September 2014 - Nebraska Society of Certified Public Accountants

September 2014
Official Publication of the Nebraska Society of CPAs
FOR CHAIRMAN
ANTHONY J. PRUSS III
The Society’s Nominating Committee, as appointed by the Board of
Directors, has announced the Officer
and Board nominees for the 20142015 Society year.
Meeting on July 15, 2014, the
Committee voted to nominate for
recommendation to the general membership at the Society’s Annual Meeting in LaVista on October 27, 2014,
the following leadership slate: Anthony J. Pruss III of Norfolk Chairman, (previously elected); ChairmanElect: Patrick G. Kirlin of Omaha,
Douglas J. Lacey of Ralston, threeyear term on the Board of Directors
Join us
October 27 & 28,
2014
for the
Nebraska Society
of CPAs’
Fall CPE Conference
& Annual Meeting
at the
Embassy Suites
12520 Westport Pkwy
LaVista, NE
Register online at:
www.nescpa.org/
conferenceregform.php
FOR CHAIRMAN-ELECT
PATRICK G. KIRLIN
FOR DIRECTOR
RYAN L. PARKER
FOR DIRECTOR
DOUGLAS J. LACEY
NEBRASKA SOCIETY’S 2014-15
LEADERSHIP SLATE ANNOUNCED
and Ryan L. Parker of Fairbury, threeyear term on the Board of Directors.
Serving on the Nominating Committee were Immediate Past Chairman
Patrick Lavelle of Omaha, who served
as committee chairman, Board Chairman Dan Wells, Tony Pruss of Norfolk, Steve Anderson of Lincoln, Marcy Luth of Grand Island and Sheila
Brugger of York.
The actions were taken by the
Committee to meet the requirements in
Article III, Section 2, of the Society
Bylaws which state:
Nominations for directors and officers shall be made by a committee of not
less than three members of the Society,
appointed by the Chairman of the
Board and approved by the Board of
Directors. The Board of Directors shall
establish procedures to be followed by
the Nominating Committee. The names
of such nominees shall be published to
all members, by the Secretary, not less
than twenty days prior to the date of
election. Thereafter, additional nominations may be made by the petition of
any ten or more members of the Society,
signed by them, and delivered to the
Secretary not less than five days preceding such election.
Society Secretary Patrick Kirlin of
Omaha therefore publishes the following Society leadership slate for the
2014-2015 Society year:
FOR CHAIRMAN (Previously
elected): Anthony J. Pruss III is a
shareholder in the public accounting
firm of Auten, Pruss & Beckmann,
P.C. in Norfolk. A Society member
since 1979, he has served a dozen
Continued on Page 3
From the AICPA
Integrity, objectivity and competence have long been hallmarks of the
CPA profession and provide the foundation for CPAs’ reputation in the marketplace. With accounting issues and
the business environment becoming
more complex, information-driven and
fast-changing, practitioners face new
challenges in maintaining audit excellence.
To address those challenges, the
AICPA has launched the Enhancing
Audit Quality (EAQ) initiative, which
In Memoriam
James E. Connelly
Omaha, Nebraska
1950-2014
Nebraska Certificate #1554
Society Certificate #1168
2
presents the Institute’s efforts to help
auditors of private entity financial
statements further improve the quality
of the services they provide. Practitioners can give input on those plans by
commenting on the AICPA’s newly
released discussion paper, Enhancing
Audit Quality: Plans and Perspectives
for the U.S. CPA Profession. Comments are due November 7, 2014.
Advancing Audit Quality
The discussion paper highlights
ways the profession maintains and enhances audit quality, from establishing
requirements for competence, diligence and due care; to setting audit
and quality control standards; to administering the Peer Review Program.
By summarizing near- and longer-term
proposals to continue raising financial
statement audit quality, the paper asks
for feedback from all parties involved
in the audit process of non-public entities. (For purposes of the EAQ,
“private entities” refers to all non-SEC
registrants, including not-for-profit
organizations, employee benefit plans
and governmental entities.)
“As they navigate today’s business
environment, practitioners are intent
on providing high-quality audit services to their clients,” said AICPA officials. “The profession’s Enhancing
Audit Quality initiative demonstrates
the profession’s continued commitment to quality. It outlines the many
areas where stakeholders from our profession’s many constituencies—our
own members, peer reviewers, state
boards, state societies and regulators—
can work together to strengthen audit
performance.”
EAQ Areas of Focus
The AICPA is looking for input
that could help it shape plans and programs proposed by the EAQ effort.
The discussion paper poses specific
questions through an online community where stakeholders can engage in a
productive dialogue.
Continued on Page 9
LEADERSHIP SLATE . . .
From Page 1
years on the Taxation Committee and
15 years on the CPE Committee where
he is currently Vice-Chairman. Tony
currently is also a member of the Society Foundation’s Board of Trustees.
From 2007-2010, he was a member of
the Society Board of Directors and also
served a term as Society Secretary and
a member of the Executive Committee.
