealth transfer planning

Do you sell a product as a result of the PFP engagement?

YES

Elder planning NO

Charitable planning

The AICPA Statement on Standards in Personal Financial Planning Services No. 1 does not apply. However, the AICPA Code of Professional Conduct applies.

Education planning Tax planning

For more information, including FAQs and other supplemental material, visit aicpa.org/sspfps.

• •

A description of any limitations on the work performed; and Qualifications to the recommendations if the effects of certain planning areas on the client’s overall financial picture were not considered.

Implementation of the recommendations and monitoring and updating the client’s progress are separate engagements. You do not have an obligation for implementation, monitoring, or updating services unless you have a specific agreement with the client to do so. If you do provide these services, the statement provides additional direction. Finally, the statement provides guidance when working with other service providers. In this case, the member should: •

Consider the professional qualifications of another service

www.wscpa.org

• •

provider before referring the client to that service provider; Disclose in writing any compensation received for making such referrals; and Communicate in writing the extent to which the member will or will not evaluate the work performed by the other service provider.

Some CPAs who are not involved in personal financial planning may look at the statement and decide not to go deeper into this area. Other CPAs might look at this as an enhanced business opportunity and decide to add PFP services to their résumé. Either way, it is important for each member to understand the implications of the new statement and to make a conscious decision regarding how they want to work in the area of personal financial planning. Find the statement, the flowchart,

and an FAQ document on the AICPA website at www.aicpa.org/sspfps. If you are a PFS credential holder or a member of the PFP practice section, the AICPA has also provided sample engagement letters, checklists, and other aids free of charge (non-members may purchase these resources). David A. Stolz, CPA/ PFS, CFP® is the president of Stolz & Associates, P.S. in Tacoma, Washington. He is a member of the AICPA PFP Executive Committee, which is the senior committee of the AICPA designated to promulgate enforceable standards of PFP Practice. He is also the immediate past chair of the WSCPA PFP Committee. You can contact David at dave@stolzassoc.com. WashingtonCPA Summer 2014

WASHINGTON CPA FOUNDATION

2014-2015 Scholarships

Accounting Students Receive $59,000 in Scholarships

Bill Wells Accounting Scholarship Payton Burnett University of Washington

By Kimberly Scott, CAE, Executive Director, Washington CPA Foundation The Washington CPA Foundation is extremely grateful that so many WSCPA members choose to contribute to the Foundation. Your generous contributions ensure that the Foundation can continue to foster the next generation of CPAs in Washington State through scholarships. Not only are you helping the students listed here, but you are also ensuring the successful future of accounting in Washington State. For the 2014-15 school year, the Foundation awarded 20 scholarships for a total of $59,000. These scholarships are possible thanks to contributions from individuals, and from organizations via the named scholarship program. Congratulations to this yearâ&#x20AC;&#x2122;s scholarship recipients!

Pucci Family Accounting Scholarship

Natalie Kolodij Central Washington University - Lynnwood

WashingtonCPA Summer 2014

PwC Accounting Scholarship Siyu Lu University of Washington

KPMG Accounting Scholarship Ryan Cranke University of Washington

Roy J. Polley Memorial Scholarship Molly Grater Western Washington University

www.wscpa.org

WASHINGTON CPA FOUNDATION

Clark Nuber Accounting Scholarship

EY Accounting Scholarship

Moss Adams Accounting Scholarship

Northwest Accounting Educators Scholarship Kyle Yasumiishi University of Washington

Sladana Simic Washington State University - Vancouver

Sambataro Family Accounting Scholarship

Shimer Family Accounting Scholarship

TrueBlue Accounting Scholarship

Olivia Woodard University of Washington

Nicole McCaffrey Washington State University

Lindsey Bos University of Washington

www.wscpa.org

Tian Ran (Tina) Chen University of Washington

Christina Davis Gonzaga University

George J. Waterman Memorial Scholarship Iveth Canales Gonzaga University

Northwest Accounting Educators Scholarship

Daniel Thompson University of Washington - Tacoma WashingtonCPA Summer 2014

WASHINGTON CPA FOUNDATION

Wells Fargo Accounting Scholarship

2014-2015 Scholarships

Brett Phillips Gonzaga University

Washington CPA Foundation Accounting Scholarship

Carlie Andrade Central Washington University - Wenatchee

Washington CPA Foundation Accounting Scholarship

Angela Hansen Western Washington University

Allison Huston Western Washington University

â&#x20AC;&#x153;Thank you for supporting me and other students on the journey to

Rongxiu Guo Central Washington University

Ashley Sievers Whitworth University

Thank you for your continued support of the future of the accounting profession. If you would like more information about

becoming Certified Public Accountants.

the Foundation or how to contribute, please

Your generosity is truly appreciated!â&#x20AC;?

contact Kimberly Scott at kscott@wscpa.org.

Angela Hansen

Scholarship applications are available in September for the next school year. Download an application form at www.wscpa.org/become-a-cpa. Applications are due February 1, 2015.

WashingtonCPA Summer 2014

www.wscpa.org

EMPLOYEE ENGAGEMENT

Carving Out Time By Amy O’Donnell

t’s not a secret that CPAs work in a highly stressful profession. A study conducted in 1958 tested the cholesterol levels of CPAs before, during and after tax season. The study found that CPAs’ cholesterol levels spiked dramatically during the season and dropped after it ended. Fast forward several decades and we’re still talking about stress levels in the profession. A recent AICPA survey found that firm size, position, personality type and coping methods all played a role in the level of stress individuals felt. The increase in competition and workloads are raising the job pressure that employees feel. Is being overworked the new global past time? Technology gives us the option to work from anywhere at any time and means we can be available 24/7. It continues to reshape how, where and when we work. With the higher level of connectivity, the pace of communication has also become faster. It can leave people feeling pulled in many directions and feeling like there are no boundaries or breaks. The Energy Project, led by President & CEO Tony Schwartz, conducted a survey of more than 12,000 workers worldwide to find out why people were not feeling fulfilled at work. The survey found that 70 percent of respondents don’t feel that they have the time for creative or strategic thinking, 66 percent don’t have the time to focus on one task at a time, and 60 percent don’t have time to work on the things they enjoy. The idea of work-life balance has been thrown out the window and replaced by the idea of work-life integration.This concept acknowledges the reality of today’s workplace and that workers are moving from role to role without clear boundaries between work and home. This can lead to work fatigue, decreased productivity, burnout and the inability to show up to work as your best self. Work-life integration allows employees to weave

www.wscpa.org

together professional responsibilities and choices for their personal life. This can start by examining how you work best and your work style: What allows you to work from a place of strength and in the most efficient way? And what recharges you? According to the Energy Project, employees are more engaged and productive when four of their core needs are met: Physical needs: Being able to take a break (and encouraged to do so) every 90 minutes increases focus and the ability to think creatively. Add in a daily dose of exercise that you enjoy and you create a better sense of physical well being. Emotional needs: Employees who feel valued and appreciated are having this need met.Those with supportive managers are 1.3 times more likely to stay and 67% more engaged. Mental needs: Employees need the time to focus without interruption and defining how they get their work done (when and where). Having time to focus on one task at a time resulted in 50% more engagement. Spiritual needs: This includes working on what you do best and feeling connected to a purpose. Employees who felt their jobs were meaningful were three times more likely to stay with an organization. Younger generations continually report having a sense of purpose at work as a factor in job satisfaction and their choice of employers. To see what this looked like in practice, an experiment was conducted with

accountants during the busy season. Staff took 10-15 minute breaks every 90 minutes during a tax busy season. The study found that staff were more productive, completed tasks more quickly, left work earlier, and had less stress than their peers. Despite these results, the firm in the study returned to the old way of working because of the challenge of meeting billable hours. Even though the current billable hours model used by accounting firms presents challenges, there are other ways to make small changes that can help employees be more productive and fulfilled. Leaders at all levels can help start the conversation and shift the energy. In another study Harvard Business Review found that when leaders explicitly encourage employees to work in more sustainable ways—especially if the leaders model it themselves— employees are 55 percent more engaged, 53 percent more focused, and more likely to stay at the company. Engaging employees is not only a win-win for everyone, but it also will contribute to your competitive edge in the market and ability to retain star employees. What are the ways your firm encourages sustainable work practices? Join the conversation on LinkedIn.

Amy O’Donnell is WSCPA Director of Member Services. She can be reached at aodonnell@wscpa.org. Sources: NY Times, Fast Company, CPA Journal, “The Power of Engagement” by Jim Loehr and Tony Schwartz

WashingtonCPA Summer 2014

MEMBER BENEFITS

Building Relationships for Your Professional Network One of your most valuable WSCPA member benefits

hether you are looking for your next job, new clients, or assistance with a current project, your WSCPA membership is a valuable resource. Use your WSCPA membership to build your professional network today to ensure you will have the connections ready when you need them. Networking in person is still the most effective way to build your professional contacts. Your WSCPA membership makes it easy for you to connect with members face to face.

Networking Events

www.wscpa.org/events Join your peers at fun social networking events and make connections while enjoying appetizers and beverages. This yearâ&#x20AC;&#x2122;s new locations include Woodmark Hotel in Kirkland. Register now for the free Membersâ&#x20AC;&#x2122; Reception, August 21 at the Woodmark. (See page 33.)

