Professional Issues


PROFESSIONAL ISSUES
The AICPA’s annual report for the fiscal year Aug. 1, 2006, through July 31, 2007, is now available. Navigating Today and Tomorrow focuses on how the AICPA helps guide CPAs to ensure high-quality services are provided to clients, employers and the capital markets.

The report includes:

A letter to members from outgoing AICPA Chairman Jimmy Williamson and President & CEO Barry Melancon.

A “Year in Review” section on the year’s significant developments regarding technical and professional standards and regulation, recruitment and retention of CPAs, specialized services, and the profession’s public service efforts.

The AICPA’s financial statements.

A pdf version of the report may be downloaded at www.aicpa.org/About+the+AICPA/
Understanding+the+Organization/AICPA+Annual+Report.htm
.

Members may obtain a printed copy by sending a 9-by-12 inch, self-addressed envelope affixed with $2.33 in postage to: AICPA, Communications Team, Annual Report 06–07, 1211 Avenue of the Americas, New York, NY 10036-8775 (available while supplies last).

Results from the 2007 AICPA Top MAP Issues Survey reveal that finding all levels of qualified staff is a critical concern for firms with multiple professionals in the U.S. Practitioners from firms of various sizes and ranges were surveyed to determine the most important challenges currently facing Private Companies Practice Section (PCPS) members. The results are listed according to firm size. As firm size increases, retention becomes an increasingly important issue, apart from finding qualified staff. For sole practitioners, tax complexity and concerns about standards and technology rank high on the list.

“CPAs can use these [results] to benchmark their own experiences,” says Jim Metzler, AICPA vice president–Small Firm Interests. “They can confirm that similar practices are facing the same challenges and identify trends that will affect their own firms as they grow.”

Other survey results include:

Succession planning is a major concern for all firms with six or more professionals.

Developing new partners is an issue for firms with 11 or more professionals.

Human capital concerns are a chief issue for practices with 21 or more professionals.

The complete survey results are available at http://pcps.aicpa.org.

The AICPA’s Business Valuation and Forensic & Litigation Services (BVFLS) Membership Section has been renamed Forensic and Valuation Services (FVS) and its executive committee has been designated a senior committee. As a senior committee, it will now report directly to the AICPA Board of Directors and can set standards and make public statements without prior clearance of the Board or governing Council. The FVS will continue to serve the growing group of CPAs practicing in these areas.

SPONSORED REPORT

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.