September 2014

Official Publication of the Nebraska Society of CPAs

FOR CHAIRMAN ANTHONY J. PRUSS III

Join us October 27 & 28,

2014

for the Nebraska Society

of CPAs’ Fall CPE Conference & Annual Meeting

at the Embassy Suites

12520 Westport Pkwy LaVista, NE

Register online at: www.nescpa.org/

conferenceregform.php

FOR CHAIRMAN-ELECT PATRICK G. KIRLIN

FOR DIRECTOR RYAN L. PARKER

FOR DIRECTOR DOUGLAS J. LACEY

and Ryan L. Parker of Fairbury, three-year term on the Board of Directors.

Serving on the Nominating Com-mittee were Immediate Past Chairman Patrick Lavelle of Omaha, who served as committee chairman, Board Chair-man Dan Wells, Tony Pruss of Nor-folk, Steve Anderson of Lincoln, Mar-cy Luth of Grand Island and Sheila Brugger of York.

The actions were taken by the Committee to meet the requirements in Article III, Section 2, of the Society Bylaws which state:

Nominations for directors and offic-ers shall be made by a committee of not less than three members of the Society, appointed by the Chairman of the Board and approved by the Board of Directors. The Board of Directors shall establish procedures to be followed by

the Nominating Committee. The names of such nominees shall be published to all members, by the Secretary, not less than twenty days prior to the date of election. Thereafter, additional nomi-nations may be made by the petition of any ten or more members of the Society, signed by them, and delivered to the Secretary not less than five days preced-ing such election.

Society Secretary Patrick Kirlin of Omaha therefore publishes the follow-ing Society leadership slate for the 2014-2015 Society year:

FOR CHAIRMAN (Previously elected): Anthony J. Pruss III is a shareholder in the public accounting firm of Auten, Pruss & Beckmann, P.C. in Norfolk. A Society member since 1979, he has served a dozen

NEBRASKA SOCIETY’S 2014-15 LEADERSHIP SLATE ANNOUNCED

Continued on Page 3

The Society’s Nominating Com-mittee, as appointed by the Board of Directors, has announced the Officer and Board nominees for the 2014-2015 Society year.

Meeting on July 15, 2014, the Committee voted to nominate for recommendation to the general mem-bership at the Society’s Annual Meet-ing in LaVista on October 27, 2014, the following leadership slate: An-thony J. Pruss III of Norfolk Chair-man, (previously elected); Chairman-Elect: Patrick G. Kirlin of Omaha, Douglas J. Lacey of Ralston, three-year term on the Board of Directors

From the AICPA Integrity, objectivity and compe-

tence have long been hallmarks of the CPA profession and provide the foun-dation for CPAs’ reputation in the mar-ketplace. With accounting issues and the business environment becoming more complex, information-driven and fast-changing, practitioners face new challenges in maintaining audit excel-lence.

To address those challenges, the AICPA has launched the Enhancing Audit Quality (EAQ) initiative, which

presents the Institute’s efforts to help auditors of private entity financial statements further improve the quality of the services they provide. Practition-ers can give input on those plans by commenting on the AICPA’s newly released discussion paper, Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession. Com-ments are due November 7, 2014.

Advancing Audit Quality The discussion paper highlights

ways the profession maintains and en-hances audit quality, from establishing requirements for competence, dili-gence and due care; to setting audit and quality control standards; to ad-ministering the Peer Review Program. By summarizing near- and longer-term proposals to continue raising financial statement audit quality, the paper asks for feedback from all parties involved in the audit process of non-public enti-ties. (For purposes of the EAQ, “private entities” refers to all non-SEC registrants, including not-for-profit

organizations, employee benefit plans and governmental entities.)

“As they navigate today’s business environment, practitioners are intent on providing high-quality audit ser-vices to their clients,” said AICPA of-ficials. “The profession’s Enhancing Audit Quality initiative demonstrates the profession’s continued commit-ment to quality. It outlines the many areas where stakeholders from our pro-fession’s many constituencies—our own members, peer reviewers, state boards, state societies and regulators—can work together to strengthen audit performance.”

EAQ Areas of Focus The AICPA is looking for input

that could help it shape plans and pro-grams proposed by the EAQ effort. The discussion paper poses specific questions through an online communi-ty where stakeholders can engage in a productive dialogue.

Continued on Page 9

In Memoriam

James E. Connelly Omaha, Nebraska

1950-2014

Nebraska Certificate #1554 Society Certificate #1168

2

years on the Taxation Committee and 15 years on the CPE Committee where he is currently Vice-Chairman. Tony currently is also a member of the Soci-ety Foundation’s Board of Trustees. From 2007-2010, he was a member of the Society Board of Directors and also served a term as Society Secretary and a member of the Executive Committee. A graduate of Wayne State College, he has been active in the Norfolk Commu-nity over the years as a Board member of the Norfolk YMCA, the Mid-American Council of Boy Scouts of

America and has been Past Chairman and a member of the Finance Commit-tee of Sacred Heart Parish in Norfolk.

