The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
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The American Institute of CPAs has sent comments to lawmakers in the House and Senate about the tax proposals in the Biden administration's climate, tax and spending bill, which could be seeing a vote as soon as this weekend in the Senate.
Last night, one key holdout senator, Kyrsten Sinema, D-Arizona, agreed to a modified version of the deal struck last week between Senate Majority Leader Chuck Schumer, D-New York, and Sen. Joe Manchin, D-West Virginia, whose opposition to last year's larger Build Back Better Act doomed it in the Senate, where it faced unanimous opposition from Republicans in the evenly divided chamber. (see story). Sinema, like Manchin, had also resisted agreeing to the larger package.
The Inflation Reduction Act unveiled by Manchin and Schumer, represents a scaled-back version that includes a minimum 15% "book tax" for corporations tied to the taxes they report on their financial statements rather than what they claim when they file their taxes with the Internal Revenue Service. Sinema, however, opposed another provision that would eliminate the so-called "carried interest" tax break that allows hedge fund managers and private equity fund partners to be taxed at lower capital gains rates rather than ordinary income rates. She also insisted on allowing corporations to continue to deduct accelerated depreciation on equipment purchases and it will now be exempted from the 15% minimum tax. Instead there will now be a 1% excise tax on stock buybacks by corporations.
The AICPA comment letter pertains to the earlier version of the bill introduced July 27 by Manchin and Schumer, but it highlights some of the key issues the AICPA has identified, including the corporate alternative minimum tax, carried interest, and the enhancement of IRS resources, as the bill also provides $45.6 billion in funding for IRS enforcement.
In a letter to leaders of Congress's main tax committees, the House Ways and Means Committee and the Senate Finance Committee, the AICPA said it believes the corporate alternative minimum tax proposal violates a number of elements of good tax policy and could lead to unintended consequences that should be carefully considered.
"Imposing tax according to financial statement income takes the definition of taxable income out of Congress' hands and puts it into the hands of industry regulators and others," said the AICPA in a news release. "Among the many key conceptual differences between financial income and taxable income is the concept of materiality. Public policy taxation goals should not have a role in influencing accounting standards or the resulting financial reporting."
However, if the tax is enacted, the AICPA recommends the effective date be delayed until after the later of taxable years starting after Dec. 31, 2023, or the date Treasury issues proposed regulations to provide taxpayers with the needed time to fully analyze and comply.
The AICPA said it wasn't taking a position on the carried interest provision, but had several technical clarifications and modifications. It has now been dropped at Sinema's insistence, but she said she would be working with Sen. Mark Warner, D-Virginia, on a revised version of the proposal.
On the subject of IRS funding, the AICPA would like to see more of the money going to taxpayer service rather than enforcement efforts.
"The AICPA believes that the Internal Revenue Service should be funded at necessary levels to allow it to handle all the duties required of it by Congress, including properly administering and enforcing our nation's tax laws as well as providing needed assistance to taxpayers and their advisors in a timely and professional manner," said the institute. "However, the AICPA also believes that enforcement actions must be in balance with the services the IRS provides to taxpayers. Given the historic low levels of IRS taxpayer services, the AICPA is concerned about a possible imbalance between the funding for taxpayer services and enforcement."
In its letter, the AICPA urged Congress to commit, on a bipartisan basis, to determine the appropriate level of service necessary for the IRS and provide adequate resources for the agency to meet those goals, either as part of a reconciliation package or in a separate vehicle.
"The AICPA is committed to the administrability of our tax system and to exposing the challenges to Congress and the IRS," said AICPA vice president of tax policy and advocacy Edward Karl in a statement Friday. "The proposed tax provisions in the reconciliation legislation require further consideration and alterations, and we encourage Congress to thoughtfully consider our comments on this."
The American Institute of Certified Public Accountants (AICPA) was founded in 1887, under the name American Association of Public Accountants, to ensure that accountancy gained respect as a profession and was practiced by ethical, competent professionals. The AICPA exists to provide its 421,000 members in 130 countries with the resources, information, and leadership to provide CPA services in the highest professional manner.
