Everything You Wanted To Know About Cpa Sea & State Cpa Societies
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Transcript of Everything You Wanted To Know About Cpa Sea & State Cpa Societies
Everything you wanted to know about CPA SEA & State CPAabout CPA-SEA & State CPA
Societies But were afraid to ask
Tom Hood CPA CITP - PresidentTom Hood, CPA.CITP - PresidentBetsy Adrian – President-elect
CPA – SEACPA State Executives Association
CPA-SEA is the network
CPACPA--SEASEACPACPA SEASEA Our PurposeOur Purpose
“to assist our members to achieve“to assist our members to achieve to assist our members to achieve to assist our members to achieve operational excellence in the operational excellence in the management of their organizations management of their organizations and provide a forum for networking and provide a forum for networking p gp g& communication to enable & communication to enable members to choose informed members to choose informed courses of action on professional courses of action on professional issues facing CPAs”issues facing CPAs”
Our Values:Our Values: LeadershipLeadership IntegrityIntegrity CollaborationCollaboration ExplorationExploration
CPACPA--SEA LeadershipSEA LeadershipCPACPA SEA LeadershipSEA Leadership
Tom Hood Tom Hood -- MDMD Betsy Adrian Betsy Adrian -- MNMN
Erin Hardwick Erin Hardwick -- SCSC Dennis Tomorsky Dennis Tomorsky -- WIWIyy
Kathy Anderson Kathy Anderson -- FLFL Rich JonesRich Jones WAWA
Loretta Doon Loretta Doon -- CACA Deb RileyDeb Riley -- VTVT Rich Jones Rich Jones -- WAWA
Laura Coome Laura Coome -- SDSD Deb Riley Deb Riley -- VTVT Ralph Thomas Ralph Thomas -- NJNJ
CPA- SEA 2007-2008
COLLABORATIONMEETINGS
COMUNICATION RELATIONSHIPS
CPA/SEA ASSISTS ITS MEMBERS TO ACHIEVE EXCELLENCE IN THE
MANAGEMENT OF THEIR ORGANIZATIONS AND PROVIDES A
FORUM FOR NETWORKING AND COMMUNICATION TO ENABLE MEMBERS
TO CHOOSE INFORMED COURSES OFBOARD CULTURE
5 SEA L d hi D
TO CHOOSE INFORMED COURSES OF ACTION ON PROFESSIONAL ISSUES
AFFECTING CPAs
BOARDACTION
CULTURE
6. AICPA Relations
2. Strategic relationships3. Mobility – Leg/Reg Advocacy
4. Peer Review5. SEA Leadership Dev.
B O L D S T E P S
g p1. Emerging Issues
5
CORE VALUES
COLLABORATIONINTEGRITY
EXPLORATIONLEADERSHIP
Mega-trends1 R l ti &
Economic Meltdown
1. Regulations & Standards
2. Globalization– More Government– Less Leverage
2. Globalization3. Workforce4. Technology
/Credit Crunch
What the world would miss if weWhat the world would miss if we were gone?
We keep the CPA Profession p ith the• We keep the CPA Profession up with the rapidly changing environment
• We are bridge builders taking care of• We are bridge builders – taking care of the CPA Profession’s infrastructure
• We are the leadership development• We are the leadership development pipeline for the CPA Profession
• We protect the CPA reputation & imageWe protect the CPA reputation & image• We are the connectors of the Profession
– connecting to key resourcesconnecting to key resources
Keeping up with the CPA Profession
the basic physical and organizational structures needed for the operation of a
i t t isociety or enterprise
State CPA Societies built and maintain the critical infrastructure for the CPA profession – the laws & regulations which grant the rightsthe CPA profession – the laws & regulations which grant the rights
to practice Certified Public Accountancy
CPA-SEA supports that through our network of State CPA society executives and the AICPA and our critical relationships
Meet Bill… Managing PartnerMeet Bill… Managing Partner• Bill’s firm files tax returns in 9 states + Maryland• Last year he would have• Last year he would have required additional state licenses in all states (except OH, VA, MO, WI) • He would have had to register all of his tax CPAs and staff as a tax advisor (est$250 apiece)$250 apiece)• He would have to report to two state boards with different CPE requirements
H ld h h d tWhat would this cost you? • He would have had to charge & collect sales taxes on his accounting & tax services
What would this cost you?
