Iowa Society of CPAs... Advancing the professional success of our members

May 2016

Newsletter from the Iowa Society of CPAs, your primary source for profession-related information

CPA

To learn more about our educational experiences or to register, visit the ISCPA CPE catalog at www.iacpa.org/cpe-events.

Get the ‘experience’ you deserve

When you’re planning an event for people you care about – a birthday party for your kids, a family gathering, wedding, graduation or client dinner – your goal is to make it meaningful and a fantastic experience for everyone involved. And if they walk away feeling satisfied, happy and appreciated

you’ve done your job well.

It’s no different here at ISCPA when it comes to the professional development needs of our members, the people we care about. When you choose to attend our conferences and classes in person or tune in to the thousands of webinars and webcasts we offer, our goal is to make your CPE experience a fantastic one.

How do we create the ISCPA CPE experience? It begins with nearly 30 years of expertise that our education staff bring to the year-round research, planning and development of educational programs for you. We under-stand the profession. We look for the trends and study the issues. We evaluate CPE providers, confer with other state societies and organizations, and most importantly, we listen when you tell us what you need and want.

Whether you’re working toward 40 hours of professional development to maintain your CPA certification each year or acquiring expertise in your industry, look to ISCPA for the knowledge, competence and profes-sional performance you need that will advance your success.

The ISCPA CPE experience:• 16 conferences and major events (see Page 5)• More than 150 live onsite events and classes• Access to nearly 3,000 webinars • In-office education opportunities for your staff’s

needs (we’ll bring it to you!)• More FREE education for members in 2016

• Expanded events in person or by live webcast• Registration discounts for members• My CPE Tracker keeps you organized (see Page 2)• Goodies in the member lounge to make you feel

at home • Freshly baked cookies!

4.77 out of 5 average speaker rating

Expand your network

State of the art Enrichment Center

Warm cookies!

2 | Iowa CPA | May 2016 www.iacpa.org

Power your membership

My CPE Tracker provides personalized progress

Wouldn’t it be conve-

nient if all of your education, events and professional development could be kept in one place where you could easily access it with one click? You can, in your CPE Dashboard at www.iacpa.org/cpe when you use My CPE Tracker.

Anything you attend or take through ISCPA is automatically recorded, plus you can track any non-ISCPA stuff there too — all in one easy to find place.

Whether you’re working toward 40 hours of professional devel-opment to maintain your CPA certification or acquiring educa-

tion and expertise in your chosen field, ISCPA’s My CPE Tracker provides you with a personalized log of your progress in your CPE Dashboard, whether it’s for your records, your career or the boss.

Look for this feature in the CPE section of our website in early May.

*Please allow up to two weeks after the event for the credits to appear in your CPE Dashboard.

Issue No. 2016-05

Published eleven times per year by the Iowa Society of Certified Public Accountants (ISCPA). Send address changes, advertising in-quiries and all correspondence to:

1415 28th St., Ste. 450West Des Moines, IA 50266-1419

Email: iacpa@iacpa.orgWebsite: www.iacpa.orgor, contact the ISCPA office:515-223-8161/800-659-6375

Cover photo by Jim Heemstra: North Central Iowa.

Members in the newsJonathan J. Manatt, Grinnell Mutual Reinsurance Company, Grinnell, has been promoted to vice president of internal audit and strategic initiatives.

Skills to Succeed 24/7

S trengthen yourself and your skills when you attend these mini seminars sponsored by

the ISCPA’s Family and Work-place Issues Committee. Lunch is included!

• Energy Boosters! Smart Strategies for Creating a Vibrant Work/Life Balance May 25 | West Des Moines 8:30 a.m.-12:30 p.m.

• Communication for Connection and Cooperation Sept. 27 | West Des Moines 8:30-11:30 a.m.

• Time Management Nov. 15 | West Des Moines 8:30 a.m.-12:30 p.m.

Save 30 percent on individual sessions or over 50 percent when you sign up for all three by May 4!

Register at www.iacpa.org/cpe/events.

