Features

  • PRESIDENT'S COMMENTARY: Bringing Young People to the Profession

    By:
    Joseph M. Falbo, CPA, NYSSCPA President
    |
    Aug 1, 2015

    This summer, many of our chapters participated in an important Society tradition: They gave high school juniors throughout the state a glimpse into our profession through the NYSSCPA’s  Career Opportunities in the Accounting Profession program (COAP). A free summer program held on 11 college campuses, COAP is designed to teach students about the breadth and depth of accounting as a career choice, through workshops, field trips and interaction with businesses and firms in their own communities. Now in its 28th year, COAP is just one of the ways in which we introduce the next generation to the opportunities afforded those who hold a CPA license, but it serves another key purpose. With a keen focus on underrepresented populations in our professional community, it gives us an opportunity to ensure that as the face of the country changes—and as technology moves us toward being a true global village—the CPA world keeps pace. 

  • Four Best Practices for Responding to Data Theft

    By:
    Randy R. Werner, CPA, J.D., LL.M./TAX
    |
    Jul 24, 2015

    An external auditor was brought in to audit the financial statements of a multistate grocery store chain. During the engagement, he uploaded payroll and pension plan data for some 5,000 employees onto his laptop, which he planned to encrypt once he got back to his office. On his way there, he stopped for lunch at a restaurant and left his laptop in the car. When he returned, the doors had been unlocked and the computer was missing.

  • Three Risk Management Concerns Your Firm Should Address

    By:
    Randy R. Werner, CPA, J.D., LL.M./TAX
    |
    Jul 14, 2015

    The fundamental principles of risk management for CPAs have remained remarkably consistent over the years, despite the variety and complexity of changes that continue to take place in regulatory and professional standards. This constancy is mainly due to the high expectations the public has for CPAs. Their assumptions of how CPAs should conduct themselves affect the way CPAs are perceived in the world of professional liability, where jurors, judges and arbitrators generally have a limited understanding of the accounting profession.

  • PRESIDENT'S COMMENTARY: Why It Pays to Be Proactive

    By:
    Joseph M. Falbo, CPA, NYSSCPA President
    |
    Jul 1, 2015

    “Wait for your ship to come in.” “Let your work do the talking for you.” Some of you may recall hearing these or similar adages early on in your careers. You might have even repeated them yourself. After all, for years, it was considered standard advice, the key to making it in just about any profession: Do a good job, and advancement will naturally come your way. 

  • How They Got Here: CPAs Who Joined the Profession Later in Life Reflect on Their Journeys

    By:
    Chris Gaetano
    |
    Jun 30, 2015

    In the May 2015 issue of The Trusted Professional, we asked managing partners about the advantages and challenges of hiring a newly licensed CPA who chose accounting as a second career. Here, we speak to career changers themselves about what it’s like to take a more circuitous route to the profession.

  • Special Report: How the Consensus Shifted Away From IFRS Adoption

    By:
    Chris Gaetano
    |
    Jun 16, 2015

    When the Securities and Exchange Commission (SEC) released its proposed road map for International Financial Reporting Standards (IFRS) in 2008, then Chair Christopher Cox described the move toward a “true lingua franca for accounting,” that would be used in capital markets everywhere, as a near inevitability. Since then, however, the SEC’s discourse on IFRS and its relationship with U.S. generally accepted accounting principles (GAAP) has shifted dramatically. 

  • War Story Quiz: When Practices Merge, What Gets Lost in the Shuffle?

    By:
    Duncan B. Will, CPA/ABV/CFF, CFE
    |
    Jun 12, 2015

    “War Stories” are drawn from the claims files of Camico, a CPA-directed insurer and risk management program for accountants, and illustrate some of the dangers in the accounting profession. All names have been changed.