Committees

www.wscpa.org/community Connect with other WSCPA members

WashingtonCPA Summer 2014

who share in your area of interest. The new committee year just got underway, so now is a perfect time to join. Meetings are typically held monthly and can be attended remotely. Find committee meetings at www.wscpa.org/events.

Chapters

www.wscpa.org/community Attend chapter meetings and meet WSCPA members in your community while receiving a few hours of CPE at a reasonable price.

Does your location or schedule make it difficult for you to network in person? Consider social networking.

WSCPA Group on LinkedIn Connect with fellow members, and participate in discussions Scan to join the group

CPE

www.wscpa.org/cpe/catalog Use CPE as an avenue for networking. During lunch take the time to meet others in class and make new connections.

WashingtonCPAs @wscpa

Conferences

www.wscpa.org/cpe/conferences Earn CPE while networking with other professionals who share your interest at conferences. Make new connections during conference lunches, breaks, and networking receptions.

For more information about any of these networking opportunities call Jennifer Ayoub, Member Services Administrator, at (425) 586-1142 or e-mail jayoub@wscpa.org.

www.wscpa.org

EVENTS

Networking events 2014

SPONSORS

PUGET SOUND August 21

Membersâ&#x20AC;&#x2122; Reception - Woodmark Hotel - Kirkland (15NPAU21) Free

October 23

Von Trapps Bocce Ball - Seattle (15NPOC23)

Premier Partners

Key Partners

SPOKANE August 12

Happy Hour No-Li Brewhouse - Spokane (15NPAU12) Free

October 14

Happy Hour Twigs - Spokane (15NPOC14) Free

November 6

Chateau Rive - Spokane (15NPNV06)

FEES Members $25 | Non-members $30 HAPPY HOURS

Supporters

Friend

(unless noted otherwise)

Free casual networking events with free light appetizers. Registration optional. www.wscpa.org

WashingtonCPA Summer 2014

www.wscpa.org

CPE Digest © Fire Eyes Photography

NEW CPE events added throughout year to: www.wscpa.org/cpe/catalog

EVENTS BY LOCATION WSCPA education and events scheduled for July-September 2014 are listed below, chronologically by location.

CS EB

If you are looking for a program in another location, it may be scheduled for later in the year.

PFP

SUBJECTS The main subject area is listed for each program.

Using the online CPE & Event Catalog at www.wscpa.org/cpe/ catalog, you can search by location. LEARN MORE To view complete course details, please visit the CPE & Event Catalog at www.wscpa.org/cpe/catalog.

A&A

Ethics GNP MG PD SK

NEED HELP finding a seminar or webcast? Call (800) 272-8273 or (425) 644-4800.

TAX TEC

Accounting and Auditing Consulting Services Employee Benefits Estate/Financial Planning Ethics Government / NFP Management Personal Development Specialized Knowledge Taxation Technology

Fees

Date

CPE Credits

Course

Type

WSCPA NonAICPA Code Member Member Member For more details, Discount Fee Fee search by code at www.wscpa.org/cpe

Facility

Subject

Bellevue 8/04

Advanced Business Law for CPAs, 8AM-4PM

15ABLTAU

295

370

8/05

Advanced Tax Practice, 8AM-4PM

15ATPAU

300

375

8/05

Forensic Accounting: Fraudulent Reporting and Concealed Assets, 8AM-4PM

15FAFRAU

295

370

8/06

Annual Accounting Update and Review for Accountants in Industry, 8AM-4PM

15AAUDIAU

295

370

8/06

New "Repair Regs"-Sec. 263, 8AM-4PM

15NRRAU

300

8/07

Financial Statement Analysis-A Realistic Approach, 8AM-4PM

15FSAAU

8/12

Partnership Taxation, 8AM-4PM

8/14

8/15

8/18

WSCPA

TAX

WSCPA

A&A

WSCPA

A&A

375

WSCPA

TAX

295

370

WSCPA

A&A

15PTSAU

505

620

WSCPA

TAX

Critical Tools for Today's Controller and CFO, 8AM-4PM

15CDLTAU

295

370

-30

WSCPA

Financial Statement Analysis: Basis for Management Advice, 8AM-4PM

15FSABMAU

295

370

-30

WSCPA

A&A

Excel for Accounting and Finance Professionals: Level 1, 8AM-4PM

15EAP1AU

295

370

-30

WSCPA

TEC

8/19

Excel for Accounting and Finance Professionals: Level 2, 8AM-4PM

15EAP2AU

295

370

-30

WSCPA

TEC

8/20

Internal Control: Essentials for Accountants, and Auditors, 8AM-4PM

15ICDADAU

295

370

-30

WSCPA

A&A

8/21

Preventing and Detecting Identity Theft, 8AM-4PM

15IDENTAU

295

370

-30

WSCPA

A&A

ç 8/22

Forensic Accounting Investigative Practices WEBCAST, 8AM-4PM

15WBWFAIP

265

340

-30

WSCPA

A&A

8/22

Forensic Accounting Investigative Practices, 8AM-4PM

15FAIPAU

295

370

-30

WSCPA

A&A

8/25

Passive Activity Losses A to Z, 8AM-4PM

15PALAU

295

370

WSCPA

TAX

8/26

Installment Sales in Depth, 8AM-11:30AM

15ISDAU

150

185

WSCPA

TAX

8/26

Unraveling the At Risk Rules, 12:30PM-4PM

15UARAU

150

185

WSCPA

TAX

8/27

Washington Tax and New Developments by Mark Hugh, 8AM-4PM

15WSTXAU

295

370

WSCPA

TAX

8/28

The Top Business Tax Mistakes Practitioners Make and How to Fix Them, 8AM4PM

15BTBBAU

310

385

WSCPA

TAX

8/29

Surgent McCoy's Handbook for Mastering Basis, Distributions and Loss Limitation 15HMBIAU Issues, 8AM-4PM

310

385

WSCPA

TAX

09/03

Not-for-Profit Accounting and Auditing Update, 8AM-4PM

15NAUST

295

370

-30

WSCPA

GNP

09/05

Update for Accountants and Auditors, 8AM-4PM

15AUAAST

295

370

-30

WSCPA

A&A

09/08

Using Technology to Improve Small Business Internal Controls and to Prevent and Detect Fraud, 8AM-4PM

15ITCST

295

370

WSCPA

TEC

09/09

Compilation and Review Standards: the Annual Update and Review by Walter Haig, 8AM-4PM

15CRURST

315

390

WSCPA

A&A

www.wscpa.org

-30 -30

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2014

EDUCATION AND EVENTS

Fees

Date

CPE Credits

Course

Type

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

09/09

Excel Tips, Tricks and Techniques for Accountants, 8AM-4PM

15EXLST

295

370

WSCPA

TEC

09/10

Preparing Financial Statements for Small & Med Sized Businesses: An Update & Review of GAAP & Tax, Cash and Special Purpose Frameworks by Walt Haig, 8AM-4PM

15ASURST

315

390

WSCPA

A&A

09/11

The Business Financial Health Checkup: A Process to Identify Misstatements and Profitability Roadblocks Using Analytical Procedures by Walter Haig, 8AM-4PM

15BFHCST

315

390

WSCPA

A&A

09/15

Advanced Controller and CFO Skills, 8AM-4PM

15ACCSST

295

370

-30

WSCPA

09/16

Financial Forecasting: Planning for Success, 8AM-4PM

15FFMDST

295

370

-30

WSCPA

09/17

Larry Stein's Essential Moves And Strategies For Retirement Wealth, 8AM-4PM

15LSRWST

300

375

WSCPA

TAX

09/18

Larry Stein's Technical Strategies to Establish and Grow Your Eldercare, Retirement and Estate Planning Practice, 8AM-4PM

15LSPLST

300

375

WSCPA

TAX

09/22

Business & Management Conference, 8AM-5PM

15BAM

255

330

Meydenbauer Center

09/22

Surgent's Audit Skills Training-Level I-New Hire, 8AM-4PM

15AUD1ST

515

630

WSCPA

A&A

09/23

College Financial Aid-The Best Kept Secret in America, 8AM-11:30AM

15CFAST

115

150

WSCPA

09/24

Washington CPA Ethics and New Developments by Mark Hugh (A WA Requirement), 8AM-11:30AM

15ETMHST24

185

220

WSCPA

Ethics

09/25

IT Risks and Controls in Current and Emerging Environments, 8AM-4PM

15ITRCST

295

370

-30

WSCPA

A&A

09/26

Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts, 8AM-4PM

15CFICST

295

370

-30

WSCPA

A&A

09/26

Form 990: A Comprehensive Approach to Accurate Preparation, 8AM-4PM

15EOF990ST

295

370

-30

WSCPA

TAX

09/29

Clarified Auditing Standards: What You Need to Know, 8AM-4PM

15CLARST

295

370

-30

WSCPA

A&A

09/29

Surgent's Audit Skills Training-Level II-Staff Accountant, 8AM-4PM

15AUD2ST

515

630

WSCPA

A&A

WSCPA

A&A

WSCPA

A&A



09/30

FASB Review for Business & Industry, 8AM-4PM

15FASBIST

295

370

ç 10/01

Performing an Engagement Review

15PEROC

295

370

10/02

Case Studies in Not-for-Profit Accounting and Auditing, 8AM-4PM

15CNFPOC

295

370

-30

WSCPA

GNP

10/03

Accounting and Reporting Practices of Not-for-Profit Organizations, 8AM-4PM

15FSNPOOC

295

370

-30

WSCPA

GNP

10/06

Annual Accounting and Auditing Workshop, 8AM-4PM

15AAUWOC

505

620

WSCPA

A&A

10/06

Excel PivotTables for Accountants, 8AM-4PM

15EPTOC

295

370

WSCPA

TEC

10/07

PDF Documents-Beyond the Basics, 8AM-4PM

15PBBOC

295

370

WSCPA

TEC

10/08

Advanced Business Law for CPAs, 8AM-4PM

15ABLTOC

295

370

-30

WSCPA

10/09

SEC Reporting, 8AM-4PM

15SECROC

505

620

WSCPA

A&A

10/14

Annual Update for Controllers, 8AM-4PM

15SKSBOC

295

370

-30

WSCPA

10/15

Toolkit of Best Practices for Today's Controller and Financial Manager, 8AM-4PM

15TKBPOC

295

370

-30

WSCPA

10/16

Compilation and Review Standards: the Annual Update and Review by Walter Haig, 8AM-4PM