My CPE Tracker. Another great benefit of ISCPA membership. Access your CPE Dashboard at www.iacpa.org/cpe/dashboard.

2016 Iowa CPA Golf ClassicMonday, June 6, 2016 | 10 a.m. startThe Legacy Golf Club, NorwalkAll ISCPA members and guests welcome to attend.Register at www.iacpa.org/golf-classic..

Register by May 25!

Sponsor opportunities available. Contact Cheryl Miller at cmiller@iacpa.org

or visit www.iacpa.org/advertising.

www.iacpa.org Iowa CPA | May 2016 | 3

A look at the new CPA exam of 2017

Here at ISCPA, we are con-stantly fascinated to learn about the diverse work

that our members perform in a variety of industries and fields. In every one of your roles, you would probably agree that rapid change impacts how you do your work. So how can we ensure that newly licensed CPAs coming into the workforce have the necessary skills to not only take on today’s work, but what is to come?

Evaluating the examWhen the AICPA began the pro-cess of evaluating the content of the CPA exam and what it tested, they conducted interviews, focus groups and comprehensive sur-veys of profession leaders in sec-tors such as accountancy boards, regulators, standard setters, firms, businesses and more. In 2014, they concluded that the knowl-edge and higher-order skills newly licensed CPAs needed weren’t being addressed and tested on the exam.

In 2015, the AICPA began design-ing a new CPA exam and released the exposure draft Maintaining the Relevance of the Uniform CPA Ex-amination. Comments were sub-mitted and considered, and the official changes were announced April 4, 2016. The new CPA exam will debut in April 2017.

What’s differentThe new exam will continue test-ing in the same four areas:

1. Financial Accounting and Re-porting (FAR)

2. Business Environment and Concepts (BEC)

3. Auditing and Attestation (AUD)

4. Regulation (REG)

The new exam will place less emphasis on remembering and understanding skills, allowing higher-order evaluation and

analysis skills to be tested like professional skepticism, problem solving and critical thinking. Mul-tiple choice questions, which are currently weighted at around 60 percent will decrease to about 50 percent of the total exam.

Some operative changes to the exam include:

• REG exam: Expands from three to four hours to accom-modate additional multiple choice questions and two to three more task based simula-tions.

• AUD exam: Remains at four hours. Multiple choice ques-tions decrease from 90 to 72 to allow for an additional two to three task based simula-tions.

• FAR exam: Stays at four hours. Multiple choice questions de-crease from 90 to 66 to allow for an additional two to three task based simulations.

• BEC exam: Expands from three to four hours. The time

increase and a decrease in multiple choice questions from 72 to 62 makes room for task based simulations, which had previously not been included along with the written com-munication tasks.

• The exam will be two hours longer than the previous exam.

• An optional 15 minute break has been added halfway through each exam that will not count against your time.

With the anticipation of the new 2017 exam, experts expect an influx of candidates attempting to take the current version before the end of the year. Because of this, ten extra days have been added to each quarter’s testing window.

Visit www.aicpa.org/Become ACPA/CPAExam/Pages/CPA Exam.aspx to learn more.

Next month: A closer look at how the new CPA exam will affect the workforce and profession in Iowa.

CPA renewal reminder

Don’t forget to renew your CPA license by June 30 at www.licensediniowa.gov

or by mail.

To renew electronically, you need: • Your certificate number.• The last four digits of your

social security number.• A MasterCard, Discover card,

or Visa credit card.

Additional tips:• Confirm your total CPE hours

only if you plan to have an ac-tive certificate.

• CPAs who renew inactive do not need to report CPE.

• Do not send your CPE docu-ments to the Iowa Accoun-tancy Examining Board unless requested.

• Renewal deadline is June 30.

In July, you may still renew online. However, you will be assessed a penalty, and your certificate, license or permit will be consid-ered lapsed until the process has been completed. Please refer to “CPA renewal FAQs” on the Iowa Accountancy Examining Board’s website for answers to your ques-tions and additional information. Learn more at https://plb.iowa.gov/board/accountants.