FOR CHAIRMAN-ELECT: Pat-rick G. Kirlin, a Society member since 1989, has served and been Chairman of both the Accounting Careers and Indus-try Committees. His professional experi-ence includes over two year of public accounting and over 25 years as an ac-countant in industry. Pat’s industry ex-perience includes financial leadership roles for Nebraska companies in the manufacturing, public utility, warehouse and distribution, retail, and agri-business sectors. Currently Kirlin is the Control-ler and Assistant CFO for Rhea Cattle Company in Arlington. He graduated from the University of Nebraska at Oma-ha with a Bachelor’s of Science degree in Business Administration with a double major in Accounting and Management Information Systems. He also earned an MBA from Creighton University. Pat is active in the greater Omaha community as he is a past Chairman of the Supervi-sory Committee of the Omaha Public Power District Employee Federal Credit Union and has served on various com-mittees of Boy Scout Troop 405 in Oma-ha.

FOR DIRECTOR: Ryan L. Par-ker of Fairbury is the President & CEO of Endicott Clay Products Com-pany near Endicott, NE. He graduated in 1994 from Iowa State University with a Bachelor’s degree in Business Administration with a major in Ac-counting. Ryan became a Manager working for Deloitte & Touche LLP in Des Moines, IA from 1994 to 1999 before becoming the Vice President of Finance for Endicott Clay Products Company. Ryan received his Masters of Business Administration from the University of Nebraska-Lincoln in 2007. In 2010, Ryan was promoted to President & CEO of Endicott Clay Products. A Society member since 1999, Ryan has served on the Society’s Industry Committee for several years. His community service includes being Chairman of the Board of the First Na-tional Bank of Washington, KS for the last 15 years, serving on the finance committee of St. Michael’s Catholic Church in Lincoln and has recently completed a board term on the Jeffer-

son County Community Hospital.  FOR DIRECTOR: Douglas J.

Lacey is the founder and owner of Lacey & Associates CPAs P.C. in Ral-ston that specializes in small business consultation, write-up work, taxes and complications. A former high school teacher and coach at Hastings High School in the early 1970s, Doug worked in public practice for many years before starting his own firm in 1992. He has been a Society member since 1988 and has been active on the Society’s CPE Committee since 1992 including serving as Committee Chair-man. Lacey is a Past President of the Ralston Area Chamber of Commerce and the Ralston Optimist Club and is currently Treasurer of All Saints Epis-copal Church in Omaha. He graduat-ed from Kearney State College with a bachelor’s degree in education in 1969 and a master’s degree in 1972.

Finishing Terms Finishing their terms on the Socie-

ty’s Board of Directors will be Patrick Lavelle of Omaha and Tom Meister of Omaha.

Nebraska CPA is published ten times annually for members of the Nebraska Society of CPAs. Publication is monthly, with the exception of two combined issues: February/March and December/January. Copy deadline is the tenth of the month prior to publication.

Nebraska Society of CPAs 635 South 14th Street, Suite 330

Lincoln, Nebraska 68508 (402) 476-8482 or (800) 642-6178

Fax (402) 476-8731 Email society@nescpa.org

www.nescpa.org

OFFICERS Daniel L. Wells, Chairman

Anthony J. Pruss, III Chairman-Elect Patrick G. Kirlin, Secretary

Michelle R. Thornburg, Treasurer Patrick J. Lavelle, Immediate Past Chairman

DIRECTORS

Vaughn L. Benson Sheila A. Brugger Thomas J. Meister

Shari A. Munro John W. Sehi

John B. Fruhwirth

Elected Member of AICPA Council

Richard D. Gifford West Nebraska Chapter President

STAFF

Dan Vodvarka, President Trudy Meyer, Vice President

Membership Applications

Nebraska Society membership applications have been received from the following indi-viduals. Objections should be filed with the Secretary of the Nebraska Society of CPAs: Patrick G. Kirlin, Rhea Cattle Company, 5935 McCall Lane, Arlington, NE 68002.

