November 2001 Articles

AICPA AICPA Holds Teleconferences on XYZ for Members in Industry

NEW YORK—Representatives of the American Institute of CPAs (AICPA) encouraged members in industry to vote in favor of its proposed global credential during the first of two teleconferences in November, two weeks after the AICPA sent ballots to hundreds of thousands of accountants to vote on the controversial designation. (Article)

New York Discussion Heats Up on Proposed Computer-Based CPA Exam

NEW YORK—Charles (Chuck) Schoff chair of the New York State Board for Public Accountancy, is a man who speaks his mind. (Article)

NYSED Issues Survey Results on Accounting Practice

NEW YORK—The New York State Education Department (NYSED) this month released the results of a survey intended to help officials resolve accounting issues, including how to best broaden the definition of a practice operating under decades-old regulations. (Article)

President's Commentary

Arthur J. Roth, commissioner of the New York State Department of Taxation and Finance, is a noble man. (Article)

NYSSCPA WTC Victims Volunteer Program Expands

The New York State Society of CPAs’ volunteer effort helping victims and companies impacted by the World Trade Center disaster has kicked into high gear, as more affected businesses and individuals are seeking CPA advice and expertise. (Article)

Get the Word Out

Over the past several years, Congress has added substantially to the list of items (tax rates, exclusions, credits, limitations, etc.) that are subject to inflation adjustments. (Article)

2000–01 AICPA Annual Report Reveals Steep Losses

At its October Council meeting the American Institute of CPAs distributed its annual report for the year ended July 31, 2001. (Article)

Tax Commissioner Honors 40 Killed in Attack

Members of the New York State Society of CPAs State, Municipal & Local Taxation Committee gathered to remember 40 employees of the New York State Department of Taxation and Finance who died as a result of the terrorist attacks on Sept. 11. (Article)

member Q & A (Article)

Learning from a Hedge-Fund Disaster

A partner in a hedge fund embroiled in a 1998 financial collapse addressed 10 common assumptions about how his firm managed billions of dollars in investments during the New York State Society of CPAs’ Investment Partnerships Conference. (Article)

CPAs as Arbitrators and Mediators—Expanding Professional Possibilities

Most CPAs have the business and financial training and experience to help resolve many types of commercial and financial disputes. (Article)

A Letter from FAE President Gerry Sokolski The Foundation Values Your Opinion

Both the New York State Society of Certified Public Accountants and the Foundation for Accounting Education are going through a time of major self-assessment and planning for the future. (Article)

Military Reserves Activated: Obligations of Employers

In times of military crisis, such as the aftermath of the Sept. 11th terrorist attacks in New York City and Washington, D.C., the United States increasingly relies on members of the reserves and national guard to support its military operations. (Article)

Forensic Accountants Piece Together the ‘Electronic Environment’ for Bankers and CPAs

Software programs can rebuild databases from accounting systems to help forensic accountants perform investigative work, two experts told a group of CPAs in October. (Article)

Industry Committee Happenings

Here’s a look at some of the recent developments and topics of discussion within the New York State Society of CPAs’ industry committees. (Article)

Nonprofit Conference to Focus on Board Governance, Other Hot Issues

Accounting, finance and legal professionals who serve nonprofit organizations as well as others who work or consult in the nonprofit sector are looking forward to the upcoming 24th Annual Nonprofit Conference. (Article)

Suffolk Chapter Continues to Up Its Ante, Committed to Making a Difference in the Community and the Profession

With a population of approximately 1,300,000, the people of Suffolk County are proud of their beautiful beaches that border the Long Island Sound on the North Shore and the Atlantic Ocean on the South Shore. (Article)

The Most Important Decision of My Young Life: Pursuing a Career as a Certified Public Accountant

As my high school career drew to a close in the spring of 1998, the urgency of developing a post-graduate strategy became increasingly evident. (Article)

Protecting CPAs: A Camico Commitment

When Camico’s professional liability and risk management program was endorsed by the New York State Society of CPAs, there were several reasons cited by the NYSSCPA for the endorsement, not the least of which is our exclusive focus on CPAs. (Article)

Convenient and Comprehensive: CPE at NYSSCPA.ORG

While it’s well known that every CPA in public practice must satisfy an annual continuing professional education (CPE) requirement to maintain his or her license, choosing the appropriate courses to take can be anyone’s guess, especially in light of such factors as time, cost, changes in state regulations for CPAs and professional trends. (Article)

Computer Systems Security in an Internet Age—Protecting Your Network, Part Two

In the last issue of The Trusted Professional, we discussed the nature of the threat to computer networks connected to the Internet and the role firewalls play in securing Internet connections. (Article)

What CPAs Are Reading

They say as soon as you buy a computer, it’s outdated. While that might be a bit of an exaggeration, there is no getting around that by the time breaking information technology (IT) news is printed and mailed to you or purchased at your favorite newsstand, it’s somewhat passe. (Article)

Finding the Best and the Brightest

As many CPAs are painfully aware, it is difficult to lure young college students to the accounting profession. (Article)

Independence Rules and Other Timely Issues to Be Addressed at Upcoming Auditing Conference

The Foundation for Accounting Education will hold its annual Auditing Conference on Dec. 11, 2001. In the morning, participants will hear an update of the Auditing Standards Board’s recent and pending activities from board member Sally Hoffman. (Article)

Tax Treatment of Disaster Losses Creates Post–September 11 Concern

The ripple effect from the Sept. 11 terrorist attacks on our country is flowing through every aspect of our nation’s existence. Taxes are no exception. (Article)

Reducing Debt the Old-Fashioned Way: Cutting Expenses

As job cuts mount and the nation continues to experience economic uncertainty, now is the time for Americans to take control of their personal finances—for many that starts with managing their credit card debt. (Article)

Multiplying the Value of Your Practice

The accounting profession has experienced massive changes over the last several years, except in one major area: the method used to value an accounting practice. (Article)