4 | Iowa CPA | May 2016 www.iacpa.org

Job: Director of administration and finance, Iowa Society of CPAs (retiring May 6)

Employed at ISCPA since: 1977

Hometown: Gladbrook, Iowa

Family: Husband Will, two stepdaughters and six grandchildren

First job: Detasseling corn. I walked beans too, but didn’t get paid for that since it was considered part of our chores on the farm

Favorite thing about my job at ISCPA: Interacting with all of the members and working with an awe-some staff. I have never been bored in 39 years as there is always something new to learn here

When I have free time I prefer to: Read a good book or spend time with family and friends

Favorite food: White cake with white frosting

Favorite vacation spot: Lake of the Ozarks or any-where warm with a beach

Favorite movie: Caddyshack

Best advice ever received: The only people who don’t make mistakes are the ones who do nothing

What I wanted to be as a kid when I grew up: A history teacher

In high school I was: Jock/athlete, leader

I am passionate about: Our grandchildren. Two attend Iowa State University, one will attend Texas Christian University this fall, and the other three are in high school

Someone you miss: My father. He taught me to be strong, but loving. He lived his life by example: strong faith, family and integrity

Last book read: “Winter of the World” by Ken Follet and “Pursuit of Honor” by Vince Flynn

Best concert: Garth Brooks, Iowa State Fair, 1990

Favorite quote: “Life is 10 percent what happens to you and 90 percent how you respond to it.” - Lou Holtz

staff spotlightJudy Chaplin

West Des Moines

After 39 years with the Iowa Society of CPAs, Judy Chaplin is retiring on May 6. We caught up with her to learn a little more about the finance and detail whiz, devoted wife and grandmother, and fun-lover — once her work is done, of course.

What are some key accomplishments you remember from over the years?In 1977, we tracked membership records on 3x5 cards, typed correspondence on a typewriter, and financial records were manually kept in a large paper ledger. Conversion of the membership and account-ing to computerized systems was a huge step. The biggest undertaking was administration of the peer review program, which I managed for over 25 years. It was a challenging program with specific require-ments. I was fortunate to work with committee members and technical reviewers dedicated to the program’s success.

What are the some of the biggest changes you’ve seen in the profession?When I started working at the Society, almost all of the members were employed in public accounting. Today, it is pretty evenly divided between business and industry and public accounting. I’ve seen CPAs’ role go from not only providing financial information, but interpreting data to help their firm, business and clients see where they need to be going, not just where they’ve been. Additionally, the complexity of the issues faced by members continues to change the profession, as well as the role of technology in the evolution of practices and businesses.

What should members know about ISCPA? “Advancing the professional success of our members” truly is our mission statement, and it’s how we evalu-ate everything we do. Members come first. We are constantly looking at how we can add value and help our members succeed no matter where they work.

What are you most looking forward to in retirement?Spending time with my husband and family, reading, traveling and spending summers at the Lake of the Ozarks.

What will you miss most?The members and ISCPA staff. It’s been a fantastic journey!

Judy and her husband Will reside in West Des Moines. You can reach Judy at jchaplin@iacpa.org through May 6.

www.iacpa.org Iowa CPA | May 2016 | 5

Erik Gramenzegramenz@thepalmergroup.com

Sarah Assman sassman@thepalmergroup.com

Are you in the market for a new opportunity in accounting or finance? We know who’s looking to hire, and we’re looking forward to introducing you.

At Palmer Group, we specialize in helping professionals and workplaces come together in compatible, constructive

ways. If you are looking for a consulting opportunity or a new position,

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A message from your board

The ISCPA board of direc-tors met April 22, 2016. Decisions and activities are

listed below.

• Approved minutes of the Dec. 3, 2015, meeting of the board and the March 24, 2016, meet-ing of the executive commit-tee.

• Approved foundation memo-rials for Charles B. Handy and Duane P. St John.

• Reviewed financial statements for the eleven months ended March 31, 2016.