From its earliest iteration in 1887 to as late as the 1970s, the AICPA was the only body setting generally accepted technical and professional standards for CPAs in a number of areas. In the 1970s, the Financial Accounting Standards Board (FASB) took over responsibility for setting generally accepted accounting principles (GAAPs).
However, the AICPA still retains its standards-setting responsibilities in such areas as professional ethics, business valuation, financial statement auditing, attest services, and CPA firm quality control. The AICPA is integral to rule-making in the CPA profession and serves as an advocate for legislative bodies and public interest groups.
The number of current AICPA members.
Members of the AICPA consist of professionals in business and industry, public practice, government, and education. Offices are located in New York City; Washington, D.C; Durham, NC; and Ewing, NJ.
Although the AICPA obtained its current appellation in 1957, the organization traces its history back through several iterations, beginning when the American Association of Public Accountants (AAPA) opened in 1887.
Subsequent iterations included the Institute of Public Accountants in 1916 and the American Institute of Accountants in 1917. The American Society of Public Accountants, created in 1921, was later merged into the American Institute of Accountants in 1936, at which time, the Institute chose to restrict future membership to CPAs.
More recently, in 2012, the AICPA partnered with the Chartered Institute of Management Accountants (CIMA) to create the Chartered Global Management Accountant (CGMA) designation. The two organizations then went on to create the Global Management Accounting Principles (GMAPs) in 2014, in order to formalize best practices in the field of management accounting.
In 2017, the two organizations formed a third international association, the Association of International Certified Professional Accountants, which seeks to strengthen the accounting profession by combining the skills and knowledge of both public and management accountants. Despite all these developments, the AICPA and the CIMA still continue to provide all of their previous benefits to existing members.
In response to auditors across the public accounting industry consistently failing to apply a healthy amount of skepticism to clients’ statements, the AICPA proposed a new standard with the goal of promoting skepticism as part of general auditing standards.
In 2020, Statement on Auditing Standards No. 143 was issued to supersede SAS no. 122, amending section 540, auditing accounting estimates, including fair value accounting estimates, and related disclosures, as well as various other sections in AICPA Professional Standards.
LBMC, an accounting and business consulting firm and a top 50 firm in the nation, today announced a key executive leadership appointment to help accommodate vast company growth in the areas of information security. The company, which recently surpassed 600 total employees, has named LBMC Shareholder Mark Burnette, CPA, CISSP, CISA, QSA as its new leader of the Risk Services practice. Mr. Burnette succeeded previous leader Thomas Lewis on June 1.
“I am delighted that Mark will lead LBMC’s Risk Services practice forward at a time of continued growth and opportunity for our clients and for our firm,” said CEO Jeff Drummonds. “This has been a tremendous year of growth for LBMC’s Risk Services division largely due to Mark’s commitment to not only helping our clients solve problems, but exceeding client expectations.His 18 years of experience in information security and risk services, along with his leadership within the AICPA IT assurance and information security specialty groups, is unmatched in our local marketplace.”
As shareholder-in-charge of LBMC’s Risk Services practice, Mr. Burnette will lead a nationally recognized team of cybersecurity and audit professionals located around the United States as they help clients navigate the complex maze of compliance regulations and seek to Excellerate their security posture. This team of top-ranking cybersecurity professionals has seen a sharp increase in client needs in the areas of SOC and HITRUST, as well as significant work related to the EU’s General Data Privacy Regulations. There is also an increased demand to help clients with their PCI, FISMA and FedRAMP compliance needs as well as risk assessments, penetration testing, security program consulting and cyber forensics.
“Our Risk Services team at LBMC is consistently recognized for our top-notch cybersecurity expertise and thought leadership as well as our superior approach to client service,” said Mr. Burnette. “This unique combination has helped us develop a trusted advisor and valued partner relationship with many of our clients, which is extremely rare in an industry where many cybersecurity services are viewed primarily as a necessary evil. I am honored to lead this exceptional team of experts and look forward to continuing to leverage LBMC’s unique capabilities to deliver relevant, practical, and actionable security insights in this ever-evolving security landscape.”