Lynda M. Anderson, Marvin E. Jewell & Co., PC; Lincoln

Angela Elliott-Davis, Legacy Homes Omaha, LLC; LaVista

Barrett J. Hahn, Almquist, Maltzahn, Galloway & Luth, PC; Grand Island

Jacob Hovendick, Adams Bank & Trust; Ogallala

Brady J. Kayl, Dana F. Cole & Co., LLP; Grand Island

Cassandra M. Kelly, Frankel Zacharia, LLC; Omaha

John P. Kerkman, HBE Becker Meyer Love, LLP; Lincoln

Kaylie M. Koso, Marvin E. Jew-ell & Co., PC; Lincoln

Marcia K. Murray, James Skin-ner Baking Company; Omaha

Linda A. Stacy, National Research Corporation; Lincoln

Mindy R. Stetson, Children’s Hospital & Medical Center; Omaha

Marilyn K. Tosh, Applied Underwriters, Inc.; Omaha

Stephanie F. Vanicek, Hancock & Dana, PC; Omaha

Eric J. Vrba, Seim Johnson, LLP; Omaha

LEADERSHIP SLATE . . . From Page 1

3

By: James Schiavone jschiavone@aicpa.org

In an environment where the ex-ponential growth of information avail-able is changing the way many busi-nesses operate, CPAs working in the forensic and valuation areas have identified big data as the most press-ing issue they’ll face in the near fu-ture. In addition, 85 percent of re-spondents to the 2014 AICPA Survey on International Trends in Forensic and Valuation Services anticipate an increase in the amount of time they spend on electronic data analysis in the near future.

One in four (25 percent) respond-ents selected electronic data analysis – better known as big data – when asked, open-endedly, to name their top five issues over the next two to five years. The frequency with which big data was cited, reflects a business culture with an increasingly sophisti-cated understanding of the potential of

this information. However, the sheer volume of data has created an envi-ronment where fraud can become more difficult to detect.

“Big data presents a real oppor-tunity for businesses to glean actiona-ble insights from information. Howev-er, the downside is that it also presents a risk because the more data available, the harder it is to spot fraudulent ac-tivity, such as the creation of a ficti-tious employee or an improper pay-ment to a vendor. To combat this risk, businesses rely on forensic ac-countants for their expertise digging deep into the data, unraveling the work of criminals and detecting that fraud,” said Jolene Fraser, CPA/CFF and chair of the survey committee.

After electronic data analysis, the additional top issues forensic and val-uation professionals cited they antici-pated facing over the next two to five years are: increased complexity and scrutiny

in engagements (20 percent) competition and fee pressure (14

percent) regulatory changes (11 percent) attracting and retaining qualified

staff (7 percent). The survey found that a majority

(76 percent) of forensic respondents expected to experience increased de-mand over the next two to five years. Specifically, 30 percent expected de-mand for their services to increase up to 25 percent, and an additional 33 percent expected growth of up to 10 percent. On the higher end of the spectrum, nearly 13 percent of foren-sic accountants expect demand to spike by 50 percent or higher. Twenty percent forecast no change in demand, and 4 percent expected a decrease in demand.

Steady growth was expected in the valuation area as well, more than half (54 percent) of respondents ex-pecting more demand for their ser-vices in the next two to five years. Specifically, 28 percent anticipated demand to increase by up to 10 per-cent, with an additional 18 percent anticipating a bump in demand of up to 25 percent. More than six percent expected demand to increase by 50 percent or higher. Forty-one percent forecast no change in demand, and six percent foresaw a decrease in demand for their services.

“The increasing demand we’re seeing for forensic and valuation ser-vices performed by CPAs shows the growth in these areas is poised to con-tinue in the near future,” said Jean-nette Koger, CPA, CGMA, vice presi-dent of member specialization and credentialing at the AICPA. “Businesses and consumers realize that the CPA combined with the AICPA’s Certified in Financial Foren-sics (CFF) and Accredited in Business Valuation (ABV) credentials signifies a highly qualified professional with the skill-set to get the job done.”

Indeed, when respondents were Continued on Page 8

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The Nebraska Society of CPAs’ 2014 Fall CPE Calendar www.nescpa.org Date Course Conference / Course Title Type Discussion Leader Facility & Location

September 4 NAPC "Small" GAAP: New AICPA Private Company Financial Report-

ing Standards (4-Hour Morning Course) AA D. Van Der Aa, Federal Tax Workshops Mahoney State Park, Ashland, NE

4 MTNI Medicare Tax on Net Investment Income: Analysis & Planning (4-Hour Afternoon Course) TX D. Van Der Aa, Federal

Tax Workshops Mahoney State Park, Ashland, NE

5 SUBS S Corporations: Overview and Update TX D. Van Der Aa, FTW Mahoney State Park, Ashland, NE 11 ASLG Accounting & Auditing of State & Local Governments AA Paul Koehler, CPA The Cornhusker, Lincoln, NE 12 AANP Accounting & Auditing of Nonprofit Organizations - New Guide AA Paul Koehler, CPA The Cornhusker, Lincoln, NE 19 DIRS Tips and Tricks for Handling IRS Disputes TX Robert Thelen, AICPA Mahoney State Park, Ashland, NE