A graduate of Wayne State College, he
has been active in the Norfolk Community over the years as a Board member
of the Norfolk YMCA, the MidAmerican Council of Boy Scouts of
Membership
Applications
Nebraska Society membership applications
have been received from the following individuals. Objections should be filed with the
Secretary of the Nebraska Society of CPAs:
Patrick G. Kirlin, Rhea Cattle Company,
5935 McCall Lane, Arlington, NE 68002.
Lynda M. Anderson, Mar vin E.
Jewell & Co., PC; Lincoln
Angela Elliott-Davis, Legacy
Homes Omaha, LLC; LaVista
Barrett J. Hahn, Almquist,
Maltzahn, Galloway & Luth, PC;
Grand Island
Jacob Hovendick, Adams Bank
& Trust; Ogallala
Brady J. Kayl, Dana F. Cole &
Co., LLP; Grand Island
Cassandra M. Kelly, Fr ankel
Zacharia, LLC; Omaha
John P. Kerkman, HBE Becker
Meyer Love, LLP; Lincoln
Kaylie M. Koso, Mar vin E. J ewell & Co., PC; Lincoln
Marcia K. Murray, J ames Skinner Baking Company; Omaha
Linda A. Stacy, National
Research Corporation; Lincoln
Mindy R. Stetson, Childr en’s
Hospital & Medical Center;
Omaha
Marilyn K. Tosh, Applied
Underwriters, Inc.; Omaha
Stephanie F. Vanicek, Hancock
& Dana, PC; Omaha
Eric J. Vrba, Seim J ohnson,
LLP; Omaha
America and has been Past Chairman
and a member of the Finance Committee of Sacred Heart Parish in Norfolk.
FOR CHAIRMAN-ELECT: Patrick G. Kirlin, a Society member since
1989, has served and been Chairman of
both the Accounting Careers and Industry Committees. His professional experience includes over two year of public
accounting and over 25 years as an accountant in industry. Pat’s industry experience includes financial leadership
roles for Nebraska companies in the
manufacturing, public utility, warehouse
and distribution, retail, and agri-business
sectors. Currently Kirlin is the Controller and Assistant CFO for Rhea Cattle
Company in Arlington. He graduated
from the University of Nebraska at Omaha with a Bachelor’s of Science degree
in Business Administration with a double
major in Accounting and Management
Information Systems. He also earned an
MBA from Creighton University. Pat is
active in the greater Omaha community
as he is a past Chairman of the Supervisory Committee of the Omaha Public
Power District Employee Federal Credit
Union and has served on various committees of Boy Scout Troop 405 in Omaha.
FOR DIRECTOR: Ryan L. Parker of Fair bur y is the Pr esident &
CEO of Endicott Clay Products Company near Endicott, NE. He graduated
in 1994 from Iowa State University
with a Bachelor’s degree in Business
Administration with a major in Accounting. Ryan became a Manager
working for Deloitte & Touche LLP in
Des Moines, IA from 1994 to 1999
before becoming the Vice President of
Finance for Endicott Clay Products
Company. Ryan received his Masters
of Business Administration from the
University of Nebraska-Lincoln in
2007. In 2010, Ryan was promoted to
President & CEO of Endicott Clay
Products. A Society member since
1999, Ryan has served on the Society’s
Industry Committee for several years.
His community service includes being
Chairman of the Board of the First National Bank of Washington, KS for the
last 15 years, serving on the finance
committee of St. Michael’s Catholic
Church in Lincoln and has recently
completed a board term on the Jeffer-
son County Community Hospital. FOR DIRECTOR: Douglas J.
Lacey is the founder and owner of
Lacey & Associates CPAs P.C. in Ralston that specializes in small business
consultation, write-up work, taxes and
complications. A former high school
teacher and coach at Hastings High
School in the early 1970s, Doug
worked in public practice for many
years before starting his own firm in
1992. He has been a Society member
since 1988 and has been active on the
Society’s CPE Committee since 1992
including serving as Committee Chairman. Lacey is a Past President of the
Ralston Area Chamber of Commerce
and the Ralston Optimist Club and is
currently Treasurer of All Saints Episcopal Church in Omaha. He graduated from Kearney State College with a
bachelor’s degree in education in 1969
and a master’s degree in 1972.
Finishing Terms
Finishing their terms on the Society’s Board of Directors will be Patrick
Lavelle of Omaha and Tom Meister of
Omaha.
Nebraska CPA is published ten times annually for
members of the Nebraska Society of CPAs. Publication
is monthly, with the exception of two combined issues:
February/March and December/January. Copy deadline
is the tenth of the month prior to publication.