"Burnette possesses extensive experience in cybersecurity program strategy and leadership, regulatory compliance, security policies and procedures, risk assessment and management, penetration testing, and security function design, development, and staffing.
"During his decorated career, Burnette served as the president and Global Practice Leader for a national information security consulting company and built and led information security functions for two major publicly-traded corporations. In addition, he worked for several years in key leadership roles with two of the Big 6 accounting firms, where he specialized in developing, implementing, assessing, and securing information technology solutions for companies in the healthcare, retail, manufacturing, banking, and insurance industries. He has been named an Information Security Executive of the Year at the ISE Southeast Awards and one of Information Security Magazine’s “Security 7” top seven security leaders, and he was chosen by ComputerWorld Magazine as one of the Premier 100 IT Leaders for 2009. In January 2011, the Information Systems Security Association (ISSA) named Burnette a Fellow. This prestigious honor, which has only been granted to a handful of individuals worldwide, is bestowed by the ISSA Fellow Program for distinguished accomplishments in the field of information security, leadership, and future service to the association and profession.
"Recognized as an IT security expert by technology think-tank Gartner, Burnette has been featured as a subject matter expert on ABC and CBS television affiliates numerous times and in print media such as CSO, Secure Enterprise, Information Security, and ComputerWorld magazines. He is a noted author and a frequent speaker to International conferences and specialty groups. For his cumulative efforts as a security leader serving his community and his State, on September 11, 2008, Burnette was presented with a Certificate of Appreciation from Tennessee Governor Phil Bredesen in recognition of outstanding service in the best interests and highest traditions of the State of Tennessee.
"Burnette earned his bachelor of science degree in accounting from Carson-Newman College, where he graduated summa cum laude while serving as a placekicker for C-N’s nationally ranked NCAA Division II college football team. He earned his master of accountancy degree from the University of Tennessee.
Thomas Lewis will now focus on the strategic oversight of LBMC’s managed security services company, LBMC Information Security, as its CEO. Thomas will lead a team of experts who specialize in helping clients continuously protect their networks through around-the-clock security monitoring utilizing LBMC’s proprietary monitoring platform and expert analysts," officials said.
“In Mark, we have a proven leader with a passion for people and clients who is ready for the next challenge in his career. It is without reservation that I pass the torch to Mark, and I am confident he will lead this practice to even greater accomplishments, “said Mr. Lewis.
The chair of the Public Company Accounting Oversight Board, Erica Williams, said Thursday that the PCAOB is working on updated auditing standards and stricter enforcement and audit firm inspections, a day after Securities and Exchange Commission Chair Gary Gensler urged the PCAOB to act faster on new standards.
Williams spoke during an online event hosted by the Council of Institutional Investors to commemorate the 20th anniversary of the Sarbanes-Oxley Act, which established the PCAOB. Williams took over as chair in January after she was appointed by Gensler. He pointed out during another online webinar Wednesday that the PCAOB had updated relatively few of the industry-written auditing standards it inherited from the American Institute of CPAs two decades ago (see story).
The board has appointed four new members in the past year since Gensler moved to replace the majority of the five-member board. Williams pointed out that the PCAOB has already begun working on modernizing its standards.
“Today’s board has identified three key areas where we plan to further the PCAOB’s investor-protection mission: modernizing our standards, enhancing our inspections, and strengthening our enforcement,” she said. “High standards are the foundation for high-quality audits. That’s why earlier this year, the board announced one of the most ambitious standard-setting agendas in the PCAOB’s history. Just six months into my term, we are already actively working to update more than 25 standards within eight standard-setting projects, and we are just getting started.”
She noted that when the PCAOB was first getting off the ground in 2003, it adopted existing standards that had been set by the auditing profession on what was intended to be an interim basis.
“Twenty years later, far too many of those interim standards remain unchanged,” she added. “But the world has changed since 2003. And our standards must adapt to keep up with developments in auditing and the capital markets. Our current short-term and mid-term projects will address more than half of the remaining interim standards from 2003, and we don’t intend to stop there.”
