Executive Committee Votes Against Partnering with AICPA To Launch Internet Portal IPO

The NYSSCPA Executive Committee voted on May 8 to decline at this time to join with the AICPA in launching a business-to-business Internet portal for the accounting profession. The committee decided that it needed more financial, legal, and marketplace information before the Society could participate. (Article)

Society Raises Questions About Proposed Global Credential

After deciding that a number of questions remain unanswered, the NYSSCPA Executive Committee voted to take no action on the proposal from the AICPA and seven other accounting organizations to create a new global business designation. (Article)

State to Begin Audit for CPE Compliance

At the New York State Board for Public Accountancy's April 26 meeting, Executive Secretary Daniel Dustin announced that the State Education Department will begin its audit to verify the reporting and recording of continuing professional education compliance in mid-May. (Article)

Taxation without representation was tyranny, but it was a lot cheaper. ­ Henny Youngman ... and I'm outta here. ­ Alan E. Weiner

I expire, presidentially speaking, on May 31, 2000. In my life, presidentially speaking, I have penned 12,658 words in 12 monthly columns, including this one; I have sent/received 4,230 e-mails; I have charged (nonbillable, of course) 941 hours (between June 1, 1999, and April 15, 2000) on behalf of the NYSSCPA; and I have received much gratification from leading the Society into the naughts. (Article)

Class of Five Inducted into CPA Hall of Fame

On May 3, Max Block, Charles Waldo Haskins, Robert Montgomery, Emanuel Saxe, and Elijah Watt Sells became the first inductees into the CPA Hall of Fame. The NYSSCPA recognized the winners at its Annual Election Meeting and Dinner in New York City. Society President Alan E. Weiner initiated the Hall of Fame to honor those who have devoted their careers to the betterment of the profession. (Article)

SEC Questions AICPA Commitment to Self-Regulation

In a May 10 speech that addressed a number of auditor independence issues, Securities and Exchange Commission Chair Arthur Levitt criticized a recent move by the AICPA to suspend funding to the Public Oversight Board's initiative to conduct special independence reviews of the nation's eight largest accounting firms. (Article)

New Yorkers Nominated to AICPA Board and Council

Seven New Yorkers are among the individuals recently nominated to AICPA leadership positions--one to the Institute's board of directors, two as Council members at-large, and four as New York Council representatives. (Article)

Members Encouraged to Join Committees

The NYSSCPA is finalizing its committee appointments for 2000­2001, and several committees still need additional members. Networking opportunities and a forum for exchanging ideas among peers are just two of the many rewards committee members receive. Members can choose from more than 70 committees under a new committee structure. (Article)

Society Announces Award Winners

At its Annual Election Meeting and Dinner on May 3, the NYSSCPA announced the winners of this year's member awards: (Article)

Philadelphia Bar Approves Multidisciplinary Practice

The Philadelphia Bar Association board of governors recently approved a proposal that would permit a multidisciplinary practice (MDP) provided that attorneys own at least 51 percent of the entity and adhere to their rules of professional conduct. (Article)

Society Raises Concern About Legal Services to Audit Clients

On May 1, the NYSSCPA responded to the Independence Standards Board's discussion memorandum on legal services and recommended that CPA firms should not be permitted to offer legal services to audit clients. (Article)

Westchester

Our chapter has been busy trying new ideas and focusing on outreach programs, both alone and in conjunction with others. As professionals, we have a great deal of expertise to offer, and offer it we have. (Article)

Movers & Shakers

Philip Laskawy of Ernst & Young LLP was featured in the program of the New York Philharmonic regarding his and the firm's philanthropy. (Article)

Society Unveils New Website Homepage

A new homepage recently made its debut on www.nysscpa.org. The NYSSCPA website is the gateway to thousands of pages of Society, professional, and public information affecting the accounting profession in New York state and beyond, and the new homepage facilitates quick and easy passage. (Article)

