Archives for April 2010

We Look Forward To Meeting You At The 2014 Summit

Kelly Platt

Kelly Platt


Kelly Platt, managing principal of INSIDE Public Accounting and partner in The Platt Group, has worked within the profession since 1994. Kelly has a deep understanding of the inner workings of CPA firms and how its partners operate. A co-founder of, Kelly currently directs all aspects of INSIDE Public Accounting’s Annual Survey and Analysis of Firms and the monthly IPA newsletter.



Chris Camara

Chris Camara


Christina Camara is the managing editor of the monthly INSIDE Public Accounting (IPA) newsletter. Chris conducts research and interviews MPs, CFOs and the profession’s thought leaders to keep IPA readers informed on the top management issues, best practices and innovations within the profession. 




Mandi Heiny

Mandi Heiny


Mandi Heiny serves as the company’s executive administrator. Mandi provides administrative support to the entire staff by conducting market research, handling information requests, performing clerical functions and customer need assessments, proofing survey data, assisting and executing marketing campaigns and strategy, and demonstrating best practices to clients.





Chelsea Page

Chelsea Page

Chelsea Page began working at The Platt Group and IPA in 2014 as the senior brand ambassador. Chelsea is responsible for expanding the company’s brand and product lines and overseeing the company’s social media presence. She also works closely with participants in the annual Survey and Analysis of Firms by assisting them with marketing the accolades that stem from the annual survey.

Congratulations on Being Named to Partnership

Each month, IPA reaches out to managing partners, line partners, the profession’s most admired peers, the Best of the Best managed firms and top consultants to bring you the resources to improve your firm, your practice and your career.

You can rely on IPA for practical solutions you can’t get anywhere else. Learn about the successes of other firms, hear from practitioners and consultants on what worked and why, get the inside scoop on your competition, find out who’s moving and who’s merging, and sharpen your management skills.  IPA offers a money-back guarantee. If at any time you decide to cancel, we will refund the prorated amount left on your subscription.

INSIDE Public Accounting Newsletter – For 26 years, IPA has provided countless in-depth articles from managing partners and top consultants around the profession.

INSIDE Public Accounting National Benchmarking Report – For more than 20 years, IPA has compiled the award-winning annual IPA National Benchmarking Report, considered the gold standard of CPA firm benchmarking.

INSIDE Public Accounting 100 and 200 Firms – Since 1990, IPA has named the IPA 100, listing the top accounting firms in the nation. In 2010, IPA began naming “The IPA 200” – the first ranking of the nation’s Top 200 firms.

INSIDE Public Accounting Best of the Best Firms – For 19 years, IPA has named the Best of the Best managed firms in the U.S., based on more than 50 operational and financial performance metrics.

Most Recommended Consultants – Each year, based on survey responses, IPA names the 10 most recommended consultants in the profession.

Practice Management Resources and Consulting – The Platt Group works with firms and consultants across the nation to provide practical ideas to help firms grow.

Focused Presentations – The Platt Group offers presentations to motivate, inspire and educate. Let us bring you current financial and operational data on the most successful CPA firms in the nation.

The PRIME Symposium – This two-day annual event for MPs and leaders across the industry is built around the IPA Best of the Best firms. Mark your calendars: November 3-5, 2014

Personalized Financial and Operational Performance Report Card – Give your firm a real-time, easy-to-read gauge of where you stand compared to other firms. Learn which metrics need attention and where your firm can build on it’s success.


Below are a few articles excerpted from the INSIDE Public Accounting (IPA) monthly newsletter. We hope you find the value in these excerpts, and encourage you to find out more about IPA. Please don’t hesitate to contact our office with questions or comments.

Transitioning To A New MP: Experts Define The “Right” Way To Fast-Tract The Process For Success

What I Wish I Knew… Advice From The Trenches

The Role Of Trust In The Partnership Ranks

Partnership Agreements – The Good, Bad and Ugly

Trust Leadership: Engage Employees And Skyrocket Performance

Personal Marketing Plans Help Guide Firm Development Efforts

Are Your Partners Cutting The Mustard? Know What Characteristics Your Partners Should Possess

Clearing the Air: What Goes Unsaid Among Partners Speaks Volumes

Partner Accountability Begins With Firm Strategy

What I Realized When I Took Over – MP Insights And Advice

Thoughts From IPA’s “Most Admired Peers”

What Are The Skills Needed To Be An Effective Managing Partner?

CAQ Reacts to SEC’s IFRS Plan

The Center for Audit Quality (CAQ) issued the following statement by Executive Director Cindy Fornelli in reaction to the U.S. Securities and Exchange Commission’s (SEC) announcement of an International Financial Reporting Standards (IFRS) Work Plan:

“We are pleased that the SEC has reiterated its support for a single set of high-quality global accounting standards, consistent with comments from the vast majority of investors and other stakeholders who reacted to the Commission’s Roadmap. We are also pleased that the SEC has expressed its support for IFRS as that single set of high-quality standards.

The SEC’s action, in conjunction with the staff’s forthcoming Work Plan, should provide a path forward to the incorporation of IFRS into the financial reporting system for U.S. issuers. We encourage the Commission to execute its action plan so it is in a position next year to make a positive decision to adopt IFRS.

IFRS is quickly becoming the international standard, with 110 countries having already adopted, or in the process of adopting, IFRS. As a profession, we are already moving along this path, including helping develop curricula with accounting faculty to train university accounting graduates, working with companies to help them prepare for the transition, and training accountants and auditors.

