cpa report second edition 2014

South Carolina Association of Certified Public Accountants

Second Edition 2014

SCACPA & AICPA’s Joint Ethics Enforcement Process

Membership Renewal Q & A

South Carolina CPA Report 2 (888) 557-4814 | www.scacpa.org

South Carolina CPA Report 3(888) 557-4814 | www.scacpa.org South Carolina CPA Report 3

OFFICERSSharon E. Mann, CPA, Chair

John B. Fennell, CPA, Chair Elect

Robert M. Tilton, CPA, Vice Chair

Penny Lewis, CPA, Secretary – Treasurer

Michael R. Putich, CPA, Immediate Past Chair

BOARD OF DIRECTORSWilliam R. Barefoot, CPA Patrick P. Carey Jr., CPA

Zoe M. Davis, CPA Suzanne M. Harnois, CPA

Lesley H. Kelly, CPA Cheryl O. Lang, CPA

A.D. (Dave) Masters, CPA J. Patrick (Pat) McDermott, CPA

James W. McIlrath, CPA Kenneth L. Newhouse Jr., CPA Amanda (Mandy) H. Pepe, CPA

Philip R. Snipes, CPA Jason C. Sweatt, CPA

William A. Thiem, CPA Beth T. Zamorski, CPA

CHIEF EXECUTIVE OFFICER Erin Pate, CAE

MANAGING EDITORMaureen A. Taylor

GRAPHIC DESIGNER Lisa S. McGee

CONTRIBUTING WRITERSJimmy Addison, CPA

Vicki Arthur, CPAReva Brennan, CAE, IOM

Donny Burkett, CPA George DuRant, CPA/ABV, CFF, ASA

Bret Johnson, CPAErin Pate, CAE

Frank Pinckney, CPAMike Sisk, CPA

Derrick B. Stark, CPAMaureen A. TaylorBrian Teusink, CPA

Margaret Wicklund, CPA

2013-14 EDITORIAL BOARDCharles E. Alvis, CPA, MPA, MBA, Chair

Tim Baker, CPAJohn B. Brantley, CPA

Robert C. Charles, CPAAmanda S. Colgate, CPA

Lisa S. Cooke, CPAMargaret L. Lattimore, CPAA. D. “Dave” Masters, CPA

Erin H. Pate, CAEFrances J. Pearce, CPADerrick B. Stark, CPA

Maureen A. Taylor

South Carolina Association of Certified Public Accountants Magazine

Volume 44, Second Edition 2014

Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or SCACPA.

CPA ReportSouth Carolina Association of CPAs

In Every Issue

Statements of fact and opinion are made by the authors alone and do not imply an opinion on the part of the officers or members of SCACPA. Advertising rates will be furnished on request to SCACPA, 570 Chris Drive, West Columbia, SC 29169, (803) 791-4181. Publication of an advertisement in The CPA Report does not constitute an endorsement of the product or service by The CPA Report or SCACPA.

5 From the Chair

6 Association News

8 On Your Behalf

30 Chapter Connections

In This Issue10 Let Us Help You Thrive

11 Membership Q&A

13 Thank You 2013-14 Volunteers

26 SCACPA & AICPA Joint Ethics Enforcement Process

29 Center Advances Ethical Leadership on College of Charleston Campus

Special Section: Business & Industry

31 Member News

31 Welcome New Members

32 CPE

38 Advertiser Index

16 In the Drivers Seat: CPAs as Chief Executives and Strategy Advisors

19 CPA License is a Key to Success

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South Carolina CPA Report 5(888) 557-4814 | www.scacpa.org

From the Chair

Sharon Mann, CPA, CGMA, is the chief financial officer for General Information Services, Inc. in Chapin. She has served on the SCACPA board since 2007 and currently serves as chair. She previously served on the Legislative, Advocacy & Regulatory Committee, the Finance Committee and the Audit Committee.

Over the past 10 years, SCACPA has seen a steady increase in the number of members in business and industry. In

fact, membership for the segment has increased 59 percent since 2004. SCACPA’s members in business and industry are classified as part of our BEGIN segment (business, industry, government, education and nonprofit), which makes up over one-third of our membership. For those working specifically in business and industry, their roles are as varied as the industries they serve.

In this issue of the CPA Report, we recognize and celebrate this growing segment. Many CPAs in business and industry have successfully leveraged their accounting backgrounds to move into senior management positions or become successful business owners. In the Driver’s Seat – CPAs as Chief Executives and Strategy Advisors, examines what it takes to be successful in this area.

In Spotlight on Business & Industry: CPA License the Foundation for Success, we look at just that – how seven SCACPA members combined accounting with innovation, collaboration and teamwork to become senior executives and in one case an entrepreneur.

Recognizing your needs are unique, SCACPA is continually looking for ways to help you be a game

changer in your organization. The annual CPAs in Business & Industry conference, the CFO series and other continuing professional education opportunities allow you to design a curriculum that fits your specific needs, and your schedule.

Last year, we offered our first CGMA Roundtable in Greenville. The lunch program was a success, drawing members from other parts of the state. The roundtable provided an opportunity to connect with other CPAs in business and industry while learning about, and discussing, current topics in management accounting. Last year’s topic was Big Data and staff is currently looking at offering additional topics this year.

You are an important part of SCACPA’s membership and we want to ensure we are meeting your needs. If you have suggestions for ways we can expand our current offerings, please email CEO Erin Pate at [email protected].

Sharon Mann, CPA, CGMASCACPA member since 1992

“Recognizing your needs are unique, SCACPA is continually looking for ways to help you be a game changer in your organization.”


AICPA Benevolent Fund AssistanceThe American Institute of CPAs (AICPA) Benevolent Fund assists AICPA members through temporary periods of financial difficulty, and provides subsistence aid to AICPA members and their families in cases of serious illness, accident or death of the primary source of family income. To learn more, visit the AICPA web page at www.aicpa.org

KNOW AN ACCOUNTING MAJOR? SCACPA Scholarships are AvailableThe SCACPA Educational Foundation is now accepting scholarship applications for the 2014-15 academic year. In 2013, the Educational Fund Trustees awarded $23,500 in scholarships to 11 students across the state.To be eligible students must:

• Be a South Carolina resident • Be a rising junior or senior majoring in accounting (or master’s degree student) at a South Carolina college or university• Possess a GPA of no less than 3.25 overall (on a 4.0 scale) • Possess a GPA in accounting no less than 3.5 (on a 4.0 scale)

For more information, or to apply, visit www.scacpa.org/Scholarships.

CPA Day at the State HouseThis is the time of year that we usually ask you to gather in Columbia for CPA Day at the State House. Since 2014 is an election year, we are changing things up a bit. Instead, local chapters will be hosting legislative events. All state House seats are up for election as well as state constitutional officers including the governor.

Next year, we hope to see you back in Columbia. CPA Day at the State House will be held May 6, 2015.

SCACPA recently welcomed two new staff members to the team. Shana Adams is the new communications and membership coordinator and Lisa McGee is the membership and graphic design coordinator.

Shana is responsible for managing the website, electronic communications and social media. She also assists with

membership. Shana previously served as the health communications assistant at the South Carolina Campaign to Prevent Teen Pregnancy in Columbia.

SCACPA Welcomes New Staff Members to the Membership TeamShana is a Winthrop University graduate where she earned her bachelor’s in integrated marketing communication. When she’s not working, Shana enjoys traveling, writing, video editing and following all things sports via ESPN.

Lisa first worked with SCACPA in 2006 but a year later relocated to Navarre, Florida when her husband was stationed at Hurlburt

Field Air Force Base. From 2007-13, Lisa continued to serve as graphic designer for the CPA Report and CPE marketing. Now, she is back on staff

part-time. In addition to handling the creative design aspect of SCACPA’s marketing and communication efforts, she also processes new member applications and maintains the membership database.

Prior to joining SCACPA, Lisa worked for the Cheyenne Frontier Days Old West Museum in Cheyenne, Wyo. and S.C. Farm Bureau Insurance Companies in Cayce, S.C. Lisa is a graduate of the Univeristy of South Carolina where she earned a bachelor’s in public relations. She is married to Maj. Michael L. McGee, USAF, and they have two boys, Patrick, age 11, and William, age 6.

Donald (Donny) H. Burkett, CPA, of Burkett, Burkett & Burkett, CPA, PA in West Columbia has been nominated as vice chair of the National Association of State Boards of Accountancy (NASBA). Burkett currently serves as director-at-large on the NASBA board, the NASBA representative to the Center for the Public Trust Board of Directors and chairman of the South Carolina Board of Accountancy. A SCACPA member since 1976, he is a past president of the SCACPA board.

Burkett Nominated Vice Chair of NASBA


570 Chris Drive, West Columbia, South Carolina 29169(803) 791-4181 or Toll-free (888) 557-4814

Fax (803) 791-4196 | www.SCACPA.org

SCACPA

Erin Pate, CAEChief Executive Officer

Ext. 104, [email protected]

Reva E. Brennan, MPA, CAE, IOMChief Operating Officer


Karen M. Hancock, CPAFinance Director


Maureen A. TaylorMarketing & Member Services Director


Glenna P. OsierPeer Review Manager


April C. CoxEducation Manager


Shana M. AdamsCommunications & Membership Coordinator

Ext. 111 [email protected]

Lisa S. McGeeMember Services & Graphic Design Coordinator


To empower our members to grow professionally.We believe that by providing education,

advocacy, communication, and leadership we will ensure our success.

South Carolina CPA Report 7

Key Person ContactsSCAPCA’s Key Person Contacts recently delivered checks from the SC CPA Political Action Committee to House members seeking reelection.

Pictured below: 1. McRoy Skipper, CPA, (right) with Rep. Carl Anderson (Georgetown, Horry and Williamsburg counties) 2. James Stewart, CPA, (right) with Rep. Kris Krawford (Florence County) 3. Arden Gatchell, CPA, (right) with Rep. Phillip Lowe (Darlington and Florence counties) 4. Harold LeMaster, CPA, PA, (left) with Rep. Mike Anthony (Laurens and Union counties).

Russell Bauknight & The Godfather of SoulBauknight Pietras & Stormer, PA shareholder, Russell Bauknight, CPA, recently announced the release of the movie trailer for the upcoming movie based on the life of James Brown, The Godfather of Soul. Get On Up stars Chadwick Boseman, Viola Davis and Octavia Spencer and is directed by Tate Taylor.

Bauknight is the court-appointed fiduciary charged with managing the estate of James Brown and the charitable trust established by Brown. The movie is scheduled for release on Aug. 1 with premiers in Los Angeles and The Apollo Theater in New York. The James Brown Tribute tour opens Aug. 13 in Los Angeles.

Russell currently serves as fiduciary for approximately 60 estates and trusts with values of approximately $200 million.

Want to know more about Bauknight and the Brown estate? The Q3 issue of the CPA Report will feature an in-depth interview.

C L I C K

To view the movie trailer visit http://ow.ly/v7lUZ


On Your Behalf

In 2015 the S.C. Association of CPAs and the state’s profession will turn 100 years old. As

we march toward our centennial anniversary, the profession will be celebrating its history as well as its extraordinary growth and SCACPA’s role in building this community of professionals.

Integrity and objectivity have always been the hallmarks of being a CPA. Looking forward, in an ever-changing, more complex business environment, CPAs must also be willing to adapt to constant change, become better than most with the latest technology, and continually seek growth in communication, leadership and strategic thinking.

