Institute Receives Papers From First CPA

First CPA Comes Home
On February 23, 1893, New York City accountant Frank Broaker sued one of his clients. Broaker had charged the company $3 an hour to straighten out its books; the company thought the work was worth only $1 an hour. Two other accountants testified on Broakers behalf, and, although the defendants argued this was a case of price fixing, the jury quickly found for Broaker.

Nevertheless, Broaker believed such problems would continue until the state formally recognized accountants as professionals. He proved to be a shrewd political operative and, by 1896, had circumvented opposition to a licensing bill for CPAs in the New York state senate. The so-called Wray bill, which Broaker helped draft, made New York the first state to create CPAs. Broaker received CPA certificate no. 1 and served both on the nations first state board of examiners and as president of the American Association of Public Accountants, a predecessor to the AICPA.

On February 19, 1998, Broaker had a homecoming of sorts. His granddaughter, Marjorie Ferrigno, presented to the Institute his CPA certificate and the document appointing him to the New York state board.

Seeing beyond the numbers
The Wray bill was not Broakers only achievement, however; he also helped prepare the first CPA examination. One of his books, The American Accountants Manual (1897), known as the "first CPA review manual," was the first accounting text published in the United States. He also operated a school, "Frank Broaker Foundation for Better Business Education," which served as the first CPA exam prep class. A pioneer in educating the disabled, he provided, as he put it, "commercial training for deaf mutes." A marketing innovator, he distributed wooden rulers with his name and address. Ferrigno gave the Institute one of these rulers as well as Broakers gold fountain pen.

According to family papers in Ferrignos possession, Broaker "spent many happy hours with the rod and reel, but his first love was accountancy, to which he devoted the greater part of his full life."

Half Joins Affinity List
AICPA members can now receive discounts on new fees for temporary and permanent professional placements through Robert Half, as well as through Accountemps and RHI Management Resources. Members will save 10% on permanent placements through Robert Half, $25 on each 40-hour Accountemps assignment (up to a maximum of $100 for 160 hours or more) and $50 on each 40-hour RHI Management Resources assignment (up to a maximum of $200 for 160 hours or more). For more information or to take advantage of these savings, call Robert Half at 888-744-4089.

Calling All Members
For several years, public companies have filed their audited financial statements electronically through the SECs EDGAR system. More recently, and at an increasing rate, public companies are also presenting audited financial information on their Web sites, as are private companies. The ASBs electronic dissemination task force is gathering information about companies that post such information online to help it address current practices and concerns and prepare guidance on the subject.

The task force, in conjunction with the steering group of the Illinois CPA Societys Accounting and Assurance Services Network, has prepared a questionnaire on electronically published financial information. The Institute is asking its members to complete the questionnaire based on their experiences and views. The questionnaire is available on AICPA Online,; the AICPA Fax Hotline, 201-938-3787, document no. 476; or by calling the AICPA at 212-596-6036.

New Books on All Subjects
From tax to audits, the Institute has published a variety of new titles. Order numbers are followed by member prices. (Nonmember prices are usually higher, and all prices are subject to change.) To order any AICPA title, call 800-862-4272.

  • The Year 2000 Issue . Current accounting and auditing guidance (022503JA, $11).

  • Solving the Year 2000 Dilemma . A top-10 technology book (093008JA, $29).

  • Real Estate Industry Developments—1997/98 . An audit risk alert (022212JA, $9.95).

  • Tax Practice Guides and Checklists . This 1997 edition is free to tax section members (059512JA, $91).

  • Information for Uniform CPA Examination Candidates . Prepared by the AICPA board of examiners (874075JA, $5.75).

  • Auditing Estimates and Other Soft Accounting Information . Unofficial guidance on audit issues, including SAS no. 57, Auditing Accounting Estimates (010010JA $45).

  • A CPAs Guide to Making the Most of the New IRAs . Information on the Roth IRA. Includes minimum distributions calculator software and an audio tape (029480JA, $44).

Investment Adviser Wins PFP Award
The AICPA gave its PFP Division Distinguished Service Award to Lyle K. Benson, Jr., CPA, PFS. A member of the PFP executive committee, he was chairman of its communications subcommittee and twice served as chairman of the PFP technical conference. Additionally, Benson was instrumental in creating the Institutes first investment planning conference.

As president of L. K. Benson & Co., a Baltimore firm providing PFP, investment advisory and tax planning services to high-net-worth individuals, Benson has been deeply involved in financial planning outside of AICPA activities as well. He is president of the Licensed Independent Network of CPA Financial Planners (LINC) and a past president of the Baltimore Association for Financial Planning.

Benson received the award at the PFP technical conference in Orlando.


©1998 AICPA


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