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AICPA Releases Top Technology Issues For 2001

Technological advances over the last ten years have become so interwoven with the accounting profession that it's hard to conceive how we could or can function without them. The AICPA just released the 2001 Top Ten Technology list."We're not surprised that security emerged as the most critical technology issue," said Alan Anderson, AICPA Senior Vice President - Technical Services.

SEC Chairman Arthur Levitt Stepping Down

For nearly eight years, Arthur Levitt has served as chairman of the Securities and Exchange Commission. Levitt announced earlier this week that he would step down before mid-February. Appointed through 2003, by President Clinton in July 1993, Levitt is the Commission's 25th chairman and has become the longest serving chairman on the Commission.

ERISA Liabilities for CPAs - Be Informed

ERISA legal requirements can rise up to bite an unsuspecting CPA at any time. In June of this year, the U.S. Supreme Court made it clear that CPAs and other service providers may face exposure under ERISA for various transactions with employee benefit plans, even though, in many cases, their actions seem innocuous.

Six FCG Members Honored by AICPA for Service

Six members of the Financial Consulting Group were honored earlier this month by the American Institute of CPAs at the Business Valuation Conference in Miami.Those chosen for the Hall of Fame and Volunteers of the Year were honored for their service to the profession. Hall of Fame inductees included James Hitchner, CPA/ABV, ASA of Phillips Hitchner Group, Inc.
Community News

AICPA, Big 5 PAC Contributions Lean to Republicans

Accounting firms were overwhelmingly on the Republican side during this year's elections, according to government statistics on financial contributions.Seven accounting political action committees (PACs) contributed about $4 million to election campaigns this past fall, and 64 percent of that money went to Republican candidates. This is based on a report issued by the Washington-based Center for Responsive Politics, a non-partisan group.Ernst & Young's PAC was the biggest giver, contributing $850,886, with $545,396 going to Republicans.

Newest POB Member has SEC Experience

The Public Oversight Board (POB) of the American Institute of CPAs' SEC Practice Section has elected Aulana L. Peters.Her appointment, effective Jan. 1, replaces Melvin R. Laird, who will retire this year. A partner with Gibson, Dunn & Crutcher LLP in Los Angeles, Peters brings with her extensive experience in many areas, especially SEC matters.

Missouri ED to Head up AICPA State Society Relations

Cynthia Lund, the former executive director of the Missouri Society of CPAs was tapped to take a vice president position at the American Institute of CPAsShe will officially be vice president of State Society Affairs and Strategic Planning, and will function as a liaison between the Institute and state CPA societies on various activities and projects.Previously, she also held positions with the Ohio Society of CPAs, the Ohio Bar Association and the AICPA.

Kathy Eddy Takes over Helm of AICPA

Kathy G. Eddy was inaugurated this week as Chair of the AICPA's board of directors, replacing Robert K. Elliott. The announcement was made at the Las Vegas meeting of the 350,000 member organization.Coming from a small firm herself, Kathy Eddy is determined to make the AICPA seem like home to CPAs and firms of all sizes.

AICPA Moves Ahead With Cognitor Designation

Even though several of the world's accounting organizations have shown mixed support for the 'Cognitor' designation, the American Institute of CPAs has decided to move ahead with its plans to create and implement the global designation.The decision was made this week at the Fall Council meeting in Las Vegas, and only was agreed to thanks to wording supplied by the Ohio Society of CPAs.

Indiana Students Get Go Ahead for CPA Exam

After last week's news that graduates of Indiana University and Purdue would not be able to sit for the CPA exam due to a lack of specific accreditation of the accounting departments of those schools, administrators scrambled to get to the bottom of the matter and do what was necessary to get these students into November's exam.In a public meeting last Friday with representatives from Indiana University, Purdue University, the Indiana CPA Society, the Indiana State Board of Accountanc

CPA Exam Shuts Out Indiana Accounting Students

A new rule that went into effect in Indiana this year requires CPA candidates to be graduates of colleges that hold special accounting accreditation.