Nebraska Society of CPAs
635 South 14th Street, Suite 330
Lincoln, Nebraska 68508
(402) 476-8482 or (800) 642-6178
Fax (402) 476-8731
Email [email protected]
www.nescpa.org
OFFICERS
Daniel L. Wells, Chairman
Anthony J. Pruss, III Chairman-Elect
Patrick G. Kirlin, Secretary
Michelle R. Thornburg, Treasurer
Patrick J. Lavelle, Immediate Past Chairman
DIRECTORS
Vaughn L. Benson
Sheila A. Brugger
Thomas J. Meister
Shari A. Munro
John W. Sehi
John B. Fruhwirth
Elected Member of AICPA Council
Richard D. Gifford
West Nebraska Chapter President
STAFF
Dan Vodvarka, President
Trudy Meyer, Vice President
3
By: James Schiavone
[email protected]
In an environment where the exponential growth of information available is changing the way many businesses operate, CPAs working in the
forensic and valuation areas have
identified big data as the most pressing issue they’ll face in the near future. In addition, 85 percent of respondents to the 2014 AICPA Survey
on International Trends in Forensic
and Valuation Services anticipate
an increase in the amount of time they
spend on electronic data analysis in
the near future.
One in four (25 percent) respondents selected electronic data analysis –
better known as big data – when
asked, open-endedly, to name their
top five issues over the next two to
five years. The frequency with which
big data was cited, reflects a business
culture with an increasingly sophisticated understanding of the potential of
this information. However, the sheer
volume of data has created an environment where fraud can become
more difficult to detect.
“Big data presents a real opportunity for businesses to glean actionable insights from information. However, the downside is that it also presents
a risk because the more data available,
the harder it is to spot fraudulent activity, such as the creation of a fictitious employee or an improper payment to a vendor. To combat this
risk, businesses rely on forensic accountants for their expertise digging
deep into the data, unraveling the
work of criminals and detecting that
fraud,” said Jolene Fraser, CPA/CFF
and chair of the survey committee.
After electronic data analysis, the
additional top issues forensic and valuation professionals cited they anticipated facing over the next two to five
years are:
 increased complexity and scrutiny
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in engagements (20 percent)
 competition and fee pressure (14
percent)
 regulatory changes (11 percent)
 attracting and retaining qualified
staff (7 percent).
The survey found that a majority
(76 percent) of forensic respondents
expected to experience increased demand over the next two to five years.
Specifically, 30 percent expected demand for their services to increase up
to 25 percent, and an additional 33
percent expected growth of up to 10
percent. On the higher end of the
spectrum, nearly 13 percent of forensic accountants expect demand to
spike by 50 percent or higher. Twenty
percent forecast no change in demand,
and 4 percent expected a decrease in
demand.
Steady growth was expected in
the valuation area as well, more than
half (54 percent) of respondents expecting more demand for their services in the next two to five years.
Specifically, 28 percent anticipated
demand to increase by up to 10 percent, with an additional 18 percent
anticipating a bump in demand of up
to 25 percent. More than six percent
expected demand to increase by 50
percent or higher. Forty-one percent
forecast no change in demand, and six
percent foresaw a decrease in demand
for their services.
“The increasing demand we’re
seeing for forensic and valuation services performed by CPAs shows the
growth in these areas is poised to continue in the near future,” said Jeannette Koger, CPA, CGMA, vice president of member specialization and
credentialing
at
the
AICPA.
“Businesses and consumers realize
that the CPA combined with the
AICPA’s Certified in Financial Forensics (CFF) and Accredited in Business
Valuation (ABV) credentials signifies
a highly qualified professional with
the skill-set to get the job done.”
Indeed, when respondents were
Continued on Page 8
Date
The Nebraska Society of CPAs’ 2014 Fall CPE Calendar
Course Conference / Course Title
Type
Discussion Leader
www.nescpa.org
Facility & Location
September
4
NAPC
"Small" GAAP: New AICPA Private Company Financial Reporting Standards (4-Hour Morning Course)
AA
D. Van Der Aa, Federal
Tax Workshops
Mahoney State Park, Ashland, NE
4
MTNI
Medicare Tax on Net Investment Income: Analysis & Planning
(4-Hour Afternoon Course)
TX
D. Van Der Aa, Federal
Tax Workshops
Mahoney State Park, Ashland, NE
5
SUBS
S Corporations: Overview and Update
TX D. Van Der Aa, FTW
11
ASLG
Accounting & Auditing of State & Local Governments
AA Paul Koehler, CPA
The Cornhusker, Lincoln, NE
12
AANP
Accounting & Auditing of Nonprofit Organizations - New Guide
AA Paul Koehler, CPA
The Cornhusker, Lincoln, NE
19
DIRS
Tips and Tricks for Handling IRS Disputes
TX Robert Thelen, AICPA
Fairfield Inn & Stes, Grand Island, NE
Mahoney State Park, Ashland, NE
Mahoney State Park, Ashland, NE
22
FSPB
Family and Succession Planning for the Business Owner
Edward Zollars, Nichols
TX
Patrick CPE
23
EQCT
Ethics and Quality Control in Tax Practice
ET
Edward Zollars, Nichols
Patrick CPE
Mahoney State Park, Ashland, NE
24
NRR
New "Repair Regs" - Sec. 263(a)
TX
Edward Zollars, Nichols
Patrick CPE
Mahoney State Park, Ashland, NE
25
SMES
The New Reporting Option: A Financial Reporting Framework
for Small and Medium-Sized Entities
AA
Michael Morgan, Surgent
McCoy
The Cornhusker, Lincoln, NE
26
ACAU
Annual Accounting and Auditing Update
AA
Michael Morgan, Surgent
McCoy
The Cornhusker, Lincoln, NE
29
TPCP
2014 Tax Planning Update for Corporations, Partnerships &
LLCs (Co-Sponsored with the West Nebraska Chapter of
CPAs)
TX
Bradley P. Burnett, J.D.,
LL.M.