Since SCACPA’s inception in 1915, our membership has grown from just a handful to over 4,000, but our mission has remained constant. SCACPA’s strengths still include a representative voice for all South Carolina CPAs, a commitment to the profession, and committee and chapter activities that promote the engagement of our membership. As we celebrate SCACPA’s history, we will simultaneously pursue a leadership strategy to evolve the association to serve both younger and seasoned CPAs in the years ahead.

In recent years, the SCACPA Board of Directors has developed and

executed a strategic plan that aims to navigate the challenge of keeping the association relevant to our diverse membership. The board has conducted extensive research on effective membership communities and they have engaged in deep discussion and debate about how to best meet the challenges of the future. Strategic recommendations for change have been adopted and the journey has begun.

Here are some of the most recent activities and initiatives of the SCACPA Board of Directors that relate to strengthening our internal organization so that we are poised to better meet members’ needs now and in the future.

Governance and Structure Task forces of the SCACPA Board studied current governance policies and procedures and best practices and made recommendations related to the composition of the board. SCACPA’s Board will move from a 20-member board to one with at least 11 members. This smaller board will facilitate a higher level of engagement at the board table and foster more nimble decision-making which is needed to address fast-paced change. A statewide Leadership Cabinet is under development and will provide a larger, more representative voice from the membership to the SCACPA Board.

A vision for the future:Preparing for SCACPA’s Second Century.

... CPAs must also be willing to adapt to constant change, become better than most with the latest technology, and continually seek growth in communication, leadership and strategic thinking.

For the profession, by the profession – that’s what the South Carolina Association of CPAs is all about. SCACPA’s board of directors, committees and task forces are hard at work making decisions, providing guidance and embarking on projects and programs that strengthen the profession and enable members to improve their knowledge, network and technical skills.

9(888) 557-4814 | www.scacpa.org

SCACPA’S STRATEGY IS YOUR STRATEGY.

In What Way can SCACPA improve its communications, professional education or the member experience?

SCACPA is Your Organization. Share Your Comments | Email [email protected]

How can SCACPA best play a role in advancing the profession and your place in it – now and in the future?

What are your thoughts on how SCACPA is governed?

CommunicationsMany members connect with SCACPA through the scacpa.org website for information, to renew membership and purchase CPE. Admittedly, a website refresh is past due and the development of a new user-friendly website has begun with a rollout planned for early 2015.

Members have asked for ways to connect online with other South Carolina CPAs. We are addressing that too with a soon-to-be released program called CPA Mix, which will allow you to participate in e-conversations with colleagues around many topics including tax and other technical issues.

Stay tuned later this year for an exciting new look for SCACPA’s second century. SCACPA will evolve into the nomenclature “South Carolina CPAs,” and will feature a new logo, new colors and a tagline, all which will have a more modern appeal and will help us brand the CPA profession in a more direct and visible way.

Office RelocationFor 27 years, SCACPA has resided at its current facility in West Columbia. The building has served us well, however, the area surrounding the office has changed dramatically over the years and the building has aged. These factors and others led the SCACPA Board to press for relocation of the state headquarters. Yes, we are moving! Our new location will be in Cayce, just a few miles from the current location.

Erin Hardwick Pate, CAE, has served as SCACPA’s CEO since 2005. She currently serves as immediate past-president of the CPA Society Executives Association and as a member of

AICPA’s Future of Learning Task Force that is studying the evolution of professional education.

It’s called Brookland Place located at 1300 12th St. By the end of this calendar year, you will find SCACPA in a fresh new space with a high-tech classroom and better space outside the classroom for members to converse with colleagues, make phone calls and have lunch. The space speaks to the importance and image of the CPA profession. It will be leased and is flexible, which suits the association’s evolving roles.

It is always gratifying to know how passionately many feel about SCACPA. We count on members’ input concerning decisions about the future. We welcome any thoughts that you would like us to consider on how SCACPA is governed, its financial condition and how we can improve communications, professional education or the member experience. We will consider every comment received.

This will be an important year for SCACPA. The year’s greatest advantage will be to position SCACPA as an organization that is looking forward and adapting an agile role in supporting the profession as it continues to reshape itself.

We are excited and welcome your involvement, concerns and support. n

New Association LeadersSCACPA’s Leadership Selection and Succession Planning Committee (formerly called Nominating Committee) developed a slate of new or renewing board members, which members will vote on at the Annual Member Meeting on May 12 during the 2014 Annual Convention. The slate is as follows:

OFFICERSChair-Elect: Robert Tilton, CPA, WebsterRogers LLP, FlorenceSecretary/Treasurer: Penny A. Lewis, CPA, Penny A. Lewis, CPA, PA, Isle of Palms

AT-LARGEBrad Ledford, CPA, DHG Search Advisors, Greenville

10

QUESTIONS? Contact Maureen

Taylor at [email protected].

EDUCATION

ADVOCACY

STAYING CURRENT South Carolina

CPA

CPAPAC

COMMUNITY

South Carolina CPA Report (888) 557-4814 | www.scacpa.org

In the next few weeks, your membership renewal will hit your inbox. The 2014-15 membership year begins July 1. When you renew, dues will be paid

through June 30, 2015.

Your renewal statement also includes an opportunity to join your local chapter and two optional contributions – The Educational Fund and the Political Action Committee. A recent study by two University of South Carolina economists predicts a shortage of accounting graduates by 2030. The Educational Fund is your chance to help prepare the next generation of CPAs. The Political Action Committee enables the CPA profession to support legislators who share your views. Donations to the PAC also allow SCACPA to educate legislators about matters that are important to the profession and realize greater legislative effectiveness.

We pride ourselves on being your professional home. But more importantly, we strive to ensure you have the tools and resources you need to thrive in your profession including:

l EDUCATION –Whether you prefer conferences, seminars, live webinars or self-study, the discount you receive on CPE will often pay for your membership. Grow your knowledge base with relevant CPE and timely updates on emerging issues.

l COMMUNICATIONS – We help you stay current on the latest news and information that impacts you and the profession through the SCACPA website, CPA Report, electronic newsletters and social media. In the coming months we will be launching CPA Mix, an online community where you can exchange knowledge and resources with your peers. We will also be unveiling an electronic communications preference page where you can select the enewsletters, alerts and other communications you wish to receive.

l ADVOCACY – SCACPA is your voice at the state and national level and the only South Carolina organization that provides critical updates and advocacy for the CPA profession. Through regular meetings with the S.C. Department of Revenue, S.C. Board of Accountancy, the Internal Revenue Service and others, we keep you up to date on issues that impact you and your clients.

Let Us Help You THRIVEMembers are encouraged to renew prior to June 30, 2014. The fastest and easiest way to renew is online.

To Renew Online Follow These Four Steps:

u Log into your membership account at www.scacpa.org

v Select “Manage My Membership”

w Select “Pay My Dues;” and

xEither renew for yourself or multiple people within your firm or organization.

by Maureen A. TaylorSCACPA Director of Marketing and Member Services

11

www.RichardsonPlowden.com Columbia I CharlestonMyrtle Beach I

The complexities of mergers, acquisitions, contracts, and tax disputes sometimes require a team approach. We welcome the opportunity to assist you with your clients’ legal needs.

We’ve grown our team to better meet your needs.

Frederick A. [email protected]

803.576.3711

Anthony E. [email protected]

803.576.3722

Benjamin P. [email protected]

803.253.8687

experiencematters

South Carolina CPA Report (888) 557-4814 | www.scacpa.org

Have questions about your membership? The following are the most common questions our membership department receives.

Q. What period does my dues payment cover?A. Your membership investment covers July 1, 2014-June 30, 2015.

Q. Are my SCACPA dues tax deductible?A. Dues are not deductible as a charitable contribution but may be deducted as an ordinary business expense. A portion of your dues (estimated at 10 percent) are not deductible as an ordinary and necessary business expense to the extent that SCACPA engages in lobbying.

Q. When should I pay my dues?A. Dues are payable upon receipt of the renewal notice – due by June 30, 2014.

Q. What form of payment does SCACPA accept?A. Dues can be paid by personal check, firm or company check or VISA, MasterCard, American Express or Discover credit card.

Q. Can I pay my dues online?A. Yes, in fact we prefer online dues payments. Pay online at www.scacpa.org. Simply log in and click on the Membership Area, Pay Dues Online link. Need help logging in? Contact [email protected].

Q. My contact information has changed. How do I update my information with SCACPA?A. Update your information online in your membership account, on the mailed renewal notice or by emailing

[email protected]. We require all membership contact information updates in writing.

Q. I’ve recently retired or am planning to retire this year. Can I pay the retired rate?A. No, please contact SCACPA via email, mail or fax to have the change approved. We require notification of all membership changes and requests in writing and handle these on a case by case basis.

Q. I’m unemployed, is there a special membership rate for me?A. Yes. We have an unemployed classification that offers reduced dues. You must request this special rate in writing and complete an inactive membership waiver form.

Q. At this time I no longer wish to remain a member. Can I just ignore the statements?A. No. Per the SCACPA Constitution you must resign from membership by sending a letter or email to request

resignation. In addition, we require that you return your certificate of membership to the association office. Members who have not renewed within 60 days are no longer members in good standing. Membership dues must be paid in order to register at member rates for CPE seminars and other events, participate in Chapter events and to be eligible for SCACPA insurance and discount programs.

Q: I allowed my membership to lapse and would like to rejoin. Can I pay the pro-rated dues amount?A: The pro-rated dues amount is available only to those that have never been a SCACPA member. Former members must also pay a reinstatement fee of $35. n

Membership Q&ASTAY

CONNECTEDLog into your member profile

and make certain we have your current information. Need help

logging in? Email [email protected] or call us at

803-791-4181.


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ACCOUNTING & AUDITING ACTION TEAMThomas Childers Jr., CPA, Elliott Davis, LLC Harris Darver, CPA, McGregor & Company, LLPChristina Kelly, CPA, The Hobbs Group, PARebecca Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLPMarc Quigley, CPA, Sheheen Hancock & Godwin, LLPJane D. Sufka, CPA

ACCOUNTING CAREERS & ACADEMIC RELATIONS COMMITTEETimothy Baker, CPA, CGMA, USC - Darla Moore School of BusinessSteven Blanton, CPA, Norman Johnson & Company, PABenjamin Cartwright, CPA, Wofford CollegeSherri Freudiger, CPA, Sherri L. Freudiger, CPA, PALesley Kelly, CPA, McGregor & Company, LLPCharles McSwain Jr., CPA, M & H, LLC

AUDIT COMMITTEEWilliam Barefoot, CPA, WebsterRogers LLPBratton Fennell, CPA, Burroughs & Chapin Co., Inc.Karen Hancock, CPA, SC Association of CPAs Michael Putich, CPA, CGMA, Robinson Grant & Co., PA Robert Tilton, CPA, WebsterRogers LLP

BEHAVIORAL STANDARDS COMMITTEERoger Fountain, CPA, Endeavor Insurance Services, IncKevin Light, CPA, CGMA, Palmetto Brick Co.