services
CPA Mobility Legislative Activity 2009
WA
MTVT
ME
ORID
MT ND
SDWY
MN
WI
MINY
ME
NH
MA
RICT
CA
NVUT
COKS
NE IA
MO
IL IN
KY VAWV
OHPA
RINJ
DE
MD
CT
DC
AZ
NMOK AR
MS AL GA
TNSC
NCDC
AK
HI
TX LA
FL
GU
PR
V
Legislation Introduced - 8Mobility Enacted Only for OtherMobility States -2 (GA PA)
AICPA March 2009
Mobility Enacted - 37
2009 -2010 Anticipated LegislativeActivity
V
No Formal Activity
What is under the CPA Profession?
Federal Laws & Regulations – SEC, DOL, Treasury, GAO, PCAOB
CPA Profession Standards – AICPA & FASB GASB FASAB IASB IFAC& FASB, GASB, FASAB, IASB, IFAC
State CPA Statutes
police power of the states to protect their citizens vs commerce clause
Another View
SEC S IASB
Public Company Private Company Int’l Company
Financial SECFASB
FASB IASBIFRS
FinancialReporting
PCAOB AICPAASB
IAASBAttest PerformanceStandards
AICPA AICPA IFACCode of Conduct
PEEC PEECIFAC
CPAState Oversight & Enforcement of CPA License
CPALicensure
Peer Review Your firm licensePeer Review - Your firm license depends on it
US Treasury
MD ComptrollerMD Comptroller
MD Comptroller
CAQCAQ
Courtesy of the Maryland Association of CPAs – 2008 edition Drawing by Carol Kirwan, CPA
The Obama CabinetThe year of the REGULATORThe year of the REGULATOR
Timothy Geithner,Secretary of the
Treasury
Mary Schapiro,SEC Chief
Paul Volcker,Chair, Economic Recovery
Advisory Boardy y
Gar GenslerGary Gensler,Chair, Commodity Futures
Trading Commission
Ben Bernanke,Chair, Federal Reserve Board
Sheila Bair,Chair, FDIC
First PCAOB now FAOB?First PCAOB now FAOB?
New 5 member oversight board d b C M h 6thproposed by Congress – March 6th,
2009
Leadership Pipeline
Ernie Almonte – AICPA Chair came from Rhode Island as pastErnie Almonte AICPA Chair came from Rhode Island as past president – most AICPA Chairs, Board members, and Council members had their start in State CPA Societies
Pipeline - Good Newsp20% avg increase in
Graduates & enrollments!
Increases in CPA pipeline involved a multi-year collaboration on student recruitment between State CPA Societies & AICPA
Promoting the CPA Career –Maryland example
Tomorrows New/Young Tomorrows CPA.org
gProfessionals
NetworkMACPA
Most state societies have similar programs to onboard students into the Profession
Four Generations in the WorkplaceFour Generations in the WorkplaceIssue: Generational Differences
• Matures – 1909-45• Boomers – 1946-64• Gen X – 1965-80• Millennials - 1981 +
up (Y2K, Netgen, Echo-boom, Gen Y)Y)
Which one are you?Which one are you?
Biggest Issue Facing NYPNsBiggest Issue Facing NYPNs• Bridging the Gap between college & real world• Under Developed Skill Sets• Under-Developed Skill Sets
– Leadership & Communication– Time Management & OrganizationTime Management & Organization– Analytical Skills– Technical Skills
• Work-Life Balance• Limited Networking Opportunities• Intimidation• CPA Exam
Lack of a Voice in Profession• Lack of a Voice in Profession
What you can do to promote the a you ca do o p o o e eCPA?
• Understand the “new” CPA Exam• Encourage MACPA candidate
b himembership• Use CPA Exam tracking tool to track
employees progressemployees progress• Support the swearing-in ceremony
C t / i f fi / lt• Create / reinforce firm/company culture that celebrates CPAs
Meet the New Young ProfessionalsRemember when you were ‘made’ to be aRemember when you were made’ to be a member of your State Society & AICPA?