Gering Civic Center, Gering, NE
30
SPU
Succession Planning Update for Closely Held Businesses,
Farms and Ranches (4-Hour Morning Course, Co-Sponsored
with the West Nebraska Chapter of CPAs)
TX
Bradley P. Burnett, J.D.,
LL.M.
Gering Civic Center, Gering, NE
30
HCRR4
Health Care Reform Reality (4-Hour Afternoon Course, CoSponsored with the West Nebraska Chapter of CPAs)
TX
Bradley P. Burnett, J.D.,
LL.M.
Gering Civic Center, Gering, NE
October
1
OGLI
Oil and Gas Taxation: Landowner & Investors
TX
R. "Butch" Rogers,
Nichols Patrick
Holiday Inn & Conf. Ctr., Kearney, NE
2
OGNB
Oil and Gas Taxation - Nuts & Bolts
TX
R. "Butch" Rogers,
Nichols Patrick
Quarry Oaks, Ashland, NE
3
GTTL
A GASB "Top 10" - Key GASB Statements: Critical Requirements & Illustrations
AA Paul Koehler, CPA
Quarry Oaks, Ashland, NE
16
SELL
Buying and Selling a Business: Critical Tax and Structuring
Issues
TX
Maury B. Reiter, Surgent
McCoy
The Cornhusker, Lincoln, NE
17
TARE
The 25 Most Important Tax Aspects of Real Estate Transactions
Maury B. Reiter, Surgent
TX
and Investments
McCoy
The Cornhusker, Lincoln, NE
27-28
FALL
14th Annual FALL CPE Conference
30
EXIB
Hot IRS Tax Examination Issues for Individuals & Businesses
TX
Scott Emerson, Surgent
McCoy
Fairfield Inn & Stes, Grand Island, NE
31
AP41
Advanced Form 1041 Practice Workshop
TX
Scott Emerson, Surgent
McCoy
Fairfield Inn & Stes, Grand Island, NE
Various
Embassy Suites Conf. Ctr, LaVista, NE
5
THE NEBRASKA SOCIETY OF CPAS’ 14TH ANNUAL FALL CPE
CONFERENCE - OCTOBER 27 - 28, 2014
Embassy Suites ~ 12520 Westport Parkway, LaVista, Nebraska
Conference Fees:
The fee covers all conference sessions, materials, lunches, continental breakfasts and refreshment
breaks. Early registration is encouraged.
$385 - Two Days Society Member $415 - Two Days Non-Society Member $305 - One Day - Society Member
Conference Agenda & Registration Form
PLEASE MAKE YOUR SELECTIONS BELOW AND EMAIL ([email protected]), FAX (402.476.8731) OR MAIL (NEBRASKA SOCIETY OF CPAS,
635 S. 14TH STREET, SUITE 330, LINCOLN, NE 68508) THIS FORM. YOU WILL RECEIVE A CONFIRMATION WITHIN 3 BUSINESS DAYS. YOU CAN
ALSO REGISTER ONLINE AT WWW.NESCPA.ORG/CONFERENCEREGFORM.PHP. PLEASE NOTE SPECIAL LODGING RATES ARE ALSO AVAILABLE.
MONDAY, OCTOBER 27, 2014
7:00 to 8:00 AM
8:10 to 9:40 AM
10:00 AM to Noon
12:00 to 1:30 PM
1:30 to 2:40 PM
3:00 to 4:00 PM
Registration & Continental Breakfast
“AICPA’s Professional Issues Update” – Richard J. Caturano, CPA, AICPA Past Chairman
“World’s Fastest Tax Update” – Larry Kopsa, Kopsa Otte CPAs & Advisors
Luncheon and Annual Business Meeting
“Fraud Schemes & Scams: Lessons from the Trenches” – Shauna Woody-Coussens, BKD LLP
Breakout Sessions - Please select one breakout session by filling in the circle ().
“The Succession Planning Action Guide for Professional Firms” – Nick Niemann, McGrath North
“From a CPA in Nebraska Legislature, Why You Should Run For Public Office” – Senator Galen Hadley
“Lean Accounting” – TBA, Nebraska Business Development Center
4:00 to 5:00 PM Breakout Sessions - Please select one breakout session by filling in the circle ().