Gensler pointed out Wednesday that the PCAOB has been slow to update the standards over the years and he emphasized the need for updated standards on auditor independence. “The PCAOB is tasked with setting enhanced auditing standards,” he said. “For practical purposes, Congress permitted the then-new PCAOB to carry over existing AICPA standards on an interim basis. The expectation was that the board would produce a more appropriate set of standards going forward. Historically, though, the PCAOB has been too slow to update auditing standards. Twenty years later, most of those interim standards remain.”
Williams acknowledged that Gensler has made updating these standards a priority, and said she was grateful for his support of the PCAOB’s agenda. In June, the PCAOB adopted a set of amendments designed to strengthen requirements that apply to audits involving multiple auditing firms.
Accounting Today asked Williams to respond to Gensler’s comments. “This new board, which has been in place for six months, has been working very diligently and has already updated a set of standards related to other auditors,” she said. “We have this ambitious agenda that we are moving forward, I believe, at a good pace, and I believe Chair Gensler's comments related to the past 20 years. But again, we are looking forward to this ambitious agenda that we’ve set. We agree that auditor independence is a critical issue. It is on our standard-setting agenda, as I mentioned, so we could take a look at the best way to ensure that our standards promote the highest ethical behavior and independence.”
She told CII general counsel Jeff Mahoney more about some of the standards that are on the agenda. “Our standard-setting agenda is one of the most ambitious in the organization's history, and it includes eight active projects: quality control, noncompliance with laws and regulations, and updates to our attestation standards, going concern, confirmations, substantive analytical procedures, fraud, and updates to our independence and ethics standards,” said Williams. “But that really doesn't tell the whole story. Each of the projects that I just mentioned actually contain multiple individual standards that we intend to update.”
She noted that the quality control project alone has 11 different standards that the PCAOB is considering replacing or significantly amending. Williams added that the board is actively engaging with investors and investor advocates about other standard-setting and rule-making projects to advance and it has a research agenda that includes data technology and audit evidence projects. “That is also going to help to inform additional actions we may take in standard setting,” she said.
The PCAOB recently reestablished two outside advisory groups — the Investor Advisory Group and a new Standards and Emerging Issues Advisory Group — to elevate the voice of investors, and hired its first-ever investor advocate, Williams noted.
Enforcement and inspections
The PCAOB has also been working to make its enforcement and inspections tougher.
“We will not hesitate to hold wrongdoers accountable for breaking the rules,” said Williams. “We are just about halfway through the first year of this new board. Already we’ve more than doubled our average penalties against individuals compared to the last five years. This includes the largest money penalty ever imposed on an individual in a settled case. At the same time, we’ve increased our average penalties against firms by more than 65%. In the past five years, the PCAOB assessed penalties against individuals less than half of the time and firms only about 86% of the time. This year it’s 100%. We are also pursuing enforcement actions involving certain types of violations for the first time. And we are taking steps to proactively seek out wrongdoing by increasing the use of sweeps against firms where there may be a violation of our standards or rules. Those who break the rules should know that the PCAOB means business.”
The board has also been in talks with Chinese authorities on opening up inspections of firms in mainland China and Hong Kong.
“The PCAOB has completed inspections in 55 countries. But China has continued to block our access,” said Williams. “The U.S. Congress sent a strong message with the passage of the Holding Foreign Companies Accountable Act: access to the U.S. capital markets is a privilege, not a right. The PCAOB will follow U.S. law, and the law is clear that we must have complete access to audit work papers of any firm we choose to inspect or investigate — no loopholes and no exceptions. While we will continue working with the People's Republic of China authorities to reach an agreement that meets our mandate under U.S. law, it’s critical to remember that an agreement is just the first step. Our team must be able to go to China and test whether what’s written on paper works in practice. Time is of the essence.”
Lynn Turner, a former chief accountant at the SEC, asked Williams about why no Chinese companies have yet been deregistered by the PCAOB for not allowing access to PCAOB inspectors.
