October 2013 Newsletter

President's Message

Amy Cooper, CPA

Kevin  Walsh, Walter Williams, Bethe Davis, Patti Picha

GAAP Officers – Standing: Daniel Ogawa, Errol Russell, Brendon Allen, Casey Peterson, Sean Markle; Sitting – Emma Zeisel, Kelley Petrie, Kayla Bishop, Amy Cooper

“The world was my oyster but I used the wrong fork.” ~ Oscar Wilde

 “Is my water glass the one on the right side of my plate or the left side?” It can be embarrassing or a little uncomfortable if you are sitting at a table with people you do not know and now you have to worry about picking the right water glass.  You may not have been in this quandary for a while but for many college students, it does not come naturally to think “bread plate on the left, drink on the right.”

Students at the University of Alaska Fairbanks are gearing up for Accounting Recruitment, a two-week event with employers on campus interviewing for internships and full-time employment.  In order to help them feel prepared, UAF’s student accounting organization, Great Alaskan Accounting People (GAAP), hosted their annual Professional Development Day on September 21.  The event included a student intern panel speed-dating style; an etiquette seminar presentation by KPMG; and a professional panel comprised of Bethe Davis (RJG, APC), Patti Picha (Director of UAF Career Services), Kevin Walsh (Walsh, Kelliher & Sharp), and Walter Williams (KPMG LLP).

The students had a chance to learn about their peers’ internship experience – the interview experience, the projects they worked on, a typical day in the office, the role of technology in the projects, etc.  From the etiquette presentation, they were able to take away tips on dining etiquette, professional emails, cell phones and more.  With the professional panel, the students asked the professionals questions such as “What characteristics make a new hire successful?” and “What are the major ‘don’ts’ when dealing with clients?”.  And to cap the night off, Fairbanks members of the AKCPA were invited to join them for dinner, where they were able to practice some of the dining tips they learned as well as ask more questions to the CPAs.

I love this event because it teaches the students valuable information about the meaning of “professional” and being successful in their careers that is not taught in the classroom.  I remember my first interviews with CPA firms, both first-round and second-round, and they were intimidating.  Any bit of advice or wisdom or “don’t do what I did” stories we can share with the future generation of our profession will only benefit them and consequently, us.

I would like to thank the following members, firms and companies that attended and/or sponsored the students’ attendance. 

•  Cook & Haugeberg LLC, CPAs – Kara Moore and Margaret Hernandez
• Kohler, Schmitt and Hutchison – Elaine Williamson and Jessica Snedden
• KPMG LLP – Walter Williams
• RJG, APC – Bethe Davis, Arlene Koenig and Sam Trotzke
• Schneider & Shilling, CPAS, LLC – Cindy & Ben Shilling, Melody Schneider
• Walsh, Kelliher & Sharp – Kevin Walsh
• Utility Services of Alaska – William Kolski and Debra Maynes

 Pictures Please!!  We know you have some great photos from 2013.  Please send Linda your photos at akcpa@ak.net by November 1.  We will be posting the photos to the AKCPA Facebook page and the photos that receives the most “likes” wins a $100 gift certificate.

Alaska State Board of Public Accountancy Report

Rebecca Martin, Board Liaison

The State Board of Accountancy met on August 1-2, 2013 in Fairbanks.  This was the first meeting I attended as the AKCPA liaison.  I would like to start out by saying the Board does an incredible job within the constraints of our State procedures.  Further, I would like to personally thank Cori Hondolero, the Board’s Executive Administrator, for her hard work and diligence in working with our State Board.  She is a positive attitude in a sometimes frustrating system.

 You should have received by now the “Notice of Proposed Changes in the Regulations of the Department of Commerce, Community, and Economic Development.”  In this notice, the new fee structure is established as follows.  Barring any changes or challenges, the new fee structure will be effective for the December 2013 renewal period.  The State hopes to have the online renewal system ready by mid-November, early December.

             Initial License Fee                                 $100

            Initial Examination Fee                           $165

            Initial Biennial License Fee                   $290

            CPA Biennial Renewal Fee                   $290

            CPA Inactive Biennial Renewal Fee     $185

            Uncertified Public Accountant

                        Biennial Renewal Fee                $185

            Partnership, Corporation, LLC, or Other

                       Initial License Fee                     $310

            Partnership, Corporation, LLC, or Other

                      Biennial Renewal Fee                $310

            Out-of State Practice Privilege Fee        $600

            Reexamination Fees, as follows:

                        1 Section                                   $72

                        2 Sections                                 $88

                        3 Sections                                 $105

                        4 Sections                                 $121

            License Reactivation Fee                   $150

            Delayed Renewal Penalty                  $100*

* [Added to 12 AAC 04.440(a) for lapses more than 60 days]

The Board discussed a possible change in the renewal period dates or possibly to allow a “grace period.”  At this point, this is just an idea and I anticipate it will be explored further at the next State Board meeting in November.

There is an opening coming up on the State Board of Accountancy in March 2014, when Kathleen Thompson, CPA of Fairbanks term expires.  Individuals interested in serving on the Board must apply to the Governor’s Office, Boards and Commissions at:

Board and Commissions

Phone contact: (907) 269-7450 
Email: boards@alaska.gov

If you are submitting an application, please let Linda Plimpton know.