“The Succession Planning Action Guide for Business Owners” – Nick Niemann, McGrath North
"Current Trends in Risk Management” – Jack Struyk, Lockton Companies
“Lean Accounting” – TBA, Nebraska Business Development Center
7:30 to 8:00 AM
8:00 to 9:00 AM
9:05 to 10:40 AM
10:55 am to 12:05 PM
12:05 to 12:50 PM
12:50 to 2:00 PM
2:15 to 4:00 PM
4:00 PM
TUESDAY, OCTOBER 28, 2014
Continental Breakfast
“The Tax Commissioner’s Update” – Kim Conroy, Nebraska Department of Revenue
“Nonpublic Entities Getting Attention, FINALLY!” – Kelly Karmazin & Tony Eitzmann, Seim Johnson, LLP
Breakout Sessions - Please select one breakout session by filling in the circle ().
“Disaster Recovery: Safeguarding Company Data” – Phil Lieber, P&L Technology
“Revenue Recognition” – Arie Wilgenburg, Deloitte & Touche LLP
"Education to Careers, Creating Strategic Partnerships ” – Catherine Lang, Accelerate Nebraska
Luncheon
Breakout Sessions - Please select one breakout session by filling in the circle ().
“Maximizing Your IT Through Server Virtualization” – Phil Lieber, P&L Technology
"Health Insurance Update” – Tony Sorrentino, SilverStone Group
"NE Board of Public Accountancy & QEP Updates” – Dan Sweetwood, NE Board of Public Accountancy
“Ethics Update” – Jimmy Williams, Compass Capital Management, LLC — 2 Hours of Ethics
Conference Adjourns
Confirmation and/or Credit Card Receipt:  Email  Mail
Address: _______________________________________________________
Attendee _______________________________________________ Firm/Business ________________________________________________
Mailing Address
 Firm  Home ____________________________________________________________________________________
Contact Name ___________________________________________ Contact Number ______________________________________________
Special Accommodations Needed: _________________________________________________________________________________________
Payment Information: Amount $ __________________
 Check  MasterCard  Visa
Credit Card Number ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
Print Card Holder's Name _____________________________________
Credit Card Billing Address, City, State & Zip
6
Expiration Date ________________
CVV Code (on back of cc) ____ ____ ___
Card Holder's Signature __________________________________
14TH ANNUAL FALL CPE CONFERENCE &
ANNUAL MEETING OF THE NEBRASKA SOCIETY OF CPAS
OCTOBER 27 - 28, 2014
The Nebraska Society of CPAs will host its 14th Annual Fall CPE Conference on October 27-28, 2014, at the Embassy Suites Conference & Convention Center, 12520 Westport Parkway, LaVista, Nebraska.
The conference qualifies for 16 hours of continuing professional education credit, of which two hours will count
towards the ethics requirement with the Nebraska Board of Public Accountancy. The registration form and costs can
be found on the next page or online at www.nescpa.org/conferenceregform.php.
Parking is available at Embassy Suites or at the Courtyard Marriott.
A block of sleeping rooms has been reserved at The Embassy Suites for conference attendees at the special rate
of $119 per night for a single or double. This block of rooms has been reserved under our name, The Nebraska Society of CPAs. All reservations must be received on or before Friday, September 26, 2014. Any reservations made after
that date will be subject to availability and the hotel’s guest room rates. Reservations are made by calling the Embassy Suites at (402) 331-7400.
Please list any special accommodations on your registration form or notify us by email ([email protected]) or by
phone (800) 642-6178 at least one week prior to the conference. For your comfort during the events, we recommend
dressing in layers to accommodate the varying temperatures in hotel meeting rooms.
The conference was planned by the members of the Fall CPE Conference Planning Committee and its Chairman,
Tracy Black.
The Nebraska Society's 86th Annual Meeting will be held during the NOON LUNCHEON ON OCTOBER 27,
2014. This special annual event features the election of new Society officers, a summary of the Society activities and
accomplishments of 2014 by retiring Chairman of the Board Dan Wells of Omaha and an acceptance speech and "call
to action" by incoming Chairman Anthony Pruss III of Norfolk.
The Society's 2014 Foundation scholarship winners will also be recognized, as will the new Nebraska CPA certificate recipients. As always, the highlight of the day's agenda will be the RECOGNITION OF THREE OUTSTANDING
NEBRASKA CPAs who will be honored for their service, dedication and accomplishments!
PLEASE CONSIDER TAKING TIME OUT OF YOUR BUSY SCHEDULES TO JOIN US AS WE CELEBRATE THE
SOCIETY’S PAST ACCOMPLISHMENTS AND LOOK FORWARD TO A DYNAMIC FUTURE!
ANNUAL MEETING LUNCHEON
REGISTRATION FORM & PAYMENT
Annual Business Meeting Luncheon Only
$40 - Society Member
(For those attending the Conference, the Annual Meeting fee is included in the price of the conference)
Confirmation and/or Credit Card Receipt:  Email  Mail Address: ______________________________________________________
Attendee ____________________________________________________ Firm ___________________________________________________
Mailing Address
 Firm  Home ____________________________________________________________________________________
Contact Name ________________________________________________ Contact Number _________________________________________
Special Accommodations Needed: ________________________________________________________________________________________
Payment Information: Amount $ __________________
 Check  MasterCard  Visa
Credit Card Number ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___
Print Card Holder's Name ______________________________________
Expiration Date ________________
CVV Code (on back of cc) ____ ____ ____
Card Holder's Signature ___________________________________
Credit Card Billing Address, City, State & Zip _________________________________________________________________________________
7
“BIG DATA” . . .