15CRUROC

315

390

WSCPA

A&A

10/16

Guide to Business Combinations, Goodwill and Other Consolidation Issues, 8AM-4PM

15AGCOC

295

370

WSCPA

A&A

10/17

Preparing Financial Statements for Small & Med Sized Businesses: An Update & Review of GAAP & Tax, Cash and Special Purpose Frameworks by Walt Haig, 8AM-4PM

15ASUROC

315

390

WSCPA

A&A

10/17

Revenue Recognition, 8AM-4PM

15RRNSOC

295

370

-30

WSCPA

A&A

10/20

Frequent Frauds Found in Governments and Not-For-Profits, 8AM-4PM

15FFGNOC

295

370

-30

WSCPA

GNP

10/20

International Taxation: To and From the United States, 8AM-4PM

15ITTFOC

295

370

-30

WSCPA

TAX

10/21

Comprehending OMB Circular A-133, 8AM-4PM

15COMBOC

295

370

-30

WSCPA

GNP

10/21

Multistate Income Tax, 8AM-4PM

15MITOC

295

370

-30

WSCPA

TAX

10/22

Annual Tax Update: Individuals and Sole Proprietors, 8AM-4PM

15TSUIOC

295

370

-30

WSCPA

TAX

10/27

Obama Health Care Bill & Other Federal Income Tax Update, 8AM-4PM

15PPACPAOC

295

370

WSCPA

TAX

10/28

Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis, 8AM-4PM

15BCADOC

295

370

WSCPA

TAX

10/28

The Complete Guide to Payroll Taxes and 1099 Issues, 8AM-4PM

15CGPTOC

310

385

WSCPA

TAX

10/29

Compilation and Review Engagement Fundamentals, 8AM-4PM

15FCREOC

295

370

-30

WSCPA

A&A

10/29

Yellow Book: Government Auditing Standards, 8AM-4PM

15EOYBOC

295

370

-30

WSCPA

GNP

10/30

Statement of Cash Flows: Preparation and Presentation, 8AM-4PM

15FCFSOC

295

370

-30

WSCPA

A&A

WashingtonCPA Summer 2014

-30

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

EDUCATION AND EVENTS Fees

Date

CPE Credits

Course

Type

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

10/31

Alternatives to GAAP-Using Special Purpose Frameworks, 8AM-4PM

295

370

-30

WSCPA

A&A

10/31

Applying OMB Circular A-133 to Not-for-Profit and Governmental Organizations, 15EOOMBOC 8AM-4PM

295

370

-30

WSCPA

GNP

FASB Review for Business & Industry, 8AM-4PM

15FASBIOC

305

405

-30

Quality Inn Conf Ctr

A&A

Accounting and Reporting Standards: An Update and Review of GAAP, Special Purpose Frameworks, Comp, Review, and Auditing Standards by Walter Haig, 8AM-4PM

15ARSURAU

570

685

The Coeur d'Alene

A&A

Farm Tax Conference, 8AM-4PM

15FARMC

275

350

Three Rivers Conv Ctr

Embassy Suites Hotel

GNP

15CTBOC

Clarkston 10/03 Coeur d’Alene 8/14

Kennewick 8/14



Lynnwood 09/04

Not-for-Profits: Start to Finish, 8AM-4PM

15NPARST

295

370

09/19

Larry Stein's 2014 Key Tips And Strategies For Your Self-Employed "S" Corporation And LLC Clients, 8AM-4PM

15LSSLST

300

375

Embassy Suites Hotel

TAX

10/29

Washington Tax and New Developments by Mark Hugh, 8AM-4PM

15WSTXOC29

295

370

Embassy Suites Hotel

TAX

-30

Seattle 09/02



Northwest Accounting Educators Conference, 8AM-4:20PM

15NAEC

240

Seattle University

A&A

10/23



Pacific NW Construction Industry Conference, 8AM-4:30PM

15CIC

605

680

Bell Harbor Int’l Conf Ctr

10/23

Von Trapps Bocce Ball, 6:30PM-9PM

15NPOC23

Von Trapps

10/30



Accounting & Auditing Conference, 8AM-4:10PM

15AAC

335

410

Bell Harbor Int’l Conf Ctr

A&A

10/30



Pacific Tax Institute, 8AM-4:30PM

15PTI

710

785

Bell Harbor Int’l Conf Ctr

TAX

Spokane 10/30

A Practical Guide to Small Business Health Insurance and Fringe Benefits: 2014 and Beyond, 8AM-4PM

15OBCROC

310

385

Hampton Inn

TAX

10/31

The Best S Corporation, Limited Liability and Partnership Update Course, 8AM4PM

15BCPEOC

310

385

Hampton Inn

TAX

Washington Tax and New Developments by Mark Hugh, 8AM-4PM

15WSTXOC21

295

370

Courtyard Marriott

TAX

Tacoma 10/21

10/22

Not-for-Profit Accounting and Auditing Update, 8AM-4PM

15NAUOC

295

370

Courtyard Marriott

GNP

10/27

The Top 50 Mistakes Practitioners Make and How to Fix Them: Individual Tax and Financial Planning, 8AM-4PM

15INBBOC

310

385

Courtyard Marriott

TAX

ç 7/29

Communicating Financial Information to Non-Accountants WEBINAR, 9am-11am

15WNCJL29A

Webinar

A&A

7/29

Investment Planning Re-created: New Strategies for Today's Environment WEBCAST, 8:30AM-4PM

15WBCJL29A

275

375

Webcast

PFP

7/29

Marketing Management for CFOs and Other Financial Managers WEBCAST, 8AM-10AM

15WBAJL29A

109

Webcast

ç 7/29

Mistakes Were Made--Heads Rolled; The Responsibilities of the Governing Board WEBCAST, 11am-1pm

15WBAJL29D

109

Webcast

GNP

7/29

Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! WEBCAST, 8AM-9AM

15WBAJL29B

Webcast

ç 7/29

Social Security, Medicare and Prescription Drug Retirement Benefits WEBCAST, 8AM-4PM

15WBWSSRB

280

355

Webcast

TAX

7/29

Writing That Sells! How to Influence and Persuade on Paper WEBCAST, 9AM10AM

15WBAJL29C

Webcast

7/30

Give Your Elevator Speech a Lift WEBCAST, 8AM-9AM

15WBAJL30A

Webcast

ç 7/30

Internal Controls for Technology to Mitigate Risk and Loss WEBCAST, 10am-2pm

15WBAJL30

129

159

Webcast

7/30

What Your Broker Won't Tell You About Insurance Planning WEBCAST, 8:30AM4PM

15WBCJL30A

275

375

Webcast

ç 7/31

Fraud Deterrence, Prevention, and Detection WEBCAST, 12 pm-3pm

15WBAJL31

129

Webcast

A&A

ç 7/31

Partnerships and LLCs: Tax Issues in a Sale, Liquidation, or Merger WEBINAR, 10am-12pm

15WNCJL31B

Webinar

TAX

ç 7/31

Partnerships and LLCs: Tax Issues in the Formation of the Entity WEBINAR, 7am-9am

15WNCJL31A

Webinar

TAX

-30

Your Desk

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2014

EDUCATION AND EVENTS

Fees

Date

CPE Credits

Course

Type

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

For more details, search by code at www.wscpa.org/cpe

ç 8/01

Mobile Devices for Accountants WEBINAR, 9am-11am

15WNCAU01A

Webinar

TEC

8/04

Business Plans That Work WEBCAST, 8:30AM-4:30PM

15WBCAU04A

275

375

Webcast

8/04

Business Succession Planning and Exit Strategies WEBCAST, 8:30AM-4PM

15WBCAU04B

275

375

Webcast

ç 8/05

Advanced Tax Practice WEBCAST, 8AM-4PM

15WBWATP

270

345

Webcast

TAX

8/05

Building a CPA Practice WEBCAST, 8:30AM-4:30PM

15WBCAU05A

275

375

Webcast

ç 8/05

Fraud: 10 Scary Cases in Audits WEBINAR, 10am-12pm

15WNCAU05B

Webinar

A&A

ç 8/05

Fraud: 10 Scary Cases in Compilations and Reviews WEBINAR, 7am-9am

15WNCAU05A

Webinar

A&A

8/06

A Comprehensive Guide to Schedule C WEBCAST, 8:30AM-4PM

15WBCAU05B

275

375

Webcast

TAX

8/06

Financial Statement Disclosures for the Tax Practitioner WEBCAST, 8:30AM-4PM

15WBCAU06A

275

375

Webcast

A&A

ç 8/06

Microsoft Office 365-What You Should Know WEBINAR, 9am-11am

15WNCAU06A

Webinar

TEC

ç 8/06

New "Repair Regs"-Sec. 263 WEBCAST, 8AM-4PM

15WBWNRR

270

345

Webcast

TAX

8/06

Personal Financial Statements WEBCAST, 8:30AM-4:30PM

15WBCAU06B

275

375

Webcast

PFP

8/06

Washington CPA Ethics and New Developments by Mark Hugh (A WA Requirement) WEBCAST, 8AM-12PM

