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June 2003 Articles

Society Gears to Vote on Bylaw Changes

NEW YORK—Members of the New York State Society of CPAs will begin this month to vote on the first changes to the NYSSCPA’s bylaws in four years. (Article)

New York State LLC/LLP Annual Fee Changes

MELVILLE, N.Y.—As a consequence of the recently enacted New York state budget bill, some significant changes have been made to the annual fee requirements of limited liability companies (LLC) and limited liability partnerships (LLP). (Article)

Accountancy Board Hears Regents Rule Proposal

ALBANY—The New York State Board for Public Accountancy recommended changes to a proposed Regents rule that would apply Sarbanes-Oxley–style restrictions on auditors of public companies, and that establishes a list of reportable events, among other strictures. (Article)

Society Calls for Tax Code Simplification

NEW YORK—Just as President Bush signed into law the nation’s third-largest tax cut bill in history last month, the New York State Society of CPAs issued to Congress a 25-page report that identifies seven areas of the Internal Revenue Code that the Society believes are eligible for simplification. (Article)

President's Commentary

On June 1 I assumed the role of president of this great Society. What an incredible honor and responsibility. (Article)

Charities Bureau Hosts Symposium on Reform

Accounting for nonprofit organizations in the post-Enron era should include a clearer understanding among board members of how organizations work, a more thorough audit, and better communication with management, a New York State Society of CPAs member said at a recent symposium. (Article)

Voluntary Contributions Decline

The number of contributors donating to three New York State Society of CPAs programs has steadily decreased over the last three fiscal years, leading to a decline in overall contributions. (Article)

What Your Mother Doesn’t Know About Ethics

Eighty percent [of 632 employed American adults polled recently] rated their mothers’ ethics stronger than or about the same as those of their companies’ chief executives,” a survey compiled by Vivian Marino revealed in the May 11 edition of The New York Times. (Article)

PCAOB Names Deputy Chief Auditor

The Public Company Accounting Oversight Board announced New York State Society of CPAs member Thomas Ray as its deputy chief auditor on May 8. (Article)

Tell ’Em What You Need (Article)

Profession’s Safety Net Needs Mending, PCAOB Member Says

The strong safety net that the accounting profession provided for their clients decades ago began to fray in recent years. (Article)

COAP Program Expands Coverage Upstate

Launching a new program at Le Moyne College in Syracuse this summer, the Career Opportunities in the Accounting Profession (COAP) program now collaborates with a total of five New York state colleges to encourage minority high school students to pursue a career in accounting. (Article)

Committee Close Up (Article)

Relations with the IRS Committee Wants to Hear from You

As a member of the New York State Society of CPAs’ Relations with the Internal Revenue Service Committee, I am writing this article to bring to your attention a service that is available through our committee to members of the NYSSCPA. (Article)

A War Story

Ernest Newton, CPA, is engaged by Hank Legerdemain to do some basic accounting work and tax return preparation. By all appearances, Legerdemain is the successful owner of Quantum Leap Investments, which specializes in producing high returns for investors by re-investing funds in the second-trusteed housing market. (Article)

Advance a Colleague’s Career, Earn Free CPE

Who doesn’t want the chance to make a real positive impact on a colleague’s professional career while earning free continuing professional education (CPE)? (Article)

Management Fraud Puts Auditors Between a Rock and a Hard Place

In today’s earnings-crazed environment, there are times when management, in an effort to whitewash a company’s (or a division’s) poor performance, may attempt to boost sales by improper, premature recognition of sales. (Article)

ACFE Addresses Antifraud Needs in New York

As the audit industry in forensic accounting continues to grow, so too does the added responsibility of staying more informed and capable of facing challenges such as fraud, according to experts. (Article)

Trust Services

Over the past five years, the American Institute of CPAs (AICPA) and the Canadian Institute of Chartered Accountants (CICA) have introduced standards to address marketplace needs for assurance about systems reliability and e-commerce activities. (Article)

The New FFIEC Information Security IT Examination Handbook

The new Federal Financial Institution Examination Council (FFIEC) Information Security IT Examination Handbook (“Handbook”) provides the latest thinking and best practices on which financial institutions are regulated and examined against. (Article)

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Adirondack Chapter