22 FSPB Family and Succession Planning for the Business Owner TX Edward Zollars, Nichols Patrick CPE Fairfield Inn & Stes, Grand Island, NE

23 EQCT Ethics and Quality Control in Tax Practice ET Edward Zollars, Nichols Patrick CPE Mahoney State Park, Ashland, NE

24 NRR New "Repair Regs" - Sec. 263(a) TX Edward Zollars, Nichols Patrick CPE Mahoney State Park, Ashland, NE

25 SMES The New Reporting Option: A Financial Reporting Framework for Small and Medium-Sized Entities AA Michael Morgan, Surgent

McCoy The Cornhusker, Lincoln, NE

26 ACAU Annual Accounting and Auditing Update AA Michael Morgan, Surgent McCoy The Cornhusker, Lincoln, NE

29 TPCP 2014 Tax Planning Update for Corporations, Partnerships & LLCs (Co-Sponsored with the West Nebraska Chapter of CPAs)

TX Bradley P. Burnett, J.D., LL.M. Gering Civic Center, Gering, NE

30 SPU Succession Planning Update for Closely Held Businesses, Farms and Ranches (4-Hour Morning Course, Co-Sponsored with the West Nebraska Chapter of CPAs)

TX Bradley P. Burnett, J.D., LL.M. Gering Civic Center, Gering, NE

30 HCRR4 Health Care Reform Reality (4-Hour Afternoon Course, Co-Sponsored with the West Nebraska Chapter of CPAs) TX Bradley P. Burnett, J.D.,

LL.M. Gering Civic Center, Gering, NE

October 1 OGLI Oil and Gas Taxation: Landowner & Investors TX R. "Butch" Rogers,

Nichols Patrick Holiday Inn & Conf. Ctr., Kearney, NE

2 OGNB Oil and Gas Taxation - Nuts & Bolts TX R. "Butch" Rogers, Nichols Patrick Quarry Oaks, Ashland, NE

3 GTTL A GASB "Top 10" - Key GASB Statements: Critical Require-ments & Illustrations AA Paul Koehler, CPA Quarry Oaks, Ashland, NE

16 SELL Buying and Selling a Business: Critical Tax and Structuring Issues TX Maury B. Reiter, Surgent

McCoy The Cornhusker, Lincoln, NE

17 TARE The 25 Most Important Tax Aspects of Real Estate Transactions and Investments TX Maury B. Reiter, Surgent

McCoy The Cornhusker, Lincoln, NE

27-28 FALL 14th Annual FALL CPE Conference Various Embassy Suites Conf. Ctr, LaVista, NE

30 EXIB Hot IRS Tax Examination Issues for Individuals & Businesses TX Scott Emerson, Surgent McCoy Fairfield Inn & Stes, Grand Island, NE

31 AP41 Advanced Form 1041 Practice Workshop TX Scott Emerson, Surgent McCoy Fairfield Inn & Stes, Grand Island, NE

5

Confirmation and/or Credit Card Receipt: Email Mail Address: _______________________________________________________ Attendee _______________________________________________ Firm/Business ________________________________________________ Mailing Address Firm Home ____________________________________________________________________________________ Contact Name ___________________________________________ Contact Number ______________________________________________ Special Accommodations Needed: _________________________________________________________________________________________

Payment Information: Amount $ __________________ Check MasterCard Visa Expiration Date ________________ Credit Card Number ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ CVV Code (on back of cc) ____ ____ ___ Print Card Holder's Name _____________________________________ Card Holder's Signature __________________________________ Credit Card Billing Address, City, State & Zip

PLEASE MAKE YOUR SELECTIONS BELOW AND EMAIL (SOCIETY@NESCPA.ORG), FAX (402.476.8731) OR MAIL (NEBRASKA SOCIETY OF CPAS, 635 S. 14TH STREET, SUITE 330, LINCOLN, NE 68508) THIS FORM. YOU WILL RECEIVE A CONFIRMATION WITHIN 3 BUSINESS DAYS. YOU CAN ALSO REGISTER ONLINE AT WWW.NESCPA.ORG/CONFERENCEREGFORM.PHP. PLEASE NOTE SPECIAL LODGING RATES ARE ALSO AVAILABLE.

