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March 2003 Articles

Nominating Committee Report (Article)

SED Seeks Expansion of Scope of Practice and an Array of Accounting Reforms

ALBANY—New York State Education Department (SED) officials are seeking new legislation to clarify the Board of Regents’ authority over the accounting profession while posing reform-minded regulations encompassing the profession’s entire purview. (Article)

AICPA Heeds Call for Council Task Force

NEW YORK—A new task force to examine the role and responsibilities of the governing Council of the American Institute of CPAs has been established and will make its findings known in the fall, the AICPA announced last month. (Article)

Attorney General Circulates Proposed Accounting Legislation

ALBANY—New York State Attorney General Eliot Spitzer last month circulated a draft legislative proposal for comment touching on everything from the composition and authority of the state board of accountancy to defining unlawful conflicts of interest and specific acts of professional misconduct subject to discipline. (Article)

Executive Committee Approves Budget

NEW YORK—The New York State Society of CPAs will likely be $200,000 “to the good” in the 2003-2004 fiscal year, marking a turning point in the Society’s financial health. (Article)

President's Commentary

Last fall I had an opportunity to participate as a panel member in a video course on the new fraud auditing standard, SAS No. 99, “Consideration of Fraud in a Financial Statement Audit.” (Article)

CPA Exam Goes Digital

Paper is going the way of the dinosaur, as far as the CPA exam is concerned. (Article)

Not-for-Profit Draft Bill Adopts Aspects of Sarbanes-Oxley

In a bid to better protect not-for-profits against financial fraud, New York State Attrney General Eliot Spitzer has issued a draft bill that would apply certain principles of the Sarbanes-Oxley Act to the not-for-profit sector. (Article)

Building the NYSSCPA Mediation and Arbitration Services Into Your Agreements

The time to agree on using mediation or arbitration is during negotiation of a contract, not after a dispute has arisen. (Article)

Example of Dispute Resolution Clause for Partnership Agreement or Employment Agreement Dispute Resolution

The parties shall attempt to resolve promptly any dispute arising out of or relating to this Agreement by good-faith negotiation between individuals with authority to settle the dispute. (Article)

2003 Higher Education Committee Chairs (Article)

CFO Committee Hears the Call

The New York State Society of CPAs’ Executive Director Louis Grumet asked members of the Chief Financial Officers Committee to comment on proposed state legislation that is likely to apply certain parts of the Sarbanes-Oxley Act and could have a specific impact on members in industry. (Article)

COAP Program Launches 16th Year

A program to encourage promising minority high school students to enter the accounting profession plunged into its 16th year last month with interviews of prospective participants and the possibility of expansion to a fifth location. (Article)

IRS Unveils Offshore Voluntary Compliance Initiative

Internal Revenue Service officials have announced the launch of an initiative aimed at bringing taxpayers who used “offshore” payment cards or other offshore financial arrangements to hide their income, back into compliance with tax law. (Article)

The CPA’s Role in Performing Pro Bono Services

There are many ways certified public accountants can provide pro bono services to a not-for-profit organization, from serving on an advisory board to performing an audit or providing bookkeeping services. In addition to providing financial support, CPAs like to volunteer their time for many different reasons. (Article)

New Regulations on Capitalization of Intangible Assets

The Internal Revenue Service recently issued much anticipated and long-awaited proposed regulations on the capitalization of amounts paid to acquire, create or enhance intangible assets. (Article)

Commettee Close-Up (Article)

IRS Record-Keeping Requirements for Electronically Filed Income Tax Returns

Camico has received calls from CPA policyholders who prepare and file some of their clients’ individual income tax returns electronically. (Article)

SAS 99 IT Audit Primer

The Auditing Standards Board recently issued SAS 99, “Consideration of Fraud in a Financial Statement Audit,” which supercedes SAS 82, the previous auditing standard for fraud. (Article)

NYSSCPA Holds Tax Seminar for Journalists

Journalists from some of today’s preeminent news organizations joined Alan Straus, a member of the New York State Society of CPA’s Public Relations Committee, in late January for a tax information session at the Society’s offices in midtown Manhattan. (Article)