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February 2002 Articles

NYSSCPA Testifies Before State Senate Committee on Post-Enron CPA Regulation

NEW YORK—A panel representing the New York State Society of CPAs said they would support state efforts to restore trust in the accounting profession, which has been severely damaged by the collapse of energy giant Enron Corp. (Article)

Nominating Committee Proposes New Society Officers

NEW YORK—The New York State Society of CPAs Nominating Committee, chaired by Robert L. Israeloff, has announced the nominees for Society officers and incoming board members for the 2002-2003 term, beginning June 1. (Article)

“Long Reach” of Sept. 11 Prompts Disaster Recovery Conference Experts Emphasize Contingency Planning

NEW YORK—Insurance, planning and government experts at a Feb. 4-5 conference addressed last year’s terrorist attacks, which continue to take a financial and emotional toll on CPAs and their clients. (Article)

President's Commentary

The accounting profession’s current crisis of confidence has led to the broader questioning of key components of the U.S. capital markets—disclosure rules, analysts’ actions, the responsibilities of outside directors and the ability and will of the accounting profession to protect investors and preserve the integrity of our capital markets. (Article)

The Enron Situation: NYSSCPA Committee Assesses Public’s Perception, Impact on the Accounting Profession

To borrow a phrase from Howard W. Wolosky, associate publisher and executive editor of Practical Accountant magazine, the Enron mess is like the Energizer Bunny. It “keeps going and going.” (Article)

A Q&A With Chuck Schoff, Chairman of the New York State Board for Public Accountancy (Article)

In Memoriam (Article)

IRS Updates Members at Annual Liaison Meeting

Representatives of the Internal Revenue Service (IRS) updated members of the Relations with the IRS Committee on its continuing efforts to streamline departments, coordinate audits and collection with local tax authorities, and modernize the agency, among other topics. (Article)

WTC volunteer profile

Back one afternoon in early January of this year, Carol Powell was sitting in front of her computer in her office in Cold Spring, N.Y., when she noticed an e-mail arrive. (Article)

Ethics & Regulations Q&As (Article)

Management matters

In a recent case, the Court of Appeals for the Second Circuit ruled that an employer may be liable for sexual harassment that occurred away from the workplace at a time that both the harasser and the victim were off duty, and that off-duty harassment will suffice to place an employer on notice of a harasser’s actions. (Article)

SEC/FASB Conference Delivers ‘Timely, Practical’ Information

The Foundation for Accounting Education’s Annual Securities and Exchange Commission/Financial Accounting Standards Board (SEC/FASB) Conference brought together 141 CPAs, CFOs and other financial professionals interested in current issues in financial accounting and reporting. (Article)

Media relations

Tax season is the busiest time of year for many CPAs, but it is also an important time for tax specialists to make an investment in publicity. (Article)

Committee Member Participation Is on the Rise

Members of the New York State Society of CPAs this year are taking a more active interest in committee activities than they did last year, Society records suggest. (Article)

Risk Management

Difficulty with collections is an age-old problem for CPAs. During tough economic times, this problem becomes even more critical as CPAs must pay special attention to the careful management of their accounts receivables and keep them from getting out of hand . (Article)

Disciplinary matters (Article)

Nonprofit Conference Focuses on Responsibility, Accountability Issues

The Foundation for Accounting Education’s 24th Annual Nonprofit Conference brought together a record-setting number of CPAs and other financial professionals interested in the nonprofit industry, with almost 160 attending in Rochester on Jan. 17, and more than 350 attending in New York City on Jan. 24. (Article)

Real Estate Conference Is a Real Success

Nearly 140 accountants and financial professionals attended the Foundation for Accounting Education’s successful Real Estate Conference held at the Metropolitan Hotel in New York City on Jan. 7. (Article)

Chapter Happenings

The past 12 months have been a very active year for the Westchester Chapter, as we encourage more local members to participate through a mix of educational programs and social events. (Article)

TechCenter

A small group of CPAs from high-tech firms and Internet-based companies last year grew skeptical about the scope of the Emerging Technologies (ET) Committee, prompting members to consider spinning off a new committee specifically devoted to information technology accounting and auditing. (Article)

Understanding SAS 94

SAS 94 is a recent addition to professional auditing standards that describes the effect of information technology on the auditor’s consideration of internal control in a financial statement audit. (Article)

Computer Systems Security in an Internet Age—Authentication Beyond Passwords

Although passwords are the most common form of protecting access to systems, password security is far from the strongest means of establishing identity. The reasons are obvious: passwords are easy to snoop by looking over a user’s shoulder while they are logging in; passwords are often easy to guess if you know the user personally; and they are often easy to crack by applying readily available tools. (Article)

Website of the month

BusinessWeek online is a terrific site for your bookmark collection if you need to find out the latest technology news. (Article)

Society Calls for Significant Changes to Regulation of Accounting Profession

On Feb. 6, the New York State Senate Higher Education Committee conducted public hearings to examine the regulation of the state’s accounting profession in light of the recent collapse of Enron Corp. (Article)