According to the William E. Smith study of Association value: Benefits to the professionals and their employers include higher morale, increased employer loyalty, networking, professional development, leadershipnetworking, professional development, leadership experience, professional community and big-picture thinking.
Protecting the CPA Image & g gReputation• Remember Enron & WorldCom?
Public Relations and Image protection are both a major focus and great example of State CPA Societies and the AICPAState CPA Societies and the AICPA working together for the benefit of the entire CPA Professionentire CPA Profession
Perceptions of CPAs Largely Perceptions of CPAs Largely Consistent Across All AudiencesConsistent Across All AudiencesConsistent Across All AudiencesConsistent Across All Audiences
BDMs Large Biz BDMs Sm-Med Biz Investors CPAs YPs
1 Has integrity Competent Competent Has integrity Competent
Rank
2 Competent Has integrity Has integrity Competent Has integrity
3Able to synthesize
information from multiple sources
Objective Objective ObjectiveAble to synthesize
information from multiple sources
4 ObjectiveAble to synthesize
information from multiple sources
Able to synthesize information from multiple
sources
Able to synthesize information from multiple
sourcesAble to see the big picture
5 Focused on client needs Focused on client needs Focused on client needs Focused on client needs Objective
6 Able to identify potential problems before they happen
Able to identify potential problems before they happen
Able to identify potential problems before they happen Able to see the big picture Focused on client needs
7 Technologically adept Technologically adept Technologically adept Demonstrates leadership Able to identify potential problems before they happen
8 Communicates effectively Able to see the big picture Able to see the big picture Able to identify potential problems before they happen Demonstrates leadershipproblems before they happen
9 Able to see the big picture Communicates effectively Communicates effectively Technologically adept Technologically adept
10 Demonstrates leadership Demonstrates leadership Creative and innovative Communicates effectively Communicates effectively
11 Creative and innovative Creative and innovative Demonstrates leadership Creative and innovative Creative and innovative
Image is better than pre-Enron highs
Financial Literacy
www.feedthepig.orgwww.360financialliteracy.org
C t t RConnectors to Resources
Seven Keys to Success in CPA Firm Management
1. Leadership 2 Technology2. Technology 3. Learning Organization 4 M k ti d4. Marketing and Business Development
A G Pl W k5. A Great Place to Work 6. Client Service and Satisfaction 7. Strategy Execution
Firm Opportunities in these turbulent times
• Talent acquisition• Succession planning• Succession planning• Strengthen value-added relationship with
clients (cash flow financing & costclients (cash flow, financing & cost control)
• International / XBRLInternational / XBRL• Governance• Young Professionals – reverse mentoringYoung Professionals reverse mentoring
Competencies NeededAnother example of the power of the AICPA & State CPA Societies working together the CPA Vision identified theseSocieties working together – the CPA Vision identified these critical competencies for 2011 – years before Deloitte
• Change M t
• Communication & L d hiManagement
• Strategic Ability• Critical Thinking
Leadership• Strategic & Critical
Thinking• Critical Thinking• Business
Perspective
Thinking• Focus on the Customer,
Client, and Market
• Organizational AgilityD li ith
• Interpretation of Converging Information
• Technologically adept• Dealing with Ambiguity
• Technologically adept
CriticalTurningTurning
Point
Courtesy of the Business Learning Institute © 2000
Connect – Protect - Achieve!“Association membersAssociation members
earn, on average, $10,000 more per year than non-
members”And
“are 19% more likely to say they are “very-
satisfied” with their jobssatisfied with their jobs than non-members”
Where the Winners Meet Study by the William E. Smith Institute for
Association Research
Tom Hood, CPA.CITPCEO
Maryland Association of CPAs
Betsy AdrianPresident
Minnesota Society of CPAsMaryland Association of CPAsBusiness Learning Institute
(443) 632-2301E-mail [email protected]
Minnesota Society of CPAs
(952) 831-2707E-mail [email protected]