Embassy Suites ~ 12520 Westport Parkway, LaVista, Nebraska

Conference Agenda & Registration Form

Conference Fees: The fee covers all conference sessions, materials, lunches, continental breakfasts and refreshment breaks. Early registration is encouraged. $385 - Two Days Society Member $415 - Two Days Non-Society Member $305 - One Day - Society Member

MONDAY, OCTOBER 27, 2014 7:00 to 8:00 AM Registration & Continental Breakfast

8:10 to 9:40 AM “AICPA’s Professional Issues Update” – Richard J. Caturano, CPA, AICPA Past Chairman 10:00 AM to Noon “World’s Fastest Tax Update” – Larry Kopsa, Kopsa Otte CPAs & Advisors 12:00 to 1:30 PM Luncheon and Annual Business Meeting

1:30 to 2:40 PM “Fraud Schemes & Scams: Lessons from the Trenches” – Shauna Woody-Coussens, BKD LLP 3:00 to 4:00 PM Breakout Sessions - Please select one breakout session by filling in the circle ().

“The Succession Planning Action Guide for Professional Firms” – Nick Niemann, McGrath North “From a CPA in Nebraska Legislature, Why You Should Run For Public Office” – Senator Galen Hadley “Lean Accounting” – TBA, Nebraska Business Development Center

4:00 to 5:00 PM Breakout Sessions - Please select one breakout session by filling in the circle (). “The Succession Planning Action Guide for Business Owners” – Nick Niemann, McGrath North "Current Trends in Risk Management” – Jack Struyk, Lockton Companies “Lean Accounting” – TBA, Nebraska Business Development Center

TUESDAY, OCTOBER 28, 2014 7:30 to 8:00 AM Continental Breakfast 8:00 to 9:00 AM “The Tax Commissioner’s Update” – Kim Conroy, Nebraska Department of Revenue

9:05 to 10:40 AM “Nonpublic Entities Getting Attention, FINALLY!” – Kelly Karmazin & Tony Eitzmann, Seim Johnson, LLP 10:55 am to 12:05 PM Breakout Sessions - Please select one breakout session by filling in the circle (). “Disaster Recovery: Safeguarding Company Data” – Phil Lieber, P&L Technology “Revenue Recognition” – Arie Wilgenburg, Deloitte & Touche LLP "Education to Careers, Creating Strategic Partnerships ” – Catherine Lang, Accelerate Nebraska

12:05 to 12:50 PM Luncheon 12:50 to 2:00 PM Breakout Sessions - Please select one breakout session by filling in the circle ().

“Maximizing Your IT Through Server Virtualization” – Phil Lieber, P&L Technology "Health Insurance Update” – Tony Sorrentino, SilverStone Group "NE Board of Public Accountancy & QEP Updates” – Dan Sweetwood, NE Board of Public Accountancy

2:15 to 4:00 PM “Ethics Update” – Jimmy Williams, Compass Capital Management, LLC — 2 Hours of Ethics 4:00 PM Conference Adjourns

THE NEBRASKA SOCIETY OF CPAS’ 14TH ANNUAL FALL CPE CONFERENCE - OCTOBER 27 - 28, 2014

6

14TH ANNUAL FALL CPE CONFERENCE & ANNUAL MEETING OF THE NEBRASKA SOCIETY OF CPAS

OCTOBER 27 - 28, 2014 The Nebraska Society of CPAs will host its 14th Annual Fall CPE Conference on October 27-28, 2014, at the Em-

bassy Suites Conference & Convention Center, 12520 Westport Parkway, LaVista, Nebraska. The conference qualifies for 16 hours of continuing professional education credit, of which two hours will count

towards the ethics requirement with the Nebraska Board of Public Accountancy. The registration form and costs can be found on the next page or online at www.nescpa.org/conferenceregform.php.

Parking is available at Embassy Suites or at the Courtyard Marriott. A block of sleeping rooms has been reserved at The Embassy Suites for conference attendees at the special rate

of $119 per night for a single or double. This block of rooms has been reserved under our name, The Nebraska Socie-ty of CPAs. All reservations must be received on or before Friday, September 26, 2014. Any reservations made after that date will be subject to availability and the hotel’s guest room rates. Reservations are made by calling the Em-bassy Suites at (402) 331-7400.

Please list any special accommodations on your registration form or notify us by email (tmeyer@nescpa.org) or by phone (800) 642-6178 at least one week prior to the conference. For your comfort during the events, we recommend dressing in layers to accommodate the varying temperatures in hotel meeting rooms.

The conference was planned by the members of the Fall CPE Conference Planning Committee and its Chairman, Tracy Black.

The Nebraska Society's 86th Annual Meeting will be held during the NOON LUNCHEON ON OCTOBER 27, 2014. This special annual event features the election of new Society officers, a summary of the Society activities and accomplishments of 2014 by retiring Chairman of the Board Dan Wells of Omaha and an acceptance speech and "call to action" by incoming Chairman Anthony Pruss III of Norfolk.