• Approved the 2016-17 budget.• Reviewed written reports sub-

mitted by committee chairs. • Received a report from vice

president Brad Hauge.

• Reviewed 2016-17 committee projects.

• Received an update on the Iowa CPA Education Founda-tion.

• Received a report on the 2016 legislative session.

• Reviewed information regard-ing the AICPA-CIMA joint venture new association.

• Reviewed recent professional updates.

• Discussed recent appoint-ments to the Iowa Accoun-tancy Examining Board.

• Received a staff stewardship report.

• Scheduled a meeting for Sept. 16, 2016.

Upcoming Conferences and Events

May 6 Leadership Conference and Annual Meeting | Foundation Benefit

May 17 Iowa Governmental Roundtable

May 24 NEW! Financial Institutions Conference

June 6 Iowa CPA Golf Classic

June 13-14 Technology Conference

June 22 Insurance Conference

June 27 Small Firm Forum – FREE

Aug. 11-12 Emerging Leaders Conference

Sept. 22-23 Eastern Iowa Fall Conference

Oct. 21 Nonprofit Organizations

Conference

Oct. 31 Individual Income Tax Work-shop

Nov. 1 Corporate/Business Income Tax Workshop

Nov. 7, 8, 10, 28, 29 Tax Advisors Updates

webcast available

Career Center

www.iacpa.org/careers

6 | Iowa CPA | May 2016 www.iacpa.org

Let your voice be heard

The CPA profession’s premier benchmarking study, AICPA PCPS CPA.com National MAP Survey provides an unprecedented opportunity

to compare your firm within your region of similar size in key areas of firm practice management. Participating firms will receive a FREE per-sonalized report. The survey will be open from mid-May through July 2016. For more information about PCPS and the latest news on the National MAP Survey. visit aicpa.org/mapsurvey.

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Contact us today and let’s sell your practice for what it is worth.

Selling on Your Own?

Vote yes on AICPA-CIMA new association

The board of the Iowa So-ciety of CPAs (ISCPA) has adopted a resolution in

support of the AICPA’s proposal to create a new association with the Chartered Institute of Man-agement Accountants (CIMA) that would advance the entire ac-counting profession while preserv-ing the existing AICPA and CIMA membership bodies. The ISCPA encourages members to vote yes in the AICPA membership ballot taking place through June 16.

“This proposal is about leadership,” said ISCPA CEO Cindy Adams, adding that the proposal has re-ceived support from 52 state CPA societies. “The initiative is about evolving to meet the challenges of an increasingly complex world. It is about staying ahead of evolving

trends and forces of disruption so that the profession remains rel-evant far into the future.”

Today, the accounting profession is vibrant. Enrollment in account-ing programs is at an all-time high, thanks in large part to the work of the state societies and the AICPA to build the pipeline. The CPA stands strong, with a full 88 percent of business decision mak-ers saying that CPAs add value to their organizations and 84 percent saying they would have more con-fidence in a job done by a CPA. But the marketplace is changing rapidly, and our profession is af-fected by the same technological, demographic and international trends reshaping the work of our clients and our employers.

Through this proposal, the AICPA and CIMA would maintain their respective membership bodies while integrating operations to deliver a stronger voice for the entire profession – both public and management accounting. The new association would repre-sent more than 600,000 current and next generation accountants, providing a stronger defense against onerous regulations that are increasingly originating over-seas – mandatory audit rotation in Europe is one example. With members in 91 percent of the world’s countries, the AICPA and CIMA would also have a broader

platform to reach the next gen-eration of talent and to explain all the career opportunities that accounting can unlock.

AICPA members would receive all the same benefits they have today and through the new asso-ciation have access to even more resources and education opportu-nities to better serve their clients, firms and employers. Meanwhile, the AICPA would remain stead-fast in its commitment to work-ing collaboratively with the state societies to promote, protect and grow the CPA and focus on core services such as audit, tax and financial reporting.

“The proposal creates a lot of ben-efits for members, while preserv-ing the membership experience and strong focus on the CPA,” said Adams.

