AICPA Announces Graduates of 10th Annual Leadership Academy

The AICPA has announced that 41 young CPAs from around the country have graduated from its rigorous, four-day 2018 AICPA Leadership Academy.

The academy gives participants access to advanced leadership training, networking activities and presentations from some of the profession’s top thought leaders. This year’s event was held in Durham, N.C.

The 2018 class discussed key issues and interacted with influential leaders in the profession including Eric Hansen, chair, President and CEO Barry Melancon and Mark Koziel, executive vice president of firm services.

“The academy has brought so much clarity and insight to what it means to be an effective leader,” says 2018 Leadership Academy graduate Kelly Mann, a senior manager at Seim Johnson of Omaha, Neb. “It has helped me understand what my most important values are and how they impact my decision making. I have also learned how important consciousness and reflection are to good leadership and how I can bring these lessons back with me, to benefit my firm and the people and organizations I support.”

The 2018 Leadership Academy attendees were recommended by their employers, state CPA societies or both. Candidates submitted resumes and a statement explaining how participating in the Leadership Academy would impact them personally and professionally. They also wrote an essay on the topic, “The future will bring significant changes to the accounting profession. What do leaders have to get right, in order to successfully lead?”

The full 2018 Leadership Academy class is listed below in alphabetical order:

  • Paul Arab, Home Federal Bank of Tennessee, Knoxville, Tenn.
  • Chris Bell, Arkansas Electric Cooperatives, Inc., Little Rock, Ark.
  • Ashley Bryan, Threaded Fasteners, Inc., Mobile, Ala.
  • Joseph Caplan, Mazars USA LLP, Edison, N.J.
  • Jenna Christensen, Eide Bailly LLP, Mankato, Minn.
  • Kenesha Coleman, AbbVie Inc., North Chicago, Ill.
  • Sara deJuliis, Albero Kupferman & Associates LLC, Wilmington, Del.
  • Audra Dixon, Ernst & Young LLP, Denver
  • Samantha Doe, Kositzka Wicks & Company, Alexandria, Va.
  • Kamal Eko, Aronson LLC, Rockville, Md.
  • Josh Elder, Peters & Chandler PC, Oklahoma City
  • Ben Field, Benjamin H. Field CPA, PC, Phoenix
  • Verenice Flores, Fair Anderson and Langerman, Las Vegas
  • Kyle Graham, Tanner LLC, Salt Lake City
  • Natalie Heacock, Patrick Lumber Co., Portland, Ore.
  • John Hermus, Sheehan & Company CPA PC, Brightwaters, N.Y.
  • Chris Hervochon, eviCore Healthcare, Bluffton, S.C.
  • Ryan Johns, Altman Rogers & Co, Anchorage, Alaska
  • Deena Keasler, Topp McWhorter Harvey PLLC, Hattiesburg, Miss.
  • Alexandrea Keller, Williams & Company CPA’s, Onawa, Iowa
  • Katie Krblich, Charles A. Krblich PA, Fort Lauderdale, Fla.
  • Lijah Lokenauth, Tampa General Hospital, Tampa, Fla.
  • Danny Manimbo, Schellman & Company, Broomfield, Colo.
  • Kelly Mann, Seim Johnson, Omaha, Neb.
  • Damien Martin, BKD, Springfield, Mo.
  • Ashley Miller, Plodzik & Sanderson PA, Concord, N.H.
  • Maddie Miller, Wipfli LLP, Bozeman, Mont.
  • Bayaan Oluyadi, CohnReznick, Roseland, N.J.
  • Kenneth Omoruyi, Schlumberger, Houston
  • Sarah Peltakian, Raimondo Pettit Group, Irvine, Calif.
  • John Perkins, Accuride Corporation, Evansville, Ind.
  • Aaron Peters, Peters & Associates PC, Falls Church, Va.
  • Leanna Polidoro, Matrix Financial LLC, Wellesley, Mass.
  • Byron Porter, PwC, Houston
  • Michelle Schumacher, Microsoft, West Fargo, N.D.
  • Andrew Somich, Rea and Associates, Cleveland
  • Garrett Stenhouse, DiSanto Priest & Company, Warwick, R.I.
  • Melanie Urwiller, Lenhart Mason & Associates, LLC, Casper, Wyo.
  • Lauren Williams, Johnson Lambert LLP, Raleigh, N.C.
  • Gary Wood, Compere Robinette CPAs, Ozark, Mo.
  • Katie Zahner, Brown Smith Wallace, Creve Coeur, Mo.

