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May 2003 Articles

NYSSCPA Board Approves Bylaw Changes

NEW YORK—The New York State Society of CPAs’ Board of Directors in April approved proposals to change bylaw provisions, including those affecting the Society’s nominating process, some officer functions, and the number of required members’ meetings. (Article)

SED Poses Changes to Regents Rules

NEW YORK—The New York State Education Department (SED) in April proposed amendments to state rules to implement Sarbanes-Oxley-style–restrictions on auditors of public companies, to expand the list of reportable events that CPAs must disclose to the SED, and to place new strictures on commissions. (Article)

State Senator Introduces Spitzer’s Accounting Legislation

ALBANY—State Sen. Kenneth P. LaValle, chairman of the Senate’s Higher Education Committee, last month introduced state Attorney General Eliot Spitzer’s proposed bill on accounting reform. (Article)

Computer-Based CPA Exam on Track

NEW YORK—The computer-based test (CBT) for CPA candidates is on schedule to commence April 5, 2004, the National Association of State Boards of Accountancy announced last month. (Article)

AICPA Votes to Keep and Enhance Specialty Credentials

WASHINGTON, D.C.—After much debate, the American Institute of Certified Public Accountants Council on April 29 overwhelmingly approved an amended resolution that called for enhancing the Personal Financial Specialist (PFS), the Certified Information Technology Professional (CITP) and Business Valuation (ABV) credentials rather than pursuing exit strategies as had been proposed by the National Accreditation Commission (NAC) and approved by the AICPA’s board of directors. (Article)

President's Commentary

It’s hard to believe that my term as president of the New York State Society of CPAs is already coming to an end. Nearly 12 months ago, the board of directors and I hit the ground running. (Article)

Society Issues Counterpoint to Nonprofit Legislation

Following two conferences with state officials and careful discussion among the New York State Society of CPAs’ Board of Directors, in April the Society issued an official response to the state attorney general’s proposed legislation on governance and financial reporting of nonprofit organizations. (Article)

SEC Appoints Director, Chief Auditor to PCAOB

The U.S. Securities and Exchange Commission in April appointed the outgoing president of the New York Federal Reserve Bank to head the Public Company Accounting Oversight Board, and a Baruch College professor to lead the board’s self-appointed effort to rewrite accounting standards. (Article)

Disciplinary Matters (Article)

Task Force Meets to Discuss Shift to Electronic Filing

A New York State Society of CPAs task force met last month to address issues many practitioners are facing with the Internal Revenue Service’s growing promotion of electronic filing for both state and federal returns. IRS e-file allows practitioners to electronically file tax returns over the Internet, promising fast refunds, increased accuracy, a completely paperless tax return and proof within 48 hours that the tax return has been accepted. (Article)

In Wake of Corporate Fraud, Clinton Looks Back on His Administration

Though he’s not certain anyone foresaw the corporate scandal train before it left Enron station, former President Bill Clinton believes the record of his administration, and, perhaps more significantly, that of Arthur Levitt and Larry Summers, at the very least demonstrates a clear objective to avoid the colossal wreck that was to come. (Article)

Supreme Court Decision Sends Corporate America Sigh of Relief

On April 7, the Supreme Court ruled 6-3 in the State Farm v. Campbell case that a punitive damage award was unconstitutionally excessive and violated the Due Process Clause of the Fourteenth Amendment. (Article)

The Straight Shooter: An Interview with Eli Mason

Not very long ago, Thomas J. Marino, managing partner and CEO of J.H. Cohn LLP, described Eli Mason as the “conscience of the accounting profession.” The title seems to fit. (Article)

The Best of the Best: CPA Hall of Fame Inducts Three New Society Members

The New York State Society of CPAs recently inducted three distinguished members into the CPA Hall of Fame. The honor went to three exceptional certified public accountants for their lifetime achievements, vision and contributions to the profession and the larger community. (Article)

A Proactive Approach to Disengaging

CPAs periodically enounter situations and client relationships that call for disengaging—a practice management process that can increase CPA firm profitability and create better situations for CPAs and clients. (Article)

COCO Considers Revitalizing Committee Service

Increasing requests for the New York State Society of CPAs to comment on recent and dramatic changes in the CPA profession may necessitate a closer look at the activity and makeup of the Society’s committees and their unique ability to reflect on accounting issues. (Article)

Committee Close-Up (Article)

Time to Hit the Books: CPE Courses You Shouldn’t Miss

It’s not September, but it’s time to go back to school. As the summer months approach, the Foundation for Accounting Education (FAE) is offering a range of new courses within its continuing professional education programs. (Article)

Understanding the Implications of Open Source Environments

Computing-hungry industries allow the open source community to proliferate interfaces, databases, environments and embedded environments. Generally, risks associated with such environments are considered high, but is such an assessment justifiable? (Article)

Control Objectives for Information Technology (COBIT)

Control Objectives for Information Technology (COBIT) has been developed as a generally applicable and accepted standard for good information technology (IT) security and control practices that provides a reference framework for management, users and information systems audit, control and security practitioners. (Article)

Take Ownership of Your Business Page

A recent Sunday edition of The New York Times featured articles covering a range of hot-button business issues, including the need for clarity in proxy statements, the granting of options, the confusion of pro forma numbers and the manner in which executive compensation is calculated. (Article)

ALPFA’s New York Chapter Becomes Largest in the Nation

Think big, act quickly and follow through on your promises.” That is the message that Manny Espinosa, national chief executive officer of the Association of Latino Professionals in Finance and Accounting, ALPFA, has ingrained both in the leadership of the organization and in the membership. (Article)

Chapter Newsletters

New Chapter Year Just Around The Corner

Choosing Your Chapter

Mid-Hudson Chapter

Message from the President

Syracuse Chapter

Message from the President