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<br /> www.cpaj.com August 2014<br /> Meet the Future of the<br /> Profession<br /> +<br /> Communication Skills<br /> Learning Styles<br /> Online Education<br /> <br /> <br /> CONTENTS<br /> august 2014<br /> 6 PERSPECTIVES<br /> 14IN FOCUS<br /> 5 Publisher's Column<br /> Lawsky Makes a Bet on New York<br /> 6 Perspectives<br /> A Call to Action for Future Auditors<br /> Tax & Accounting Update<br /> Still an Innovative Profession<br /> Transitioning from the Private Sector<br /> to Academia<br /> 14 In Focus<br /> The Future of the Accounting Profession<br /> and the Value of the CPA:<br /> Opinions and Insights from Young Professionals<br /> In order to explore how young CPAs will influence the future of<br /> the accounting profession, The CPA Journal invited several indi-<br /> viduals in the early stages of <a title="The CPA Journal - August 2014 page 1" href="http://viewer.zmags.com/publication/7f8e916c?page=1"> www.cpaj.com August 2014 Meet the Future </a> <a title="The CPA Journal - August 2014 page 2" href="http://viewer.zmags.com/publication/7f8e916c?page=2"> </a> <a title="The CPA Journal - August 2014 page 3" href="http://viewer.zmags.com/publication/7f8e916c?page=3"> </a> <a title="The CPA Journal - August 2014 page 4" href="http://viewer.zmags.com/publication/7f8e916c?page=4"> CONTENTS august 2014 6 PERSPECTIVES 14IN FOCUS </a> <a title="The CPA Journal - August 2014 page 5" href="http://viewer.zmags.com/publication/7f8e916c?page=5"> vol. LXXXIV/no. 8 24 ESSENTIALS 46 ESSENTIALS </a> <a title="The CPA Journal - August 2014 page 6" href="http://viewer.zmags.com/publication/7f8e916c?page=6"> Not Yet a Member? Well, You’re Missing Out! </a> <a title="The CPA Journal - August 2014 page 7" href="http://viewer.zmags.com/publication/7f8e916c?page=7"> publisher’s column Lawsky Makes a Bet on New </a> <a title="The CPA Journal - August 2014 page 8" href="http://viewer.zmags.com/publication/7f8e916c?page=8"> PERSPECTIVES viewpoint A Call to Action for F</a> <a title="The CPA Journal - August 2014 page 9" href="http://viewer.zmags.com/publication/7f8e916c?page=9"> tant. While you will not use every subject area f</a> <a title="The CPA Journal - August 2014 page 10" href="http://viewer.zmags.com/publication/7f8e916c?page=10"> part, through experience. Your first years will b</a> <a title="The CPA Journal - August 2014 page 11" href="http://viewer.zmags.com/publication/7f8e916c?page=11"> The Auditor's Reporting Model Let me turn to t</a> <a title="The CPA Journal - August 2014 page 12" href="http://viewer.zmags.com/publication/7f8e916c?page=12"> tax & accounting update Tax & Accounting </a> <a title="The CPA Journal - August 2014 page 13" href="http://viewer.zmags.com/publication/7f8e916c?page=13"> future of the profession Still an Innovativ</a> <a title="The CPA Journal - August 2014 page 14" href="http://viewer.zmags.com/publication/7f8e916c?page=14"> viewpoint Transitioning from the Private Sect</a> <a title="The CPA Journal - August 2014 page 15" href="http://viewer.zmags.com/publication/7f8e916c?page=15"> positions and had the good fortune to receive an </a> <a title="The CPA Journal - August 2014 page 16" href="http://viewer.zmags.com/publication/7f8e916c?page=16"> In Focus The Future of the Accounting Profes</a> <a title="The CPA Journal - August 2014 page 17" href="http://viewer.zmags.com/publication/7f8e916c?page=17"> All photos by Shawn Rutkowski AUGUST 2014 / THE </a> <a title="The CPA