The Society's 2014 Foundation scholarship winners will also be recognized, as will the new Nebraska CPA certifi-cate recipients. As always, the highlight of the day's agenda will be the RECOGNITION OF THREE OUTSTANDING NEBRASKA CPAs who will be honored for their service, dedication and accomplishments!

PLEASE CONSIDER TAKING TIME OUT OF YOUR BUSY SCHEDULES TO JOIN US AS WE CELEBRATE THE SOCIETY’S PAST ACCOMPLISHMENTS AND LOOK FORWARD TO A DYNAMIC FUTURE!

ANNUAL MEETING LUNCHEON REGISTRATION FORM & PAYMENT

Annual Business Meeting Luncheon Only $40 - Society Member (For those attending the Conference, the Annual Meeting fee is included in the price of the conference)

Confirmation and/or Credit Card Receipt: Email Mail Address: ______________________________________________________ Attendee ____________________________________________________ Firm ___________________________________________________ Mailing Address Firm Home ____________________________________________________________________________________ Contact Name ________________________________________________ Contact Number _________________________________________ Special Accommodations Needed: ________________________________________________________________________________________

Payment Information: Amount $ __________________ Check MasterCard Visa Expiration Date ________________ Credit Card Number ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ CVV Code (on back of cc) ____ ____ ____ Print Card Holder's Name ______________________________________ Card Holder's Signature ___________________________________ Credit Card Billing Address, City, State & Zip _________________________________________________________________________________

7

asked what credentials they require of those providing forensic accounting services to possess, a CPA was the most frequently required credential. The CPA, coupled with the CFF cre-dential, provides the most desirable combination of credentials in the areas of: fraud prevention, detection and response; financial statement misrep-resentation; damages calculations; bankruptcy; and electronic data analy-sis. In addition, the CPA coupled with the ABV credential was the most widely desired combination of creden-tials for valuation engagements.

The 2014 AICPA Survey on Inter-national Trends in Forensic and Valu-ation Services was open to members of CPA Canada, in addition to AICPA members, for the first time. The sur-vey, which was conducted from Sep-tember 12 to October 25, 2013, con-tained a total of 182 qualified respons-es.

The full survey is available online.

“BIG DATA” . . . From Page 4

The 2014 edition of a long-time Society publication, Nebras-ka School Districts Auditing and Reporting Reference Manual, is available through the Society for $50.

This year’s guide has been updated by members of the Soci-ety’s State and Local Govern-mental Accounting and Auditing Committee coordinated by Mar-cy Luth of Grand Island, Julie Bauman of Falls City and the Ne-braska Department of Education.

The Guide was developed to assist accountants in preparing financial statements and reports for all Nebraska School Districts and was prepared with the coop-eration of the Department of Ed-

ucation and the Nebraska State Auditor’s Office.

To order the Guide, contact the Nebraska Society by email (malia@nescpa.org) or by phone at (402.476.8482 or 800.642.6178) or by fax (402.476.8731).

In Memoriam

Harry H. Hess Omaha, Nebraska

1921-2014

Nebraska Certificate #516

Co-Founder (1946)

Boyle, Hess & Elliott, CPAs

2014 SCHOOL DISTRICTS AUDITING & REPORTING REFERENCE MANUAL AVAILABLE

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Based on the foundational ele-ments of quality—Competence and Due Care; Standards (Audit and Quali-ty Control); Guidance, Tools, Learning and Resources; and Monitoring and Enforcement—the discussion paper proposes significant changes to the following areas, among others: Peer Review Program: The

AICPA Peer Review Board ap-proved a near-term plan introducing substantial improvements to the cur-rent Peer Review Program that range from enhanced peer reviewer quality and in-depth reviews of high-risk industries to improved engagement/firm tracking and more informative review results. In the longer term, an upcoming project will seek to trans-form the current Peer Review Pro-gram into a more real-time practice monitoring system that marries ad-vanced technology and human over-sight.

Auditing and Quality Control Standards: A joint task force con-sisting of representatives from the AICPA’s Auditing Standards Board (ASB), Peer Review Board and oth-ers is now gaining stronger insights into audit quality issues. The task force will examine where and how audit concerns occur and their root causes, so appropriate solutions can be explored.

Evolving the Audit: The AICPA Assurance Services Executive Com-mittee (ASEC) is looking to the fu-ture of assurance services and seek-ing to leverage technology to devel-op new methodologies that will con-tribute to a more effective, efficient and timely audit process that will be more relevant to users. ASEC is working to provide insight into the traditional audit approach, how it has evolved and how it might con-tinue to evolve into the future audit.