BUSINESS VALUATION AND FORENSIC & LITIGATION FORUMGeorge DuRant, CPA, ABV, ASA, DuRant, Schraibman & Lindsay, LLCColleen Fellows, CPA, ABV, CMF Advisors LLCCharles Gatchell, CPA, CVA, Moore Beauston & Woodham, LLP, CPAs & Consultants Stephen Graham, CPA, A. Dowl Knight, CPA, PCLarry Ramsey, CPA, ABV, CVA, Larry A. Ramsey, CPA/ABV, CVAChristopher Samellas,CPA, JD, 11th Circuit Solicitor's OfficeCatherine B. Stoddard, CPA, ABV, CVA, Dixon Hughes Goodman, LLPAbner Witham Jr., CPA, ABV, CVA, Witham Financial Advisors

THANK YOU 2013-14 Volunteers!SCACPA

CONTINUING PROFESSIONAL EDUCATION COMMITTEELaura Amick, CPA, SCANA Neil Brown, CPA, CFP, Burkett Financial Services, LLCAllyson DeHart, CPA, The Hobbs Group, PAJay Jacobs, CPA, Jay J. Jacobs, CPALesley Kelly, CPA, McGregor & Company, LLPRebecca Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLPRussell Madray, CPA, Clemson University School of AccountancySheila Morgan, CPA, McAbee, Schwartz, Halliday & CompanyKenneth Newhouse Jr., CPA, CITP, Moore Beauston & Woodham, LLP, CPAs & Consultants Ethel Pettigrew, CPA, Whitener, Pettigrew and Company, LLCChristina Rowe, CPA, WebsterRogers, LLPKeith Vincent, CPA, CITP, Keith M. Vincent, CPA

EDITORIAL BOARD TASK FORCECharles Alvis, CPA, PFS, CGMA, CFP, Winthrop UniversityTimothy Baker, CPA, CGMA, USC - Darla Moore School of BusinessJohn Brantley, CPA, CGMA, Central Electric Power Cooperative Robert Charles, CPA, Grant Thornton, LLPAmanda Colgate, CPA, Godshall & Colgate, LLCLisa Cooke, CPA, John Shell Associates, Inc.Margaret Lattimore, CPA, SC Education LotteryDavid Masters, CPA, CGMA, Derrick Stubbs and Stith, LLPFrances Pearce, CPA Derrick Stark, CPA, MiraVista LLC

EDUCATION FUND TRUSTEESJeffrey Deason, CPA, CGMA, York County Natural Gas AuthorityAngela Hamilton, CPA, Lee Broome MacBay & Associates, LLCSheryl McAlister, CPA, CFP, GSESCWilliam Robinson, CPA, Robinson Grant & Company, PAValerie Rumbough, CPA, CFP, Baptist Foundation of South Carolina

FINANCIAL PLANNING TASK FORCENeil Brown, CPA, CFP, Burkett Financial Services, LLCDamon Hilton, CPA, College of Charleston Institutional Advancement

Marsha LePhew, CPA, CFP, PFS, Knoble, LePhew & Associates, LLPEthel Pettigrew, CPA, Whitener, Pettigrew and Company, LLCKevin Tomas, CPA, Greene Finney & Horton, LLP

INFORMATION TECHNOLOGY FORUMKaren Hancock, CPA, SC Association of CPAsDonald West, CPA, CITP, eCPPT, Donald P. West, CPA, LLC

LEADERSHIP SELECTION AND SUCCESSION COMMITTEETimothy Baker, CPA, CGMA, USC Darla Moore School of BusinessBratton Fennell, CPA, Burroughs & Chapin Co, Inc.Sharon Mann, CPA, General Information Services Inc.Michael Putich, CPA, CGMA, Robinson Grant & Co., PA

LEGISLATIVE, ADVOCACY & REGULATORY COMMITTEEJohn Camp, CPA, Camp Moring & Cannon, LLCKenneth Dailey, CPA, CVA, Derrick Stubbs and Stith, LLPStephanie Denham, CPA, CGMA, McLeod HealthNancy Drummond, CPA, Elliott Davis, LLC Harry Gregory Sr., CPA, Harry B. Gregory & Associates, CPAs,Kathryn Heeney, CPA, Greene Heeney & AssociatesSamuel Howard Jr., CPA, Scott & Company, LLCLori Hudson, CPA, PricewaterhouseCoopers, LLPJames Lollis, CPA, James E. Lollis, CPAPatrick McDermott, CPA, CGMA, The Beach CompanyKenneth Newhouse Jr., CPA, CITP, Moore Beauston & Woodham, LLP, CPAs & ConsultantsSteven Rau, CPA, CVA, Moore Beauston & Woodham, LLP, CPAs & ConsultantsCharles Schulze, CPA, CFF, CFE, Elliott Davis, LLCDouglas Snyder, CPA, CGMA, SC Office of Rural HealthMarshall Stein, CPA, Elliott Davis, LLC Jason Sweatt, CPA, EYCharles Talbert III, CPA, WebsterRogers LLPAshley Thiem, CPA, Thiem & McCutcheon, CPAs, PAMaria Ekaterina Walls, CPA, Beaufort CountyJames Manly Ward, CPA, James M. Ward, CPA, PC


LONG RANGE PLANNING TASK FORCETimothy Baker, CPA, CGMA, USC - Darla Moore School of BusinessRoxanne Caldwell, CPA, Dixon Hughes Goodman, LLPSamuel Howle, CPA, Elliott Davis, LLCChristina Kelly, CPA, The Hobbs Group, PASharon Mann, CPA, CGMA, General Information Services Inc.David Masters, CPA, CGMA, Derrick Stubbs and Stith, LLPCharles Redfern III, CPA, Charles M. Redfern, CPA

MANAGING PARTNERS ROUNDTABLEBernard Ackerman, CPA, PFS, CFP, Bernard N. Ackerman, CPA, PAJoseph T. Argo, CPA, Argo and Associates, LLPRobert Baldwin, CPA, PFS, AEP, Baldwin & Associates, LLCMark Ballew, CPA, Grant Thornton, LLPKenneth Bauknight, CPA, Bauknight Pietras & Stormer, PAJohn Beauston, CPA, Moore Beauston & Woodham, LLP, CPA & ConsultantsKerry Brown, CPA, Brittingham, Brown, Prince & Hancock LLC, CPAsCharles Brown, CPA, SwaimBrown, PARobert Calliham, CPA, Smith Sapp Bookhout Crumpler & Calliham, PAMark Crocker, CPA, Dixon Hughes Goodman, LLPRocky Cummings, CPA, Burkett, Burkett & Burkett, CPA, PARichard Davis, CPA, Elliott Davis, LLCTheresa Drew, CPA, Deloitte & Touche, LLPEdward Farmer, CPA, Duncan, Farmer, Munden, McIlrath & CobbTerri Grayson-Caprio, CPA, KPMG LLPMark Hobbs, CPA, CGMA, The Hobbs Group, PADick King, CPA, Pope Smith Brown & King, PAA. D. Masters, CPA, CGMA, Derrick Stubbs and Stith, LLPDonald Mobley, CPA, Scott & Company, LLCMichael Putich, CPA, CGMA, Robinson Grant & Co., PAAnnette Ross, CPA, J.W. Hunt & Company, LLPTerry Schmoyer Jr., CPA, Schmoyer & Company, LLCGerald Skipper, CPA, McGregor & Company, LLPPhilip Snipes, CPA, EYDaryl Taylor, CPA, Sheheen Hancock & Godwin, LLPDebra Turner, CPA, PFS, WebsterRogers LLPMargaret Young, CPA, PricewaterhouseCoopers, LLP

MEMBERS IN BUSINESS & INDUSTRY COMMITTEEJason Bassham, CPA, Nucor Corporation Vulcraft Group - Florence DivisionRobert Capell Jr., CPA, CGMA, ZF Transmissions Gray Court, LLCSusan Cribbs, CPA, CGMA, Wesley CommonsJeffrey Fitzharris, CPA, Environmental Express, Inc.Ryan Foster, CPA, UCI Medical AffiliatesTanya Greenlee, CPA, Burroughs & Chapin Company, Inc.Hamilton Howard, CPA, CGMA, Invista SARLAmanda Koehler, CPA, Turner Padget Graham & Laney, PARobert Leichtle II, CPA, CGMA, General Information Services Inc.Rebecca Richardson, CPA, CIA, CGMA, CRM, Palmetto HealthCorey Swaim, CPA, Guardian Building Products

POLITICAL ACTION COMMITTEEJohn Camp, CPA, Camp Moring & Cannon, LLCBratton Fennell, CPA, Burroughs & Chapin Company, Inc.Steven Mann, CPA, Sumter School DistrictPatrick McDermott, CPA, CGMA, The Beach CompanyDouglas Snyder, CPA, CGMA, SC Office of Rural HealthNancy Upton, CPA, Upton & Upton, CPA, PA Victor Webster, CPA, CGMA, WebsterRogers LLP

PEER REVIEW COMMITTEEJoseph Beck II, CPA, Jones Pounder & AssociatesMatthew Brown, CPA, Brown, CPA, LLCKaren Currin, CPA, Phillips,Currin & Company, CPA's, LLCThomas DeWitt, CPA, Robinson Grant & Co., PAThomas Fitzsimmons, CPA, WebsterRogers LLPDennis Gore, CPA, Dennis L. Gore, CPA, LLCBrandon Hoffman, CPA, CGMA, Hoffman & Hoffman, CPA, PA Carol Hubbard, CPA, Hubbard Davis CPAs, LLPGary Johnson, CPA, Norman Johnson & Company, PARobert Jordan, CPA, Hill & Jordan, LLC, CPAsChristina Kelly, CPA, The Hobbs Group, PA Rebecca Lee, CPA, CGMA, Sheheen Hancock & Godwin, LLPSusan McCracken, CPA, Dixon Hughes Goodman, LLPSheila Morgan, CPA, McAbee, Schwartz, Halliday & Company

Howard Nichols, CPA, CGMA, Howard Nichols, CPADavid Phillips, CPA, Greene Finney & Horton, LLPMichael Putich, CPA, CGMA, Robinson Grant & Co., PADean Richardson, CPA, McGregor & Company, LLPMonica Rockwell, CPA, Cox, Cauley & Rockwell, LLCTerry Schmoyer Jr., CPA, Schmoyer and Company, LLCJames Stewart Jr., CPA, CGMA, Waring & Associates, CPAs, PARandolph Thomas, CPA, McAbee, Schwartz, Halliday & Company

SMALL FIRMS ACTION TEAMDouglas Crowley, CPA, CVA, Crowley Wechsler & Associates, LLCMark Hobbs, CPA, CGMA, The Hobbs Group, PAStacey Moree, CPA, Harper Poston & Moree, CPAs, PAMonica Rockwell, CPA, Cox, Cauley & Rockwell, LLCAshley Thiem, CPA, Thiem & McCutcheon, CPAs, PA

TAXATION COMMITTEECharles Ayers, CPA, McDowell-Pearman, LLCWilliam Byrd, CPA, CGMA, William Levan Byrd, CPA, PCMichelle Comeaux, CPA, Blue Cross Blue Shield of South CarolinaJames Cudd, CPA, James M. Cudd, CPA, LLCKenneth Dailey, CPA, CVA, Derrick Stubbs and Stith, LLPMichelle Florine, CPAEdward Howard Jr., CPA, Esquire, W. Edward Howard Jr., Attorney at LawBrian Johnson, CPA, Suggs Johnson, LLCHarold Jones, CPA, CGMA, Jones Pounder & AssociatesKenneth Newhouse Jr., CPA, CITP, Moore Beauston & Woodham, LLP, CPAs & ConsultantsSara Penn, CPA, Sara B. Penn, CPAJay Reitzes, CPA, JD, Reitzes Consulting, Inc.Caroline Strobel, CPA, PhD, USC Darla Moore School of BusinessNancy Waring, CPA, Waring & Associates, CPAs, PAGayle Wenzel, CPA, Gayle H. Wenzel, CPAMaurice White, CPA, Maurice A. White, CPA

CALL FOR VOLUNTEERS

Volunteers

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Join a SCACPA Committee, Task Force or Action Team Today!