Journal - August 2014 page 18" href="http://viewer.zmags.com/publication/7f8e916c?page=18"> The State of the Profession Murphy kicked of</a> <a title="The CPA Journal - August 2014 page 19" href="http://viewer.zmags.com/publication/7f8e916c?page=19"> “The CPA designation is so much more than t</a> <a title="The CPA Journal - August 2014 page 20" href="http://viewer.zmags.com/publication/7f8e916c?page=20"> “Politics is a game of persuasion,” “Most</a> <a title="The CPA Journal - August 2014 page 21" href="http://viewer.zmags.com/publication/7f8e916c?page=21"> might be devaluing the education sector on the lo</a> <a title="The CPA Journal - August 2014 page 22" href="http://viewer.zmags.com/publication/7f8e916c?page=22"> explained it in English, and he said, ‘Everyone s</a> <a title="The CPA Journal - August 2014 page 23" href="http://viewer.zmags.com/publication/7f8e916c?page=23"> because he didn’t trust the machines. But it’s no</a> <a title="The CPA Journal - August 2014 page 24" href="http://viewer.zmags.com/publication/7f8e916c?page=24"> good and who wasn’t—so I could join the conversat</a> <a title="The CPA Journal - August 2014 page 25" href="http://viewer.zmags.com/publication/7f8e916c?page=25"> on spending, stocks do better if consumers spend,</a> <a title="The CPA Journal - August 2014 page 26" href="http://viewer.zmags.com/publication/7f8e916c?page=26"> ACCOUNTING & AUDITING auditing Effectivel</a> <a title="The CPA Journal - August 2014 page 27" href="http://viewer.zmags.com/publication/7f8e916c?page=27"> audit engagement.” To make informed decisions, an</a> <a title="The CPA Journal - August 2014 page 28" href="http://viewer.zmags.com/publication/7f8e916c?page=28"> EXHIBIT 2 Examples of Situations Where an Auditor</a> <a title="The CPA Journal - August 2014 page 29" href="http://viewer.zmags.com/publication/7f8e916c?page=29"> Auditor independence. A lack of inde- pendence</a> <a title="The CPA Journal - August 2014 page 30" href="http://viewer.zmags.com/publication/7f8e916c?page=30"> comparable situations and encourage them to take </a> <a title="The CPA Journal - August 2014 page 31" href="http://viewer.zmags.com/publication/7f8e916c?page=31"> </a> <a title="The CPA Journal - August 2014 page 32" href="http://viewer.zmags.com/publication/7f8e916c?page=32"> TAXATION compliance & enforcement Foreign Ba</a> <a title="The CPA Journal - August 2014 page 33" href="http://viewer.zmags.com/publication/7f8e916c?page=33"> their failure to report foreign accounts. For 200</a> <a title="The CPA Journal - August 2014 page 34" href="http://viewer.zmags.com/publication/7f8e916c?page=34"> It is worth noting that, even if mitiga- tion </a> <a title="The CPA Journal - August 2014 page 35" href="http://viewer.zmags.com/publication/7f8e916c?page=35"> 2014–2015 Conferences September Technology Assur</a> <a title="The CPA Journal - August 2014 page 36" href="http://viewer.zmags.com/publication/7f8e916c?page=36"> TAXATION federal taxation Handling Contingent</a> <a title="The CPA Journal - August 2014 page 37" href="http://viewer.zmags.com/publication/7f8e916c?page=37"> for Plaintiffs’ Lawyers on the Way?” Wall Street </a> <a title="The CPA Journal - August 2014 page 38" href="http://viewer.zmags.com/publication/7f8e916c?page=38"> FINANCE financial management Securities-Based</a> <a title="The CPA Journal - August 2014 page 39" href="http://viewer.zmags.com/publication/7f8e916c?page=39"> one common example is the line of cred- it divide</a> <a title="The CPA Journal - August 2014 page 40" href="http://viewer.zmags.com/publication/7f8e916c?page=40"> must generate a specific return to do so. This is</a> <a title="The CPA Journal - August 2014 page 41" href="http://viewer.zmags.com/publication/7f8e916c?page=41"> FAE's Business Writing for CPAs August 12, 8 C</a> <a title="The CPA Journal - August 2014 page 42" href="http://viewer.zmags.com/publication/7f8e916c?page=42"> MANAGEMENT career paths </a> <a title="The CPA Journal - August 2014 page 43" href="http://viewer.zmags.com/publication/7f8e916c?page=43"> partner. Results indicate that communica- tion sk</a> <a title="The CPA Journal - August 2014 page 44" href="http://viewer.zmags.com/publication/7f8e916c?page=44"> issued in CPA Horizons 2025, identified communica</a> <a title="The CPA Journal - August 2014 page 45" href="http://viewer.zmags.com/publication/7f8e916c?page=45"> types throughout their careers. In addi- tion, al</a> <a title="The CPA Journal - August 2014 page 46" href="http://viewer.zmags.com/publication/7f8e916c?page=46"> EXHIBIT 3 Ranking of Communication Categories and</a> <a title="The CPA Journal - August 2014 page 47" href="http://viewer.zmags.com/publication/7f8e916c?page=47"> sive (6.53). It is also important to note that, a</a> <a title="The CPA Journal - August 2014 page 48" href="http://viewer.zmags.com/publication/7f8e916c?page=48"> RESPONSIBILITIES & LEADERSHIP pr</a> <a title="The CPA Journal - August 2014 page 49" href="http://viewer.zmags.com/publication/7f8e916c?page=49"> This discussion focuses on four prima- ry lear</a> <a title="The CPA Journal - August 2014 page 50" href="http://viewer.zmags.com/publication/7f8e916c?page=50"> expense amounts (reflective observation). In audi</a> <a title="The CPA Journal - August 2014 page 51" href="http://viewer.zmags.com/publication/7f8e916c?page=51"> Among other variables measured, 12 survey quest</a> <a title="The CPA Journal - August 2014 page 52" href="http://viewer.zmags.com/publication/7f8e916c?page=52"> of the older group displayed a preference for con</a> <a title="The CPA Journal - August 2014 page 53" href="http://viewer.zmags.com/publication/7f8e916c?page=53"> ented. Opportunities such as auditing or tax inte</a> <a title="The CPA Journal - August 2014 page 54" href="http://viewer.zmags.com/publication/7f8e916c?page=54"> RESPONSIBILITIES & LEADERSHIP </a> <a title="The CPA Journal - August 2014 page 55" href="http://viewer.zmags.com/publication/7f8e916c?page=55"> Islands, the District of Columbia, Guam, Puerto R</a> <a title="The CPA Journal - August 2014 page 56" href="http://viewer.zmags.com/publication/7f8e916c?page=56"> EXHIBIT 1 Sells Awards by Jurisdiction Percent</a> <a title="The CPA Journal - August 2014 page 57" href="http://viewer.zmags.com/publication/7f8e916c?page=57"> highest scorers received gold and silver medals. </a> <a title="The CPA Journal - August 2014 page 58" href="http://viewer.zmags.com/publication/7f8e916c?page=58"> of the population, but 4.4% of the awards), and P</a> <a title="The CPA Journal - August 2014 page 59" href="http://viewer.zmags.com/publication/7f8e916c?page=59"> Survey of Recent Sells Award Winners The purp</a> <a title="The CPA Journal - August 2014 page 60" href="http://viewer.zmags.com/publication/7f8e916c?page=60"> RESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - August 2014 page 61" href="http://viewer.zmags.com/publication/7f8e916c?page=61"> involved with policymaking, conduct research, ser</a> <a title="The CPA Journal - August 