15WBAAU06A

164

194

Webcast

Ethics

8/06

Washington Sales Tax and New Developments by Mark Hugh WEBCAST, 12PM4PM

15WBAAU06B

129

159

Webcast

TAX

8/07

Federal Tax Implications of Health Care Reform WEBCAST, 8:30AM-4PM

15WBCAU07B

275

375

Webcast

TAX

8/07

Financial Statement Analysis WEBCAST, 8:30AM-4:30PM

15WBCAU07A

275

375

Webcast

A&A

ç 8/07

The Digital Office-Infrastructure and the Cloud WEBINAR, 11am-1pm

15WNCAU07B

Webinar

TEC

ç 8/07

The Digital Office-The CPA Technology Toolkit WEBINAR, 8AM-10AM

15WNCAU07A

Webinar

TEC

8/08

Managing Successful Teams WEBCAST, 8:30AM-4:30PM

15WBCAU08A

275

375

Webcast

8/08

Passive Activities and Rental Real Estate Income Tax Issues WEBCAST, 8:30AM4PM

15WBCAU08B

275

375

Webcast

TAX

ç 8/11

Excel - Preparing Your Source Data for Analysis WEBINAR, 8am-10am

15WNCAU11A

Webinar

TEC

8/11

Personal Financial Planning in Intriguing Times WEBCAST, 8:30AM-4PM

15WBCAU11A

275

375

Webcast

PFP

8/11

Real Estate Taxation (25% CA Content) WEBCAST, 8:30AM-4:30PM

15WBCAU11B

275

375

Webcast

TAX

8/12

Corporate Income Tax Return Fundamentals WEBCAST, 8:30AM-4:30PM

15WBCAU12A

275

375

Webcast

TAX

ç 8/12

Moving from Spreadsheets to the Cloud WEBINAR, 9am-11am

15WNCAU12B

Webinar

TEC

8/12

Not-for-Profit Organizations: Accounting and Auditing Principles WEBCAST, 8:30AM-4PM

15WBCAU12B

275

375

Webcast

GNP

ç 8/12

Working with the Alternative Minimum Tax WEBINAR, 7am-9am

15WNCAU12A

Webinar

TAX

8/13

A133 Audits-2014 How I Can Do It Better WEBCAST, 12PM-4PM

15WBAAU13B

129

159

Webcast

GNP

8/13

A133 Audits-2014 What I Need To Know WEBCAST, 8AM-12PM

15WBAAU13A

129

159

Webcast

GNP

ç 8/13

Fraud and the Affordable Care Act WEBINAR, 7am-9am

15WNCAU13A

Webinar

A&A

8/14

Cloud Computing: What is it and is it Right for Me? WEBCAST, 8:30AM-4PM

15WBCAU14B

275

375

Webcast

TEC

ç 8/14

Critical Tools for Today's Controller and CFO WEBCAST, 8AM-4PM

15WBWCDLT

265

340

Webcast

8/14

HUD Multifamily Housing Audits 2014 WEBCAST, 12PM-4PM

15WBAAU14B

129

159

Webcast

GNP

8/14

Settled and Approved: Fiduciary Accounting from Start to Finish WEBCAST, 8:30AM-4:30PM

15WBCAU14A

275

375

Webcast

A&A

ç 8/14

8/14

-30

Tax Issues of Same Sex Couples WEBINAR, 10AM-12PM

15WNCAU14A

Webinar

TAX

Yellow Book Audits WEBCAST, 8AM-12PM

15WBAAU14A

129

159

Webcast

GNP

Webcast

A&A

Webcast

A&A

8/15

Accounting Analysis Basics WEBCAST, 8:30AM-4PM

15WBCAU15A

275

375

ç 8/15

Financial Statement Analysis: Basis for Management Advice WEBCAST, 8AM-4PM

15WBWFSABM

265

340

8/15

Top 10 AMT Causes and Planning Strategies WEBCAST, 8:30AM-12PM

15WBCAU15B

138

188

Webcast

TAX

8/18

Advanced Tax Planning Techniques WEBCAST, 8:30AM-4:30PM

15WBCAU18A

275

375

Webcast

TAX

ç 8/18

Excel-How To Become an Excel Formula Expert WEBINAR, 9am-11am

15WNCAU18A

Webinar

TEC

ç 8/19

Affordable Care Act-Key Issues for Employers WEBINAR, 10am-12pm

15WNCAU19B

Webinar

TAX

ç 8/19

Affordable Care Act-Key Issues for Individuals WEBINAR, 7am-9am

15WNCAU19A

Webinar

TAX

8/19

Controls, Risks and Financial Reporting WEBCAST, 8:30AM-4PM

15WBCAU19A

275

375

Webcast

A&A

8/19

Everything You Need to Know About Trusts WEBCAST, 8:30AM-4:30PM

15WBCAU19B

275

375

Webcast

PFP

8/20

GAAP Update WEBCAST, 8:30AM-4:30PM

15WBCAU20A

275

375

Webcast

A&A

WashingtonCPA Summer 2014

-30

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

AU G 14

Farm Ta x C onfe re nce

CONFERENCES

2014 Con feren ce s

SEP 2- 3

OC T 30-31

Nor thwes t A ccount ing Educators C onfere nce

Pa cific Ta x In stit u te

SEP 22

NOV 2 0 -2 1

Business & M anagement Conferen ce

No t-Fo r-Pro fit Co n fe re n ce

O CT 23-24

DEC 5

Pacific NW C ons t r uct io n In dustr y Confe re nce

Fra u d Co n fe re n ce

O CT 30

DEC 8-9

A ccountin g & A ud it ing Conferen ce

In fo rm a tio n Te ch n o lo g y Co n fe re n ce

www.wscpa.org

R e g i st e r n ow! www. wsc pa. or g/ c onferenc es

WashingtonCPA Summer 2014

EDUCATION AND EVENTS

Fees

Date

CPE Credits

Course

Type

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

ç 8/20

Internal Control: Essentials for Accountants, and Auditors WEBCAST, 8AM-4PM

15WBWICDAD

265

340

Webcast

A&A

8/21

Documentation Requirements, Design and Reviewing Techniques of Workpapers WEBCAST, 8:30AM-4:30PM

15WBCAU21A

275

375

Webcast

A&A

ç 8/21

iPad-50 Settings You Need To Know In 100 Minutes WEBINAR, 11am-1pm

15WNCAU21B

Webinar

TEC

ç 8/21

Passive Activities-A Primer WEBINAR, 7am-9am

15WNCAU21A

Webinar

TAX

ç 8/21

Preventing and Detecting Identity Theft WEBCAST, 8AM-4PM

15WBWIDENT

265

340

Webcast

A&A

8/22

Enterprise Risk Management for Small and Medium-Sized Enterprises: Enhance Fraud Protection and Profitability in Your Organization WEBCAST, 8:30AM-4PM

15WBCAU22A

275

375

Webcast

A&A

-30

ç 8/22

Know Your Costs: Double Your Profit WEBINAR, 9am-11am

15WNCAU22A

Webinar

8/25

Fair Value: Explained and Updated WEBCAST, 8:30AM-4:30PM

15WBCAU25A

275

375

Webcast

A&A

ç 8/25

Profitable Pricing: Accounting's Role WEBINAR, 9am-11am

15WNCAU25A

Webinar

ç 8/26

Closing Best Practices-Shortening Month End WEBINAR, 6am-8am

15WNCAU26A

Webinar

A&A

ç 8/26

Fraud Alert-How Fraud Can Impact You! WEBINAR, 9am-11am

15WNCAU26B

Webinar

A&A

8/26

Marketing Management for CFOs and Other Financial Managers WEBCAST, 8AM-10AM

15WBAAU26A

109

Webcast

8/26

Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! WEBCAST, 8AM-9AM

15WBAAU26B

Webcast

8/26

Writing That Sells! How to Influence and Persuade on Paper WEBCAST, 9AM10AM

15WBAAU26C

Webcast

ç 8/27

Critical Thinking Skills for Finance and Accounting Professionals WEBINAR, 9am11am

15WNCAU27A

Webinar

8/27

Give Your Elevator Speech a Lift WEBCAST, 8AM-9AM

15WBAAU27A

Webcast

8/27

Retirement Distributions: Planning Options WEBCAST, 8:30AM-4PM

15WBCAU27A

275

375

Webcast

PFP

ç 8/27

Washington Tax and New Developments by Mark Hugh WEBCAST, 8AM-4PM

15WBWWSTX

265

340

Webcast

TAX

ç 8/28

Detecting and Deterring Fraud in Small Businesses WEBINAR, 7am-9am

15WNCAU28A

Webinar

GNP

ç 8/28

Detecting and Deterring Payroll Fraud WEBINAR, 10am-12pm

15WNCAU28C

Webinar

A&A

ç 8/28

Google Apps for Accountants WEBINAR, 9am-11am

15WNCAU28B

Webinar

TEC

8/28

HUD Audits of Multifamily Housing Projects: Audit Requirements Under the HUD 15WBCAU28A Audit Guide and A-133WEBCAST, 8:30AM-4PM