From Page 4
asked what credentials they require of
those providing forensic accounting
services to possess, a CPA was the
most frequently required credential.
The CPA, coupled with the CFF credential, provides the most desirable
combination of credentials in the areas
of: fraud prevention, detection and
response; financial statement misrepresentation; damages calculations;
bankruptcy; and electronic data analysis. In addition, the CPA coupled with
the ABV credential was the most
widely desired combination of credentials for valuation engagements.
The 2014 AICPA Survey on International Trends in Forensic and Valuation Services was open to members
of CPA Canada, in addition to AICPA
members, for the first time. The survey, which was conducted from September 12 to October 25, 2013, contained a total of 182 qualified responses.
The full survey is available online.
2014 SCHOOL DISTRICTS AUDITING &
REPORTING REFERENCE MANUAL AVAILABLE
The 2014 edition of a longtime Society publication, Nebraska School Districts Auditing and
Reporting Reference Manual, is
available through the Society for
$50.
This year’s guide has been
updated by members of the Society’s State and Local Governmental Accounting and Auditing
Committee coordinated by Marcy Luth of Grand Island, Julie
Bauman of Falls City and the Nebraska Department of Education.
The Guide was developed to
assist accountants in preparing
financial statements and reports
for all Nebraska School Districts
and was prepared with the cooperation of the Department of Ed-
ucation and the Nebraska State
Auditor’s Office.
To order the Guide, contact
the Nebraska Society by email
([email protected]) or by phone
at
(402.476.8482
or
800.642.6178)
or
by
fax
(402.476.8731).
In Memoriam
Harry H. Hess
Omaha, Nebraska
1921-2014
Nebraska Certificate #516
Co-Founder (1946)
Boyle, Hess & Elliott, CPAs
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AUDIT QUALITY . . .
From Page 2
Based on the foundational elements of quality—Competence and
Due Care; Standards (Audit and Quality Control); Guidance, Tools, Learning
and Resources; and Monitoring and
Enforcement—the discussion paper
proposes significant changes to the
following areas, among others:
 Peer Review Program: The
AICPA Peer Review Board approved a near-term plan introducing
substantial improvements to the current Peer Review Program that range
from enhanced peer reviewer quality
and in-depth reviews of high-risk
industries to improved engagement/
firm tracking and more informative
review results. In the longer term, an
upcoming project will seek to transform the current Peer Review Program into a more real-time practice
monitoring system that marries advanced technology and human oversight.
 Auditing and Quality Control
Standards: A joint task for ce consisting of representatives from the
AICPA’s Auditing Standards Board
(ASB), Peer Review Board and others is now gaining stronger insights
into audit quality issues. The task
force will examine where and how
audit concerns occur and their root
causes, so appropriate solutions can
be explored.
 Evolving the Audit: The AICPA
Assurance Services Executive Committee (ASEC) is looking to the future of assurance services and seeking to leverage technology to develop new methodologies that will contribute to a more effective, efficient
and timely audit process that will be
more relevant to users. ASEC is
working to provide insight into the
traditional audit approach, how it
has evolved and how it might continue to evolve into the future audit.
For More Information
The AICPA has created an informational
webpage,
aicpa.org/
auditquality. This webpage features
EAQ-related news and developments,
including links to articles and blog
posts on AICPA efforts, as well as resources on areas of focus identified by
the Peer Review Board. A video featuring AICPA Board Chairman Bill
Balhoff, CPA, CFF, CGMA, discussing the EAQ initiative is housed on the
site, too. In addition, look for further
details from the AICPA regarding a
free AICPA webcast on the EAQ to be
held in September.
You can download, read and provide comments on Enhancing A udit
Quality: Plans and Perspectives for the
U.S. CPA Profession on the AICPA’s
online EAQ Community (aicpa.org/
EAQpaper). To comment, you must
use your AICPA.org login or create a
quick login online. Feedback is due
November 7.
Members in the News
Ryan Cook of Elkhor n has been elected a Shar eholder in the Omaha
firm of Lutz and Co. PC. . . . Bryan Geels of Elkhorn has been promoted to
Audit Senior in the Omaha firm of DeBoer & Associates, PC . . . Erin
Vyhlidal of Omaha has been pr omoted to Vice Pr esident-Corporate Finance at Farmers National Company in Omaha. . . . Gail Endorf of Omaha
has been promoted to Manager and Jordan Downey of Elkhorn to Supervisor
in the Omaha firm of Frankel Zacharia, LLC . . . Dr. Paul A. Shoemaker of
Lincoln has been appointed Senior Associate Dean for Faculty and Research
at the University of Nebraska-Lincoln’s College of Business Administration.
