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March 2002 Articles

State Senate Committee Holds Second Hearing on Post-Enron Auditor Independence

ALBANY—A second public hearing on the independence of certified public accountants in the post-Enron era was conducted on Feb. 26 by the New York State Senate’s Higher Education Committee, chaired by Sen. Kenneth LaValle. (Article)

State Board Calls for NASBA to Issue RFP on Computerized CPA Exam

ALBANY—The long-simmering dispute between the New York State Board for Public Accountancy and the National Association of State Boards of Accountancy (NASBA) regarding NASBA’s contracting with the American Institute of CPAs (AICPA) and Prometric for a computerized-based CPA exam erupted again during a special state board meeting on Feb. 18. (Article)

State Board Speaks Out Against SED Proposal to Allow Reviews and Compilations by Non-Licensees

ALBANY—Members of the New York State Board for Public Accountancy on Feb. 18 sent a loud message to the New York State Education Department (SED) to remove from proposed legislation (S.4108 LaValle/S.7928) a controversial provision that would allow non-licensees to perform services currently reserved for CPAs. (Article)

President's Commentary

Over the last several months, as regulators, politicians, analysts and the media have scrutinized different aspects of the Enron Corp. bankruptcy, it seems the financial reporting process has received the least critical review. (Article)

New York State Announces World Trade Center Grant Program

On Jan. 23, the Empire State Development Corporation (ESDC) announced the World Trade Center Business Recovery Grant Program. (Article)

World Trade Center Volunteer Program—The Lessons Learned

The New York State Society of CPAs’ program to assist victims of the Sept. 11, 2001, terrorist attacks began in mid-September, just days after the disaster. The program drew several hundred volunteers who made themselves available to the public at 110 Maiden Lane (New York City’s Assistance Center) in downtown Manhattan, four blocks from ground zero. (Article)

Nominating Committee Report (Article)

State Board for Public Accountancy and SED Appear to Send Mixed Messages on Auditor Restrictions

At a Feb. 18 special meeting, the New York State Board for Public Accountancy discussed legislative proposals pending before the state legislature. (Article)

GAO Auditor Independence Standard Fact Sheet

The U.S. General Accounting Office (GAO) issued a final audit standard on Jan. 25, establishing significant changes to the auditor independence requirements under Government Auditing Standards (also known as the “Yellow Book.”). (Article)

Ethics & Regulations Q&As (Article)

Second Annual Business Valuation Conference Features Hot Topics for 2002

Following the success of last year’s conference, the Business Valuation Committee of the New York State Society of CPAs is hosting its second annual Business Valuation Conference on June 17. (Article)

Record Retention Policies for Accounting Firms

As recent events in the accounting world indicate, there are significant ethical, legal and operational reasons for accounting firms to establish a record retention policy and to apply that policy consistently. (Article)

NYSSCPA Teams With the Academy of Finance to “Teach the Teachers”

Thirty business teachers from the New York Academy of Finance recently attended a New York State Society of CPAs–sponsored seminar designed to give them a fresh perspective and more accurate understanding of the accounting profession. (Article)

Attracting and Retaining Talent

Small CPA firms face a challenge in today’s competitive employment market. Quality accounting professionals are a hot commodity, and smaller firms often lose candidates to the big starting salaries and name recognition of larger firms. What can smaller firms do to be competitive? Be creative. (Article)

The ANG: Helping to Provide Informed Oversight to Nonprofit Organizations

The Alliance for Nonprofit Governance (ANG) was formed in October 1999 to raise the standards of nonprofit governance in New York state through advocacy and education of those who influence nonprofit boards. (Article)

Society Launches Global Accounting and Auditing Committee

The New York State Society of CPAs has established a committee that will focus exclusively on auditing and accounting in a global economy. (Article)

TechCenter

The New York State Society of Certified Public Accountants’ website at www.nysscpa.org is offering up-to-the-minute breaking news and information on the Enron bankruptcy and its aftermath. (Article)

Website of the Month

With more than 23,000 members in over 100 countries, the Information Systems Audit and Control Association (ISACA) is considered a leader in information technology (IT) governance, control and assurance. (Article)

On the Road With NYSSCPA.ORG

The New York State Society of CPAs is pleased to announce a significant upgrade to our nysscpa.org e-mail service. All members of the Society are entitled to a free e-mail account as a benefit of membership. (Article)

Media Relations

As we all know, the ongoing Enron controversy has brought the accounting profession to the immediate attention of the nation’s press. (Article)

Nonprofit Conference Offers Financial Professionals Time- and Money-Saving Services for Their Clients

CPAs and other financial professionals are always looking for ways to increase productivity without investing more time. (Article)

Industry Happenings

The Chief Financial Officers (CFO) Committee of the New York State Society of CPAs held a fourth continuing professional education (CPE) program on Feb. 28 during one of its committee meetings. (Article)

Supreme Court Addresses Arbitration Agreements and Refines the Standard for Determining Whether an Individual Has a Manual-Task Limitation

In two recent cases, the United States Supreme Court issued rulings under the Americans with Disabilities Act (ADA), and with respect to arbitration pacts by which employees agree to arbitrate, rather than litigate, employment-related disputes. (Article)

Need a Job? Maybe We Can Help

The long-running economic expansion of the 90s is over and more challenging economic times are upon us. The New York State Society of CPAs has a number of services that can assist members who may be in transition. (Article)