275

375

Webcast

GNP

8/28

Revenue: Past, Present and Future WEBCAST, 8:30AM-4PM

15WBCAU28B

275

375

Webcast

A&A

ç 8/28

The Top Business Tax Mistakes Practitioners Make and How to Fix Them WEBCAST, 8AM-4PM

15WBWBTBB

280

355

Webcast

TAX

8/29

A-133 Audits: A Case Study Approach WEBCAST, 8:30AM-4PM

15WBCAU29A

275

375

Webcast

GNP

8/29

Financial Reporting:Your Guide to Reading IFRS Annual Financial Reports WEBCAST, 8:30AM-4PM

15WBCAU29B

275

375

Webcast

A&A

ç 8/29

Surgent McCoy's Handbook for Mastering Basis, Distributions and Loss Limitation 15WBWHMBI Issues WEBCAST, 8AM-4PM

280

355

Webcast

TAX

ç 09/02

401(k)s and Retirement Plans For Small Businesses WEBCAST, 12pm-2pm

15WBAST02C

109

Webcast

PFP

ç 09/02

Understanding When to Take Social Security WEBCAST, 10am-12pm

15WBAST02B

109

Webcast

PFP

ç 09/02

Your Clients Medicare Benefits and Solutions to Long Term Care WEBCAST, 8am-10am

15WBAST02A

109

Webcast

PFP

ç 09/03

Excel-Preparing Your Source Data for Analysis WEBINAR, 8am-10am

15WNCST03A

Webinar

TEC

ç 09/03

iPad/Tablet-Managing Your Files Using Cloud Storage WEBINAR, 11am-1pm

15WNCST03B

Webinar

TEC

ç 09/04

Excel-How To Become an Excel Formula Expert WEBINAR, 11am-1pm

15WNCST04A

Webinar

TEC

ç 09/04

Implementing the Right Business Technology EVENING WEBCAST, 3pm-11pm

15WBSST04A

195

245

Webcast

TEC

ç 09/04

Rebuilding a Successful Retirement WEBCAST, 10am-2pm

15WBAST04A

129

159

Webcast

PFP

ç 09/04

Taking Your Business Paperless EVENING WEBCAST, 3pm-7pm

15WBSST04B

129

159

Webcast

TEC

09/05

Financial Statement Preparation for Your QuickBooks Clients WEBCAST, 8:30AM- 15WBCST05A 4PM

275

375

Webcast

A&A

ç 09/06

Taking the Financial Executive's Leadership to the Next Level SATURDAY WEBCAST, 7am-9am

15WBSST06A

109

Webcast

09/08

A133 Audits-2014 What I Need To Know WEBCAST EVENING, 1PM-5PM

15WBSSP08A

129

159

Webcast

GNP

09/08

Basic Accounting and Auditing for the Construction Industry WEBCAST, 8:30AM4:30PM

15WBCST08A

275

375

Webcast

A&A

WashingtonCPA Summer 2014

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

EDUCATION AND EVENTS Fees

Date

CPE Credits

Course

Code

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

Bitcoin-What You Should Know About This Digital Currency WEBINAR, 9am11am

15WNCST08B

Webinar

TEC

Type

For more details, search by code at www.wscpa.org/cpe

ç 09/08

Fraud and Abuse in Government Entities WEBINAR, 7am-9am

15WNCST08A

Webinar

GNP

ç 09/08

Microsoft Outlook and Word 2010: Productivity Tips and Tricks WEBCAST, 12pm-2pm

15WBAST08B

109

139

Webcast

TEC

ç 09/08

Using Performance Metrics to Improve Financial Planning and Control WEBCAST, 7am-9am

15WBAST08A

109

Webcast

09/08

Yellow Book Audits WEBCAST EVENING, 1PM-5PM

15WBSSP08B

129

159

Webcast

GNP

ç 09/09

Business Use of a Home and Vacation Home Rentals Rules-What You Need to Know WEBINAR, 8am-10am

15WNCST09A

Webinar

TAX

ç 09/09

Compilation and Review Standards: the Annual Update and Review by Walter Haig 15WBWCRURS WEBCAST, 8AM-4PM

285

360

Webcast

A&A

ç 09/09

How Good Companies Become Great WEBCAST, 9am-11am

15WBAST09A

109

Webcast

ç 09/10

2014 Accounting and Auditing Update WEBCAST, 7am-9am

15WBAST10A

195

225

Webcast

A&A

ç 09/10

Annual Compilation Update – A Seminar Designed for Smaller Firms 2014 EVENING WEBCAST, 2pm-6pm

15WBSST10A

129

159

Webcast

A&A

09/10

Complex Accounting and Auditing Issues for the Construction Industry WEBCAST, 8:30AM-4:30PM

15WBCST10A

275

375

Webcast

A&A

ç 09/10

The CFO: 5 Critical Skills to Become a Leader WEBINAR, 7am-9am

15WNCST10A

Webinar

09/10

Washington CPA Ethics and New Developments by Mark Hugh (A WA Requirement) WEBCAST, 8AM-12PM

15WBASP10A

164

194

Webcast

Ethics

09/10

Washington Sales Tax and New Developments by Mark Hugh WEBCAST, 12PM4PM

15WBASP10B

129

159

Webcast

TAX

ç 09/11

2014 Compilation and Reveiw Update WEBCAST, 11am-7pm

15WBAST11A

195

225

Webcast

A&A

09/11

A133 Audits-2014 How I Can Do It Better WEBCAST EVENING, 1PM-5PM

15WBSSP11A

129

159

Webcast

GNP

09/11

HUD Multifamily Housing Audits 2014 WEBCAST EVENING, 1PM-5PM

15WBSSP11B

129

159

Webcast

GNP

ç 09/11

Real Estate Tax-Recent Tax Changes Owners and Investors Need to Know WEBINAR, 8am-10am

15WNCST11A

Webinar

TAX

ç 09/11

Travel & Entertainment Expenses: Review & Update WEBINAR, 11am-1pm

15WNCST11B

Webinar

TAX

ç 09/12

Benford's Law-A Valuable Audit Tool WEBCAST, 2pm-4pm

15WBAST12B

109

Webcast

A&A

ç 09/12

Crowdsourcing and Collaborative Consumption Tools for Accountants WEBINAR, 15WNCST12A 10am-12pm

Webinar

ç 09/12

Fraud Deterrence, Prevention, and Detection WEBCAST, 9am-12pm

15WBAST12A

129

Webcast

A&A

ç 09/15

Everything CPAs Need to Know About Detecting Ponzi Schemes WEBINAR, 10am-12pm

15WNCST15B

Webinar

A&A

ç 09/15

Get Your Notes Organized With Microsoft OneNote WEBINAR, 9am-11am

15WNCST15A

Webinar

TEC

ç 09/15

The Top 10 Legal Mistakes Companies Make and How to Avoid Them WEBCAST, 7am-9am

15WBAST15A

109

Webcast

ç 09/16

Detecting and Preventing Internal Fraud, Theft and Abuse WEBINAR, 7am-9am

15WNCST16A

Webinar

A&A

ç 09/16

Financial Accounting for Related Party Transactions WEBINAR, 11am-1pm

15WNCST16C

Webinar

A&A

ç 09/16

Nonprofit Grant Writing: A Financial Manager's Primer WEBCAST, 9am-11am

15WBAST16A

109

Webcast

ç 09/16

Preventing Legal Issues on Construction Projects WEBCAST, 11am-1pm

15WBAST16B

109

Webcast

ç 09/16

Profit Improvement: Use Process Analysis to Identify Opportunities WEBINAR, 9am-11am

15WNCST16B

Webinar

ç 09/18

Don’t Go to Work Unless It's Fun! How CPAs and Financial Professionals Can Become Happier and More Productive WEBCAST, 8AM-4PM

15WBAST18A

195

245

Webcast

ç 09/18

S Corporations: Financial Accounting-Part 1 WEBINAR, 8 AM-10 AM

15WNCST18A

Webinar

A&A

ç 09/18

ç 09/19

09/19

S Corporations: Financial Accounting-Part 2 WEBINAR, 11am-1pm

15WNCST18B

Webinar

A&A

Effective Writing for CPAs: Simplify the Process; Simplify the Product; Manage Email WEBCAST, 8AM-4PM

15WBAST19A

195

245

Webcast

GAAP Update WEBCAST, 8:30AM-4:30PM

15WBCST19A

275

375

Webcast

A&A

ç 09/20

Accounting IS Changing! Are YOU Ready? Goals, Strategy, Scorecard, KPIs, Budget- 15WBSST20B ing, Improvement, Compensation: Module II SATURDAY WEBCAST, 8am-11am

129

Webcast

A&A

ç 09/20

Accounting IS Changing! Are YOU Ready? Predictive Not Historic – Module III SATURDAY WEBCAST, 11am-1pm

109

Webcast

A&A

15WBSST20D

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2014

EDUCATION AND EVENTS

Fees

Date

CPE Credits

Course

Type

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Facility

Subject

รง 09/20

Mergers & Acquisitions: Tricks, Traps, & Terrors SATURDAY WEBCAST, 10am-2pm

15WBSST20C

129

159

Webcast

รง 09/20

Preparing for a CFO Role SATURDAY WEBCAST, 7am-8am

15WBSST20A

Webcast

09/22

Foreign Information Tax Returns and the IRS Offshore Voluntary Disclosure Program WEBCAST, 8:30AM-4:30PM