TO LEARN MORE ABOUT HOW TO GET INVOLVED Visit our website atwww.scacpa.org/getinvolved or contact Reva Brennan [email protected] or call 888.557.4814, ext. 103.

Share your time and talent and help shape the future of your association. SCACPA is conducting an open call for volunteers to serve on committees, task forces and action teams.

This is your chance to share your skills, gain practical experience and build your contacts – all while giving back to the profession. Whether you are a seasoned professional or new to the profession, your voice matters and you can make a di�erence. We need you to help move SCACPA’s programs and projects forward.

SCACPA’s volunteer opportunities encompass a wide variety of interest areas and time commitments. Visit www.scacpa.org/getinvolved and explore the options.

Volunteer today and be a leader in your association!



Years ago, Norm Brodsky made the case in Inc. Magazine that accountants are historians

and are the last place entrepreneurs should look to develop strategy. He went on to explain:

“That's how they've been educated, and that's how they think. They can do a great job of explaining what has happened in the past. But making things happen in the future? Forget it. They don't even know the right questions to ask, let alone how to get the results you're looking for.”

Ouch!

The accountant in me took umbrage, but I immediately recognized the validity of the question -Are CPAs good strategists, entrepreneurs and executives?

While Brodsky may have unfairly referred to accountants as historians that are only competent as tax preparers, I think he hits on the

much broader, if less obvious, point that we are really good at the things for which we are educated, trained and practiced. We are not trained to tolerate risk.

In fact, our expertise encourages us to minimize and avoid it. And yet, the most elementary understanding of investing and finance teaches us that the higher the risk, the higher the reward we should demand. We are trained, however, to challenge assumptions and calculate risk. What is professional skepticism if not the objective challenging of assumptions? Learning to determine risk tolerance, to live with as much as we can to maximize the potential rewards, is the critical bridge to technical knowledge and strategic value.

Our company, MiraVista, operates in a niche area of health care, and a few years ago, we were struggling with declining reimbursement rates like everyone else in our space. My ac-countants, and even my own experi-

ence, advised that we should focus exclusively on the largest and most profitable clients. In fact, our com-petitors were employing that very strategy because it was, it seemed, the least risky approach given the circumstances.

As we analyzed further, however, we recognized that the status quo was probably the most risky posture we could assume. Outsourcing only makes sense for our clients up to a certain size, after which, it is far more cost effective to manage medical billing in-house. Moreover, pursu-ing ever larger accounts focused all of our resources on a shrinking pool of prospective clients already aggres-sively courted by competitors with far deeper pockets than ours.

Tolerating the risk of not follow-ing the herd forced us to reevaluate every assumption, and to do so, we sometimes had to abandon objectiv-ity. Strategy does not always have the luxury of objectivity; living with

by Derrick B. Stark, CPASCACPA member since 1996

CPAs as Chief Executives & Strategy Advisors


risk is a very subjective proposi-tion indeed. We reconsidered our assets and competitive advantages. We studied the needs of the entire prospective client population and brainstormed ways to deliver on those needs.

Ultimately, we decided to buck the status quo. In fact, we cut ties with some of our largest clients by helping them move their medical billing op-erations inside. We repackaged the work that we do to solve the prob-lems of sophisticated, medium-sized clients (a much larger, and increas-ingly profitable market for which few are aggressively competing). Our approach seemed much more risky when using historical performance and conventional wisdom, but of course, it has a happy ending or I would have picked another example for this article.

LEARNING OPPORTUNITIES

CPAs in Business & Industry Conference | Course #415014

With sessions on internal controls, human resources, FRF-SMEs, white collar crimes, professional conduct and more, this conference will provide the tools and knowledge you need to stay current on major issues, make better decisions and identify threats and opportunities.

Motivational pyromaniac Denise Ryan offers a provocative workshop that asks, Is your Organization Insane? This session will get you thinking about innovation and game changers in your business. In Communications Challenges for CPAs, Ryan shares how to deal with different communication styles and ways to punch up your presentation. www.scacpa.org/B&I2014C L I C K

To read the Inc. Magazine article visit http://www.inc.com/magazine/19960601/1689.html

Accountants have the potential to make very successful business advi-sors, CEOs, entrepreneurs, and other strategy leaders by embracing their education and experience and recog-nizing that those tools must be ap-plied in completely new and some-times counterintuitive ways. Instead of minimizing risk, we should focus on maximizing returns and reward without taking more risks than we can accommodate.n

Derrick B. Stark, CPA, is a managing member of MiraVista LLC in Columbia. He currently serves on SCACPA’s Editorial Board Task Force and the CPA Ambassadors Task Force.

How does your firm stack up against others in the profession? Curious about

the latest technology trends in firms around the country? How are you and others leveraging staff in the current economy? Find out by taking part in the CPA profession’s premier benchmarking study – the AICPA PCPS*/TSCPA National MAP Survey.

The survey covers key practice management issues that will allow your firm to compare its financial performance and operations to other firms, as well

Take the 2014 AICPA PCPS/TSCPA National MAP Survey!as gain strategic insights into building a more profitable and rewarding practice. Additionally, survey results will help accounting firms benchmark themselves against same-sized firms regionally and nationally.

This year, AICPA has partnered with a new vendor to create a survey platform that is easier to navigate and should speed completion. You’ll find updated content and questions that reflect practice management issues facing today’s practitioners.

Each participant will receive a free summary report that contains an extract of key performance metrics from the survey such as billing rates, salaries, hours charged/compensated, services as a percentage of fees, major income statement statistics and more. The comprehensive report – free

to PCPS members – will include every performance metric gathered by the survey as well as a host of additional ratios and statistical analysis. In addition, PCPS members will have the ability to manipulate the data to create custom reports and presentations.

The survey will be open from mid-May through July. Watch the SCACPA website for additional information. Don’t miss this opportunity to be a part of the country’s largest accounting firm practice management survey!

For more information about PCPS and the National MAP Survey, please visit www.aicpa.org/mapsurvey. n

*PCPS is an add-on firm membership section within the AICPA

(888) 557-4814 | www.scacpa.org

Do you have clients looking for a health plan AND a tax break?

For a No-Obligation Price Quote, have your clients visit www.UnitedHealthOne.com/CPA or call (800) 358-9728

For more resources about HSAs, visit www.HSACenter.com/CPA

UnitedHealthOneSM is the brand for personal health and related insurance products underwritten by Golden Rule Insurance Company and UnitedHealthcare Life Insurance Company. These health plans from UnitedHealthcare Life Insurance Company are guaranteed issue during Open and Special Enrollment periods only. Product availability varies by state. © 2014 United HealthCare Services, Inc. 42878a-UL-0214

Show your clients a healthy, financial option with a Health Savings Account (HSA). Open enrollment period is still underway for Affordable Care Act health insurance plans. There’s time for your clients to sign up and take advantage of an HSA for tax year 2014. Advantages to HSAs include:

• Tax-deductible — Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.

• Tax-free — Withdrawals to pay qualified medical expenses, including dental and vision, are never taxed.

• Tax-deferred — Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.

• HSA money is the clients’ to keep — Unlike a flexible spending account (FSA), unused money in the HSA isn’t forfeited at the end of the year; it continues to grow tax-deferred.

If you or your clients might benefit from an HSA, act today. Open enrollment period ends on March 31. (Special enrollment periods for qualifying events available throughout the year.)

42878a-UL-0214 CPA-HSA Ad 8.5x11.indd 1 3/3/14 4:32 PM


Do you have clients looking for a health plan AND a tax break?

For a No-Obligation Price Quote, have your clients visit www.UnitedHealthOne.com/CPA or call (800) 358-9728

For more resources about HSAs, visit www.HSACenter.com/CPA

UnitedHealthOneSM is the brand for personal health and related insurance products underwritten by Golden Rule Insurance Company and UnitedHealthcare Life Insurance Company. These health plans from UnitedHealthcare Life Insurance Company are guaranteed issue during Open and Special Enrollment periods only. Product availability varies by state. © 2014 United HealthCare Services, Inc. 42878a-UL-0214

Show your clients a healthy, financial option with a Health Savings Account (HSA). Open enrollment period is still underway for Affordable Care Act health insurance plans. There’s time for your clients to sign up and take advantage of an HSA for tax year 2014. Advantages to HSAs include:

• Tax-deductible — Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.

• Tax-free — Withdrawals to pay qualified medical expenses, including dental and vision, are never taxed.

• Tax-deferred — Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.

• HSA money is the clients’ to keep — Unlike a flexible spending account (FSA), unused money in the HSA isn’t forfeited at the end of the year; it continues to grow tax-deferred.

If you or your clients might benefit from an HSA, act today. Open enrollment period ends on March 31. (Special enrollment periods for qualifying events available throughout the year.)

42878a-UL-0214 CPA-HSA Ad 8.5x11.indd 1 3/3/14 4:32 PM

Although their roots may be in public accounting, a growing number of SCACPA’s members are working in business and industry and many have assumed senior management positions. What does it take to transition into industry? We asked seven of our members to share their personal stories on how they leveraged their accounting background to achieve success.

CPA License is a Key to SuccessSPOTLIGHT Business & Industry

Jimmy Addison, SCANA | p. 20

Frank Pinckney, Jersey Mikes Subs | p. 20

Brian Teusink, PHT Services, Ltd. | p. 21

Vicki Arthur, Sonoco | p. 22

Bret Johnson, Roper St. Francis Healthcare | p. 22

Margaret Wicklund, Snyder’s-Lance, Inc. | p. 23

Mike Sisk, Ben Arnold Beverage Co. | p. 24

by Maureen A. TaylorDirector of Marketing and Member Services


When Jimmy Addison first joined SCANA as controller he thought he would be with the organization no more than five years. That was 23 years ago. In that time, he has held five positions each lasting about five years.

In addition to controller, Addison has led the IT group, served as vice president of finance and for the past eight years as CFO. The first five years were before the nuclear expansion and the last three while SCANA has been building its new nuclear facilities. So, while the title may have remained the same the CFO role changed considerably.

Previously, the role was primarily focused internally whereas now he spends a significant amount of time communicating with investors, credit rating agencies, regulators, etc. There is rarely a day like the one before, or after, which he enjoys.

Addison is responsible for leading the finance functions of new nuclear, accounting, tax, treasury, risk management, planning, investor relations, insurance and regulatory affairs plus the information technology group.

He attributes his successful career to communications, teamwork, a strong work ethic and a desire to get things done. Addison says he is privileged to have an outstand-ing team of leaders that afford him the opportunity to focus on his responsibilities external to the organization. Although business and industry may not be right for everyone Addison finds it quite rewarding.

“I’m very appreciative of the foundational skills I learned as a CPA but I came to a point that I didn't enjoy it as much. I was getting bored. Contrast that to a leadership role where you might have half of the information you would like to make an important decision and you have a very different feel. Some would say no thank you but for me that's the reward,” he explained.

For CPAs looking to move into business, Addison advises them to take small steps.

“Our profession does a fantastic job of providing a stepping stone career for you to get your feet wet in a leadership role. Usually you can keep your hands in the work itself while leading a small team. After a few years of moving into progressive leadership roles you will know if it’s right,” he said.