“We are very focused right now on trying to comply with the Holding Foreign Companies Accountable Act,” said Williams. “I completely agree with Lynn that access to the U.S. capital markets is a privilege and not a right. What we are doing actively is trying to work with the PRC to reach an agreement that meets our mandates under the HFCAA. But we aren’t going to stop there and we will be prepared to make a determination if we are not able to inspect and investigate completely under the HFCAA. And then after making our determination under the HFCAA, then the SEC will have the opportunity to potentially delist and that could impact on nearly 200 companies. But we are taking our responsibility very seriously and the HFCAA has finally given us a tool to bring the Chinese to the table, to actually help us to try to potentially reach an agreement. Whether we reach an agreement is premature right now, but we are continuing to talk to them.”
Turner also asked Williams why an earlier project on audit quality indicators wasn’t on the agenda released by the new board.
“Many of our stakeholders ... have indicated that audit quality indicators are of great interest to them, and we are looking into options for adding a standard-setting project or research project related to AQI to our agenda, and I hope to provide an update very soon,” Williams exlained. “I want to reiterate that our focus is on performance standards such as quality control standards, and that will also directly affect the quality of work performed by the auditor as well as the firm’s quality control system. Of course, while focusing on those areas is important for the benefit of investors because they directly drive audit quality, we are actively considering what additional information investors may need for them to be able to assess the quality of audits.”
Turner was also asked about what the PCAOB is doing to Excellerate diversity in its ranks and in the audit profession in general.
“That is a huge area of focus for this board and for me personally, as the first person of color and first woman to chair the PCAOB and to be part of what is the most diverse PCAOB board in the history of the organization,” Williams responded. “I want to let everyone know that we are very focused on diversity and inclusion. One of the things that we have done is that recently we have announced scholarships for 250 students to pursue degrees in accounting through our PCAOB scholarship program. The large majority of those scholarships do go to students who are underrepresented in the accounting profession. And those scholarships are going to make careers in auditing possible for the best and brightest students, no matter their backgrounds. We’ve also prioritized diversity in our hiring and we are additionally increasing the diversity and inclusion program internally for our staff through affinity groups, diversity councils and the like. Diversity and inclusion are critical. I think it’s very important for the regulators to reflect the diversity of the investors that we serve to protect, and the PCAOB, as the most diverse board in the history of the organization, does just that.”
Williams also discussed the impact of Sarbanes-Oxley on the audit profession after scandals in the early 2000s involving companies like Enron led to the establishment of the PCAOB. She pointed to academic studies that have found PCAOB inspections Excellerate audit quality, both in the U.S. and in other countries where the board has inspection access.
“Evidence shows that increase in audit quality has boosted investor confidence in the credibility of financial reporting,” she said . “A study published in the Review of Financial Studies compared the market response to earnings announcements and 10-k filings before and after the PCAOB’s existence. The study found both stronger stock price reactions and higher trading volume following the creation of the PCAOB — indicating investors have more confidence acting on the information they receive from financial reporting, knowing that the PCAOB is on the case.”
Even some plaintiff attorneys who have sued auditing firms agree that Sarbanes-Oxley has helped, but they still see room for improvement in audit regulation.
“I largely think Sarbanes-Oxley has been a really effective piece of legislation and regulatory reform, which is an odd thing to say these days, but it came at a time when government was working a little bit more effectively,” said Laura Posner, a partner at the law firm Cohen Millstein in New York, who recently won a $35 million settlement in a class action she led against KPMG, where the plaintiffs alleged that the Big Four firm perpetuated a massive fraud by signing off on Miller Energy's $480 million valuation of its Alaskan oil reserve assets. “But I think it was a necessary reform at a time when the markets were really roiled by what happened with Enron, WorldCom, Adelphia and Global Crossing. We had a lot of major scandals that really rocked investor confidence in the markets, and I think Sarbanes-Oxley went a long way toward bringing back investor confidence in the markets.”
She cited the establishment of the PCAOB as an important factor. “It was conceptually really important that there was an real cop on the beat, theoretically, and that there would be some independent oversight for the accounting industry,” Posner told Accounting Today in an interview. “That was important, although the PCAOB has not been without its own scandals, particularly most recently. Although it’s correlation, not causation, we’ve seen a significant reduction in the number of restatements that come out of public companies, but also the size of those restatements. We’re not seeing these mega-earth-shattering restatements like we did during that era, and I think that has been largely very beneficial, both for corporations but more importantly for the investors in those corporations.”