CPAs’ Role in Sustainability Takes on Greater Significance; AICPA Develops New Tools

In this fiercely competitive economic climate, companies are increasingly aware of the importance of managing and reporting on their financial, social and environmental risks and opportunities – often referred to as the triple bottom line, according to the AICPA.

Furthermore, in order to rely on this information, investors are looking for this reported sustainability information to be independently assured.

The AICPA has therefore developed a new toolkit that provides resources to help prepare CPAs to meet these growing sustainability-related demands. The free toolkit includes the following:

  • CPAs – The preferred choice for assurance on sustainability information. This brochure helps CPAs articulate the value of CPA assurance to clients by outlining the differentiating factors, including adherence to rigorous assurance standards and practice guidance.
  • Key sustainability terms defined. This document helps familiarize CPAs with key sustainability-related terminology.
  • Sustainability: The world wants it. Can you deliver? This fact sheet highlights the growing demand for sustainability assurance services as well as the comprehensive sustainability assurance guidance available to CPAs who wish to provide such services.
  • Seven steps to implementing the Sustainable Development Goals (SDGs). This document introduces the SDGs and highlights seven steps companies can take to implement the SDGs.

“Four of the top five global risks are sustainability-related, according to the World Economic Forum. So, it is critical for companies to manage these risks and opportunities effectively, and to accurately report and seek credible assurance on their sustainability-related information,” says Amy Pawlicki AICPA vice president, assurance and advisory innovation

Miller Named President of Beta Alpha Psi

Alexandra L. Miller

Alexandra L. Miller is set to lead Beta Alpha Psi as the new 2018-2019 president of the organization’s board of directors. Miller’s theme of the year – Inspiring Future Leaders to Leave a Legacy of Excellence – stems from her desire to help pave the way for future leaders. “Why do we plant a tree? We plant a tree so that others will have shade,” Miller says. “I want to inspire future leaders to think not just about how they’re going to succeed in their careers, but about the legacy they’re leaving for others who follow them. What seeds can they plant now that will develop in the future into shade for someone they don’t even know?”

Miller’s leadership experience includes serving as the national president of the American Woman’s Society of CPAs (AWSCPA) in 2003-2004. She served as a member of the AICPA Women’s Initiative Executive Committee and was the Beta Alpha Psi Professional Partners Chair from 2014-2016.

With her own accounting firm of over 20 years in Tucson, Ariz., Miller focuses on income tax for individuals, estates, trusts and small businesses.

“As a small firm practitioner and entrepreneur, I hope to show students, faculty and business professionals a different focus for career possibilities. The opportunities in the future are limitless. We just need to take that leap, be fearless and meet the challenges head on.”

Trade Conflicts, Rising Interest Rates Weigh Down View of U.S. Economy

Arleen R. Thomas

For the second quarter in a row, business executives are reining in their optimism about the U.S. economy, in part because of the potential impact of trade and tariff policies and rising interest rates, according to the third-quarter AICPA Economic Outlook Survey.

The survey polls CEOs, CFOs, controllers and other CPAs in U.S. companies who hold executive and senior management accounting roles.

Sixty-nine percent of business executives said they were optimistic about the economy over the next 12 months, a drop of five percentage points from last quarter and 10 percentage points from the start of the year. Optimism about their own company’s outlook slipped a percentage point to 69%. Both rates remain strong, however, from a historical perspective.

“It’s unusual to see a decrease in U.S. economic optimism when key performance indicators such as profit and revenue are perceived to be on the rise,” says the AICPA’s Arleen R. Thomas. “On the one hand, business executives are encouraged by the impact of federal tax reform and reduced regulation at home, but there is some concern about trade wars, interest rate hikes and other factors that could contribute to a global economic slowdown.”