15WBCST22A

275

375

Webcast

TAX

09/22

Motion Picture and Television Industry: Accounting & Auditing Overview WEBCAST, 8:30AM-4:30PM

15WBCST22B

275

375

Webcast

รง 09/22

The CFOs Role in Banking and Financing WEBCAST, 11am-1pm

15WBAST22A

109

Webcast

รง 09/23

Affordable Care Act-Key Issues for Employers WEBINAR, 11am-1pm

15WNCST23C

Webinar

TAX

รง 09/23

B Corporations and L3Cs: New Corporate Forms for Responsible Businesses WEBINAR, 9am-11am

15WNCST23B

Webinar

รง 09/23

Better Performance Plans: The Microeconomics of Motivating Your Team WEBINAR, 6am-8am

15WNCST23A

Webinar

รง 09/23

College Financial Aid-The Best Kept Secret in America WEBCAST, 8am-11:30am

15WBWCFA

110

145

Webcast

รง 09/24

Detecting and Deterring Fraud in Small Businesses WEBINAR, 12pm-2pm

15WNCST24C

Webinar

A&A

รง 09/24

Running Your Business on the Go WEBINAR, 11am-1pm

15WNCST24B

Webinar

TEC

รง 09/24

Wearable Computing for Accountants WEBINAR, 9am-11am

15WNCST24A

Webinar

TEC

รง 09/25

Financial Accounting for LLCs and Partnerships-Part 1 WEBINAR, 8am-10am

15WNCST25A

Webinar

A&A

รง 09/25

Financial Accounting for LLCs and Partnerships-Part 2 WEBINAR, 11am-1pm

15WNCST25C

Webinar

A&A

รง 09/25

IT Risks and Controls in Current and Emerging Environments WEBCAST, 8AM4PM

15WBWITRC

265

340

Webcast

A&A

09/25

Marketing the CPA in Public Practice WEBCAST, 8:30AM-4PM

15WBCST25A

275

375

Webcast

รง 09/25

Twitter for Accountants WEBINAR, 9am-11am

15WNCST25B

Webinar

TEC

09/26

Annual Financial Management Spotlight: 4 Current Topics WEBCAST, 8:30AM-4PM 15WBCST26A

275

375

Webcast

รง 09/26

Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts WEBCAST, 8AM-4PM

15WBWCFIC

265

340

Webcast

A&A

รง 09/26

Internet of Things for Accountants WEBINAR, 10am-12pm

15WNCST26A

Webinar

TEC

รง 09/26

iPad/Tablets-Top Business Apps That Every CPA Should Have WEBINAR, 11am1pm

15WNCST26B

Webinar

TEC

รง 09/26

Triple Your Memory and Confidence, and Halve Your Stress WEBCAST, 11am-3pm 15WBAST26A

129

159

Webcast

รง 09/29

Interviewing and Interrogation WEBCAST, 2pm-4pm

15WBAST29B

109

Webcast

A&A

รง 09/29

The ZZZZ Best Story: Ex-Con, Z Best CFO, Shares Techniques On How To Detect And Prevent Fraud WEBINAR, 11am-1pm

15WNCST29A

Webinar

รง 09/29

What Does Fraud Look Like WEBCAST, 8am-11am

15WBAST29A

109

Webcast

A&A

09/30

Marketing Management for CFOs and Other Financial Managers WEBCAST, 8AM-10AM

15WBASP30A

109

Webcast

รง 09/30

The Financial Manager's Role in Risk Analysis and Management WEBINAR, 11am1pm

15WNCST30A

Webinar

A&A

10/01

Washington CPA Ethics and New Developments by Mark Hugh (A WA Requirement) WEBCAST, 8AM-12PM

15WBAOC01A

164

194

Webcast

Ethics

10/01

Washington Sales Tax and New Developments by Mark Hugh WEBCAST, 12PM4PM

15WBAOC01B

129

159

Webcast

TAX

10/02

Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! WEBCAST, 8AM-9AM

15WBAOC02A

Webcast

10/02

The Public Accounting Firm is Flat WEBCAST, 8:30AM-12PM

15WBCOC02A

138

188

Webcast

10/02

Writing That Sells! How to Influence and Persuade on Paper WEBCAST, 9AM10AM

15WBAOC02B

Webcast

10/03

Small Business Internal Control, Security and Fraud Prevention and Detection WEBCAST, 8:30AM-4PM

15WBCOC03A

275

375

Webcast

A&A

10/04

A133 Audits-2014 What I Need To Know WEBCAST SATURDAY, 9AM-1PM

15WBSOC04A

129

159

Webcast

GNP

10/04

Yellow Book Audits WEBCAST SATURDAY, 9AM-1PM

15WBSOC04B

129

159

Webcast

GNP

10/07

Audits of 401(k) Plans WEBCAST, 8:30AM-4PM

15WBCOC07A

275

375

Webcast

A&A

10/07

Give Your Elevator Speech a Lift WEBCAST, 8AM-9AM

15WBAOC07A

Webcast

10/08

Disclosure: The Key to Financial Statements WEBCAST, 8:30AM-4PM

15WBCOC08A

275

375

Webcast

A&A

รง 10/14

Annual Update for Controllers WEBCAST, 8AM-4PM

15WBWSKSB

265

340

Webcast

WashingtonCPA Summer 2014

-30

Networking Event | S Season Ticket and Coupons N/A

www.wscpa.org

EDUCATION AND EVENTS Fees

Date

CPE Credits

# ç 10/15

ç 10/16

10/16 10/17

Course

Type

Toolkit of Best Practices for Today's Controller and Financial Manager WEBCAST, 8AM-4PM

Code

For more details, search by code at www.wscpa.org/cpe

WSCPA NonAICPA Member Member Member Discount Fee Fee

Subject

Webcast

265

340

Compilation and Review Standards: the Annual Update and Review by Walter Haig 15WBWCRURO WEBCAST, 8AM-4PM

285

360

Webcast

A&A

Form 990-Private Foundations Basics WEBCAST, 8:30AM-12PM

15WBCOC16A

138

188

Webcast

GNP

Private Company Accounting: New Challenges, New Directions WEBCAST, 8:30AM-4PM

15WBCOC17A

275

375

Webcast

A&A

Webcast

TAX

15WBWTKBP

-30

Facility

10/20

Dealing with Venture Capitalists WEBCAST, 8:30AM-4:30PM

15WBCOC20C

275

375

ç 10/20

International Taxation: To and From the United States WEBCAST, 8AM-4PM

15WBWITTF

265

340

10/20

Preparing Form 5500 WEBCAST, 8:30AM-4PM

15WBCOC20A

275

375

Webcast

TAX

10/20

Reformatted Financial Statements 2014: Is the Endgame in Sight? WEBCAST, 8:30AM-4PM

15WBCOC20B

275

375

Webcast

A&A

10/21

Clients for Life: Retain Your Top Clients to Maximize Business Growth WEBCAST, 8:30AM-4PM

15WBCOC21A

275

375

Webcast

ç 10/21

Multistate Income Tax WEBCAST, 8AM-4PM

15WBWMIT

265

340

-30

Webcast

TAX

ç 10/22

Annual Tax Update: Individuals and Sole Proprietors WEBCAST

15WBWTSUI

265

340

-30

Webcast

TAX

10/22

Controls, Risks and Financial Reporting WEBCAST, 8:30AM-4PM

15WBCOC22A

275

375

Webcast

A&A

10/22

Hedging Risks of Foreign Operations and Currency Transactions WEBCAST, 8:30AM-4PM

15WBCOC22B

275

375

Webcast

A&A

10/23

Cash and Credit Management WEBCAST, 8:30AM-4PM

15WBCOC23A

275

375

Webcast

A&A

10/23

Form 990 Basics WEBCAST, 8:30AM-12PM

15WBCOC23B

138

188

Webcast

GNP

10/23

Small Business Internal Control, Security and Fraud Prevention and Detection WEBCAST, 8:30AM-4PM

15WBCOC23C

275

375

Webcast

A&A

10/24

FIN 48: Accounting for Uncertain Tax Positions (ASC Topic 740.10) WEBCAST, 8:30AM-4PM

15WBCOC24A

275

375

Webcast

A&A

10/24

Passive Activities and Rental Real Estate Income Tax Issues WEBCAST, 8:30AM4PM

15WBCOC24B

275

375

Webcast

TAX

10/25

A133 Audits-2014 How I Can Do It Better WEBCAST SATURDAY, 9AM-1PM

15WBSOC25A

129

159

Webcast

GNP

10/25

HUD Multifamily Housing Audits 2014 WEBCAST SATURDAY, 9AM-1PM

15WBSOC25B

129

159

Webcast

GNP

10/27

Advising Clients of Social Security Benefits WEBCAST, 8:30AM-4:30PM

15WBCOC27B

275

375

Webcast

PFP

10/27

Compilations and Reviews: Risks, Procedures and Fraud WEBCAST, 8:30AM4:30PM

15WBCOC27A

275

375

Webcast

A&A

10/28

Internal Control:Your Number-One Defense Against Errors and Fraud WEBCAST, 15WBCOC28A 8:30AM-4:30PM