Brits Pull Out of Global Qualification Scheme

The Institute of Chartered Accountants in England and Wales (ICAEW) has announced that it will withdraw from talks on the proposed "Cognitor" scheme. The decision came about after the organization heard the negative reaction of training bodies.Institute chiefs canvassed opinions of those likely to deliver training for the global qualification as the need for investment in the scheme became apparent."We talked to the larger training firms to ascertain whether it was a proposition they supported.

'Cognitor' Designation Moves Forward, Despite Defections

Following last week's defections by the Scots and Irish institutes, Bob Elliott, Chairman of the American Institute of Certified Public Accountants confirmed that the remaining partners are pressing ahead with plans for the new global credential, currently referred to as "Cognitor.""The leadership in the US, Canada, Australia, New Zealand and South Africa have expressed strong support for continuing the work," said AICPA Chairman Bob Elliott.

Scots and Irish Pull Out of Global Qualification Scheme

The Scottish and Irish accounting institutes have decided that the proposed global business qualification being developed by international accountancy bodies is a non-starter and have pulled out of the task force developing the scheme.This is the designation code-named "XYZ Designation" by the American Institute of CPAs, and previously referred to as "Cognitor."The Scottish ICAS stated: "The institute has concluded that there is insufficient market demand for an all-embracing qualif

AICPA Annual List of Top Ten Technologies

The only CPAs who don't need to know about technology are those who are retiring in the next 12 months, according to Wayne Harding, director of business development for cpa2biz. "You must use technology to be productive and competitive in the business environment."The American Institute of CPAs has just updated its website containing its annual list of the Top Ten Technologies.

'Cognitor' Vote Delayed Eight Months

According to the Electronic Accountant, the AICPA has delayed its Council vote until Spring 2001 on the adoption of the XYZ designation - tentatively now known as 'cognitor.'The original vote was to approve whether to put the cognitor concept before the entire AICPA membership.Bob Elliott, AICPA chairman, said the delay of the vote until the spring meeting provides more time to provide information on the credential to Council and to the general membership.The term 'cognitor' created quite a buzz when a
Community News

AICPA Chair Discloses Plans for Accountants of Tomorrow

Speaking to tomorrow's accountants, the assembled attendees of the Beta Alpha Psi annual meeting last weekend, Bob Elliott, Chairman of the AICPA, presented a glimpse into the very near future.
Technology

AICPA Portal, CPA2Biz, Names Management Team

The new Internet portal created and now run as a separate company by AICPA--CPA2Biz--is closer to opening for business.Information on the management team was posted on the web site this week, which includes Chair of the Board Barry Melancon, CPA; Chief Executive Officer Brett L. Prager, Senior Vice President, Strategy & New Product Development John F. Hudson, CPA; Senior Vice President, CPAs and State Societies Gideon Malherbe; and Director of Business Development Wayne Harding, CPA.The team includes some AICPA staff, along with outside consultants.
Technology

AICPA, Other Countries Discuss Online Privacy

Officials from the AICPA traveled last week to the city of lights to meet with representatives of 12 other countries and discuss the foreboding issue of online privacy and risks associated with e-Commerce.AICPA chairman Robert Elliott commented that 'As the representative of over 335,000 individual members of the accounting profession who deal with confidential information on behalf of both individuals and businesses, we feel strongly about the need to protect private information.
Technology

10 Steps Towards Protecting Your Privacy on the Internet

The AICPA's Bob Elliott joined representatives of other global accounting professional bodies in Paris this week to discuss the opportunities and risks inherent in e-business.The group issued the following guidelines for protecting your privacy on the Web:Be cautious about giving personal informationUse a secure Internet browser Make sure the merchant site is secure and review its privacy policyPay by credit or charge cardBeware of "Trojan Horse" programs - downloading programs off of the Internet from an unknown sourceNever give your passw

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