AICPA members have two ways to vote. The fastest is to access their personal and confidential ballot link sent from the third party “AICPA Independent Tabulator” the week of April 18. If that link is not immediately accessible, visit www.directvote.net/aicpa to en-ter or retrieve your unique voting credentials.

For more information about the proposal and to hear the perspec-tives of others, visit www.aicpa.org/horizons.

www.iacpa.org Iowa CPA | May 2016 | 7

Classified adsTAX & AUDIT CPA–Shull, Schrum, McClaflin & Co, Inc seeks a CPA with 2-4 years of tax or audit experience. We are an established full-service CPA firm with offices in two central Iowa towns. We of-fer a competitive salary and excel-lent benefits, as well as advance-ment potential. Candidates must be self-starter and able to work with a wide variety of clients, corporate and individual. Email resume to delgin@shullco.com.

IOWA PRACTICES FOR SALE: Gross revenues shown. North Central IA-$532K; NW IA-$603K; Central IA (near Des Moines)-$195K; NE IA (Near Waterloo/Cedar Rapids)-$240K; NE IA-$337K. For practice details call 1-800-397-0249 or visit us at

www.AccountingPracticeSales.com to inquire about available opportunities and register for free email updates.

CAREER OPPORTUNITY-AUDIT MANAGER-PUBLIC ACCOUNT-ING–Opportunity with our Na-tional client for director-level tax professional, as a result of con-tinuing client growth in Iowa. If you have 15+ years of federal tax experience in public accounting, a current CPA license and a thirst for a fast-moving culture, we would like to chat with you! For confidential inquiry and consider-ation, contact Miles Morrow, CPC, Iowa Career Connection: 515-282-5823 or morrow@iowacareercon-nection.com. We are retained by our clients who pay all fees.

For ad rates, visit: www.iacpa.org.

New membersKaren I BottingAccess SystemsWaukee, IA

Mary ChristUniversity of Northern

Iowa College of Business Administration

Cedar Falls, IA

Brenda A FritschSioux Center, IA

William R KallsenErichsen Kallsen & Associates

CPA’s LLPSpirit Lake, IA

Ian P McCrightErnst & Young LLPDes Moines, IA

Geoffrey T Nitzschke3MAmes, IA

Cynthia L ParchertBohnsack & Frommelt LLPMoline, IL

Brian J RileyPrincipal Financial GroupDes Moines, IA

Miles K SummaMeriwether Wilson and Company

PLLCWest Des Moines, IA

Jacob M ToaleRSM US LLPDes Moines, IA

Exam-qualified affiliates:Tressa J CzyszBohnsack & Frommelt LLPTaylor Ridge, IL

Rick KievitsHeartland Co-opWest Des Moines, IA

Brenda McKennaSpahn & Rose Lumber CoDubuque, IA

Chad M SparksAthene USAWest Des Moines, IA

New student affiliatesAshford University Timothy J. Lindstrom

Kirkwood Community College Emily Blake

Simpson CollegeKyann M. BrownSam KlineDarrin D. Dafney

University of IowaYue Li

Upper Iowa University Jared R. ArmingtonJared T. DevineBradley KuboushekAshley J. LarsonMegan R. MarooBobbi J. NeyApril Wilker

Western Illinois University Jessica L. Lovejoy

IPE 10311922 INGERSOLL AVENUE DES MOINES, IOWA 50309

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8 | Iowa CPA | May 2016 www.iacpa.org

CPE spotlightNEW in 2016–Live CPE available via webcast

In addition to the thousands of webcasts already available to you, these live ISCPA classroom programs will be available via webcast.

June 7 - Governmental Accounting and Auditing Update

June 8 - Church and Minister Taxation

July 21 - Planning for Unrelated Business Income Tax

Aug. 31 - Farm Tax Update (live program also available in Sioux City and Bettendorf)

Sept. 16 - Construction Industry: Accounting and Tax

Sept. 30 - Key Tax Issues of Affordable Care Reporting for Employers (live program also available in Coralville)

Oct. 18 - Compilation and Review Update for the Local Firm

Nov. 4 - Best Practices for Payroll Taxes and 1099 Issues

Nov. 8 - Tax Advisors Update (live program also available in Cedar Rapids, Storm Lake, Sioux City)

Nov. 16 - Iowa Tax Update (live program also available in Sioux City, Moline, Ill.)