275

375

Webcast

A&A

10/28

Marketing Management for CFOs and Other Financial Managers WEBCAST, 8AM-10AM

109

Webcast

10/28

Partnership and LLC Taxation: Advanced Issues, Including Transfers of Interests and 15WBCOC28B Liquidations WEBCAST, 8:30AM-4:30PM

275

375

Webcast

TAX

10/29

Advanced Personal Financial Planning Update WEBCAST, 8:30AM-4PM

15WBCOC29A

275

375

Webcast

PFP

10/29

Settled and Approved: Fiduciary Accounting from Start to Finish WEBCAST, 8:30AM-4:30PM

15WBCOC29B

275

375

Webcast

A&A

10/30

Basis Calculations & Distributions for Pass-Through Entity Owners: Schedule K-1 Analysis WEBCAST, 8:30AM-4PM

15WBCOC30A

275

375

Webcast

TAX

10/30

Compilation and Review Practice Guide WEBCAST, 8:30AM-4PM

15WBCOC30B

275

375

Webcast

A&A

10/30

Key Ratio Analysis WEBCAST, 8:30AM-4PM

15WBCOC30C

275

375

Webcast

A&A

10/30

Pacific Tax Institute WEBCAST, 8AM-4:30PM

15WBPTI

610

685

Webcast

TAX

10/30

Punctuation That Counts: Catch Your Mistakes Before Your Readers Do! WEBCAST, 8AM-9AM

15WBAOC30A

Webcast

10/30

Writing That Sells! How to Influence and Persuade on Paper WEBCAST, 9AM10AM

15WBAOC30B

Webcast

10/31

Detecting Fraudulent Financial Reporting WEBCAST, 8:30AM-4:30PM

15WBCOC31A

275

375

Webcast

A&A

10/31

Tax Practitioner's Guide to Accounting and Reporting Issues WEBCAST, 8:30AM4PM

15WBCOC31B

275

375

Webcast

A&A

15WBAOC28A

-30

www.wscpa.org

Networking Event | S Season Ticket and Coupons N/A

WashingtonCPA Summer 2014

REGISTRATION

Register online with credit card at www.wscpa.org/cpe/catalog or: • Mail form with check to WSCPA, 902 140th Ave NE, Bellevue, WA 98005-3480 • Call (425) 644-4800 or (800) 272-8273 (toll-free in Washington) Questions? E-mail cpe@wscpa.org or call the WSCPA.

Code

Title

Date

City

Fee1

To pay by credit card, please visit www.wscpa.org/cpe/catalog or call (425) 644-4800.

WSCPA CPE policies apply to all programs in the CPE Digest. Review the CPE policies at www.wscpa.org.

WashingtonCPA Summer 2014

www.wscpa.org

CLASSIFIED ADS

Detailed advertising information is available online at www.wscpa.org. Ads are $1 per word with a minimum fee of $50. Active e-mail and website addresses are included. Classified ads are placed on the website for 60 days when received and in the next magazine when received by the deadline, September 1 for the Fall 2014 issue. Positions available ads are no longer available in the magazine.To post a job listing, visit www.wscpa.org (click Job Board). Want to list a rental or vacation property? Use the Miscellaneous category. Contact Janet White at (425) 586-1126,(800) 272-8273,Ext.1126,or classifieds@ wscpa.org for more information. All ads must be prepaid. Find classified ads at www.wscpa.org under More.

OFFICE SPACE Business Opportunity – Tacoma Office Space To Share.Tacoma two person CPA firm has office space to share with sole practitioner, or someone leaving a large firm with book of business-ultimate goal is merger. All inquiries held in strict confidentiality! Call 253-471-0170. Office space in CPA Firm - Lake Union/Fremont. 204 sq. ft. professional office available inside CPA firm office space located on Lake Union,close to the Fremont Bridge.Annual rate of $29.50 per sq.ft.Free public parking in lot in front of building. Great location! Contact Information: Hellman Joanna M, jhellman@cochranehellman. com or (206)726-7899 Queen Anne, Lower. Looking for office space with other CPAs - own office, office share, upsize or downsize? Tenants all CPAs. In Amazon’s backyard, great demographics. Newly remodeled, private entrance, kitchen, ADA bathroom, HVAC, 1,087 SqFt, $1,245/mo. Inclusive. LindleyPropertiesLLC.com. or rlorenze@ EwingandClark.com.

MERGERS & SALES Kent-based CPA interested in purchasing all or part of an existing CPA practice, preferably in the South King or Bellevue area. Buyer is open-minded as to possible transition plans as well as pricing options. I’ll pay fair value for solid clients, allowing you to keep more in your pocket.Ideal opportunity for a veteran CPA looking to retire completely or simply scale back their practice. Don’t just send your clients elsewhere, call me first and let’s talk. Please contact Randy at (253) 234-5732 or email randy@clarkaccounting.net. Redmond CPA Firm Seeks to Expand Through Merger/Acquisition.We are looking to acquire or merge with a retirement minded CPA in the Redmond/Eastside area.We have over 25 years experience in public practice. Current practice is tax,audit,write-up,business valuations, and general consulting.We offer all the major services of a CPA practice. Whether you are looking to sell all or part of your practice and slowdown, or are looking at the next year or two, we would be interested in meeting with you privately to discuss the arrangements. Please call me at your earliest convenience at (425) 890-4932. Puyallup CPA Firm Seeking to Expand Practice. We are looking to acquire or merge with a retirement minded CPA in the Puyallup/Pierce county area.We have over 25 years experience in public practice. Current practice is tax, audit, write-up, business valuations, and general consulting. We offer all the major services of a CPA practice.Whether you are looking to sell all or part of your practice and slowdown, or are looking at the next year or two, we would be interested in meeting with you privately to discuss the arrangements. Please call me at your earliest convenience at (425) 890-4932.

www.wscpa.org

PRACTICES FOR SALE Contact Mark Hause at Accounting Practice Sales by e-mail at MARKHAUSE@CONTACTAPS.COM or call (877) 345-7722 for more information on the following practices: (WA1080) Spokane CPA Practice For Sale: This excellent CPA practice in a prime location is priced for immediate sale. The firm’s revenue dollars are varied but with an emphasis on income tax. The revenue mix is 76% income tax, 13% write-up, 10% consulting and the balance a compilation engagement. What sets this practice apart from many are the fees per return which are well above average. The ideal buyer for this practice will be an experienced professional(s) who enjoy helping clients with their annual tax and accounting, who seek realization rates well above the norm and who want immediate possession of a unique opportunity. (WA1082) Whitman County/Pullman Area (SE WA) Tax Practice: This firm with a nice balance of write-up and tax work is for sale. The revenue mix of the practice breaks out 88% income tax and 12% write-up. The office facility has some options for the buyer by being leased on a month to month basis along with being located on a high traffic count street.These factors create a great deal of flexibility on the location for the practice. This firm is the perfect opportunity for any accountant looking for a nice starter practice or a great add on to an established firm with the capacity to absorb additional work. (WA1075) Vancouver CPA Practice for Sale: This CPA practice is seeking a merger and/or sale. The practice is very typical in that the majority of revenues are from income tax with the balance in write-up and consulting services. Without question, the owner is the rainmaker and driving force behind this practice. Given the need for an exit strategy, the owner wants to begin the process of transitioning the practice via merger or sale. The buyer would acquire a substantial practice with a sizable client base, an owner who wants to effectively transition toward his/her successor, and a commitment to continue in the rainmaking role while rendering professional services at a lesser pace than the past. (WA1077) Seattle CPA Practice for Sale: This CPA practice is a firm that is a proven entity that provides a wide variety of services but has not provided any auditing or attestation in over ten years. The hallmark of this firm is the retention of clients and continuity of professionals rendering these services. Further, the firm has per return averages well above average that provides a net cash flow that is easily in the top percentile of firms this size in gross revenue. Any buyer will acquire a firm where all the hard work of building a practice has been completed and is primed for continued prosperity. This practice is available for immediate possession coupled with an owner that seeks to assist in a solid transition. (WA1078) Port Orchard EA & Write-Up Practice for Sale: This EA practice is for sale. The practice is a tax and write-up practice with equal amounts of both professional services and a small amount of consulting.The firm has grown significantly in the recent year with a 35% increase in fees. The billing philosophy of the owner is a fee structure based on a by-the-job basis and not hourly. The result is an

