July 2004
The Monthly Newspaper of the NYSSCPA
Vol. 7, No.10
What's Inside

Society Invites Candidates for 2004 Nominating Committee

Apparel Consolidations in Vogue

Samuel Traum, Prominent Society Member, Dies at 90

PSAC Helps Draft Reference Manual for School District Audits

Hartwick College

NYSSCPA Member Gives Update 'Essential to the Times'

Your Reputation Precedes You: Manage It Wisely

Tax Season Postmortem

A War Story: Client Acceptance

Tax Judge Addresses Valuation and CPAs

Buzz on Executive Compensation Reform

CPAs Can Help in Broker/Dealer Cases

State Tax Chief Updates CPAs

Former Mayor Speaks on Economic Development

Keep It in the Family

The Art of Multitasking: CPAs in Industry Cut a Wide Swathe

The Times They Are A-Changin'

Getting Ready for the PCAOB: How Inspections Will Differ from Peer Review

Web Notes

The Whys and Hows of Pre-Implementation Reviews

Saving for Retirement

Rochester Industry Conference Draws Participants from Far and Near

Going for Broke
AICPA Approves Peer Review Measure

A Comeback for the Ages
Former prizefighter Gerry Cooney (center) stands with NYSSCPA members John A. LaRossa (right) and John R. Lieberman prior to his luncheon address at the May 20 Foundation for Accounting Education’s Entertainment and Sports Conference. While delighting the audience with tales from his boxing career, including his Caesars Palace title shot against then undefeated world heavyweight champ Larry Holmes, Cooney spoke about his other passion, The Fighters’ Initiative for Support and Training (F.I.S.T.). Founded by Cooney, F.I.S.T. is a nonprofit organization that helps fighters transition out of the ring, providing them with treatment, counseling and career path assistance.
The NYSSCPA’s Entertainment and Sports Committee, chaired by LaRossa, sponsored the conference, with Lieberman chairing the event. For more highlights and news from this summer’s FAE conferences, see pages 12–14.

By Simon Eskow

New York—The council of the American Institute of CPAs voted overwhelmingly in favor of a resolution that will eventually lead to greater transparency in peer reviews.

Attendees of the spring council meeting in Scottsdale, Ariz., May 23 to May 25, voted to launch an education program on peer review, to assess the desire for transparency and to incorporate their feedback into the process of developing a more open peer review program.

“The resolution was supported by the New York State Society of CPAs,” Jeff Hoops, immediate Society past president, said. “We thought it was the right combination that addressed an issue by setting up a mechanism providing education to the members.”

Continue...
City's Economy Shows Signs of Health

By Jay Dismukes

NEW YORK—New York City’s economy swelled 7 percent in the first quarter, adding 21,100 jobs and eclipsing the nation’s job growth for the same time period, the city’s comptroller reported in mid June. Metro-area CPAs welcome the news, but sketch a mixed picture for now. Continue...

State Senate Passes Bill Again

By Simon Eskow

NEW YORK—The New York State Senate has passed a bill that would be the first comprehensive update of accountancy laws in decades. Continue...
President's Commentary

By John J. Kearney

I hear a lot of people talking about transparency. We all know how the Sarbanes-Oxley Act has forced many public companies to be far more focused on the transparency of their financial statements. Many have applauded as Eliot Spitzer has worked to make mutual funds and investment bankers more transparent in the way they provide information to the public. Even governmental units are under scrutiny with regards to the transparency of their activities reporting. Continue...

Chapter Newsletters

ADIRONDACK
Message from the President
BROOKLYN
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BUFFALO
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MANHATTAN/BRONX
Starry Nights
MID-HUDSON
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NASSAU
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ROCHESTER
Message from the President
STATEN ISLAND
Message from the President
SYRACUSE
Message from the President
QUEENS
Message from the President
UTICA
Message from the President

 


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