The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
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In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
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According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.
Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.
The coronavirus pandemic has disrupted companies' capital project plans, not only this year but most likely for the foreseeable future. This five-step risk-modeling approach can help finance leaders identify company vulnerabilities and capital expenditure opportunities.
Fully searchable immigration law library. Contains primary and secondary legal resources, including the INA, immigration-related sections of the CFR and the Foreign Affairs Manual (FAM), immigration-related BIA and Board of Alien Labor Certification Appeals (BALCA) decisions, official liaison minutes, agency memoranda and correspondence. (3)
A new resource of topically-focused digital collections of historical documents that support multidisciplinary research: (3)
The definitive style guide for legal citation in the United States. Provides examples of citations of specific kinds of authority such as cases, statutes, books, periodicals, and foreign and international materials. For temporary online access to the Bluebook contact a reference librarian at firstname.lastname@example.org. (5).
An extensive collection of over 15,000 digitized titles (>110,000 volumes) covering more than 400 jurisdictions worldwide. The content is overwhelmingly in the public domain, with other sources made available with permission. Includes federal and state materials from the U.S. and provincial materials from Canada. Europe, Africa, and South America are also widely represented. The site’s Indigenous Law Portal provides over 4,000 links to Native American, First Nation and other tribal materials in the Western Hemisphere. (3)
WASHINGTON, July 27, 2022--(BUSINESS WIRE)--As Congress moves forward towards an agreement on a final version of a bipartisan and bicameral retirement package, the American Institute of CPAs (AICPA) is urging Members of Congress in a letter to include an important disaster relief provision that is part of the Senate version of the bill, Enhancing American Retirement Now (EARN) Act. This modified version of the AICPA-endorsed Disaster Retirement Savings Act would allow individuals affected by natural disasters to withdraw up to $22,000 from qualified retirement accounts without being assessed early-withdrawal penalties and fees. The provision would permanently remove these penalties for individuals impacted by natural disasters who choose to use retirement funds to cover unexpected expenses associated with those disasters.
Our nation can experience a variety of natural disasters such as hurricanes, floods, tornadoes and wildfires at all times of the year. The AICPA believes that fair and reliable tax assistance for disaster victims is needed during these times, and the related provision in the EARN Act would provide significant relief to victims of natural disasters.
"Disasters can have a devastating impact on families and businesses and we must do everything we can to reduce the stress and burden of rebuilding after a disaster. Taxpayers should be allowed to use their own funds, without penalty, to help restore their lives and businesses while they wait for government assistance and insurance reimbursements," said AICPA VP of Taxation, Edward Karl, CPA, CGMA.
AICPA is particularly grateful to Senators Bob Menendez (D-NJ) and Bill Cassidy (R-LA) and Representatives Mike Thompson (D-CA) and Mike Kelly (R-PA) for their leadership and strong support of the Disaster Retirement Savings Act.
About the American Institute of CPAs
The American Institute of CPAs® (AICPA®) is the world’s largest member association representing the CPA profession, with more than 421,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
In October of 2021, AICPA expressed its strong support for the Disaster Retirement Savings Act (S. 2583), introduced by Senators Bob Menendez (D-NJ) and Bill Cassidy (R-LA). The bill would permanently remove penalties for individuals impacted by natural disasters who choose to use retirement funds to cover unexpected expenses associated with those disasters.
In September of 2021, AICPA voiced strong support for the bipartisan Filing Relief for Natural Disasters Act, introduced by Senator Catherine Cortez Masto (D-NV).
In November of 2019, the AICPA commended Rep. Tom Rice (R-SC) in a letter for his continued efforts to provide permanent and consistent tax relief to individuals and businesses affected by natural disasters.
In July of 2017, AICPA submitted disaster relief provisions in response to then-Senate Finance Committee Chair Orin Hatch’s (UT-R) request for tax reform comments.
In July of 2015, Representative Tom Reed (R-NY) introduced the National Tax Relief Disaster Act, which incorporated many of AICPA's proposals.