“Availability of skilled personnel” remains the No. 1 challenge for businesses for the fifth quarter in a row, the survey found.

Other key findings:

  • Forty-nine percent of business executives said the likely impact of increased tariffs and tougher trade policies by the United States would be unfavorable for their business, while 4% said it would be favorable.
  • Sixty-eight percent of respondents said they viewed the predicted impact of the Tax Cuts and Jobs Act on their business for the upcoming 12 months as favorable, with 23% saying their outlook had become more favorable since the start of the year.
  • After availability of skilled personnel, the No. 2 and No. 3 challenges for businesses were “regulatory requirements and changes” and “domestic competition,” respectively.


Grant Thornton’s Burton to Lead AICPA’s Assurance Services Executive Committee

The AICPA has announced that Jim Burton will serve as chair of its Assurance Services Executive Committee (ASEC). Burton is Grant Thornton’s PIC of audit methodology and standards.

Burton will oversee committee efforts related to blockchain, artificial intelligence, cybersecurity and sustainability.

“A member of ASEC since 2016, Jim Burton’s experience, insights and sincere engagement will serve the profession well,” says Amy Pawlicki, AICPA vice president, assurance and advisory innovation.

The ASEC mission is to support the profession in serving the public interest by anticipating, identifying, assessing and addressing evolving market needs and demand for assurance and advisory solutions. ASEC develops relevant thought leadership, guidance, criteria and other member resources.

Burton succeeds Bob Dohrer of RSM International. Dohrer was named AICPA chief auditor earlier this year.

Nearly Half of Americans Say Volatile Markets Are Path to Quick Profit: AICPA Survey

So far this year, the U.S. stock market has been a financial roller coaster. It has not been unusual to see the Dow swing in both directions by hundreds of points. At the conclusion of the first quarter, the S&P 500 had already seen 23 days with 1% movements. That is nearly three times the number of days this occurred in all of 2017. It appears volatility has become the new norm.

Surprisingly, even with that significant increase in fluctuations, one-third of Americans (37%) characterized the financial markets during the first few months of 2018 as stable, according to a telephone survey in April of 1,014 U.S. adults conducted by The Harris Poll for the AICPA.

For many, increased market volatility may actually signal an opportunity. According to the survey, nearly half of U.S. adults (48%) believe that a volatile market gives them an easy opportunity to make a profit.

“Investing is not a get-rich-quick scheme and trying to time a volatile market with hopes for huge gains is a serious financial risk,” says Greg Anton, chairman of the AICPA’s National CPA Financial Literacy Commission. “Many people who enter the market looking for a quick buck find they can’t handle watching their investment lose value, which leads them to sell at a loss. For most people, seeking incremental gains over a longer time horizon is a safer, more sustainable approach.”

Highlights of the study:

  • 3 in 10 Americans involved in household investment decisions say they never research investment strategies and potential investment opportunities.
  • A third of Americans involved in household investment decisions say they typically make high-risk investments.
  • Nearly half of Americans are not familiar with cryptocurrencies such as Bitcoin, Ethereum and Litecoin.

Numerous free investor education resources can be found at the AICPA’s 360 Degrees of Financial Literacy website.

AICPA and U.S. Small Business Administration Announce Strategic Alliance

The AICPA has joined forces with the U.S. Small Business Administration (SBA) to help CPAs advise and advocate for small businesses seeking relief from undue regulatory burdens.

As part of this collaboration, the AICPA will be able to direct CPAs whose clients are confronting federal regulatory compliance or enforcement challenges to designated SBA Office of the National Ombudsman (ONO) contacts for assistance in resolving the issues. ONO helps small businesses when they experience excessive or unfair regulatory enforcement actions, such as repetitive audits or investigations, excessive fines, penalties, threats, retaliation or other unfair enforcement action by a federal agency.