Denial of Service Attacks

The Denial of Service (DoS) attacks that occurred in February against major websites have had an enormous effect on the Internet community. The attacks have made the business community sensitive to website vulnerability and the ease with which hackers can stop e-commerce revenue streams. (Article)

E-commerce Commission Proposes Extending Tax Moratorium

The Advisory Commission on Electronic Commerce recently voted 10 to 8 to extend the current Internet tax moratorium for five years. The current three-year moratorium is set to expire in September 2001. (Article)

Conducting Sexual Harassment Investigations

Last month's column addressed the importance of implementing an effective anti-harassment policy. This article discusses how to conduct investigations of complaints that are made under your policy. (Article)

FASB Issues Guidance on Stock Compensation

The Financial Accounting Standards Board recently issued Accounting for Certain Transactions Involving Stock Compensation, interpretive guidance on several issues related to APB Opinion 25 on accounting for stock issued to employees. Among other things, the interpretation clarifies the definition of "employee." (Article)

Tax Season Increases Profession's Visibility

Tax season offers the accounting profession an opportunity to increase its visibility and enhance the CPA image through media and public service programs. NYSSCPA members once again took time out of their busy schedules this year to assist in the profession's publicity efforts. (Article)

Members in the News

Marc Albaum, own account; Marvin Antman of Shanholt Glassman Hoffman Klein & Co. CPAs PC; Sheila Brandenberg of Grant Thornton LLP; Melvin Feit, own account; Bart Fooden of Reminick Aarons & Co. LLP, Alan D. Kahn of The AJK Financial Group; Barry Picker, own account; Edward A. Slott of E. Slott & Co. CPAs; Alan J. Straus, own account; Stephen P. Valenti, own account; and Marc Zand of Shapiro & Lobel LLP were featured in the New York Daily News regarding a tax hotline cosponsored by the newspaper and the NYSSCPA. (Article)

Documentation Helps Firms Avoid Lawsuits

Loss prevention techniques and practices are the CPA's greatest weapon against a client lawsuit. This article discusses the importance of documentation of your work papers. Future articles will offer additional advice to limit liability exposure. (Article)

AICPA Revises Ethics Code

The AICPA recently revised two ethics interpretations and one ruling in its Code of Professional Conduct. The changes became effective April 30. (Article)

Roundtable Addresses Auditor Shortage

While the number of public companies has grown in the last decade the number of auditors has stayed the same, according to AICPA studies, which also show fewer individuals entering the CPA profession. There is growing concern among many in the profession about the problem of reconciling the supply and demand of qualified auditors. These and related issues were discussed at an April 3 roundtable sponsored by New York University. (Article)

Society Committee Responds to SEC Proposale

The NYSSCPA SEC Practice Committee recently submitted comments to the Securities and Exchange Commission in response to the commission's recent initiatives to address what SEC Chair Arthur Levitt has termed "earnings management." This article provides background on the issue and briefly outlines the committee's recommendations to the SEC. (Article)

Corporate Tax Shelters Continue to Draw Scrutiny

Congress, the Clinton administration, and the Internal Revenue Service continue to grapple with how to eliminate corporate tax shelters. Recent actions include Senate Finance Committee hearings held March 8­9 and new rules to curb corporate tax shelter practices proposed by the administration, which last year withdrew a proposed definition of tax shelter in the wake of public criticism. (Article)

Personal Development Courses Now on eMind.com

Internet-based continuing education provider and NYSSCPA affinity partner eMind.com now offers 18 personal development courses, such as Sexual Harassment: A Guide to Prevention, Team Problem-Solving, Goals and Goal Setting, Personal Time Management, Managing Personal Change, Developing Positive Assertiveness, and Assessing Your Leadership Skills. (Article)

FAE Tracks CPE Credit Online

One of the benefits of the NYSSCPA's new membership database is online tracking of CPE credits earned through the Foundation for Accounting Education. Society members can use this service to obtain reports about their participation in FAE courses. (Article)