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June 2002 Articles

Society Members Testify at State Board for Public Accountancy Hearing

NEW YORK - The state body that governs CPA licenses should seek power to enforce existing regulation rather than pursue new rules that would put an undue burden on CPAs and their clients, representatives of the New York State Society of CPAs said during a hearing last month. (Article)

Council Increases AICPA Dues; Reviews Game Plan

NEW YORK—During its biannual meeting to discuss important initiatives, the American Institute of CPAs’ (AICPA) governing Council approved an 11 percent dues increase for its members, and shied away from discussion of the Institute’s failed global credential proposal. (Article)

On Hold: Future of Accounting Legislation Remains Uncertain

NEW YORK—As both state and federal lawmakers continue to address the Enron situation and other corporate scandals that have rattled investor confidence over the last six months, accounting reform appears to be stuck in a legislative quagmire. (Article)

President's Commentary

In January of 2001, when I received the call from the chairman of the Nominating Committee that I had been nominated to be president of the New York State Society of CPAs, I was, quite naturally, thrilled and honored. (Article)

Closely Held Conference to Feature Washington Policy Maker

On The policy director for a key congressional committee will discuss how tax considerations fit in with the overall budget process in Washington, D.C., providing an overview of changes in legislation over the last 25 years for an upcoming conference. (Article)

CPA Helps Account for Terror in Sept. 11 Financing Investigation

Terrorists involved in the Sept. 11 attacks last year entered the country legally, armed with about $500,000 in cash to carry out their deadly mission, a special agent for the Federal Bureau of Investigation (FBI) said at a luncheon meeting in May. (Article)

Annual Election Meeting Speakers Call on Society Members to Help Restore Trust

Accountants should not allow recent accounting scandals to fade from public attention without leading the American financial system toward reform through ethics and expertise, a renown accounting professor told members of the New York State Society of CPAs during its Annual Election Meeting and Dinner. (Article)

Management Matters

The First Department of New York State Supreme Court’s Appellate Division ruled in a case decided in March 2002 that a physician employed by a corporation cannot be discharged for refusing to violate professional standards that govern the practice of medicine. This ruling extends to doctors’ protection against discharge similar to that given to attorneys in Wieder v. Skala, a 1992 case decided by the Court of Appeals, New York’s highest court. (Article)

Goodwill Accounting: CPA Brings Modern Business Training to Russia

Over the last several years, George R. Kaminski has quietly served as an unofficial goodwill ambassador for the U.S. accounting profession and in the process helped modernize Russian business practices and integrate the country’s economy into the global marketplace. (Article)

Risk Management

As headlines continue to abound on financial reporting and auditing problems in the big-business arena, it is easy to forget that most financial fraud cases occur among small businesses. While Fortune 500 companies are prone to infrequent but more expensive forms of fraud, small businesses are prone to frequent instances of defalcation, or misappropriation of assets, by employees or third parties—crimes that account for 80 percent of all fraud cases, according to the Association of Certified Fraud Examiners (ACFE). (Article)

Annual Career Day Jump-Starts Interest in Accounting Profession

Approximately 70 high school students from across the five boroughs recently visited the New York State Society of CPAs’ headquarters for Career Day. (Article)

TechCenter

Do you know what a firewall is? Does your firm need a firewall? How about your audit clients? If a client’s technology consultant tells you that the company has a firewall, how can you determine if it really does? (Article)

Operating System Could Offer Windows of Opportunity

By now you probably have heard about Microsoft’s exciting new operating system, Windows XP. If you or your clients buy a new computer, it most likely will come with XP pre-installed. However, maybe you are unfamiliar with XP. (Article)

Ethics in Action

Rule 101 of the Code of Professional Conduct of the New York State Society of CPAs concerns independence. The rule states that “a member in public practice shall be independent in the performance of professional services as required by standards promulgated by appropriate bodies designated by the Board of Directors of the Society.” (Article)

Effective Online Job Postings

Given the short supply of skillful accounting candidates, firms are fiercely competing for qualified new hires. To help attract the highest level of talent, companies need to have an effective online recruitment program in place, held down firmly by the job posting, the cornerstone to any successful online recruiting campaign. (Article)

Media Relations

Having recently sat in on a teleconference call with representatives from The New York Times, the Chicago Tribune and Fortune Magazine, I learned that the national media places a big premium on the ability to predict trends and events. (Article)