201703.08
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Not Just Crunching Numbers | NJBIZ

CPA firms are adding to their fields of expertise in order to take advantage of new opportunities By Brett Johnson, February 27, 2017 at 3:00 AM Ralph Thomas, CEO and executive director, New Jersey Society of CPAs – (PHOTOS BY AARON HOUSTON) New Jersey Society of CPAs CEO Ralph Thomas has seen accounting firms become a sort of jack-of-all-trades over the past several decades. He has seen firms adding a wider range of business consulting and advisory services with each passing year — entering areas he never expected, such as human resources. Keeping to this pace — several more decades from now — who knows? Accounting firms may be purchasing…

201703.06
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New Staffing Strategies for the Next-Generation Accounting Firm | CPA Trendlines

Attract and retain talent by understanding this paradigm shift. By Hitendra Patil Accountaneur  Topmost thought leader Ronald J. Baker said, “The World Bank reports that 80 percent of the developed world’s wealth resides in human capital, illustrating that we’ve been in a knowledge economy since the 1950s. Yet most accounting firms are utilizing a business model developed during the Industrial Era, with a relentless focus on efficiency and a ‘we sell time’ mentality.” In his succinct and soul-searching praise for “Accountaneur: The Entrepreneurial Accountant,” Baker urged, “from changing your business model to focusing on developing your firm’s human capital, and more – will keep your firm relevant as we encounter…

201703.02
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NJ CPA Magazine – Salvatore Collemi – Nine Strategies To Increase Audit Quality

In today’s challenging economic environment, external auditors — from sole proprietors to the largest international CPA firms — are under a microscope to ensure they are achieving high-quality auditing of financial reporting. CPA firms have recently been in the crossfire of negative results reported by standard setters and regulatory agencies. So how can you ensure your practice does not become the next statistic or, even worse, get sued by an audit client or face a regulatory enforcement action? Read the entire article here: NJ CPA Magazine – Salvatore Collemi – Nine Strategies To Increase Audit Quality

201703.01
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AICPA Changes Going Concern Audit Standard | Accounting Today

By Michael Cohn Published February 22 2017 The American Institute of CPAs’ Auditing Standards Board has revised its standard for going concern opinions. The new standard, Statement on Auditing Standards No. 132, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (AICPA, Professional Standards, AU-C sec. 570), supersedes SAS No. 126 of the same title. SAS No. 132 says the auditor’s objectives include separate determinations and conclusions on the use of the going concern basis of accounting, when relevant, in preparing financial statements. The determinations and conclusions should also be based on the audit evidence on whether substantial doubt exists about an entity’s ability to continue…

201702.01
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Art of Accounting: Becoming an Expert Generalist

By Edward Mendlowitz Published January 23 2017, 2:16pm EST This is a follow-up to my previous column, where I suggested larger firms have a specialization as a generalist. This will illustrate some ways of accomplishing that. A generalist has to be knowledgeable in most areas, but possibly expert in none. A generalist should be able to handle most issues except the most complicated and be able to identify when a specialist should be consulted with. Most clients do not have many complicated issues, if any at all, so the generalist should be able to handle their tax, accounting, systems and consulting and relate what they do to the clients’ situations,…

201701.26
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Accounting Today: AICPA CEO Melancon Anticipates Major Tax Reform

By Michael Cohn January 24 2017 American Institute of CPAs president and CEO Barry Melancon is expecting Washington to pass major tax reform legislation during the Trump administration, and some Democrats may even cross the aisle to help Republican lawmakers enact it. Speaking Tuesday in New York at a meeting of the Accountants Club of America, Melancon gave his predictions for tax reform and addressed a wide range of other topics of interest to CPAs. Melancon acknowledged that nobody knows exactly what’s going to happen with tax reform in the political process. “There are some pretty interesting provisions that are being debated, and I think they will have huge ramifications…

201701.26
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Joanne Barry: Five Ways CPAs Can Build a Stronger Democracy | Accounting Today

By Joanne Barry January 23 2017 Donald Trump being sworn in on the steps of the Capitol Building. Bloomberg News Some people love him. Some people hate him. Regardless of what anyone feels about him, New York City real estate mogul and TV reality show star of The Apprentice Donald J. Trump has been sworn in as the president of the United States. While some of the new president’s proposals have, at times, lacked specificity, anyone seeking some level of certainty in the immediate future can find it in the fact that the United States will have a sitting Republican president acting with the full power of a Republican-majority House…

201701.23
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CohnReznick Recognized for Women Leadership Initiatives

By Sean McCabe January 05 2017 Margaret Shanley (left) of CohnReznick presents a check to the Girls Scouts of Greater Los Angeles last June. Photo: CohnReznick Top 100 accounting, tax, and advisory firm CohnReznick announced this week that they are a recipient of the Winner’s Circle Award for “Women in Leadership.” Part of the Winning Is Everything Conference, the Winner’s Circle Awards recognized CohnReznick for its inclusive firm culture that has promoted the advancement of female leadership. Risa Lavine CohnReznick was recognized in part for their women-focused program WomenCAN: A Collaborative Advocacy Network for Women, launched in 2005. The program looks to provide mentors, round table discussions, leadership courses, and…