By Thomas J. Kittell

The Western Regional Members in Industry and Commerce Conference continued to increase in popularity this year as CPAs from all over western New York set a new attendance record for the event.

Held on May 21 at the Holiday Inn Rochester Airport, the fourth annual conference drew 65 attendees who were there to hear interesting, useful information and earn continuing professional education credit.

Sponsored by the Members in Industry and Commerce committees of the New York State Society of CPAs’ Buffalo, Rochester and Utica chapters, the event covered four different areas and included a luncheon address by CPA Journal Editor-in-Chief Robert H. Colson.

Kicking things off was Kate Leunig, training and development director and senior consultant for HR Works, Inc., who provided insight into proactive human resource practices to improve profitability and avoid liability. Given that New York is the most heavily regulated employment law state in the country, Ms. Leunig pointed out that business professionals in the state need to stay on top of current laws. Against a backdrop of sobering statistics that revealed the dramatic increase in settlements and verdicts for the noncompliant, she offered the attendees many useful suggestions for avoiding potential claims.

Next up were Ernst & Young audit partner Michael J. Murray and audit manager David Schreiner of the firm’s Buffalo and Syracuse offices, respectively, who delivered a presentation titled “Evaluating Internal Controls: Considerations for Documenting Controls at the Process, Transaction and Application Levels.” Their joint discussion covered the steps necessary to ensure proper identification, evaluation and documentation of internal controls in accordance with the Sarbanes-Oxley Act, Section 404. While mandated for public companies, the issue of internal controls is becoming increasingly relevant for closely held and not-for-profit organizations as well, Mr. Murray noted.

Mr. Colson’s luncheon address was a thought-provoking comparison-and-contrast-style speech that examined morality and legislation. His speech made good use of illustrative examples drawn from his own professional experiences, his knowledge of the business press and discussions he has had with CPAs who’ve strived to maintain their independence in the face of ethical dilemmas.

Following lunch, three panelists participated in a roundtable discussion on problems and practical solutions to creating a meaningful budget. Moderated by Mark Ellis, CFO of Michael C. Fina Co., the group comprised a cross section of the budgeting world, including an individual from the public sector, Charles Hadeed, CFO and vice president of finance for Transcat, Inc.; one from the not-for-profit community, Judy Prosser, CFO of The Rescue Mission, and someone giving the “outsider’s” perspective, David Pontrello, director of business development for Dopkins & Company, LLP.

Each panelist gave an overview of his or her own budgeting process. They spoke of the pitfalls they had encountered in the past and the ways they were able to overcome such obstacles. At the end of the session, the panelists fielded audience questions on everything from sales forecasting to zero-based budgeting.

Rocco Surace, partner with Gaines, Metzler, Kriner & Co., LLP, wrapped up the conference with a presentation titled “The Role of Finance in Impacting Continuous Organization Improvement,” in which he gave his perspective on Dr. Eli Goldratt’s Theory of Constraints. The theory is applied to overcome limitations in the hopes of continuously improving an organization’s processes

In addition to demonstrating how a constraint in a system can be a weak link, Mr. Surace also challenged the audience’s perception of businesses’ key players: owners, employees and customers. An organization’s strategic plan should adequately address all three factions, he observed.

The Society would like to thank all the speakers who made the conference such a great success.