Employee benefit plan audit CPEMay 19-20 - Advanced Auditing for Defined Contribution Plans (Sioux City) This is part of the AICPA Advanced Certificate Program for employee benefit plans. Visit aicpastore.com/ebpcert for more information.

May 25 - Current Practice Issues and Update for Audits of Employee Benefit Plans (Coralville)

May 26 - Audits of Defined Contribution Plans (emphasiz-ing 401(k) plans)

Free CPE–ask the expertJune 3 - Cybersecurity: Protecting Your Data

From our partners at CPA Crossings. www.iacpa.org/cybersecurity-free

2016 AHI staff training programsAug. 15-17 - Beginning In-Charge

Sept. 7-9 - Semi-Senior

Sept. 12-14 - Basic

Auditor’s office updateMay 16 - Iowa Governmental Audits–Local Government Update (West Des Moines) Double up your governmental skills when you attend this event, held the day before the Iowa Governmental Roundtable.

Financial Institutions ConferenceMay 24, 2016 | The Meadows Events Center, Altoona

Increasing changes and regulatory demands facing financial institutions are crucial to your business. This first time event delivers a power punch of strategies and techniques you need to stay on top of today's challenging environment. Top industry experts, regulators and real life case studies from across the country will prepare you to deal with those issues that keep you up at night.

• Regulations• CECL• Derivatives• Staff retention

• Capital requirements• Accounting and tax

updates• Risk based auditing

• Agricultural lending• Networking with

peers

Session descriptions and registration available at: www.iacpa.org/FIC

Seating is limited–register by May 10 and save $35!

We’re offering 156 webinarsbefore May 31 See the full list at:

www.iacpa.org/onlinecpe

www.iacpa.org Iowa CPA | May 2016 | 9

CPE spotlightISCPA offers over 150 seminars and educational opportunities each year.

View or search for ISCPA courses at www.iacpa.org/cpe/events.

May

16 Iowa Governmental Audits - Local Government Update (IGA) West Des Moines

17 Iowa Governmental Roundtable (IGR) West Des Moines

19-20 Advanced Auditing for Defined Contribution Retirement Plans (ADCP-SC) South Sioux City

19 LEAP Lunch with Leaders featuring Chris Diebel: Becoming Involved and Engaged in Your Local Community (LWLCD)

West Des Moines

24 Financial Institutions Conference (FIC) Altoona

25 2016 Current Practice Issues and Update for Audits of Employee Benefit Plans (CPI-IC)

Coralville

25 Skills to Succeed 24/7: Energy Boosters! Smart Strategies for Creating a Vibrant Work/Life Balance (STS1)

West Des Moines

26 Audits of Defined Contribution Plans (Emphasizing 401k Plans) (ADC) West Des Moines

June

1 FASB’s “BIG 3” - Revenue Recognition, Leases and Financial Instruments (FSBT-SF)

Sioux Falls

2 Advanced Concepts in SSARS 21 and Nonattest Services: Are You Certain You Are in Compliance? (SS21-SF)

Sioux Falls

6 Fraud Update: Detecting and Preventing the Top Ten Fraud Schemes (TTFS) West Des Moines

7 Governmental Accounting and Auditing Update (GAU) West Des Moines

8 Church and Minister Taxation (CMT-IC) Coralville

13-14 Technology Conference (TC) West Des Moines

16 LEAP Lunch with Leaders featuring Mike Draper: Bring on the Buzz - Les-sons from a T-Shirt Shop (LWLMD)

Des Moines

20 Upcoming Peer Review: Is Your Firm Ready? (SNPR-SF) Sioux Falls

21 LEAP Lunch with Leaders featuring Dawn Jindrich (LWLDJ) Cedar Rapids

22 Insurance Industry Conference (IIC) Altoona

23 The Internal Audit Function (IAF) West Des Moines

24 Corporate Ethics (CE) West Des Moines

27 The Strategic CFO: Big Picture Skills (SCFO-IC) Coralville

27 Small Firm Forum (SMALFIRM) West Des Moines

28 4 Most Overlooked Business Risks: Preparing for the Future (MOBR-DM) West Des Moines