Jimmy Addison, CPA | SCANA, Columbia

According to the Small Business Administration, successful entrepreneurs are risk takers, persuasive and creative. Generally not traits associated with a CPA. For Frank Pinckney, perseverance, integrity and due diligence are the recipe for success.

Pinckney has owned and operated his Jersey Mikes Store for over eight years and has plans to expand in the future. He first ventured into the restaurant industry while working his way through college. After graduating from the University of South Carolina, Pinckney was involved in third party reimbursement and was also employed as

Frank Pinckney, CPA | Jersey Mikes Subs, Columbia

a controller/financial officer with a 501 (c)(3). After 18 years, he decided to open his own business so that he could be home for his children after school.

As a small business owner, Pinckney’s day-to-day responsibilities are vast including cash management, managing employees, opening the store, lunch time presence, inventory and supply management, fiscal management e.g. payroll, income statement prep, bank reconciliations, equipment maintenance and repair and yes, washing dishes.

“I would consider being risk adverse as positive. The trait encourages me to keep on top of the business operations to protect my investment...” - SCACPA member since 1990

“Our profession does a fantastic job of providing a stepping stone career for you to get your feet wet in a leadership role. “ - SCACPA member since 1990


While Pinckney agrees to a point that CPAs are risk adverse he thinks that is a good thing.

“Many CPAs own & operate their own accounting business, which usually requires capital investment which is typically a risk. I would consider being risk adverse as positive. The trait encourages me to keep on top of the business operations to protect my investment,

which I’m sure is encouraging to my business creditors,” he said.

And his advice for budding entrepreneurs? First, recognize that an entrepreneur’s most valuable asset is their employees. Pinckney said his business success, or lack of, is determined by those he has hired to help him operate the business. And, secondly - pay your taxes!

When Brian Teusink graduated from Western Michigan University in 1986, he took a typical and an atypical path. Like many of the graduates in his class, Teusink accepted a position with one of the “Big Eight” accounting firms. Unlike most, he relocated some 1,000 miles away from where he grew up, beginning his career in the Columbia office of Ernst & Whinney.

While at Ernst & Whinney, Teusink obtained his CPA license and worked in the audit area, specializing in financial services, particularly banks and insurance companies. In 1989, he went to work for one of his insurance clients, serving in the internal audit department.

Three years later, when approached by a former Ernst & Whinney colleague, he accepted the controller position at Palmetto Hospital Trust (PHT). Now, more than 21 years later, Teusink is starting his third year as president & CEO of PHT Services, Ltd. (PHTS), a risk management services company which was established in 1993 as an outgrowth from PHT. As president & CEO, he oversees

Brian Teusink, CPA | PHT Services, Ltd., Columbiaoperations of the service company as well as the three group self-insurance programs PHTS operates on behalf of its healthcare clients.

According to Teusink, CPAs have an edge because they are trained to focus on the details while gaining a broad base of expertise in many different areas. For example, when a CPA audits a company they must become familiar with nuances of revenue sources, costs of operations, and strategic strengths and weaknesses. These are essential skills for those in senior management positions, who must also grapple with issues outside their core discipline.

“It is important to be able to get the important information necessary to make a decision, but one must then delegate responsibility and get out of the way so people can do their jobs,” Teusink said. “Any individual who wants to take on a leadership role has to develop skills beyond their basic training. One must get involved in diverse aspects of the organization. Let your managers know you are interested in serving on workgroups, strategy teams and other task forces.”

“Any individual who wants to take on a leadership role has to develop skills beyond their basic training. One must get involved in diverse aspects of the organization.” - SCACPA member since 2002


People skills, and more specifically caring about others, is key for CPAs looking to move into management, according to Vicki Arthur, CPA, vice president of Sonoco Protective Solutions in Hartsville.

“A business is nothing more than a collection of people, who build a strategy for serving customers (people), and over time, this collection becomes the culture of a business and drives shareholder investment in what you are doing,” Arthur explained. “You have to move from focusing on yourself as the outcome and focusing on the people that will drive the outcome your business is seeking.”

Arthur has been with Sonoco for 29 years, in a variety of roles including accountant, treasurer, head of sales and general manager. For the past three years she has served as vice president and general manager of three protective packaging businesses located in Chicago with revenues of about $600 million and 2,000 employees globally. Arthur is responsible for the safety and development of employees, P&L results, and growing the businesses into market leaders in the industries they serve.

The one skill that has been prevalent throughout her career is a keen desire to learn. Arthur also recognizes

Vicki Arthur, CPA | Sonoco, Hartsville

the importance of relying on others that possess skills and knowledge that she may not.

“The truth is success is all about people, hiring, training and developing the best. Your job in management is to help them become all they can be, and in doing this, your com-pany will rise to new levels,” she said.

When asked about the key to her success, Arthur points to her background in accounting and finance. “The rigor and discipline you learn from this educational background, coupled with the way it teaches you to search and investi-gate for the truth, is a critical skill that I believe allows you to be successful in many fields,” she explained.

Arthur believes many CPAs are inherently risk-adverse. They look for how to say no, much more than they look for how might we do this. But if a company is going to thrive, it must take risks and invest in unknown endeavors.

“The CPA brings enormous value to the process by which you mitigate risk and thus increase your chances for suc-cess, but they have to be willing to say, ‘maybe’ or ‘let’s ex-plore it,’ first. To me, this means, they need to have a little skin in the game outside of reporting financial results,” she said.

“A business is nothing more than a collection of people, who build a strategy for serving customers (people), and over time, this collection becomes the culture of a business and drives shareholder investment in what you are doing.” - SCACPA member since 1984

As an audit manager with Arthur Andersen in Charlotte, Bret Johnson’s primary focus was in health care. Today, he serves as senior vice president and CFO for Roper St. Francis Healthcare in Charleston.

While with Arthur Anderson, Johnson served as interim director of finance for the former Roper CareAlliance Health System in Charleston when they entered into a management agreement with Carolinas HealthCare Sys-tem, his largest audit client at the time.

Bret Johnson, CPA Roper St. Francis Healthcare, Charleston

“The director of finance role at Roper CareAlliance of-fered a broad span of control and plenty of challenges, and the system was going through lots of changes. It was an exciting place to work and it didn’t take much convincing for my wife to agree to move to Charleston. I began employment with Roper CareAlliance in July 1997,” Johnson said.

He assumed the role of CFO nine years ago and in addi-tion to being a strategic partner with the group’s opera-

... Today’s business environment it is becoming more and more common for CFOs to transition into COO or even CEO roles. This is a real testament to the value finance leaders can bring to an organization.” - SCACPA member since 1997


Margaret Wicklund says it was her inquisitiveness and desire to grow that enabled her to move beyond the standard accounting role at Snyder’s-Lance, Inc. in Charlotte.

While at Deloitte she worked on the audit and tax returns for Lance, Inc. The company’s corporate controller, also a Deloitte alumnus, offered her the opportunity to start an income tax department at Lance. That was 20 years ago, and since Wicklund has also served as tax director, senior director of tax and shared services and corporate controller.

She currently serves as vice president, corporate controller, principal accounting officer and assistant secretary. Wicklund’s duties include external financial reporting, which includes most SEC filings; internal audit and §404 compliance; policies and procedures; corporate income tax and other tax filings; payroll; and various special projects, which in 2010 included the merger of Snyder’s of Hanover and Lance, Inc.

Wicklund believes it is that same motivation that is required to become a CPA that also provides the ability to move into senior management positions.

Margaret Wicklund, CPA Snyder’s-Lance, Inc., Charlotte

“I know many individuals who are CPAs that have moved into senior finance management positions and I also know CPAs that have moved into senior management roles in sales, supply chain and IT. Being a CPA provides a strong platform for growth within most organizations. However, for me I have been fortunate enough to have had the support of management and a talented team of individuals to work with and without these people surrounding me, I would not be where I am today,” she said.

“Unfortunately, like many CPAs I know, I am an introvert and in order to be a leader in an organization you need to spend as much time out of the office as in your office, analyzing information, which has always been one of my most difficult challenges and the area that I work hardest to overcome,” she added.

Wicklund says she has also been told she is risk adverse but believes that as long as you remain open minded, conservatism is not a negative trait.

“An organization is comprised of many different types of people. The best organizations are those who have a balance of all types of leaders,” she said.

tional leaders, his areas of responsibility include finance and treasury, decision support, information services, ma-terials management, revenue cycle, reimbursement, health information management, and patient access/registration. Johnson also serves on the board of the system’s Physician Partners’ Division and administers to the system’s finance and investment committees.

Johnson cites collaboration and innovation as essential to the organization’s success. Consistently good outcomes in large, complex organizations result from a team effort and a high level of collaboration among leadership, he said. “Collaboration among operational and finance leaders within non-profit health systems is especially important

given the balance that must be achieved to produce an environment of excellent care for patients, an appropri-ate amount of charitable support to the community, and margins that allow the organization to remain fiscally healthy,” Johnson explained. ”Innovation and accepting the risk of implementing innovative ideas is also impor-tant, especially in challenging industries.” As to the opportunities for CPAs wanting to move into senior management, Johnson said in today’s business environment it is becoming more and more common for CFOs to transition into COO or even CEO roles. This is a real testament to the value finance leaders can bring to an organization, he added.

“Wicklund believes it is that same motivation that is required to become a CPA that also provides the ability to move into senior management positions. “- SCACPA member since 1996


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Mike Sisk is a big picture kind of guy. Couple that with his background in finance and accounting and it’s no wonder he’s had a successful 15 year career at Ben Arnold Beverage Co. in Ridgeway.

As executive vice president of the company, Sisk oversees warehouse, shipping and transportation functions as well as finance-related functions. And last year he was appointed to the South Carolina Ports Authority Board of Directors.

“I spend a great deal of time on political and legislative issues affecting our industry. That is an area of my job that I enjoy tremendously, and it is becoming more important every day due to industry related trends,” Sisk said. “I also deeply enjoy my involvement with our ports. The team that we have in place is second to none, and being involved allows me to continue to learn about new industries and to give back to the state of South Carolina.”

Ben Arnold Beverage Co. is part of a larger, national organization so some of Sisk’s duties entail working with the parent company on national initiatives as they are planned and evolve. He spends a significant amount of time in the analysis of sales, gross profit, pricing, and deployment of assets, both operational and financial, to continue to look for improved efficiencies. In addition, he is responsible for the traditional functions of a CFO/COO in a medium-sized privately held company.

Sisk says his background in public accounting offered exposure to diverse industries, business practices, and various sized companies that was, and still is, invaluable.

Mike Sisk, CPA Ben Arnold Beverage Co., Ridgeway

“CPA’s are uniquely positioned to hold many senior management positions, not just CFO roles.” - SCACPA member since 1991“CPA’s are uniquely positioned to hold many senior management positions, not just CFO roles. The understanding of underlying financial information and the interrelationships of all of the company functions that produce those numbers is a tremendous asset to a CPA,” Sisk explained.

For CPAs looking to move into management Sisk advises they take on different jobs both in and outside of accounting and learn to provide analytical insight beyond just accounting numbers. He also advocates community involvement.

“I highly recommend that CPAs become very active in nonprofit organizations and serve on several boards. Try to assume positions other than the treasurer. Serve as chairperson of a committee or the board itself. All of these activities combined allow CPAs to round out their superb technical and analytical skills which make them very attractive members of any company’s management team,” he said. n


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It is a sad day for everyone when a CPA has to respond to an ethics investigation concerning his or

her professional conduct. Although unpleasant as it may be for us to in-vestigate and discipline fellow CPAs, doing so effectively is a critical func-tion necessary to maintain the public trust in the accounting profession and thereby protect our special status in society as accounting professionals.