In November of 2014, AICPA Tax Executive Committee then-Chair, Troy Lewis, testified before a Senate small business panel, explaining the impact that the current system is having on taxpayers and their advisers.
In a 2013 letter to Members of Congress, the AICPA requested permanent tax provisions related to disaster relief.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220727005915/en/
Veronica L. Vera
A certified public accountant (CPA) is a designation provided to licensed accounting professionals. The CPA license is provided by the Board of Accountancy for each state. The American Institute of Certified Public Accountants (AICPA) provides resources on obtaining the license. The CPA designation helps enforce professional standards in the accounting industry.
Other countries have certifications equivalent to the CPA designation, notably, the chartered accountant (CA) designation.
Not all accountants are CPAs. Those who earn the CPA credential distinguish themselves by signaling dedication, knowledge, and skill. CPAs are involved with accounting tasks such as producing reports that accurately reflect the business dealings of the companies and individuals for which they work. They are also involved in tax reporting and filing for both individuals and businesses. A CPA can help people and companies choose the best course of action in terms of minimizing taxes and maximizing profitability.
Obtaining the certified public accountant (CPA) designation requires a bachelor’s degree in business administration, finance, or accounting. Individuals are also required to complete 150 hours of education and have no fewer than two years of public accounting experience. To receive the CPA designation, a candidate also must pass the Uniform CPA Exam.
Additionally, keeping the CPA designation requires completing a specific number of continuing education hours yearly.
The CPA exam has 276 multiple-choice questions, 28 task-based simulations, and three writing portions. These are divided into four main sections:
Multiple-choice questions count for 50% of the total score and tasked-based simulations count for the other 50%. You must score at least 75% to pass each section.
Candidates have four hours to complete each section, with a total test time of 16 hours. Each section is taken individually, and candidates can choose the order in which they take them. Candidates must pass all four sections of the test within 18 months. The beginning of the 18-month time frame varies by jurisdiction.
The CPA designation is specific to the country in which the test is taken, though it is a well-known program that is offered in many countries around the world. International equivalency exams are also offered so that CPAs can work in countries other than the one in which they were certified.
CPAs have a wide range of career options available, either in public accounting (that is, working for an accounting firm) or corporate accounting (working inside a company), or in government service. Individuals with the CPA designation can also move into executive positions such as controllers or chief financial officers (CFOs).
Those earning the CPA generally end up as an accountant of some sort. That is, they put together, maintain, and review financial statements and related transactions for companies. Many CPAs file tax forms or returns for individuals and businesses. CPAs can perform and sign off on audits.
Though known for their role in income tax preparation, CPAs can specialize in many other areas, such as auditing, bookkeeping, forensic accounting, managerial accounting, and even aspects of information technology (IT).
The CPA designation isn’t required to work in corporate accounting or for private companies. However, public accountants—which are individuals working for a firm, such as Deloitte or Ernst & Young, that provides accounting and tax-related services to businesses—must hold a CPA designation.
Certified public accountants are subject to a code of ethics. The AICPA requires that all CPA designation holders adhere to the Code of Professional Conduct, which lays out the ethical standards CPAs must adhere to.
The Enron scandal is an example of CPAs not adhering to such a code. Arthur Andersen company executives and CPAs were charged with illegal and unethical accounting practices. Federal and state laws require CPAs to maintain independence when performing audits and reviews. While consulting at Enron, Arthur Andersen CPAs did not maintain independence and performed both consulting services and auditing services, which violates the CPA code of ethics.
The CPA designation has become more important after the Sarbanes-Oxley (SOX) Act of 2002, which was passed partly in response to corporate financial scandals like the Enron affair.
To provide yourself the best chance possible when taking the exam, taking one of the best CPA prep courses might be worth considering.
In 1887, 31 accountants created the American Association of Public Accountants (AAPA) to define moral standards for the accounting industry and U.S. auditing standards for local, state, and federal governments, private companies, and nonprofits. Renamed several times over the years, the organization has been known as the American Institute of Certified Public Accountants (AICPA) since 1957. The first CPAs received licenses in 1896.
