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August 2003 Articles

Society Approves Bylaw Amendments

New York— Members approved amendments to the New York State Society of CPAs’ bylaws, redefining the responsibilities of the vice presidents, enlarging the Nominating Committee and revising the requirement for members to call for a special meeting, among other changes. (Article)

NYSSCPA Board Approves Office Relocation

NEW YORK—The board of directors of the New York State Society of CPAs voted unanimously on July 15 to approve the recommendation of the Real Estate Task Force to relocate the Society’s offices. (Article)

Ethics Group Braces Independence Rules

New York —Members of the American Institute of CPAs will have to comply with stricter regulation and reporting procedures when providing nonattest services to audit clients under independence rule revisions that go into effect at the end of the year. (Article)

President's Commentary

All politics are local.” This quote from former Speaker of the House of Representatives Tip O’Neill is especially applicable to our profession right now. (Article)

Leadership Conference Addresses CPA Politics and Image

The statewide leadership of the New York State Society of CPAs learned about the power of political strength and ways to reclaim the profession’s image at the third annual Leadership Conference, held in Saratoga Springs last month. (Article)

PCAOB Forms Rules for Advisory Groups

The Public Company Accounting Oversight Board in June adopted a rule on the formation of advisory groups, including the establishment of a standing advisory group (SAG) to be headed up by the board’s chief auditor, Douglas Carmichael. (Article)

GAO Issues New Yellow Book

The United States General Accounting Office (GAO) announced in late June its release of a new edition of Government Auditing Standards, commonly referred to as the Yellow Book. (Article)

The Price of Accountability

Eliot Spitzer’s bid to bring stronger governance oversight to the not-for-profit sector is viewed by many as a good step in the right direction, but some fear the state attorney general’s proposed legislation could jeopardize board volunteerism and strain the resources and capabilities of many of New York’s nonprofit organizations. (Article)

Will Your Clients Be Prepared for New York City’s PMB Bill?

With very little fanfare and a brief mention on one of the city’s news radio stations, New York City Council introduced the pretax mass-transit benefit (PMB) bill on May 28, 2003. (Article)

Small Firm Practice Management Committee

Herbert Schoenfeld was the guest speaker at the Small Firm Practice Management Committee’s monthly meeting on July 2. (Article)

After the Fall: The CPA Takes on a New Level of Prominence and Expectation

Though the CPA has always been charged with auditing the integrity of the financial statements, and doing so with the highest ethical standards, the profession’s bar clearly has been raised in the eyes of the public. (Article)

Is SAS 99 All It’s Cracked Up to Be?

Grief and public distrust notwithstanding, the financial reporting scandals of the last two years have made a compelling case for the accounting profession to get back to the basics—a point that has been raised by many both internally and externally. (Article)

Sarbanes-Oxley: The Act’s Impact on Brokers and Dealers

The accounting profession will feel the impact of the Sarbanes-Oxley Act of 2002 in many ways. Most professionals are concerned about the effects that the Act will have on the audits of their publicly held clients. (Article)

Affairs of Estate

Estate planning expert Sanford Schlesinger, an attorney with Kaye Scholer Fierman, addressed attendees at the Foundation for Accounting Education’s Estate Planning Conference at the New York Marriott Marquis Hotel on July 17. (Article)

New York and New Jersey Tax Update: August 26

The New York State Society of CPAs will host an evening technical session on New York and New Jersey tax developments on Aug. 26. (Article)

Co-op and Condo Update: August 19

The Real Estate Committee of the New York State Society of CPAs presents an evening technical session on cooperative (co-op) and condominium apartments on Tuesday, Aug. 19, 2003, in New York City. (Article)

Ethics and Regulations

The New York State Society of CPAs is at your service to answer questions on ethics and regulation. (Article)

Reducing Payment System Risks in the Retail Delivery Channel

The Technology Assurance Committee of the New York State Society of CPAs will hold a continuing professional education (CPE) evening presentation for auditors and risk management personnel who have responsibility for payment system risk assessment in the legacy (physical) environment and the virtual (Internet) environment. (Article)

Bank Reconciliations Can Pose Significant Risk

Many CPA firms perform bank reconciliations for clients as an ancillary service. (Article)

Comments Coming out of Committees

Soon after the Internal Revenue Service unveiled for comment its “Vision Draft” of a redesigned Schedule K-1, the New York State Society of Certified Public Accountants submitted its own proposal for a redesigned K-1 to deal with the ever-increasing complex transactions faced by practitioners. (Article)

Selling Your Story: Expert Tips on Handling the Interview

Twenty-two New York State Society of CPAs members, including committee chairs, chapter presidents and members of the board of directors, attended a media training session held during the July 13–15 Annual Leadership Conference. (Article)

Delivering the Goods

What do you want to do with your life?” It’s the eternal question asked of all high school students. (Article)

Profession’s Young Guns Keep Steady Aim on the Future

CPAs would rather be precisely wrong than approximately right,” author of The Firm of the Future Ron Baker said half-jokingly at the Third Annual Young CPA Conference on July 24 in Suffolk County. (Article)