. . Bryan Slone of Omaha has joined the Omaha law fir m of Koley J essen
P.C., LLO as an Of Counsel with the firms’ tax practice and has also joined
the College of Business Administration at UNL as the first Executive in Residence in the School of Accountancy. . . .Kurt Meisinger of Plattsmouth has
earned his Accredited in Business Valuation (ABV) designation from the
AICPA.
PROFIT:
LOSS:
Billable Client Hours.
Non-Billable Hours Managing IT.
P&L Technology’s applied Nology
for accounting offices can provide
proactive and accountable IT
Management to help you realize
greater efficiencies faster for
improved profits. Our experienced
staff is proficient in applications such
as ProSystems, Thomson Reuters
and QuickBooks, along with a
variety of IT needs unique to the
accounting profession.
NOLOGY.
IT + P&L = $
Reconcile your technology
and bill more hours. Put our
applied Nology to work
for you. Contact P&L today.
pltechnology.com/cpa
It’s so much more than tech.
Omaha 402.330.9580 | Lincoln 402.742.0118 | pltechnology.com/cpa
9
TAX EXECUTIVES
SCHEDULE CONFERENCE
FOR NOVEMBER 11
A wide variety of speakers
and topics will highlight the Nebraska Chapter of the Tax Executive Institute’s 7th annual Fall
Training Conference on November 11, 2014, at the Scott Conference Center in Omaha.
Among the speakers at the
Conference will be Eric Solomon
of Ernst & Young presenting a
“Washington Update”, former
Nebraska Tax Commissioner
Doug Ewald of KPMG LLP
presenting a “Nebraska Tax Update” and Matt Lerner of Sidley
Austin LLP discussing “The
IRS’s New Focus on Economic
Reality.”
For a complete agenda and to
register for the Conference, please
contact
Philip
Schultz
at
[email protected]. Attendance
is being limited to 150.
A Clear Winner in
Credit Card Processing Services
PowerPay can help all businesses with fast, efficient and
cost-effective processing of credit cards.
Program Benefits:
• Discounted, Visa/Mastercard processing rates
• No application, enrollment or conversion fees
• No long term contracts or cancellation fees
• No daily or hidden fees
• Free Supplies and Repairs program
By accepting credit cards, your clients and customers have the convenience
and flexibility to pay at the time of service or to extend payments. And
you can benefit from receiving your payments on time, increasing your
cash flow.
For additional information and a no obligation free analysis,
call member Rick Shaneyfelt at (877) 334-2040 x 1105.
299 North 115th Street ~ Omaha, Nebraska 68154 ~ www.powerpay.biz
Forensic Accounting Investigations
OPPORTUNITIES AVAILABLE
PAGES 10, 11 & 12
Omaha, NE
CPA Practice for Sale:
Gross of $250K; many desirable
business clients. Revenues made up
mostly of mthly reoccurring accntg
svcs.(82%). Strong fee structure,
good cash flow over 50%.
SW Nebraska
CPA Practice for Sale:
Gross $190k; loyal, long-term client base. Primarily tax work. Solid
fee structure, low overhead, & excellent cash flow over 80%.
For more information about
these opportunities and others in
your area, please call 1-800-3970249.To view listings, inquire for
details, and register for free email
updates visit us at www.AccountingPracticeSales.com.
10
Aren’t Just for Lawyers
Accountants can benefit from them too.
Cody F. Carse, CPA
Certified Fraud Examiner
Certified in Financial Forensics
•
•
•
•
•
•
•
•
Asset discovery / recovery
Contract disputes
Expert witness and consultant
Fraud examinations
Landlord / Tennant disputes
Purchase or sale of a business
Shareholder / Partner disputes
Suspected theft by employees or others
402-201-6427
[email protected]
www.CodyFCarseCPA.com
OPPORTUNITIES AVAILABLE
PAGES 10, 11 & 12
Cornerstone Bank (York, NE),
a $1.3 billion family-owned bank
with 34 locations in 25 communities in Central Nebraska, has an
immediate opening for a qualified CPA. J ob duties r elate to
internal bank audit. Excellent
benefit package. Compensation
based on experience and qualifications. Send resume and cover
letter to Human Resources, Cornerstone Bank. P.O. Box 69.
York, NE 68467 or email
[email protected].
Equal Opportunity Employer/
Women, Minorities, Protected
Veterans and Persons with Disabilities/AAP.
VP of Financial Operations
MOSAIC pr ovides a life of possibilities for people with intellectual
disabilities. Now seeking a Vice
President of Financial Operations, wor king in Omaha, NE.
Supervises 6 analysts. Manages
back-up support for agency business functions and training. Analyzes monthly financial data, company monthly/annual financial
statements, coordinates budget development, and supports internal
audit functions. Facilitates finance
meetings, enhancement of integrated system applications and due
diligence and integration support.
Bachelor's Degree in Business Administration or Accounting. Medicaid, cost reporting, and strong
budget projection experience required. MBA and/or advanced
certification in Healthcare Finance.