The agreement also provides opportunities for representatives of the AICPA and SBA to speak at each other’s events, while the SBA will encourage the AICPA to attend National Regulatory Enforcement Fairness Hearings and Regional Regulatory Enforcement Fairness Roundtables hosted by ONO. The SBA will also make ONO publications available to AICPA members.

“CPAs play a key role in the small business community as trusted business advisors,” says Carl Peterson, the AICPA’s vice president of small firm interests. “This strategic alliance between the SBA and AICPA will provide our members with the latest tools and resources when they or their small business clients have concerns regarding regulatory enforcement.”

The agreement with the SBA renews a previous collaboration between the two organizations that began in 2008. The AICPA and SBA have a shared goal of fostering conditions to help small businesses grow and thrive.

“Our partnership with the AICPA will enable the SBA Office of the National Ombudsman to further expand our reach to, and impact upon, an even greater number of CPAs who could benefit from our assistance,” says Mina Wales, the SBA’s Deputy National Ombudsman.

For more information, visit the AICPA’s U.S. Small Business Administration Resource Center.

AICPA and CPA Practice Advisor Announce 2018 Most Powerful Women in Accounting Awards

The AICPA and CPA Practice Advisor recognized 25 leaders in the accounting profession with the 2018 Most Powerful Women in Accounting Award.

Award recipients come from a wide cross-section of the profession, and perform a broad range of roles, from executives with Big 4 firms and Fortune 500 companies to small firm owners and consultants. The awards, now in their seventh year, were created by CPA Practice Advisor and – starting this year – are jointly administered by the AICPA.

“This year’s group of award winners exemplifies the aspects of leadership, skill, and mentorship that make them stand-outs in their roles,” says Gail Perry, editor-in-chief of CPA Practice Advisor. “Our profession is better because of their active participation in making this a better place for everyone.”

The AICPA became involved with the awards as part of the institute’s efforts to promote and support the success of women for the broader purpose of sustaining the profession.

“We couldn’t be prouder of this group of award winners and their contributions to the profession,” says Jacquelyn Tracy, chair of the AICPA Women’s Initiatives Executive Committee (WIEC). “Collectively, they show there are many paths women can take to make an impact and wield influence.”

The WIEC sponsors research, the Women to Watch awards, mentorships, networking opportunitie, and oversees the annual AICPA Women’s Global Leadership Summit.

A group of 13 judges selected the award recipients, using the following criteria for candidates:

  • Demonstrates she is a driving force in creating a culture of innovation or excellence within her organization or helped, as a vendor, to develop technologies that empower firms to be more productive and profitable
  • Has reached a level of management and ownership within her company, with demonstrable impact on its success
  • Actively mentors those following in her footsteps

The 2018 winners are:

  • Karen Abramson, CEO, Wolters Kluwer Tax and Accounting
  • Danielle Supkis Cheek, director of entrepreneurial advisory services, PKF Texas
  • Susan Coffey, executive VP of public practice, Association of International Certified Professional Accountants
  • Lynne Doughtie, U.S. chairman and CEO, KPMG
  • Abby Dupree, MP, Carroll & Company CPAs
  • Jennifer Elder, owner, The Sustainable CFO
  • Sarah Elliott, principal and co-founder, Intend2Lead LLC
  • Kimberly Ellison-Taylor, global strategy leader for the financial services industry, Oracle America, and immediate past chairman of the AICPA
  • Cathy Engelbert, CEO of Deloitte U.S.
  • Julie Gustavsson, partner and COO, Keiter
  • DeAnn Hill, owner, DeAnn Auman Hill CPA
  • Jenni Huotari, partner and director of business outsourcing and strategy, Eide Bailly
  • Kacee Johnson, strategic advisor,, and founder, Blue Ocean Principles
  • Elizabeth Pittelkow Kittner, controller, Litera Microsystems
  • Tamera Loerzel, partner, ConvergenceCoaching LLC
  • Samantha Mansfield, director of professional development and community,
  • Gail Perry, editor-in-chief, CPA Practice Advisor
  • Amy Pitter, president and CEO, Massachusetts Society of CPAs
  • Natasha Schamberger, president and CEO, Kansas Society of CPAs
  • Lindsay Stevenson, vice president of finance and tax, 1st Financial Bank USA
  • Amy Vetter, president and CEO, QuickStart Training Inc.
  • Jennifer Warawa, executive VP of partners, accountants and alliances, Sage
  • Katherine Watts, PIC, Horne LLP
  • Sandra Wiley, president, Boomer Consulting Inc.
  • Jennifer Wilson, co-founder and partner, ConvergenceCoaching LLC

