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12 posts from November 2017

4 financial benefits of single audit specialization

Focus on audit specializationCan a small firm thrive by building a niche within a highly specialized audit area? My firm, Clausell & Associates, P.C., in Decatur, Georgia, has found the answer is a resounding “yes.”

Our 10-person firm opened in 1987, three years after Congress passed the Single Audit Act. This landmark legislation standardized audit requirements for states, local governments and Indian tribal governments that receive and use federal financial assistance. Our firm’s founders saw an opportunity to establish themselves in this new and growing niche. Today, single audits make up about 60 percent of our practice, so the original decision to specialize in single audits was a great move for our firm. 

For practitioners thinking that specializing may limit their practice, don’t worry. Over the years, our single audit expertise has helped to set us apart in the marketplace and drive our growth. Here are some of the rewards that we have found through single audit specialization. 

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4 good reasons to go to that networking event

NetworkingWe are all busy. When we aren’t at work we’re juggling a long list of priorities, including spending time with family and friends, partaking in hobbies or running errands that can’t be put off any longer. You will notice, nowhere in that list is attending networking events.  But that shouldn’t be the case.

Here’s a story that might inspire you to slap on a smile, put on a nice outfit, and go to that networking event—even if you’d rather sit on the couch catching up on This Is Us.  When one CPA, Heather Zundel, moved from Las Vegas to Albuquerque, she joined her state society and started showing up at their events. Along the way, she formed strong relationships that helped her feel rooted in her new community.  This involvement led to leadership opportunities as well, such as becoming the youngest woman to chair her state CPA society’s board of directors.

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Secret Santa 101: Brush up on gift exchange game rules

Secret Santa

The office tree has been trimmed, the halls have been decked and everyone is scrambling to get all of their end-of-year work done. But before you can leave the office for the holidays and officially begin the festivities, there’s one thing left to do: the office gift exchange.

More budget-friendly than your typical office party, a gift swap get-together might be the way to go. Consider these three gift giving games for your small firm’s holiday celebration. They will make everyone feel jolly and turn a potentially ho-hum gathering into a ho-ho-holiday team bonding experience.

Game: White Elephant  

How to Play: Have you ever looked at a gift someone just received with envy because you wished it had been given to you instead? With White Elephant—also known as Pirate Santa, Yankee Swap and Dirty Santa—you’re in luck. That coveted gift can be all yours.

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Not into Black Friday? #GivingTuesday is for you

Giving tuesdayYou probably know Black Friday and Cyber Monday.

What about #GivingTuesday?

The charitable holiday is a global day of giving – either money or time – that takes place the Tuesday after Thanksgiving. Started in 2012, #GivingTuesday to date has encouraged people from more than 98 countries to donate more than $177 million to charity.

There are so many wonderful and impactful organizations in the world, so we encourage you to choose one that is close to your heart. If you need help deciding, here is one that means a lot to the profession – the AICPA Benevolent Fund.

What is it?

In 1933 during the Great Depression, the AICPA created the Benevolent Fund as a place for members to turn during times of financial difficulty. In cases of serious illness, an accident, or the death of the primary source of family income, the fund helps members meet daily living and medical expenses not covered by insurance. One-time emergency grants are also available to help with natural disasters and other unexpected events.

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The Form 990: Not-for-profits, you can run, but you can’t hide

 

990 1

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The Gramm-Leach-Bliley Act still applies to CPAs

ID theftThe information encoded in your DNA determines your unique biological characteristics, such as sex, eye color, age and Social Security number. -  Dave Barry

The fight against identity (ID) theft is starting to bear fruit: The number of taxpayers who reported that they were victims of identity theft to the IRS dropped in 2016. This means 376,000 fewer taxpayers reported ID theft, a drop of 46%. Also, the IRS stopped 883,000 tax returns with confirmed identity theft links from getting through the system in 2016. That helped lead to a 37% drop in stolen returns that year.

Dave Barry is a funny guy, but ID theft is no laughing matter. Fraud detection is still one of National Taxpayer Advocate Nina Olson’s “most serious problems” as indicated in her 2016 Annual Report to Congress.

Olson sites a 2015 Treasury Inspector General for Tax Administration (TIGTA) report that said although the IRS’s fraud detection efforts were able to stop between $22 billion and $24 billion of false refunds from being issued, identity thieves were still able to steal approximately $5.75 billion in the 2013 filing season.

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Not a natural born leader? 5 tips can boost your skills

Horn_LaceySome say that leaders are born. Others believe that leaders are made. I’m definitely a fan of the hybrid approach. There have been moments in my career where I’ve harnessed some inherent abilities and cultivated others to move up the ladder. Even from a young age, I knew I wanted to make a significant contribution to my community. But, to be effective as the Treasurer of the Cherokee Nation, I’ve had to draw from personal and professional experiences and build my confidence. You can do it too. Here are some tips.