excellent realization rate on services performed that makes for a well above average profit percentage.This practice is a perfect opportunity for any accountant starting out on their own or a firm looking to add a solid base of clients. (WA1079)Auburn,Sumner,PuyallupArea EA Tax Practice for Sale: This EA firm has owner(s) that want to sell and retire. The firm has a good mix of professional services that provides good year round income and not just tax season.The firm’s revenue mix is 63% income tax, 25% write-up, 7% payroll services with the balance being consulting. The office lease offers a great deal of flexibility for a new owner with the current agreement being on a month-to-month basis. The buyer of this practice will acquire a business well known in the community, with an excellent reputation for personal service, very good realization rates, and a year round income stream. (WA1073) Island County EA Tax Practice for Sale: This well-established Enrolled Agent practice is for sale. The firm is well balanced with a tax practice that produces 71% of the firm’s revenue with writeup generating the remainder of the income. The practice is well positioned for future growth due to having a solid staff serving long term clients. The seller is retiring but will be available to assist in transition. For any firm looking for a satellite office, an existing practice wishing to branch out, or an individual who has aspirations of getting out on their own,this practice is an excellent choice. (WA1070) Island CountyAreaTax Practice for Sale: This practice is a straight up tax practice with a broad spectrum of clients. The firm is full of long time clients who are serviced by the owner and a staff of over 100 years of experience. The revenues come from income tax 82%,write-up 16%,and misc.services of 2%. The fee averages are good with the individual returns averaging $350 and business returns $824. The practice is primed for a new owner that wants to start a practice or an expansion focused buyer. The timing could not be better for this opportunity. (WA1069) Poulsbo CPATax Practice for Sale: This solid CPA practice with an excellent client base is for sale. The firm is full of satisfied clients who refer approx. 95% of all new clients. The firm with this kind of reputation works extremely hard at providing excellent service to a client base with a health mix of all types of clients. As with most firms, the practice mix consists of mostly individual returns but does have business returns as well. For buyers looking for an established practice or firms seeking markets for new growth this firm in one you should inquire about. (WA1068) Seattle Tax Practice For Sale: This accounting firm is a tax and write-up practice that was formed 38 years ago. The mix of professional services is approx. 65% income tax, 32% write-up, and 3% consulting with excellent per return fees. The firm has always stressed excellent service to its clients. The result is a practice filled with long-term clients who refer excellent new clients. The firm’s clients interact with the practice generally by phone, mail, and electronic media making this practice one with very little walk in business. Most clients are located or work in the Seattle Central Metropolitan area and appreciate easy driving access of a neighborhood office location for those times when in person meetings are continued on page 46

WashingtonCPA Summer 2014

CLASSIFIED ADS

PRACTICES FOR SALE continued from page 45

desired or necessary. In recent years, the practice has been pruned to allow the owner to transition to retirement, yet total fees have continued to increase. What remains are clients who are the envy of many firms. This practice is an ideal purchase opportunity for any professional looking for financial reward and professional challenge. (WA1063) North Olympic Peninsula-Clallam County CPA Practice for Sale: This firm is a tax practice that many seek but few find with a significant amount of business returns coupled with the personal income tax returns that follow. The firm has an excellent location with a high traffic count which fosters walk-in business. The perfect buyer for this practice is a financially successful CPA looking for a practice that has a solid year round income from a variety of fiscal year ends that provides a relaxed pace and good work life balance. (WA1065) South Puget Sound Area-CPA Practice for Sale: This CPA practice has a broad range of clients with no concentration in one area and a broad range of services that are rendered in the areas of income tax, auditing, and financial services. The firm has a history of stability that has fostered excellent client relationships that provide consistent referrals.This firm is further enhanced by an outstanding staff that has outstanding credentials making this firm unique in its ability to provide quality professional services at all service levels to all clients. The financial advisory segment of this practice makes it an obvious advantage for any firm looking to add to their suite of professional services. Any firm with designs on expanding services, looking for expertise, along with an outstanding client list has found an opportunity that is hard to beat with this firm.

WashingtonCPA Summer 2014

Small Seattle CPA Firm for Sale. North Seattle CPA firm,mostly tax practice with 0% financial statement preparation. Annual revenue of $275,000 to $285,000. Long term clientele, with $0 walk-in. Building available for long or short term lease. Owner retiring, but willing to work a couple years for successful transition. Please e-mail inquiries to smallseattlefirm@outlook.com Business Opportunity – Tacoma Office Space To Share.Tacoma two person CPA firm has office space to share with sole practitioner, or someone leaving a large firm with book of business-ultimate goal is merger. All inquiries held in strict confidentiality! Call 253-471-0170. Seattle CPA tax practice. Seattle CPA tax practice for sale. Owner retiring after 30 years in same location. Stable and loyal client base in a niche industry. High rate realization and 2013 cash flow to owner in excess of $300,000.This one and ½ employee firm is busy 10 plus months a year. Well organized and efficient processes. Will only consider CPAs with a Masters in Taxation or equivalent experience and current continuing education. Submit CV or resume and letter of interest to Seattletaxpractice@gmail.com. Considering SellingYour Practice? Consider all your options.We do the work. Confidential.We have buyers actively seeking practices. Call Mark Hause at (877) 3457722 or visit our website at www.accountingpracticesales. comAccounting Practice Sales.We make dreams happen! IBA Sells Privately Held Companies. Do you represent a client who is ready to retire or has taken a company as far as they want to or can? IBA is the Pacific Northwest’s oldest business brokerage (M&A) firm.We are professional negotiators with over 4000 completed transactions. Please contact us if we can be of assistance at (800) 218-4422 or www.ibainc.com San Juan Islands CPA Firm Available for Rock Star CPA. Are you ready to leave the big firm grind behind you and be your own boss? Unique opportunity for the right individual to own the top tax firm in the San Juan Islands and live the island lifestyle while making six figure income.To find out if you qualify for this opportunity email me at: info@islandcpafirm.com.

Options to transition. Only know one option to transition – sell? Lindley and Co has capacity for merging or staff sharing, private offices, central production room/ kitchen and space for lease on-site. We are looking for CPA who wants to transition “their” way on “their” terms – who wants options. Centrally located in lower Queen Anne. On-line at LindleyandCo.com and LindleyPropertiesLLC.com.

VOLUNTEER POSITIONS The following organizations need a CPA to serve on the board of directors and/or provide other guidance on financial matters. Learn more at www.wscpa.org (click Volunteer Opportunities on the footer) Accounting for International Development (AfID) - 3 Bellevue College Bellevue Police Department Centerstone First Place School Footloose Sailing Association - new Helping Link / Mot Dau Noi - new Ladybug House Mercer Island Visual Arts League NAMI (National Alliance on Mental Illness) - new Open Arms Perinatal Services - new Pacific Northwest Diabetes Research Institute - new Pet Partners - new Pratt Fine Arts PROVAIL Puget Sound Christian Clinic Seattle Glee Clubs Senior Life Resources Northwest - new Skagit Fisheries Enhancement Group The Project Room Washington Water Trust WithinReach

www.wscpa.org

MEMBER PROFILE

From Prococious Entrepreneur to Tax Litigator Rodney J. Waldbaum, JD

ashington State Bar Association’s Taxation Law Section recently bestowed the 2014 Roger L. Stouder Award to Rodney J.Waldbaum, an attorney and inactive CPA with more than 40 years of experience in the tax field.

The award is presented on occasion to exemplary tax practitioners in recognition of their dedication to the tax community, exceptional skills in the field of taxation, and display of professionalism. Rod served as President of the Taxation Law Section in 1993-1994. “I am most honored to have received this lifetime achievement award,” said Rod. “In addition to having the ability, drive, and professional commitment needed to win this award, Rod has another advantage over the rest of us—he started out in the business world much earlier than we did,” said Judd Marten, a fellow partner of Rod’s at LeSourd & Patten, a boutique law firm in Seattle. “Rod’s wife, Nina, tells a story about Rod, in the seventh grade, hiring fifth and sixth graders to stake out corners in downtown Seattle on New Year’s Eve, selling hats and horns to people passing by. Rod had permission from store owners, and only one business license—so he was busy going from corner to corner—but his employees got paid and he turned a profit.”

“Rod’s wife, Nina, tells a story about Rod, in the seventh grade, hiring fifth and sixth graders to stake out corners in downtown Seattle on New Year’s Eve, selling hats and horns to people passing by. Rod had permission from store owners, and only one business license— so he was busy going from corner to corner—but his employees got paid and he turned a profit.”

www.wscpa.org

Rod went on to become senior class president of the class of 1963 at Garfield High School, where he and Nina were high school sweethearts. A graduate of the University of Washington (UW), Rod earned his JD degree from the UW School of Law in 1970 and his CPA license in 1971. He worked for Arthur Andersen for a time, before leaving to join LeSourd & Patten. “When I left Arthur Andersen in 1971, I never envisioned that LeSourd & Patten would outlast Arthur Andersen,” Rod recalls. Rod, a partner and a past president of LeSourd & Patten, regularly represents clients before the Internal Revenue Service and the Washington Department of Revenue. He has extensive experience with Tax Court litigation, state and federal tax controversies, criminal tax defense, buying and selling businesses, and estate planning. Rod has lectured and published many articles in the tax field, including lecturing for the WSCPA, of which he has been a member for over 40 years. He is a past director of the state chapter and national organization, the American Association of Attorney-Certified Public Accountants. He has served as chairman of the Internal Revenue Service liaison committees at both the district and regional levels. He has also served as a King County Superior Court Judge Pro Tem, as a Clyde Hill Town Councilman, as president of the Hillel Foundation at the UW, and as president of Temple De Hirsch Sinai. Last year he served as President of the Seattle Rotary Service Foundation. A Seattle native, Rod and Nina live in Kirkland. They have three adult sons, all of whom are Eagle Scouts, two daughters-in-law, and two granddaughters. Rod enjoys spending time in community service, traveling, exercising, playing bridge, and socializing with family and friends.

WashingtonCPA Summer 2014

Periodicals postage paid at Bellevue WA and additional mailing offices

Your Profession. Your Future. Your Advocate.

CLEAR

AREA

Join the WSCPA group! www.wscpa.org/linkedin

WashingtonCPAs

@wscpa

Membersâ&#x20AC;&#x2122; Reception August 21 - 6-8:30 pm Woodmark Hotel, Kirkland Free! Space is limited. Register now! www.wscpa.org/events (425) 644-4800

Networking events 2014