AICPA Announces New Personal Financial Planning Certificates Program

The AICPA announced the launch of the Personal Financial Planning (PFP) Certificates Program. This new curriculum offers CPAs an opportunity to expand their knowledge in personal financial planning and a new pathway to the Personal Financial Specialist (PFS) credential. The program is comprised of four certificates covering the core technical areas of PFP: retirement, estate, risk management/insurance, investment planning and a fifth certificate covering the practical application of the planning process. Tax considerations are integrated throughout all certificates.

The introduction of the PFP Certificates Program is timely because an estimated 10,000 baby boomers will turn 65 each day over the next decade. As a result, employment of personal financial planners is projected to grow 15% from 2016 to 2026, much faster than the average for all occupations according to the Bureau of Labor Statistics. Trillions of dollars will be transferred from one generation to the next in the coming decades. As this wealth changes hands, Americans will need help with the complexity of their financial plans to make sure they keep more in their pocket. The PFP Certificate program helps CPAs expand on their strengths to meet this rising demand.

“The PFP Certificate program offers CPAs a new way to develop their financial planning skill set while also working towards the Personal Financial Specialist credential,” says Jeannette Koger, Association of International Certified Professional Accountants Vice President of Advisory Services and Credentialing. “CPAs now have increased flexibility to learn what they need to know in specific areas of financial planning on their own schedule.”

The PFP Certificates cover the AICPA PFP Body of Knowledge, with each of the four technical certificates demonstrating competence in relevant disciplines. Convenient online education or knowledge from prior education and experience prepares the CPA for passing each certificate exam, which results in the certificate being awarded. The final applications certificate is awarded after completing specific education and real-life planning situations focusing on the planning process and integration of the entire financial plan.

To learn more about the Personal Financial Planning Certificates Program, click here.

Hansen Named Chairman of The Association

Eric Hansen

Eric Hansen

Eric Hansen has been named chairman of the Association of International Certified Professional Accountants (the Association) – the global accounting organization formed by members of the Chartered Institute of Management Accountants (CIMA) and the AICPA to advance public and management accounting worldwide.

The governing councils of the AICPA and CIMA approved the one-year appointment of Hansen, who also serves as chair of the AICPA. He will work closely with CIMA President Steven Swientozielskyj, who will serve as Association vice chairman, to meet the needs of 667,000 members and students across 184 countries and territories.

Steven Swientozielskyj

Steven Swientozielskyj

“The competency and integrity we stand for as a profession has never been more important than it is right now as businesses and clients navigate intensifying complexity at hyperspeed,” says Hansen. “To help them keep pace, we have to push ourselves further and faster – reimagining services, seizing new technologies and developing new skills. The Association is leading the profession to meet the needs of this transformational time, and I am humbled and honored to serve in this role.”

Hansen brings significant experience to the post. He is COO at Springfield, Mo.-based BKD (FY17 net revenue of $564.4 million), where he oversees firmwide operations and acts as a liaison between BKD’s national office and its four regions. He has provided audit, tax and consulting services to companies in the manufacturing, health care, construction, transportation and the financial services industries.

He also has a legacy of service to the profession. In addition to his tenure as chair of the AICPA, he has served as chair of the AICPA finance committee and as a member of the AICPA’s Major Firms Group, among other activities.

Swientozielskyj also brings extensive experience to his role as vice chair of the Association. His career includes a number of senior finance roles across the private, public and consultancy sectors. During his tenure at Network Rail, he led the setup of its financial shared services, which within three years was benchmarked as a world-class facility. Swientozielskyj has been a member of CIMA since 1980 and has held numerous volunteer leadership positions.