CPA with 10 years experience in
accounting and management. Ability to travel up to 50% of the time.
To apply, please submit
salary requirements and resume
with cover letter to
[email protected].
CPA position with 5 or mor e
years public experience in small
Texas Panhandle town. Salary of
$75,000 or more based on experience plus benefits. Please mail
resume to 521 Denver Ave,
Dalhart, Texas 79022 or email to
[email protected].
We are accepting applications for
a Controller on behalf of our client. The ideal candidate will have
a 4-year accounting degree and
some experience in property management or real estate accounting.
CPA not required. Duties include
all aspects of accounting, including bookkeeping, payroll, sales
tax, A/R, and A/P.
Midtown
Omaha
office
location.
Knowledge of QuickBooks and
Microsoft Office is essential.
Please respond to:
NE Society of CPAs, Trudy Meyer,
File #073181, 635 S. 14th St., Suite
330, Lincoln, NE 68508.
We are accepting applications for
a part-time tax preparer. Experience required. Hours will be
9am – 5pm, two days per week,
from February – April. Pleasant
office environment about 20-30
minutes from Omaha or Lincoln.
Please respond to:
NE Society of CPAs, Trudy Meyer,
File #073153, 635 S. 14th St., Suite
330, Lincoln, NE 68508.
THINKING OF SELLING YOUR
PRACTICE? Accounting Practice
Sales is the leading marketer of accounting and tax practices in North
America. We have a large pool of
buyers, both individuals and firms,
looking for practices now. We also
have the experience to help you find
the right fit for your firm and negotiate the best price and terms. To
learn more about our risk-free and
confidential services, call Trent
Holmes at 1-800-397-0249 or email
[email protected].
11
OPPORTUNITIES AVAILABLE
PAGES 10, 11 & 12
Nebraska Society of CPAs
635 South 14th Street, Suite 330
Lincoln, Nebraska 68508
PRSRT STD
US POSTAGE
PAID
CORNERSTONE
Director of Internal Audit
MOSAIC is cur r ently seeking a
Director of Internal Audit at our headquarters in Omaha, NE. Internal Audit
candidates will be required to: direct
the internal audit function of the organization, report audit findings, and
make recommendations. Mosaic is a
not for profit organization that provides a life of possibilities for people
with intellectual disabilities. If you
meet the qualifications listed below
apply today at www.mosaiccareers.org!
Responsibilities for the Director of
Internal Audit include, but are not
limited to:
• Assist in planning and preparing the
annual written internal audit plan
• Obtain, analyze and appraise data,
transactions and records as a basis for
providing opinions on the performance of the business
• Provide recommendations and regular reports to management
• Perform follow-up on audit findings
and subsequent recommendations
• Monitor internal controls over major
financial functions of the organization
• Conduct reviews and provide reporting on quality improvement processes
Director of Internal Audit candidates
must meet the following requirements:
• Bachelor's Degree in Accounting,
Business Administration or Finance
• Certified Public Accountant (CPA)
• Minimum of three years of progressive experience working with cost
reports and/or auditing
• Knowledge of Medicare and Medicaid programs
Mosaic offers competitive wages
and possible pay increase within 6
months of employment! Excellent
benefits package including 403(b)
retirement plan, a FREE health coverage option, and growth opportunities!
Apply today at www.mosaiccareers.org to be considered for this
position or any other opportunities
with MOSAIC. Or email our Talent
Management team directly at [email protected].
12
Do Your Clients Need
Low-Cost Incorporation Services?
Attorney Prepared—Prompt and Affordable
Filing Fees and Costs Included
NE or IA, standard organizations:
Incorporation
$449.00
Nonprofit Corporation
$449.00
Limited Liability Company
Professional Corporation
$499.00
$549.00
(Nebraska Only)
Additional States Available—Call for Pricing
7602 Pacific Street, Suite 200
Omaha, NE 68114
Phone 402-391-2400
www.whitmorelaw.com
Senior Manager
Omaha CPA firm is seeking a Senior
or Senior Manager to assume responsibilities of a retirement minded Partner. We are looking for a CPA who is
seeking immediate client contact and
responsibilities; there is the potential
for ownership in a short period of
time to the right candidate. We are
looking for an individual with public
accounting experience in income tax
preparation and planning. Full benefit
package, West Omaha location with
no overnight travel. If you are interested, please send you resume to Jim
Reinig at [email protected] or fax to
402-330-7099.
Fax:402-391-0343
email:[email protected]
Practice Acquisitions Sought
McDermott & Miller, P.C., is interested in acquiring or merging in a
qualifying CPA firm(s) along the I80 corridor from Omaha to
Kearney, Nebraska. Particularly we
are looking at firms within a 50 mile
radius of I-80 that would specially
include such cities as Omaha, Lincoln, York, Grand Island, Hastings,
and Kearney among others.
If your firm is interested in discussing this opportunity, please contact
Norm Saale at 308-382-7850 or
[email protected]. Serious inquiries only.