In 1934, the Securities and Exchange Commission (SEC) required all publicly traded companies to file periodic financial reports endorsed by members of the accounting industry. The AICPA established accounting standards until 1973 when the Financial Accounting Standards Board (FASB) was launched to set standards for private companies.
The accounting industry thrived in the late 1990s due to large accounting firms expanding their services to include various forms of consulting. The Enron scandal in 2001 resulted in major changes in the accounting industry, including the fact that Arthur Andersen, one of the nation’s top accounting firms, went out of business. Under the Sarbanes-Oxley Act, which was passed in 2002, accountants were subject to tougher restrictions about their consulting assignments.
Depending on their particular role, a CPA may be involved in one or more aspects of the accounting profession. CPAs can specialize in areas like forensic accounting, personal financial planning, and taxation. In addition, CPAs must complete continuing education requirements and uphold a standard of ethics.
CPA is a credential earned by accountants. As such, CPAs are often accountants that perform the same duties and functions as an accountant without the designation. CPAs, however, are granted certain roles that only they can perform. These include performing audits of public U.S. companies and preparing audited financial statements for a company, such as a balance sheet or an income statement.
The MBA is an academic masters degree in business administration. If you are interested in starting or running a business, the MBA is a comprehensive degree that may be better for you. The CPA is a professional designation earned by accountants. If you are a "numbers person" or interested only in the accounting profession, the CPA may be better for you.
Earning the CPA credential is a big time commitment, and the test process is difficult. Still, those with a CPA earn 25% more, on average, than non-CPA accountants. Also, accountants with a CPA certification tend to advance to positions of more responsibility within one to two years and often are promoted to senior-level jobs within a few years after that.
Press release content from Business Wire. The AP news staff was not involved in its creation.
CINCINNATI--(BUSINESS WIRE)--Aug 4, 2022--
Mobile Infrastructure Corporation (the “Company” or “MIC”), a publicly registered, non-listed company which invests primarily in parking lots and garages in the United States, announced today the appointment of Kyle Brown as Chief Accounting Officer effective August 1, 2022.
“With a demonstrated track record of success in senior financial roles, Kyle is a great addition to our leadership team in this new role,” said Stephanie Hogue, President and Interim CFO of MIC. “Kyle brings a wealth of experience to our organization, including positions held at a publicly traded REIT, which will be instrumental in executing on MIC’s near and long term goals and continuing to build a first-class organization to help realize the full potential of the Company.”
Prior to joining MIC, Brown spent over 10 years with Ventas, Inc., a NYSE traded healthcare-focused REIT, where he most recently served as Vice President of Technical Accounting Research. In this position, he was responsible for providing technical accounting support and analysis, implementing policies in response to recently issued accounting standards, as well as completing regulatory financial statement filings. Earlier in his career, Brown spent six years at EY, and he is a Certified Public Accountant and member of the American Institute of Certified Public Accountants (“AICPA”).
About Mobile Infrastructure Corporation
Mobile Infrastructure is an internally-managed, publicly registered, non-listed company that invests primarily in parking lots and garages in the United States. As of June 30, 2022, it owned 45 parking facilities located in 23 separate markets throughout the United States, with a total of 15,818 parking spaces and approximately 5.5 million square feet and approximately 0.2 million square feet of commercial space adjacent to its parking facilities. For more information, please visit www.mobileit.com.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the real results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: national and local economic, business and real estate market conditions; and the performance of real estate assets after they are acquired. Although Mobile Infrastructure believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can provide no assurance that the expectations will be attained or that any deviation will not be material. real results may differ materially from those contemplated by such forward-looking statements, including as a result of those factors set forth in the Risk Factors section of the Company’s most exact annual report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Mobile Infrastructure does not undertake any obligation to update any forward-looking statement contained herein to conform the statement to real results or changes in expectations. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220804005972/en/
CONTACT: Investor Relations
KEYWORD: OHIO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES FINANCE
SOURCE: Mobile Infrastructure Corporation
Copyright Business Wire 2022.
PUB: 08/04/2022 04:05 PM/DISC: 08/04/2022 04:07 PM
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