SCACPA’s bylaws require each mem-ber, whether in public or private prac-tice and regardless of membership in the AICPA, to conduct himself or her-self in accordance with the Principles and Rules of the AICPA’s Code of Professional Conduct. Members are automatically suspended or expelled from membership without further investigation when certain authori-ties such as the state Board of Ac-countancy, the Securities & Exchange Commission, the Public Company Accounting Oversight Board, or the Internal Revenue Service have found a member guilty of certain types of misconduct.

Otherwise, when information is received by SCACPA of a member’s potential violation of the Code, an investigation is begun pursuant to

SCACPA’s agreement with the AICPA under the Joint Ethics En-forcement Program. Essentially, SCACPA, as is the case with most other state societies, refers all such in-formation to the AICPA professional ethics division for investigation and, if necessary, discipline.

Within 90 days of becoming aware of potential misconduct, AICPA’s pro-fessional ethics division will deter-mine whether or not to open a formal investigation. If opened, an investiga-tor will send an inquiry letter to any firm or member indicated as being involved in the matter. Although an inquiry letter may be sent to a firm, ultimate findings are made only with respect to an individual member and not the member’s firm.

A member under investigation by the professional ethics division is sent an opening letter at his or her last-known address shown on the membership records of the AICPA or SCACPA. This letter reminds the member of his or her obligation under AICPA’s bylaw 7.4.6 to cooper-ate during the investigation. The opening letter also describes the sub-ject matter under investigation and requests the member submit relevant

documents and other information for consideration. Unless it is clear from the information obtained that the member has not violated the Code, the member will be offered an oppor-tunity to meet or have a telephone interview to discuss and respond to the issues in the investigation prior to an ultimate finding being made.

If a substantive response from the member is not received within 30 days of mailing the opening letter, a follow-up request, known as a letter of noncooperation, is sent. If a substantive response is not re-ceived within 30 days of the letter of noncooperation, the matter is acted upon for the failure to cooperate, which should and usually does result in expulsion of the member by the AICPA’s Joint Trial Board. At the conclusion of each investi-gation, a written summary of the investigation is provided to either the AICPA’s Technical Standards Subcommittee or Independence/Behavioral Standards Subcommit-tee (depending on the nature of the violation) along with specific recom-mendations as to findings. Except for situations where an investigation is deferred pending the completion of

SCACPA & AICPA’s Joint Ethics Enforcement Process by George W. DuRant, CPA/ABV, CFF, ASASCACPA member since 1976


related litigation, the professional ethics division attempts to complete its investigation, reach a finding, and obtain the subject member’s concur-rence within 15 months. This may vary depending on the complexity of the case and responsiveness of the member.

The subcommittee may find: (a) no prima facie evidence of a violation of the Code; (b) prima facie evidence of a violation; or (c) that the mem-ber has failed to cooperate in the investigation. In the first instance, the member under investigation is advised that the investigation has been closed but may be reopened if new information becomes available that warrants such action.

When there is a finding of a viola-tion and depending on its gravity, the subcommittee may: (a) issue a letter of required corrective action with directives; (b) offer an opportu-nity of a settlement of the charges; or (c) refer the case to a hearing panel of the Joint Trial Board.

A letter of required corrective action is the least severe sanction as it only directs a member toward additional action such as completion of spe-cific continuing education courses or special supervision over similar services in the future. Of particular note about letters of corrective action is that they are not required to be published as are all other sanctions.

Settlement offers include either admonishment, suspension or ex-pulsion and are non-negotiable; all cases involving settlement offers are

referred to the AICPA Professional Ethics Executive Committee (PEEC) for concurrence prior to being sent to a member. If not accepted by a member, the matter is automatically referred to the Joint Trial Board. Where the findings in a settlement agreement involve deficiencies in a compilation or attest engagement or other matters that could indicate de-ficiencies in the design of, or compli-ance with, the firm’s quality control policies and procedures and the member’s firm is enrolled in either the AICPA Peer Review Program or Center for Public Company Audit Firms Peer Review Program, the settlement agreement will usually be forwarded to the administering entity responsible for supervision of the firm’s peer review.

When a matter is of such a nature that a letter of corrective action is deemed an inadequate response and settlement cannot be agreed, it is referred to a hearing panel of the Joint Trial Board. After a hearing and if the member is found guilty, a hearing panel must decide whether to expel or suspend the member from the AICPA and SCACPA or admonish the member. If the deci-sion is to suspend or admonish, the panel may require some additional action similar to that contained in a letter of required corrective action. All guilty findings and the resulting sanctions of the Joint Trial Board are published.

In deciding which sanction to impose after a finding of guilty, a hearing panel will take all of the facts and circumstances presented

into consideration, including the atti-tude of the guilty member, the extent of actual or potential damage to third parties, actions taken by the member since the infraction, etc. However, in the absence of unusual extenuat-ing circumstances, expulsion is most likely for the most serious matters such as a violation of the indepen-dence rules or reckless disregard of the confidentiality rule and lack of in-tegrity as those matters are hallmarks of the accounting profession.

Furthermore, when a member has been found guilty of willfully refus-ing to cooperate with the professional ethics division, the sanction is ordi-narily expulsion. Lack of cooperation in the critical function of self-policing the profession through investigation of potential misconduct is a serious offense that threatens the existence of the profession and violates a specific promise each member makes before being granted membership in the AICPA and SCACPA. n

George DuRant, CPA/ABV, CFF, ASA, is a member of DuRant, Schraibman & Lindsay, LLC. He has been a member of SCACPA and AICPA since 1975 and is currently serving as a member of the AICPA’s Joint Trial Board.


Cases in Corporate Ethics: Discuss Real Life Conflicts Course # 15914AM

Anyone who has ever attended a lecture-format ethics seminar knows that there is a better way. Cases in Corporate Ethics provides an opportunity for lively group discussion of actual real world ethical dilemmas. Cases in Corporate Ethics examines eight cases drawn from real-life business conflicts involving corporate financial managers.

SCACPA’s bylaws require each member, whether in public or private practice and regardless of membership in the AICPA, to conduct himself or herself in accordance with the Principles and Rules of the AICPA’s Code of Professional Conduct.

See page 35 for a complete list of ethics courses.


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CPA


I am excited to announce a new Student Center for Public Trust (CPT) Chapter at the College of

Charleston and to thank CPA and former Board of Accountancy Chair Bobby Creech for his time in helping to organize this chapter.

The CPT is a division of the National Association of State Boards of Ac-countancy (NASBA) whose mission is to champion the public trust by advancing ethical leadership in busi-ness, institutions and organizations. The center’s goals are to provide forums for ethics education, affirm and encourage ethics, showcase best practices, and promote a positive per-spective. Its core commitments are a dedication to an ethical practice and a passionate commitment to ethics in education.

The mission of the Student Center for Public Trust is to promote ethical thinking in developing character and conscience for students. The vision is to provide students with oppor-tunities to develop a real awareness of ethical issues in order to provide a moral and ethical foundation for all future endeavors and to create a better, more thoughtful world. The chapters on college campuses provide an interactive environment where ethical behaviors and ideas can flourish while creating opportu-nities for students to network with

by Donny Burkett, CPASCACPA member since 1976

Center Advances Ethical Leadership on College of Charleston Campus

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ADP®, and the ADP logo are registered trademarks of ADP, Inc. Copyright © 2014 ADP, Inc.

ADP is a SCACPA Endorsed Payroll Provider. For more information about our benefit member program, contact your ADP Associate or call 855-408-3751.

the business community and develop professional leadership skills.

The Student Center for Public Trust also developed a code of ethics for students, which are:

I. Ethical Leadership II. Accountability III. Integrity IV. Trust

The CPT announced the Ethical Student Leadership Certification Program beginning this spring. This program, which is considered the first of its kind, is designed to equip professors with an interactive way to teach business ethics and principles of ethical leadership, thus positioning students to recognize ethical pitfalls in business early in their careers. Alfonzo Alexander, president of CPT, believes the certification program is a valuable educational opportunity.

“For professors, the program is a great classroom supplement as student review sessions can be held throughout the semester, and pro-fessors can track student progress through weekly reports,” Alexan-der said. “ In turn, students who complete the program will greatly benefit from increased marketability to employers, enhanced leadership skill and knowledge, understanding of ethical leadership, and techniques for eliminating ethical conflicts.”

Currently, the Ethical Student Lead-ership Certification Program is in its initial phase and is available for col-lege professors to incorporate in their business course syllabi. However, the CPT hopes to expand the program soon to the corporate sector in hopes that companies will use the program as part of their ethics and compliance programs.

As a practicing CPA in South Caroli-na for over 37 years, I am hopeful that this is the first of many CPT chapters in this state. n

Donald H. Burkett, CPA, is executive vice president of Burkett Burkett Burkett CPA, P.A. in West Columbia. He is chair of the S.C. Board of Accountancy, the NASBA representative to the

Center for the Public Trust Board of Directors and a past president of SCACPA.

C L I C K

To learn more visit http://www.centerforpublictrust.org/ For additional information email [email protected]

“The mission of the Student Center for Public Trust is to promote ethical thinking in developing character and conscience for students.”


South Carolina

CPA 2014-2015 Chapter Events

CATAWBA 2014-2015 Dues: $60 (July 1, 2014 - June 30, 2015) June 9: A&A Update with Ronald Kral, Baxter Hood Center, Rock HillAug. 1: Financial Planning Seminar with Neil Brown, Baxter Hood Center, Rock HillSept. 23 (AM): How to Build a CPA Practice with Mark Hobbs, Baxter Hood Center, Rock HillSept. 23 (PM): Professional Issues Update with Erin Pate, Baxter Hood Center, Rock HillOct. 30 - 31: Federal Income Tax Update with Art Werner, Baxter Hood Center, Rock Hill

Visit www.scacpa.org/Catawba for up to date information.

CENTRAL2014-2015 Dues: $50 (July 1, 2014 - June 30, 2015)June 12: A&A Update with Ronald Kral, SC Bar Conference Center, ColumbiaJuly 23: Governmental A&A Update with Jeffrey Lieman, SC Bar Conference Center, ColumbiaSept. 19: How to Build a CPA Practice with Mark Hobbs, DoubleTree Hotel, ColumbiaOct. 7: Professional Issues Update with Erin Pate, Embassy Suites, ColumbiaNov. 20: Income Tax Update with Bill Grooms, DoubleTree Hotel, Columbia

Visit www.scacpa.org/Central for up to date information.

COASTAL2014-2015 Dues: $130 (July 1, 2014 - June 30, 2015)May 20: Forensic Accounting: Fraudulent Reporting and Concealed Assets with Glenn Helms, Embassy Suites, North CharlestonSept. 24: Technology Update with Randy Johnston and Professional Conduct for S.C. CPAs with Tom Pietras, Embassy Suites, North CharlestonOct. 2 (AM): Professional Issues Update with Erin Pate, Embassy Suites, North Charleston

Oct. 2 (PM): Topic TBD, Speaker TBD, Embassy Suites, North CharlestonNov. 4: Best Federal Tax Update with Jack Surgent, Embassy Suites, North Charleston

Visit www.scacpa.org/Coastal for up to date information.

