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| October 2004 | The
Monthly Newspaper of the NYSSCPA |
Vol.
7, No.13 |
In the Zone
CPE Session to Address Virtual Close Benefits
Imagine this: The in box on your desk is stacked full of memos and other mail that you are too busy to read, rushing instead to get last month’s financial statements issued before the month is out. You feel like you’ve entered the “Twilight Zone.”
Now imagine that your in box is electronic, sitting in your desktop computer and allowing you to regularly read and reply to messages every few minutes. Add to this electronic correspondence the appropriate spreadsheet work, and you have just entered the “Virtual Close Zone.”
In an electronic environment, accountants no longer need extra weeks to close their books. A task that used to occur on the last day of the subsequent month is increasingly being carried out on an ongoing or virtual basis. For a publicly held company, especially, the virtual close has significant implications regarding Sarbanes-Oxley compliance and timelier financial reporting as required by the Securities and Exchange Commission.
The Society’s Technology Assurance Committee has organized a continuing professional education (CPE) morning presentation that will cover the virtual close evolution; how technology is central to the virtual close; and how to implement a virtual close for companies or clients. Additional topics discussed will include:
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A history of the closing process and the evolution of the virtual close in corporate America
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Virtual close methodologies and technologies
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Significance of the virtual close to Sarbanes-Oxley compliance
Date: Tuesday,
October 19
Time: 8:30 a.m. to 9:00 a.m.: registration, networking
and continental breakfast 9:00 a.m. to 10:00 a.m.: CPE session
Presenter: David A. Rauch, independent consultant
Location: NYSSCPA headquarters, 530 Fifth Ave. (between
44th and 45th streets), fifth floor, New York City
About the Presenter
David A. Rauch, CPA, MBA, is an independent consultant providing CFO-like services to publicly and privately held companies. Previously, he served as a CFO/worldwide controller for companies in the technology, construction and service industries. Having begun his career with Arthur Andersen, Rauch has assisted numerous companies to improve their closing processes and provide more timely financial and SEC reporting.
As a member of the NYSSCPA, he previously served as chairman of the CFO and Financial Executives committees and as a member of the Consulting Services Oversight Committee. A member of the Technology Assurance Committee, Rauch received his bachelor’s in business administration in accounting from Baruch College, and his master’s in business administration in finance from Pace University. A member of the AICPA, he can be reached at darcpamba@aol.com.
Additional Information
This Foundation for Accounting Education (FAE) CPE morning presentation is free to NYSSCPA members and $15.00 for nonmembers to qualify for one hour of CPE credit.
At the session you will get the chance to network with the profession’s and the industry’s IT leaders.
Advance registration is encouraged, because seating is limited.
For additional information, contact Gary E. Carpenter at 315-487-4567 or gcarpenter-cit@worldnet.att.net or the author at 212-684-0011 or yr@personcpa.com.
For more information on the Technology Assurance Committee, visit www.nysscpa.org, click on the Find Committees tab on the left-hand side of the page and then scroll down to the Technology Assurance Committee link.
Registration
To register: contact FAE at 212-719-8383 or 800-537-3635 or visit the Society’s website at www.nysscpa.org (you will need your Society member number to register). Go to the Technology Assurance Committee homepage and select “The Virtual Close” located within the “Free IT CPE” box.
Yigal Rechtman, CPA, CFE, CITP, CISM, is a partner with Person & Company, LLP CPAs, in New York City and is a member of the NYSSCPA’s Technology Assurance Committee. The views expressed in this article are Rechtman’s and not his firm’s.