The State now has a listserv available for the Board of Accountancy.  If you would like to receive emails regarding news, information, meeting notifications, meeting agendas, and notices of proposed changes, please sign up at: http://commerce.alaska.gov/dnn/cbpl/ProfessionalLicensing/BoardofPublicAccountancy.aspx

Continuing Education audits and their ultimate resolutions are ongoing.  The State lost the paralegal who was working through these cases.  The State Board and Cori now have control of the remaining files and are working thru them.  There are over 45 active files for the Board to clear from audits begun over a year and half ago.  The Board hopes to have the remaining cases cleared on or before the end of this year.

The agreements are posted as a matter of public record.  The investigations summaries may not be current (they are not under the management of the Board), but may be viewed nonetheless via the following link:

http://commerce.state.ak.us/occ/pub/CPA_Investigations_Summary.pdf.

If the agreements posted online are not current, additional information regarding any consent agreement considered part of the public record may be obtained through the Executive Administrator.  Her contact information is:

Cori Hondolero, Executive Administrator

Atwood Building

550 West 7th Avenue, Ste. 1500

Anchorage, AK 99501-3567

cori.hondolero@alaska.gov

The following individuals received consent agreements with the following terms unless otherwise noted.  All of the following individuals were lacking the 4 hours of required Alaska specific ethics.   Terms of these Consent Agreements were:

reprimanded,

1. fined $3,800 with $2,500 suspended (to pay or paid fine of $1,300),

2. renewal application subject to mandatory audit for the next 2 license renewal periods.

Nancy J. Adams, Case No. 2012-000982, lacking 4 hours of required Alaska specific ethics

Jerry M. Baker, Case No. 2012-001539, lacking 4 hours of required Alaska specific ethics

Tin Yun James Cheng, Case No. 2012-001540, lacking 4 hours of required Alaska specific ethics

Julia Clymer, Case No. 2012-0001557, lacking 4 hours of required Alaska specific ethics

Joseph P. Eve, Case No. 2012-001559, lacking 4 hours of required Alaska specific ethics

N. Diane Fejes, Case No. 2012-0001543, lacking 4 hours of required Alaska specific ethics and

failing to meet the 20 hour per year CPE minimum

Janice C. Heikkila-Walker, Case No. 2012-000983, lacking 4 hours of required Alaska specific

ethics

Joyce A. Herr, Case No. 2012-001596, lacking 4 hours of required Alaska specific ethics

Jerald D. Johnson, Case No. 2012-001545, lacking 4 hours of required Alaska specific ethics

Barry T. McLaughlin, Case No. 2012-000981, lacking 4 hours of required Alaska specific ethics

Ronald Lee Olson, Case No. 2012-001105, lacking 4 hours of required Alaska specific ethics

Other disciplinary actions by the State Board:

Kathryn Daughhetee, Case No. 2012-001541, voluntary surrender of CPA license

John W. Clonan Jr., Case No. 2012-001535, practicing without a valid Alaska CPA license,

including the issuance of an Accountant’s audit report.  Fined $5,000 with $5,000 suspended.  Issued a probationary Alaska CPA license until renewal period in December 2015.

 The next State Board of Accountancy meeting will be held in Anchorage on November 7-8, 2013.  The public is welcome.

SAVE THE DATE 

November 7, 2013

Luncheon Meeting with the members of the Alaska State Board of Public Accountancy.  Chairman, Jeff Johnson will give us an update on State Board issues. 

Location:  Peppermill Restaurant

Time:  12:00 pm to 1:00 pm

RSVP - akcpa@ak.net

Productions qualified after July 1, 2013

                            SageWorks

Largest database of private-company information now available for free exclusively to accounting firms

 RALEIGH, N.C., August 19, 2013 — Sageworks, maker of ProfitCents and the leader in the financial analysis of privately held companies, today announced that as of August 19, it will be making its database of industry statistics on privately held companies available for free to all U.S. accounting firms. As Sageworks reported in April, the company has aggregated over 1,000,000 private-company financial statements through more than 2,000,000 reports run by clients.  The Sageworks database is the country’s largest warehouse of accurate, real-time private-company financial statement information.

Scott Ogle, chief executive officer of Sageworks noted, “Our vision has always been to help businesses succeed by giving them information they can use and understand.  We are achieving this goal through our relationships with accounting firms, which use this data to consult their clients, deepen their client relationships and expand their service offerings.” Through Sageworks’ free data offering, accounting firms will have ongoing access to the company’s extensive database of private company financial information.  “Accounting firms have helped us compile this peer benchmarking data and we’re now giving it back to them so they can use it to show their business owner clients both what they can do better and where they stand out compared to their peers,” Ogle continued.

Sageworks’ data covers 1,400 unique industries from homebuilders to software companies to dentists’ offices and beyond. This data is also used regularly by the media to report on the health of U.S. private companies and studied by some of the country’s top educational institutions to evaluate the behavior and performance of this portion of the economy. Now, accounting firms, which were previously only able to access the data through a paid subscription, will be able to access reports on up to 5 industries per month by creating an account on the Sageworks site. 

The industry reports include 60 financial metrics such as average revenue growth, net profit margin, accounts receivable and payable days, percentage of total revenue spent on items such as rent and advertising, among many others. Historical and recent data are provided so accountants can highlight industry trends over time as well as current benchmarks. Information on the rest of the ProfitCents suite of solutions for accounting firms will also be available so data users can learn about the company’s narrative financial analysis reports and other offerings through their data accounts.

To sign up for access to the free industry benchmarking data, visit the industry data homepage.

About Sageworks

Raleigh, N.C.-based Sageworks is a financial information company. Sageworks’ data and applications are used by thousands of financial professionals across North America to analyze privately held companies. The company has been named to the Inc. 500 list of the fastest growing, privately held companies in the U.S. and to the Deloitte Technology Fast 500.