FOOTHILLS2014-2015 Dues: $40 (July 1, 2014 - June 30, 2015) June 13: A&A Update with Ronal Kral, Converse College, SpartanburgAug. 22 (AM): Professional Issues Update with Erin Pate, Marriott, SpartanburgAug. 22 (PM): Ethics and Professional Conduct for S.C. CPAs with Tom Pietras, Marriott, SpartanburgOct. 24: Federal Income Tax Update with Art Werner, Converse College, Spartanburg

Visit www.scacpa.org/Foothills for up to date information.

GRAND STRAND2014-2015 Dues: $125 (July 1, 2014 - June 30, 2015)Aug. 26 (AM): Professional Issues Update with Erin Pate, Ocean Creek Resort, Myrtle BeachAug. 26 (PM): Topic TBD with Speaker TBD, Ocean Creek Resort, Myrtle BeachNov.: A&A Update with Speaker TBD, Myrtle BeachJan.: Tax Update with Speaker TBD, Myrtle Beach

Visit www.scacpa.org/GrandStrandfor up to date information.

PEE DEE2014-2015 Dues: $50 (July 1, 2014 - June 30, 2015)June 10: A&A Update with Ronald Kral, Southeastern Institute of Manufacturing & Technology FlorenceAug. 25: Professional Issues Update with Erin Pate, Southeastern Institute of Manufacturing & Technology, Florence

Oct. 29: Federal Income Tax Update with Art Werner, Southeastern Institute of Manufacturing & Technology, Florence

Visit www.scacpa.org/PeeDee for up to date information.

PIEDMONT2014-2015 Dues: $50 (July 1, 2014 - June 30, 2015)May 8: Joint Networking with the SC Bar & SC Bankers Association for Young Professionals, Palmetto Bank, Downtown GreenvilleAug.: Nonprofit PanelSept.: Student EventOct. 27: Professional Issues Update with Erin Pate, Hilton, GreenvilleOct. 28: Professional Issues Update with Erin Pate, Anderson University, Anderson

Visit www.scacpa.org/Piedmontfor up to date information.

SEA ISLAND2014-2015 Dues: $135 (July 1, 2014 - June 30, 2015)June 11: A&A Update with Ronald Kral, USCB, BlufftonOct. 3 (AM): Professional Issues Update with Erin Pate, Hilton Head Island Beach & Tennis, Hilton Head Oct. 3 (PM): CIRA Update with Cecil “Pat” Patterson, Hilton Head Island Beach & Tennis, Hilton HeadOct. 27 - 28: Federal Income Tax Update with Art Werner, Hilton Head Island Beach & Tennis, Hilton Head

Visit www.scacpa.org/SeaIsland for up to date information. n

Please check your chapter’s web page regularly for updated information on upcoming CPE and events.


Focus on Membership

Member NewsJ. Ralph Byington, CPA, Ph.D., has been named to the position of provost and senior vice president for academic and student affairs at Coastal Carolina University. Since June 2013, Byington has served as interim provost at CCU. Previously, he served as dean of CCU's E. Craig Wall Sr. College of Business Administration.

Bob Cooper, CPA, and wife Mary Anne, were honored by the Greenville Metropolitan Arts Council with the 2013 Business & the Arts Partnership Award as Volunteers of the Year.

Terry Knause, CPA, has joined Scott and Company LLC, as a partner. The firm has offices in Greenville and Columbia.

David Knobeloch, CPA, has joined Scott and Company LLC as a senior tax accountant in the Greenville office.

Ellen V. Makhenzon, CPA, has joined the tax and business consulting practice of Moore Beauston & Woodham L.L.P. in Charleston.

Darren K. Meadows has joined Moore Beauston & Woodham, LLP as a staff accountant in the firm’s Hartsville office.

Sharon Ray, CPA, has joined Scott and Company LLC as a senior accountant on the assurance and advisory services team.

Amy Fisher Urquhart, CPA, CFP, has been promoted to partner at WebsterRogers LLC, Florence.

Firm NewsBauknight Pietras & Stormer P.A. of Columbia recently joined PrimeGlobal, an association of independent accounting firms with members in 87 countries. Membership gives Bauknight Pietras & Stormer access to a vast range of resources and tools to assist clients and expand its practice.

SuggsJohnson LLC was honored as the No. 38 fastest growing business owned or operated by a University of Georgia graduate. Brian Johnson, CPA, is a co-owner of the firm and a 1995 graduate. The Bulldog 100 Rankings rate businesses by compounded annual growth rate of revenues for the last three years.

Elliott Davis has teamed up with New Delhi firm Ashok Maheshwary & Associates to develop, support and facilitate U.S.-India bilateral business opportunities. The collaboration will provide a gateway for U.S. businesses who wish to establish a presence in India as well as for Indian businesses entering the U.S. market. n

Affiliate Member/Non-CPAKayla N. CharlesDerrick Stubbs and Stith, LLP*Columbia

Paige DaughertyWebsterRogers, LLP*Myrtle Beach

Samuel J. HoffmanColumbia

William B. LaneSchmoyer and Company, LLCColumbia

Susan G. NovotnyJackie H. Park, CPA, PAMyrtle Beach

AssociateDavid Benson, CPAColumbia

Lauren M. Gadd, CPANew Windsor, MD

William Hamilton, CPAWebsterRogers, LLP*Florence

Shelli R. Huston, CPALexington

Welcome New Members (through 3-31-14) *100 Percent Membership Firm

Reggie D. Murphy, CPAPort Royal

Neil T. Tabor, CPADixon Hughes Goodman, LLP*Greenville

CPA CandidateMegan BalentineLove, Bailey & Associates, LLCLaurens

Celia W. BolenMcGregor & Company, LLP*Barnwell

Dustin BurickDaniel Island

David A. DeWerffDixon Hughes Goodman, LLP*Charleston

Susan D. FosterLyman

Allison H. HoffmanPricewaterhouseCoopers, LLPSpartanburg

Darren K. MeadowsFlorence

Andrew J. OchsnerDixon Hughes Goodman, LLP*Charleston

Eric A. TwineSmith Sapp Bookhout Crumpler & Calliham, PA*Myrtle Beach

Fellow Jessica O. Brown, CPAA.T. LockeGreenville

Pamela Carroll, CPATaylors

Linghui Chen, CPAMount Pleasant

Russell T. Deal, CPASummerville

Elizabeth R. Epps, CPAPricewaterhouseCoopers, LLPSpartanburg

Brandy L. Ford, CPASimpsonville

Amber R. Garrett, CPACharleston

Diane Giardina-McGehean, CPAN. Myrtle Beach

Patricia D. Hopson, CPAWebsterRogers, LLP*Myrtle Beach

Elizabeth R. Kremer, CPABishopville

Holly P. Lee, CPASimpsonville

J.D. Mackintosh IV, CPACharleston

Elizabeth F. Martin, CPASpartanburg

Cynthia C. Newton, CPAGreer

Thomas W. Owens, CPASalem

Jennifer E. Stewart, CPAPricewaterhouseCoopers, LLPSpartanburg

Daniel G. Temple, CPAMurrells Inlet

Fellow- OtherKristin G. Johnson, CPACity of SpartanburgSpartanburg

Tracy B. King, CPAGreer

StudentBrittany C. BaerAiken

Janis M. DaileyLavonia, GA

Juan A. HernandezLexington

Jason M. LambertDixon Hughes Goodman, LLP*Charleston

Brent E. McKenzieWake Forest, NC

Michael C. MeltonCharleston

Linda O'ConnerRock Hill

Sasha D. RotelliniBeaufort

Nesma A. SharafeldinHanahan

Rianne C. ThomasLexington

Helen T. WessingerSpartanburg


Do you know a woman that should be recognized for her contribution to the CPA profession and her

community? If yes, nominate her for the Woman to Watch Award!

The South Carolina Association of CPAs, in partnership with the American Institute of Certified Public Accountants and its Women’s Initiatives Executive Committee, are looking for women who have made significant contributions to the accounting profession, or who demonstrate characteristics that have enabled them to become leaders in the profession. Individuals may submit more than one nomination (separate forms, please), and may also nominate themselves.

To submit a nomination, complete a nomination cover sheet and provide supporting evidence of the nominee’s contributions to the profession and her community and submit them to SCACPA COO Reva Brennan at [email protected]. Nomination forms and specific criteria can be found at www.scacpa.org/womentowatch. Documentation should include at least a letter describing why the nominee should be considered. In addition, a résumé and letters of support are not required, but strongly recommended.

Nominations deadline is Monday, Aug. 4.

Winners will be recognized during the 2014 Women in Leadership Conference luncheon on Oct. 21 at the Marriott in Columbia.

QUESTIONS? For more information about the nomination process, membership status, requirements, or nomination categories, please contact Reva Brennan at (803) 791-4181, Ext. 103 or [email protected].

PAST RECIPIENTS OF THIS PRESTIGIOUS AWARD

Experienced LeadersAnne Harty, CPA – City of Rock Hill (2012)Debra Turner, CPA – WebsterRogers, LLP (2012)Patricia K. Biscopink, CPA – ElliottDavis, LLC (2011)Mary Ann Prater, CPA – Clemson University (2011)Susan M. Douglas, CPA – Terminix Service, Inc. (2010)Tricia Wilson, CPA, ABV, CDFA, CVA – Dixon Hughes Goodman, LLP (2010)

Emerging LeadersBrittany Owens, CPA – ElliottDavis, LLC (2012)Amanda S. Colgate, CPA – Godshall & Colgate, LLC (2011)Sherri L. Freudiger, CPA – Sherri L. Freudiger, CPA, PA (2011)Deborah S. McDonough, CPA – Elliott Davis, LLC (2010)Sarah L. Windham, CPA – Dixon Hughes Goodman, LLP (2010)

Call for NominationsWomen to Watch Awards

WomenLeadership

in

Pictured above: 2012 Award Recipients Debra Turner, CPA, Brittany Owens, CPA, Anne Harty, CPA, and SCACPA Past President Michael Putich, CPA.


CFO SeriesCPAs in Business & Industry

Focus on CPE

May 15: CPAs in Business & Industry Conference, Embassy Suites, Columbia

May 22: Nonprofit Conference, Embassy Suites, Columbia

June 9: Professional Ethics for South Carolina CPAs and Related Party Transactions: A Recurring Issue, SCACPA Office, West Columbia

June 23: Excel Bootcamp - Everything You Need to Know to Build Great Spreadsheets, SCACPA Office, West Columbia

June 24: Productivity PowerPlay - Outlook, Adobe, Word & OneNote, SCACPA Office, West Columbia

Aug. 11: Annual Update for Controllers, Marriott, Charleston

Aug. 12: Gaining and Sustaining a Competitive Advantage: Keys to Boost the Bottom Line, Marriott, Charleston

Aug. 13: Controller and CFO Skills, Marriott, Charleston

Aug. 20: Excel Best Practices, SCACPA Office, West Columbia

Aug. 21: PDF Documents - Beyond the Basics, West Columbia

Sept. 15: Black Swans: Prepare for the Unexpected/Lessons from the Playing Field: What Sports Can Teach Accountants, Embassy Suites, Greenville

Sept. 15: Financial Leadership: Create and Deliver Value, Greenville

Sept. 16 Finance and Innovation: Reinvent Your Department and Company, Embassy Suites, Greenville

Sept. 16: Cases in Corporate Ethics: Discuss Real Life Conflicts, Embassy Suites, Greenville n

Did you know SCACPA has a full schedule of continuing education programs designed for CPAs in business and industry?

