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The Arizona Painted Desert on a sunny day |
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Here are some articles of interest... |
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Practice Continuation Agreement (PCA) and Succession Plan
Preparing for a CPE Audit
Renewing Your CPA License? - Failed Applications on the Rise Due to Poor CPE Reporting
Common Regulatory Pitfalls
What Kind of Business Do I Want to Form?
Verifying Client Information
When is a Financial Presentation a Compilation?
Engagement Letter: An Essential Risk Management Tool
What is the difference between a Compilation, a Review and an Audit? |
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Practice Continuation Agreement (PCA) and Succession Plan
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The terms “practice continuation agreement“ (PCA) and “succession plan” are
often used interchangeably, but are they the same? For a sole practitioner,
a PCA could be a contract between you and another CPA or CPA firm (the successor firm)
wherein the successor firm agrees to take over your practice in the event of
specific triggering events. A triggering event could be a short or long-term disability,
a service disruption (natural disaster or cyberattack), or death. The triggering event
could be your retirement--an event that another firm would address in its succession plan.
For multi-owner firms, a succession plan could stipulate how and when an owner would leave
the firm. Will owners transition from full-time employment to part-time employment before
retiring at a certain age? A multi-owner firm may include guidance for service disruptions
in its succession plan, separate PCA, or “best practices” guide. All CPA firms should have
a written plan that adequately addresses the future; the name of the document is up to you.
If your firm does not have a PCA, the AICPA’s Practice Continuation Agreements:
A Practice Survival Kit is a step-by-step guide to creating an agreement that meets your firm’s needs.
AICPA's A Practice Survival Kit |
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Preparing for a CPE Audit
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On a monthly basis, the Board database randomly generates a list of names from the
current/active list of CPA's certified with the ABA. These registrants are
notified that their prior renewal's CPE submission is being audited. If you are
wondering what to do should your name be selected, you will find the attached
article published by the Arizona Society of CPA's to be very helpful.
Business Article |
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Renewing Your CPA License? - Failed Applications on the Rise Due to Poor CPE Reporting
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The following is an article authored by Laura Belval, CPA and John Cotton, CPA, that was
published in the June 2013 Arizona Society of CPA’s newsletter to help provide some insight
into the Board’s CPE audit process and the importance of CPE record retention.
Business Article |
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Common Regulatory Pitfalls
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The following is an article authored by the Board’s Compliance Manager, Ryan P. Edmonson, that was
published in the November 2013 Arizona Society of CPA’s newsletter to highlight some of the common
regulatory pitfalls that lead to compliance issues that can be easily avoided.
Business Article |
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What Kind of Business Do I Want to Form?
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For the convenience of those considering forming a new firm or changing the structure of
an existing one, we have attached a hyperlink to an article that ran in the Arizona
Republic in July, 2006. It does an excellent job of explaining various business
structures, the difference between a sole practitioner and a solely-owned firm and the tax
difference between the two.
Business Article |
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Verifying Client Information
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The North Carolina State Board of Certified Public Accountant Examiners (NCSB)
published an article regarding providing letters of verification for lenders and loan
brokers. It contains some excellent insight into the dangers of providing an attest
letter for non-attest work.
Business Article
2008 update: In February 2008, the NCSB published an update of this article
in its effort to keep the industry abreast of changes:
Business Article |
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When is a Financial Presentation a Compilation?
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To assist the professional in determining if a compilation engagement has been
performed, once again the North Carolina State Board of Certified Public Accountant
Examiners has published an article for the benefit of the profession.
Business Article |
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Engagement Letter: An Essential Risk Management Tool
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Find out how to avoid a lawsuit by managing your client's expectation of your services.
The North Carolina State Board of Certified Public Accountant
Examiners has published another important article for CPAs and CPA firms.
Business Article |
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What is the difference between a Compilation, a Review and an Audit?
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The following article describes the differences between different levels of service that
a CPA can engage with a client. These are terms that are used on registrations for individual
CPAs and firms and used often in peer review and compliance.
Business Article |
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