29 Only Financial Officer: Skills for Smaller Company Financial Managers (OFO) West Des Moines

July

12 Practice Issues in Preparation, Compilation and Review Engagements (CRA4-SF)

Sioux Falls

12 Annual Update for Governments and Not-for-Profits (GNAU4-SF) Sioux Falls

13 Studies on Single Audit and Yellow Book Deficiencies (SAYB-SF) Sioux Falls

20 Form 990: Mastering its Unique Characteristics (EO-F990) West Des Moines

21 Planning for Unrelated Business Income Tax (UBIT4) West Des Moines

To view all upcoming events and register, visit www.iacpa.org/cpe/events

webcast also available

10 | Iowa CPA | May 2016 www.iacpa.org

ISCPA’s TEAM WorkshopWednesday, July 13 | 10 a.m.-2 p.m.ISCPA Enrichment Center

A FREE event for members’ group administrators and office managers

Be our guest at the ISCPA TEAM (Together Everyone Accomplish-es More) Workshop where you’ll exchange ideas with peers and learn from the ISCPA staff who work directly with you for CPE registrations, membership renew-als and other services on behalf of your organization’s CPAs and accounting professionals.

The workshop features speaker Brenda Clark Ham-ilton who will pres-ent “Respecting and Appreciating Generational Differences in the Workplace” - a hot topic in many organizations today.

This event is FREE to attend and lunch is included. Register at: https://www.iacpa.org/team. …Need-to-know news and advice for leaders emerging in the accounting profession

LEAP forward

ISCPA’s LEAP Committee provides education, networking and devel-opment programs across the state for members 40 and under.

Visit www.iacpa.org/membership/young-professionals for detailed information about these events and register today.

Lunch with LeadersMay 19 – Des MoinesChris Diebel, managing director of public affairs, LPCA Public Strategies, Des Moines

June 16 – Des MoinesMike Draper, owner, Raygun LLC, Des Moines

June 21 – Cedar RapidsDawn Jindrich, Linn County budget director, Cedar Rapids

Aug. 30 – Cedar RapidsChris Honkomp, partner, BerganKDV, Cedar Rapids

Oct. 13 – Des MoinesMary Sellers, president, United Way of Central Iowa, Des Moines

Aug. 11-12 – 2016 Emerging Leaders ConferenceREGISTRATION OPEN – www.iacpa.org/ELC

YP spotlight: Alison VanOtterlooMeet a young Iowa CPA from Algona who juggles work, teaching, and a love of learning and volunteering - all while cheering on her husband and four kids. Visit www.iacpa.org/membership/young-professionals

FREE for all members!

Join your fellow CPAs and ISCPA CEO Cindy Adams for an informa-tive and casual gathering to stay up to date on current issues and discuss hot topics in the profession. Refreshments provided. Would you like ISCPA to host a Common Grounds event at your firm or company? Contact us at iacpa@iacpa.org and we’ll do the rest.

More dates and locations around the state are coming!

June 2-Council Bluffs June 9-West Des Moines Sept. 15-West Des Moines Nov. 17-West Des Moines

Visit www.iacpa.org/common-grounds for details and to sign up.

Members save nearly 25 percent on admission to Adventureland as well as $10 off season passes. Plus, orders come with a $30 coupon

off a one night stay at Adventureland Inn! Find out how to save at www.iacpa.org/membership/benefits.

www.iacpa.org Iowa CPA | May 2016 | 11

Clarity project completed for attestation standards

The AICPA Auditing Stan-dards Board (ASB) has completed its clarity

project by issuing its final stan-dard, Statement on Standards for Attestation Engagements (SSAE) No. 18, on April 4, 2016, effective for practitioners’ reports dated on or after May 1, 2017.