We realize it can be difficult to find professional development that fits your specific needs as a CFO, controller, or financial manager. When you are out of the office meeting your educational requirement, you want your time to be spent wisely.

That is why we have partnered with vendors that provide relevant tools and resources to meet your needs.

For the full listing and to learn more visit www.scacpa.org/CFOseries.

• Security Policies

• Risk and Vulnerability Assessments

• Penetration Tests

Don West(803) 315-1299 • [email protected], CITP, eCPPT, CISA, CISSPMember SCACPA, AICPA, ISACA, InfraGard, (ISC)²

Is YOUR Data Secure?

Visit www.scacpa.org/socialmedia

Get Social with SCACPA on Facebook,

Twitter and LinkedIn!


with SCACPA’s CPE Game Changers!

Focus on CPE

CHOOSE YOUR CPE IN ADVANCE AND SAVE BIG!Register for 4 or more 8 hour programs and save $20 per program.

Visit the online course catalog at www.scacpa.org/register to start planning your CPE bundle. Your CPE hours will add up and so will your savings!

Offer is available for SCACPA members only on courses scheduled April 15, 2014 – Jan. 31, 2015. You must register for the CPE bundle courses at the same time. If one or more of the events are cancelled the bundle discount is forfeited and deducted from any refund due. Excludes broadcasts, chapter events, webcasts and webinars. See the CPE Policies section at www.scacpa.org/CPEpolicies.

Annual Convention

CPAs in Business & Industry

GovernmentConference

CPA Summit

NonprofitConference

FraudConference

Women in Leadership

Small FirmsConference

Financial Planning

Conference

Governmental Workshop

Accounting& Auditing

www.scacpa.org/conferencesSave the Date! 2014 Conferences

and Workshops

South Carolina

CPA

May 12 Embassy Suites

Columbia

May 15-16 Embassy Suites

Columbia


Columbia


Columbia

Oct. 28SC Bar Conference Center

Columbia

Oct. 23SC Bar Conference Center

Columbia

Oct. 21Marriott Columbia

Sept. 25SC Bar Conference Center

Columbia

Oct. 30Columbia Conference

Center | Columbia

Nov. 12-13Marriott

Columbia

Dec. 8-9Marriott

Charleston


SEMINARSJune 9: Professional Ethics for South Carolina CPAs and Related Party Transactions: A Recurring Issue (11614) – West Columbia*

Aug. 22: Ethics and Professional Conduct for South Carolina CPAs - Foothills Chapter (FO14914C) – Spartanburg*

Sept. 16: Cases in Corporate Ethics: Discuss Real Life Conflicts (15914AM) – Greenville

Sept 24: Technology Update & Professional Conduct for South Carolina CPAs - Coastal Chapter (CO16414C) – North Charleston*

Sept. 29: Professional Ethics for South Carolina CPAs and Recent Compilation and Review Issues (16514) – West Columbia*

Nov. 3: Professional Conduct for South Carolina CPAs (16614) – West Columbia*

Dec. 17: Ethics and Our Profession: Our Role as Stewards (19614AM) – West Columbia

Dec 18: Only Financial Officer: Skills for Smaller Company Financial Managers (19714) – West Columbia

*Meets the two hour state specific requirement

WEBINARSJune 26: Professional Conduct for South Carolina CPAs – 10:00 a.m.Sept 3: Professional Conduct for South Carolina CPAs – 3:00 p.m.Dec. 18: Professional Conduct for South Carolina CPAs – 10:00 a.m.

SELF-STUDYProfessional Conduct for South Carolina CPAs developed by NASBA QAS approved vendor The Madray Group, Inc. (NASBA Registry ID: 109436) is available for you 24/7. To learn more about this course and purchase securely online visit www.scacpa.org/ethics.

ON-SITEBalancing cost-effectiveness with the need to meet the ethics requirement can be challenging. The South Carolina Association of CPAs offers a highly effective solution - delivering high-quality training to you when and where you want it. To learn more about bringing ethics to your firm or office contact Reva Brennan at [email protected] or (803) 791-4181, ext. 103.

Still Need to Fulfill the S.C. Ethics Requirement? No Problem, We’ve Got You Covered!

Peer Review SeriesFocus on CPE

May 1: Loscalzo's Compilation and Review Practice Guide (11014) – Columbia (also available as a live webcast - WEB11014)

June 12: Upcoming Peer Review: Is Your Firm Ready? (12014A) – West Columbia

July 15: Loscalzo's Compilation and Review Practice Guide (13414) – West Columbia

Aug. 25: Upcoming Peer Review: Is Your Firm Ready? (15014A) – West Columbia

Aug. 26: Performing an Engagement Review(15114A) – West Columbia

Aug. 27: Compilation & Review Update (15314SW) – Charleston, West Columbia, Greenville (Broadcast/Webcast)

Aug. 27: AICPA Peer Review Program Advanced Course (15414A) – West Columbia

Dec. 19: Loscalzo's Compilation and Review Practice Guide (19914) – West Columbia

Do You Have What it Takes to Become a Peer Reviewer?Now is the perfect time to become a peer reviewer. With more than 32,000 firms participating in the Peer Review Program, demand for your skills in this important professional program has never been higher.

LEARN MORE www.scacpa.org/peerreview or contact Peer Review Manager Glenna Osier at (803) 791-4181 ext. 107 | [email protected].


Low Country Cluster – Hilton Head, SCJuly 14-16Hilton Head Marriott Resort and SpaOne Hotel Circle, Hilton Head Island, SC 29928 JULY 14(13114AM) Health Care Reform Act: Critical Tax and Insurance Ramifications (13114PM) Capitalized Costs and Depreciation: Key Issues and Answers

JULY 15 (13314AM) Hot Tax Planning Developments Under the Current Tax Law(13314PM) IRS Disputes: Identifying Options for Your Client

JULY 16(13514AM) Tax Consequences and Reporting Issues of LLCs, LLPs, LPs, and Other Partnerships(13514PM) Tax Challenges for Older Americans

Focus on CPE

What’s one of the best ways to reboot your brain?

A change of scenery.

Coastal Cluster – Charleston, SCAug. 11-13Charleston Marriott170 Lockwood Blvd., Charleston, SC 29403

AUG. 11(14114) Make Money for You and Your Clients: Surgent's Top Business Tax Planning Strategies(14014A) Annual Update for Controllers

AUG. 12(14314) Getting More Active with the Passive Activity Rules and the New Net Investment Income Tax (14214A) Gaining and Sustaining a Competitive Advantage: Keys to Boost the Bottom Line

AUG.13(14514) The Best Federal Tax Update Courseby Surgent (14414A) Controller and CFO Skills

SCAPCA’s CPE Vacation Clusters are the perfect way to clear your mind so you can refocus on the technical skills and strategic finesse you need to be a game changer in your organization.

Register for CPE and book your hotel by visiting www.scacpa.org/clusters


Get Your On-Site Training Program Started Today!Contact Reva Brennan at (803)791-4181 ext. 103, [email protected] or visit www.scacpa.org/onsitetraining.

South Carolina Association of CPAs

South Carolina

CPA

ON-SITE TRAINING

Our customized training is delivered right to your door and certain to be a game changer for any organization:

CPE Designed for You – Content is focused on your employees’ training needs and experience level.

Engage in Open Dialogue – Your team has the freedom to discuss proprietary information and other sensitive organizational issues.

Looking for CPE that is a Game Changer? SCACPA’s On-Site Training is the answer!

Strengthen Your Team – Staff develops skills as a group and addresses issues as a team.

Boost Morale – Show your staff that their training needs are important by providing the programs they need without having to leave the office.

CPE that’s convenient, cost effective and designed to meet your needs. Now, that’s a Game Changer!


Classified Advertiser IndexADP

accountant.ADP.com Page 28

American Pensions www.ampen.com Inside Front Cover

Aon/BB&T Insurance Services/AICPA Professional Liability

Insurance Program www.cpai.com

Page 4

CAMICOwww.camico.com/momentum

Page 25

CGMAwww.cgma.org

Page 12

Don [email protected]

Page 33

PNCpnc.com/cashflowinsight

Back Cover

POE Group AdvisorsPoeGroupAdvisors.com

Inside Back Cover

Richardson PlowdenAttorneys at Law

www.richardsonplowden.comPage 11

United Health Onewww.HSACenter.com/CPA

Page 18

We will identify suitable candidates to carry on the success of the CPA firm you’ve worked

hard to build. When the time comes to breeze into the next phase of life, we’ll be here

to support the entire transition with our proven 5-step Seamless Succession™ process.

Looking for a change of scenery?

PoeGroupAdvisors.com • 1-888-246-0974 • [email protected]

Thinking of selling? Learn about our unique process by going online to PoeGroupAdvisors.com or

by scanning the code with your smart phone. (Download the free Kaywa Reader in the app store.)








Successful transitions require experienced, confidential, professional services you can trust. This is what Akins Professional Brokerage provides. Specializing exclusively in the brokerage of CPA firms, we have

no upfront fees. List your firm with a professional. Call David Akins, CPA, at (877) 277-0272. Visit our website at www.ProfessionalCPAbroker.com.

Are you ready for Retirement? Do you have a Succession Plan? If not, let MBW be your plan.

Are you a one or two partner firm in the state of South Carolina? Are you concerned about the succession of your firm and are interested in capturing the value of your Firm as your retirement stream? Moore Beauston & Woodham (MBW) could be your solution. We have successfully been the succession and retirement plan for many firms in South Carolina and would love to talk with you.

John Beauston, Managing Partner, can help you accomplish your goals of maintaining an income stream after retirement, while giving you peace of mind that your clients are receiving the kind of attention and care you worked hard to provide them. Please give him a call for a confidential consultation at 843-766-5010.

Buying or Selling an Accounting Practice? Want a “clean exit?” Experience The Seamless Succession™-to facilitate the absolute best transfer of your accounting practice. Learn more about our unique, 5-step process…..and view our most up-to-date opportunities for purchase. We are affiliated with Accounting Practice Sales, North America’s Leader in Practice Sales. Please visit www.PoeGroupAdvisors.com or email us at [email protected] . 888-246-0974

Charleston, SC $275,000 SC1056Cornelius, NC $240,000 NC1087Winston-Salem, NC $725,000 NC1085Charlotte/Lake Norman $145,000 NC1082

Follow us on Twitter @poegroupadvisor or check out our blog @ www.poegroupadvisors.com/blog/

LOCAL FOCUS - PERSONAL SERVICEThe focus of our firm is only on CPA practices in North and South Carolina. This gives us the time to understand local issues and opportunities and allows us to be close enough to provide personal service. Our purpose is to help owners decide if and when they should sell or develop and implement a plan to maximize the firm’s value and address any concerns about transitioning it to a new owner. This allows us to offer potential

buyers firms with demonstrated value and a plan to sustain that value through the transition. To learn more, visit www.stratfordconsultinggroup.com or call Bill Britt @ 866-768-0089.

For more information about the CPA Report, or other advertising opportunities, please contact Maureen Taylor, Director of Marketing & Member Services 1-888-557-4814 (toll free in SC) or [email protected].

PRSRT STDUS POSTAGE PAIDPERMIT NO. 1146Columbia, SC

South Carolina Association of CPAs570 Chris Drive, West Columbia, SC 29169

cpa report second edition 2014

Documents

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cpa firm

cpa beth

cpa james

cpa kenneth

cpa suzanne

cpa william

cpa lesley