2014 page 62" href="http://viewer.zmags.com/publication/7f8e916c?page=62"> Exhibit 3 and are briefly described below with re</a> <a title="The CPA Journal - August 2014 page 63" href="http://viewer.zmags.com/publication/7f8e916c?page=63"> n Instructional practitioners. This status is nor</a> <a title="The CPA Journal - August 2014 page 64" href="http://viewer.zmags.com/publication/7f8e916c?page=64"> RESPONSIBILITIES & LEADERSHIP education </a> <a title="The CPA Journal - August 2014 page 65" href="http://viewer.zmags.com/publication/7f8e916c?page=65"> strongly agreed (30.58%)]. Given how long the law</a> <a title="The CPA Journal - August 2014 page 66" href="http://viewer.zmags.com/publication/7f8e916c?page=66"> Respondents thought that coursework in finance </a> <a title="The CPA Journal - August 2014 page 67" href="http://viewer.zmags.com/publication/7f8e916c?page=67"> skills in government, industry, academia, or publ</a> <a title="The CPA Journal - August 2014 page 68" href="http://viewer.zmags.com/publication/7f8e916c?page=68"> TECHNOLOGY education N</a> <a title="The CPA Journal - August 2014 page 69" href="http://viewer.zmags.com/publication/7f8e916c?page=69"> The Growth of Online Education Online educatio</a> <a title="The CPA Journal - August 2014 page 70" href="http://viewer.zmags.com/publication/7f8e916c?page=70"> online learning (Allen and Seaman 2013). degree</a> <a title="The CPA Journal - August 2014 page 71" href="http://viewer.zmags.com/publication/7f8e916c?page=71"> dents to review material as many times as necessa</a> <a title="The CPA Journal - August 2014 page 72" href="http://viewer.zmags.com/publication/7f8e916c?page=72"> A typical course module incorporating week</a> <a title="The CPA Journal - August 2014 page 73" href="http://viewer.zmags.com/publication/7f8e916c?page=73"> agreement and “1” representing strong disagreemen</a> <a title="The CPA Journal - August 2014 page 74" href="http://viewer.zmags.com/publication/7f8e916c?page=74"> TECHNOLOGY what to bookmark Website of the M</a> <a title="The CPA Journal - August 2014 page 75" href="http://viewer.zmags.com/publication/7f8e916c?page=75"> Bill Trenchard’s article, “70% of Your Time at</a> <a title="The CPA Journal - August 2014 page 76" href="http://viewer.zmags.com/publication/7f8e916c?page=76"> CLASSIFIEDMARKETPLACE SPACE FOR RENT/REAL ESTATE</a> <a title="The CPA Journal - August 2014 page 77" href="http://viewer.zmags.com/publication/7f8e916c?page=77"> CLASSIFIED PARTNERS Our clients, top “20” CPA fir</a> <a title="The CPA Journal - August 2014 page 78" href="http://viewer.zmags.com/publication/7f8e916c?page=78"> CLASSIFIED SALES TAX, ISAAC STERNHEIM & CO. Sales</a> <a title="The CPA Journal - August 2014 page 79" href="http://viewer.zmags.com/publication/7f8e916c?page=79"> CLASSIFIED PEER REVIEWS Kurcia</a> <a title="The CPA Journal - August 2014 page 80" href="http://viewer.zmags.com/publication/7f8e916c?page=80"> CLASSIFIED Become a subscriber to T</a> <a title="The CPA Journal - August 2014 page 81" href="http://viewer.zmags.com/publication/7f8e916c?page=81"> ECONOMIC & MARKET DATA monthly u</a> <a title="The CPA Journal - August 2014 page 82" href="http://viewer.zmags.com/publication/7f8e916c?page=82"> EDITORIAL a message from the editor-in-ch</a> <a title="The CPA Journal - August 2014 page 83" href="http://viewer.zmags.com/publication/7f8e916c?page=83"> </a> <a title="The CPA Journal - August 2014 page 84" href="http://viewer.zmags.com/publication/7f8e916c?page=84"> </a>