According to the AICPA, the attestation standards establish requirements for performing and reporting on examination, review and agreed-upon proce-dures engagements that enable practitioners to report on subject matter ordinarily other than finan-cial statements, for example, an entity’s compliance with laws or regulations, the effectiveness of an entity’s controls over the secu-rity of a system and the fairness of the presentation of a statement of greenhouse gas emissions.

The attestation standards are de-veloped and issued in the form of SSAEs and are codified into sec-tions. The identifier “AT-C” is used to differentiate the sections of the clarified attestation standards (“AT-C” sections) from the sec-tions of the attestation standards that are superseded by SSAE No. 18 (“AT” sections).

In clarifying the attestation stan-dards, the ASB used the follow-ing special drafting conventions to make the standards easier to read, understand and apply:

• Establishing objectives for each AT-C section

• Including a definitions section, when relevant, in each AT-C section

• Separating requirements from application and other explan-atory material

• Numbering application and other explanatory material paragraphs using an A- pre-fix and presenting them in a

separate section that follows the requirements section

• Using formatting techniques, such as bulleted lists, to en-hance readability

For an overview of SSAE No. 18 and more information, visit http://goo.gl/wZ9vYp.

Iowa CPA Mike McNichols weighs inWhile SSAE No. 18 is evolution-ary, rather than revolutionary, it is a standard that will help sim-plify the ability of practitioners to report on the seemingly explod-ing need for CPA attestations by governmental bodies, lenders and others. The standard still applies to three levels of service – exami-

nation, review and agreed-upon procedures, but now groups the requirements by common at-testation engagement require-ments, then by the specific level of service and finally, additional guidance relating to specific sub-ject matters. The AICPA believes the clarified standard creates a framework allowing CPAs to opine, offer limited assurance or provide findings on almost any subject matter.

Mike McNichols is a CPA and shareholder at McGowen Hurst Clark & Smith PC in West Des Moines. He has been an ISCPA member since 1981.

Small Firm Forum

If you’re an individual practi-tioner or small firm owner, you won’t want to miss your oppor-tunity to attend this new ISCPA event – FREE for members.

Many issues facing today’s accounting firms are similar regardless of firm size. However, there are challenges and expe-riences unique to a small firm. Gather with fellow sole practi-tioners and small firm partners to learn about the pressing issues affecting you and your firm, and benefit from collective knowledge and collaborative discussion.

Monday, June 27 ISCPA Enrichment Center

10 a.m.-noon – speakerNoon-2 p.m. – lunch and discussion

FREE for members! Nonmembers $79

2 hours CPE

Featured speaker Carl Peterson, vice president, small firms, American Institute of CPAs

✔✔ SSARS 21✔✔ Peer review✔✔ Fee pressure✔✔ Employee recruitment and retention

✔✔ Tax season challenges✔✔ Workload compression✔✔ Technology✔✔ And more!

Attend in person or via live webcast. Webcast only from 10 a.m.-noon

Space is limited! Reserve your seat at

www.iacpa.org/small-firm-forum

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Leadership ConferenceAnnual Meeting | Foundation BenefitMay 6 | Sheraton West Des Moines

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Join ISCPA and your peers in fueling possibilities for the professionDon’t miss this great event featuring a variety of ways we’ll spark your future and the CPA profession!

Steven Fulmer Scott Siepker CPA Awards Foundation Scholarships

Foundation Benefit

Judy Chaplin

• Leadership speaker Steven Fulmer• Iowa Nice Guy Scott Siepker• Outstanding CPA awards and recognition of new CPAs• Iowa CPA Education Foundation scholarship awards• Foundation benefit with music from Dirty Rotten Scoundrels • Retirement reception for ISCPA’s Judy Chaplin

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REGISTER NOW at www.iacpa.org/leadership-conf