Spring 2022
Features
Build the Best Accounting Profession through Diversity, Equity, and Inclusion
By Bernice Jenkins, CPA, CMA; Loreal Jiles; J. Stephen McNally, CPA, CMA
CPAs and other professional accountants need appropriate technical knowledge and leadership skills to be effective – whether they are auditors, tax accountants, or consultants at a firm, in management accounting, or finance professionals at nonprofit, academic, or governmental organizations. So, when it comes to discussions regarding diversity, equity, and inclusion (DE&I), why should our profession care, let alone invest time and resources to promote DE&I within our workplace?
See Your Needs Clearly: Data Visualization and Compliance Monitoring
By John Kim, Allison Griffin, Steven G. Blum, CPA, CFE, and Christina M. Olear, CPA
Monitoring is one of the five components of effective internal control. Data analytics and visualization tools can assist organizations with these monitoring requirements by helping those responsible for compliance harness all the power latent in their available data. Without data analytics and visualization, the compliance function’s visibility is limited by whatever sample, periodic risk-based testing, or risk-based audit activities the company conducts manually.
Columns
Accounting & Assurance
These New Audit Standards May Require Your Attention
By Lisa A. Ritter, CPA, CFE, CITP
Reviews SAS Nos. 134 through 140, standards released by the Auditing Standards Board to address matters such as employee benefit plans, information included in annual reports, the concept of materiality, and more.
Education
Base Skills for CPAs Aren’t Always Accounting Oriented
By Cory Ng, CPA, DBA, CGMA, and Brian Trout, CPA, DBA, CMA
Discuss the essential skills for CPAs that go beyond traditional accounting-based responsibilities. They go into great detail on the need for CPAs to be expert in the areas of communication, collaboration, and critical thinking.
Legislative News
Budget, Elections, and Tax Issues to Dominate Harrisburg in 2022
By Peter N. Calcara, CAE
While the Pennsylvania General Assembly may run until Nov. 30, the state legislature will have to address the budget, statewide elections, and tax proposals well before then.
Business & Industry
Eat the Frog Now: Your Auditor Will Thank You Later
By Wendy M. Lakatosh, CPA
Offers a host of tips to help company finance leaders make the most of the arduous task that is the annual company audit.
Practitioners
The Importance of Branding to Your CPA Firm
By Meredith Foster
Drives home the importance of branding to a CPA firm, explaining what constitutes a brand and what does not, the power of a strong organizational brand, and how you can tell if it is time for a refresh of your brand.
Careers & Lifestyles
Additional Credentials Can Boost an Already Strong CPA Career
By Alyzabeth R. Smith, CPA
Suggests a series of credentials for CPAs to pursue if they want to optimize their attractiveness to employers in a competitive job market.
Government & Not-for-Profit
Lessons Learned from a Difficult Year
By Michael F. Cade, CPA, CGMA
Delves into what the continuing COVID-19 pandemic has taught CPAs working in the not-for-profit arena.
International Tax
U.S. Withholding Tax on Payments to Foreign Persons
By Andrew M. Bernard Jr., CPA
In the ever-expanding globalization of the economy, it is more common than ever for a U.S. person to make payments to foreign persons. Depending on the type of payment made, and whether it is U.S. sourced, there may be U.S. withholding tax imposed on the payment unless an exemption applies.
Liability Lessons
Slippery-Slope Engagements Grow Exposure Risk
By Maureen P. Fitzgerald, JD
Takes readers through a fictional scenario that is based upon actual issues and recurring themes found in professional liability cases.
Emerging CPAs
Preparing for Virtual Recruitment
By Ashley L. Stampone, CPA
An interview with Cheryl Collarini in a wide-ranging discussion centered around preparing the next generation of CPAs for recruitment in a virtual setting.