  1. Lead by observation. Closely observing a respected leader’s approach to strategy is key to developing your own. I became a math hound from watching and helping my grandmother run her business. That’s really where my leadership training began. Later, when I started working for the Cherokee Nation, I had a terrific mentor who took me under his wing and allowed me to be involved in decision-making for the tribe. By watching how others lead, you can gain their 30,000-foot view while simultaneously working with your boots on the ground.
  1. Lead by listening. Listening to and understanding the perspectives of others can help you determine how to tackle new challenges and gain the trust of your colleagues. When I became Treasurer of the Cherokee Nation, I was suddenly managing an experienced team of 98 people. I had to prove myself to everyone, and I did that by listening to them. I asked them what they felt the tribe’s opportunities and challenges were. Also, I wanted to hear about the ideas they had and what they would focus on if they were in my position. My team felt heard and saw firsthand my eagerness to put their thoughts and ideas into action.
  1. Lead by taking on new responsibilities. You don’t have to have a leadership title to build your confidence and leadership skills. All you have to do is raise your hand. Whether you’re offering to manage a work project, volunteering for the board of a nonprofit organization or taking a leadership role at your alumni association, step up. This is how you learn and demonstrate to others that you’re willing to lead.
  1. Lead by learning. Any professional will tell you that you learn new things every day, CPE-required or not. Take the audit, for instance. By performing an audit, you learn about planning, project management and how to form an argument. It’s a proving ground for many CPAs as they build real-world leadership qualities, which was certainly the case for me. I pass the spirit of constant learning on to my staff by encouraging them to take advantage of opportunities to broaden their horizons on a variety of topics, from Standards for Excellence to public speaking. I’m a big believer in demonstrating the desire to learn; it’s a leadership quality all on its own.

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You asked, we delivered. A more flexible attestation standard.

SlinkyWe heard from members. Their clients want them to perform procedures and report in a format similar to an agreed-upon procedures (AUP) engagement, with more flexibility. To be responsive to the needs of our members and the public, the AICPA Accounting and Review Services Committee (ARSC), got together with the Auditing Standards Board (ASB) and developed a new proposed standard, Selected Procedures. If adopted, it will address several practice issues that CPAs are experiencing today and result in a standard that is in the public interest.

Development of the procedures

In an AUP engagement:

  • The CPA performs procedures that are established by specified parties.
  • The specified parties are responsible for the sufficiency of the procedures for their purposes.
  • The engagement letter is required to include agreement on the procedures.
  • In circumstances where the procedures evolve or are modified over the course of the engagement, the CPA is required to amend the engagement letter to reflect the modified procedures.
  • The practitioner’s report is restricted to the use of those parties that established and agreed on the sufficiency of the procedures

In practice, many CPAs find that the specified parties are unable or unwilling to develop the procedures needed.

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Your new, blockchain supported job

You’ve probably heard that blockchain technology is going to disrupt accounting. (If you read AICPA newsletters or accounting news articles or attend our conferences, you have definitely heard this.)

But do you still find yourself wondering exactly how it is going to do that? Look no further. We’ve compiled 4 big ways your job could change because of the blockchain.

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Personal financial satisfaction hits record high - what’s in it for me?

Personal finances are like fingerprints, everyone is unique. With the AICPA’s Personal Financial Satisfaction Index (PFSi) at an all-time high, you may be wondering what it means for you.

Let’s start with some background. The PFSi is a quarterly economic indicator that measures the financial standing of the average American. It’s calculated as the difference between two sub-indexes: The Personal Financial Pleasure Index, which measures the growth of assets and opportunities, and the Personal Financial Pain Index, which calculates the loss of assets and opportunities. Most recently, the Pleasure Index (68.1) greatly outweighed the Pain Index (42.1), bringing the PFSi to a positive reading of 25.9, the highest reading since 1994.

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Be thankful, not broke: Friendsgiving on a budget

Deck the halls with boughs of holly, fa la la –

Hold up! Before you whip out the eggnog, don’t forget there’s another holiday between Halloween and Christmas. You know the one, where stretchy pants are part of the dress code so you can devour ALL the stuffing and cranberry sauce.

While a dinner in your hometown is sometimes the preferred way to spend Thanksgiving, the financial impact can be daunting. On average in the United States, more than $2.9 million dollars is spent on Thanksgiving dinner food, and the average household spending clocks in at around $342 for the weekend. This is why many Americans are opting for a “Friendsgiving” instead, celebrating Thanksgiving locally with friends. It’s a popular way of saving time, travel and, most of all, money.

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6 factors to choose the right basis of accounting for your not-for-profit

AccountingCash, accrual, modified cash or tax—which basis of accounting is best for your not-for-profit? It’s an important decision, so you should consider your options carefully. Management, stakeholders, board members, current and potential grantors, donors and creditors all rely on your financial statements to gain an understanding of your organization’s financial health.

Not-for-profit organizations have several options when choosing a basis of accounting. Here are brief descriptions of your choices:

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