For More Information The AICPA has created an infor-

mational webpage, aicpa.org/auditquality. This webpage features EAQ-related news and developments, including links to articles and blog

posts on AICPA efforts, as well as re-sources on areas of focus identified by the Peer Review Board. A video fea-turing AICPA Board Chairman Bill Balhoff, CPA, CFF, CGMA, discuss-ing the EAQ initiative is housed on the site, too. In addition, look for further details from the AICPA regarding a free AICPA webcast on the EAQ to be held in September.

You can download, read and pro-vide comments on Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession on the AICPA’s online EAQ Community (aicpa.org/EAQpaper). To comment, you must use your AICPA.org login or create a quick login online. Feedback is due November 7.

Members in the News Ryan Cook of Elkhorn has been elected a Shareholder in the Omaha firm of Lutz and Co. PC. . . . Bryan Geels of Elkhorn has been promoted to Audit Senior in the Omaha firm of DeBoer & Associates, PC . . . Erin Vyhlidal of Omaha has been promoted to Vice President-Corporate Fi-nance at Farmers National Company in Omaha. . . . Gail Endorf of Omaha has been promoted to Manager and Jordan Downey of Elkhorn to Supervisor in the Omaha firm of Frankel Zacharia, LLC . . . Dr. Paul A. Shoemaker of Lincoln has been appointed Senior Associate Dean for Faculty and Research at the University of Nebraska-Lincoln’s College of Business Administration. . . Bryan Slone of Omaha has joined the Omaha law firm of Koley Jessen P.C., LLO as an Of Counsel with the firms’ tax practice and has also joined the College of Business Administration at UNL as the first Executive in Resi-dence in the School of Accountancy. . . .Kurt Meisinger of Plattsmouth has earned his Accredited in Business Valuation (ABV) designation from the AICPA.

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and topics will highlight the Ne-braska Chapter of the Tax Execu-tive Institute’s 7th annual Fall Training Conference on Novem-ber 11, 2014, at the Scott Confer-ence Center in Omaha.

Among the speakers at the Conference will be Eric Solomon of Ernst & Young presenting a “Washington Update”, former Nebraska Tax Commissioner Doug Ewald of KPMG LLP presenting a “Nebraska Tax Up-date” and Matt Lerner of Sidley Austin LLP discussing “The IRS’s New Focus on Economic Reality.”

For a complete agenda and to register for the Conference, please contact Philip Schultz at pmschul1@up.com. Attendance is being limited to 150.

OPPORTUNITIES AVAILABLE PAGES 10, 11 & 12

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Program Benefits:• Discounted, Visa/Mastercard processing rates• No application, enrollment or conversion fees• No long term contracts or cancellation fees• No daily or hidden fees• Free Supplies and Repairs program

By accepting credit cards, your clients and customers have the convenienceand flexibility to pay at the time of service or to extend payments. Andyou can benefit from receiving your payments on time, increasing yourcash flow.

For additional information and a no obligation free analysis,call member Rick Shaneyfelt at (877) 334-2040 x 1105.

299 North 115th Street ~ Omaha, Nebraska 68154 ~ www.powerpay.biz

Forensic Accounting InvestigationsAren’t Just for LawyersAccountants can benefit from them too.

Cody F. Carse, CPACertified Fraud Examiner

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• Asset discovery / recovery• Contract disputes• Expert witness and consultant• Fraud examinations• Landlord / Tennant disputes• Purchase or sale of a business• Shareholder / Partner disputes• Suspected theft by employees or others

402-201-6427ccarse@CodyFCarseCPA.com

www.CodyFCarseCPA.com

OPPORTUNITIES AVAILABLE PAGES 10, 11 & 12

We are accepting applications for a part-time tax preparer. Expe-rience required. Hours will be 9am – 5pm, two days per week, from February – April. Pleasant office environment about 20-30 minutes from Omaha or Lincoln.

Please respond to: NE Society of CPAs, Trudy Meyer, File #073153, 635 S. 14th St., Suite 330, Lincoln, NE 68508.

We are accepting applications for a Controller on behalf of our cli-ent. The ideal candidate will have a 4-year accounting degree and some experience in property man-agement or real estate accounting. CPA not required. Duties include all aspects of accounting, includ-ing bookkeeping, payroll, sales tax, A/R, and A/P. Midtown Omaha office location. Knowledge of QuickBooks and Microsoft Office is essential.

Please respond to: NE Society of CPAs, Trudy Meyer, File #073181, 635 S. 14th St., Suite 330, Lincoln, NE 68508.