The CAQ is committed to working with the SEC staff as it carries out its Work Plan. We recognize the importance of preparers, investors and standard-setters working together to help move this important initiative forward, and we will continue efforts to assist stakeholders, including investors, in understanding the benefits of IFRS.”

AICPA Extends Contract With CPA Exam Partners

The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric have extended until 2024 their contract to jointly offer the CPA Examination in the U.S. The agreement represents a 10-year extension of the exam contract.

Under the partnership, the AICPA is responsible for developing and scoring the Uniform CPA Exam; NASBA is responsible for the National Candidate Database; and Prometric, a wholly owned subsidiary of ETS, is responsible for examination delivery at authorized test centers.

“The CPA Exam is the gateway to the accounting profession, and under this arrangement we have seen the exam improve and grow,” Barry Melancon, AICPA president and CEO, said in a news release.

A passing score on the Uniform CPA Examination is one of the requirements for licensure as a CPA in the U.S. In April 2004, the computer-based CPA Examination was launched, and the paper-and-pencil version was discontinued. More than 1 million exam sections have since been administered by computer. About 93,000 candidates took the examination last year, setting a record for testing volume.

April 2010 Of Interest

Retaining African Americans in The Accounting Profession – Study

A study by Howard University’s Center for Accounting Education changes the paradigm on how to attain success as a minority and how to retain more African Americans in the profession.

AICPA Fends Off Attack on Accounting Standards

In a recent letter to Senators Dodd and Shelby of the Committee on Banking, Housing and Urban Affairs, the AICPA reiterates its support for independent accounting standards and makes clear the objectives of accounting standards while negating the suggestion to “address potential systemic risks associated with accounting policy” as some have argued.

SEC Moves Toward Letting U.S. Firms Use Global Accounting Rules

The Securities and Exchange Commission said it will move ahead with a plan that might put U.S. companies under international accounting rules by 2014.

CAQ Reacts to SEC’s IFRS Plan

The Center for Audit Quality (CAQ) has issued a statement by Executive Director Cindy Fornelli in reaction to the U.S. Securities and Exchange Commission’s announcement of an International Financial Reporting Standards (IFRS) Work Plan.

Web-Based Whistle-Blowing?

Recent discussions among accountants, attorneys, and compliance professionals on suggest that Sarbanes-Oxley is not working as intended to prevent fraud and misconduct. A group of finance and accounting professionals has proposed a viable alternative: they’re asking employees of U.S. publicly traded companies and financial institutions to anonymously disclose information about the questionable business practices of their companies and those companies’ executives on a new Website (

Help Your Team Understand Quality Client Service

David Morgan, co-MP of Lattimore, Black, Morgan & Cain and current Chair of the AICPA Private Companies Practice Section, shares his insights on building relationships with clients.

NASBA, AICPA and Prometric Extend CPA Exam Contract

The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric have extended until 2024 their contract to jointly offer the CPA Examination in the U.S. The agreement represents a 10-year extension of the exam contract.

PCAOB Is Ready to Get Serious About Audit Committee Communication

PCAOB is accepting comment letters on a draft rule regarding Proposed Auditing Standard Related to Communications with Audit Committees.

Meyers Norris Penny Finalizes McNally Valuations Inc. Acquisition

Meyers Norris Penny (MNP) announced it is merging with McNally Valuations Inc. (MVI), effective April 1, 2010. Based in Edmonton, Alberta, MVI is the largest independent valuation firm in Edmonton and the only full-service valuation firm headquartered in western Canada.

“McNally Valuations is a renowned valuations firm, which provides a high-level of expertise, experience and specialized certifications,” said Daryl Ritchie, MNP’s Chief Executive Officer. “This merger will allow MNP to strengthen our valuations practice and help us expand a new service line for MNP in property, plant and equipment Appraisals. In addition to business valuations and litigation support services, McNally Valuations provides expert services in commercial and industrial property, plant and equipment, real estate, and machinery appraisal”.

“MNP has a strong Canadian presence, a passion for business, and an unwavering commitment to their clients,” said Bob McNally, Partner, MVI. “It was a natural evolution for us to join a firm, who share our vision, values and commitment to providing quality services.”

Allred and Wilson Team Up for New Business Development Program

Sam Allred and Graham Wilson, are teaming up to launch a new business development program for new partners and senior managers.

“With clients hunkered down trying to ride out the recession, increased client attrition, and the Baby Boomers retiring in ever-greater numbers, a lot of firms are worried about where new business is going to come from next year, three years from now, and five years from now,” Sam Allred says. “Graham and I want to be part of the solution to that problem.”

Set to launch in June, the Academy for Business Development will bear many of the signature characteristics of Upstream Academy’s other programs. “Everything we do at Upstream emphasizes timeless principles, proven processes, and practical accountability,” said Allred, who founded Upstream Academy nearly a decade ago. “We’re thrilled to have Graham Wilson, a world class trainer and expert on business development in public accounting firms, join us for this new program.”

Key features of the intensive, 18-month program include the following:
• creation of personal business development plans by each participant
• multiple levels of accountability to ensure participants follow their plans
• three 1-day, face-to-face, highly interactive workshops
• monthly conference call presentations by Wilson and Allred
• mentoring and reinforcement by “guides” from within the firm

Interested firm leaders can learn more about the Academy for Business Development by participating in a free conference call presentation on April 22nd or May 5th. To register for the call, contact Upstream Academy at 406-495-1850.