VP of Financial Operations MOSAIC provides a life of possi-bilities for people with intellectual disabilities. Now seeking a Vice President of Financial Opera-tions, working in Omaha, NE. Supervises 6 analysts. Manages back-up support for agency busi-ness functions and training. Ana-lyzes monthly financial data, com-pany monthly/annual financial statements, coordinates budget de-velopment, and supports internal audit functions. Facilitates finance meetings, enhancement of integrat-ed system applications and due diligence and integration support. Bachelor's Degree in Business Ad-ministration or Accounting. Medi-caid, cost reporting, and strong budget projection experience re-quired. MBA and/or advanced certification in Healthcare Finance. CPA with 10 years experience in accounting and management. Abil-ity to travel up to 50% of the time.

To apply, please submit salary requirements and resume

with cover letter to Amy.Trumm@mosaicinfo.org.

Cornerstone Bank (York, NE), a $1.3 billion family-owned bank with 34 locations in 25 communi-ties in Central Nebraska, has an immediate opening for a quali-fied CPA. Job duties relate to internal bank audit. Excellent benefit package. Compensation based on experience and qualifi-cations. Send resume and cover letter to Human Resources, Cor-nerstone Bank. P.O. Box 69. York, NE 68467 or email hr@cornerstoneconnect.com. Equal Opportunity Employer/Women, Minorities, Protected Veterans and Persons with Disa-bilities/AAP.

CPA position with 5 or more years public experience in small Texas Panhandle town. Salary of $75,000 or more based on experi-ence plus benefits. Please mail resume to 521 Denver Ave, Dalhart, Texas 79022 or email to chad@gaskillpharis.com.

THINKING OF SELLING YOUR PRACTICE? Accounting Practice Sales is the leading marketer of ac-counting and tax practices in North America. We have a large pool of buyers, both individuals and firms, looking for practices now. We also have the experience to help you find the right fit for your firm and nego-tiate the best price and terms. To learn more about our risk-free and confidential services, call Trent Holmes at 1-800-397-0249 or email Trent@accountingpracticesales.com.

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OPPORTUNITIES AVAILABLE PAGES 10, 11 & 12

Senior Manager Omaha CPA firm is seeking a Senior or Senior Manager to assume respon-sibilities of a retirement minded Part-ner. We are looking for a CPA who is seeking immediate client contact and responsibilities; there is the potential for ownership in a short period of time to the right candidate. We are looking for an individual with public accounting experience in income tax preparation and planning. Full benefit package, West Omaha location with no overnight travel. If you are inter-ested, please send you resume to Jim Reinig at jim@mnrcpas.com or fax to 402-330-7099.

Practice Acquisitions Sought McDermott & Miller, P.C., is in-terested in acquiring or merging in a qualifying CPA firm(s) along the I-80 corridor from Omaha to Kearney, Nebraska. Particularly we are looking at firms within a 50 mile radius of I-80 that would specially include such cities as Omaha, Lin-coln, York, Grand Island, Hastings, and Kearney among others. If your firm is interested in discuss-ing this opportunity, please contact Norm Saale at 308-382-7850 or nsaale@mmcpas.com. Serious in-quiries only.

Nebraska Society of CPAs 635 South 14th Street, Suite 330 Lincoln, Nebraska 68508

PRSRT STD US POSTAGE

PAID CORNERSTONE

Director of Internal Audit

MOSAIC is cur rently seeking a Director of Internal Audit at our head-quarters in Omaha, NE. Internal Audit candidates will be required to: direct the internal audit function of the or-ganization, report audit findings, and make recommendations. Mosaic is a not for profit organization that pro-vides a life of possibilities for people with intellectual disabilities. If you meet the qualifications listed below apply today at www.mosaicca-reers.org!

Responsibilities for the Director of Internal Audit include, but are not limited to: • Assist in planning and preparing the annual written internal audit plan • Obtain, analyze and appraise data, transactions and records as a basis for providing opinions on the perfor-mance of the business • Provide recommendations and regu-lar reports to management • Perform follow-up on audit findings and subsequent recommendations • Monitor internal controls over major financial functions of the organization • Conduct reviews and provide report-ing on quality improvement processes Director of Internal Audit candidates must meet the following require-ments: • Bachelor's Degree in Accounting, Business Administration or Finance • Certified Public Accountant (CPA) • Minimum of three years of progres-sive experience working with cost reports and/or auditing • Knowledge of Medicare and Medi-caid programs

Mosaic offers competitive wages and possible pay increase within 6 months of employment! Excellent benefits package including 403(b) retirement plan, a FREE health cover-age option, and growth opportunities!

Apply today at www.mosaic-careers.org to be considered for this position or any other opportunities with MOSAIC. Or email our Talent Management team directly at Emi-ly.Knoche@mosaicinfo.org.

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