October 2007 | Peninsula Silicon Valley Chapter Bulletin

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CHAPTER EVENTS

IRS Update: Litigation Special Joint Meeting

Brian Sullivan, Peninsula Silicon Valley Chapter Litigation Committee chair, is teaming up with his Silicon Valley San Jose Chapter counterparts, Stephen Reiss and David Hutchings, to bring you a special litigation support program. Topics include Sec. 6701 penalties; how the audit process works; the best ways to resolve disputes; what the IRS looks for in a “qualified appraiser”; and how an attorney without a valuation credential be a “qualified appraiser.”
 
Speaker: Brenda K. Woolbert, IRS team manager for engineers and appraisers
Date: Thursday, Oct. 18
Time: Noon–1:30 p.m.
Location: MacArthur Park Restaurant; 27 University Ave.; Palo Alto
CPE: 1 hour
Cost: $30/members; $35/nonmembers
RSVP: Online

The Last Night at the Races?

Come out and enjoy the last opportunity for night racing this season—and possibly the last night racing session ever—at Bay Meadows. Come and celebrate our scholarship winners, past presidents and new 40-year members. There is no cost for students and new members! This is always a fun evening and a great way to say “TGIF!” Sign up today and we’ll mail your tickets, which include free parking.
 
Date: Friday, Oct. 19
Time: 6–9 p.m.
Location: Bay Meadows; San Mateo
Cost: $20/members and nonmembers
RSVP: Online

Young Professionals Spearhead November Volunteer Effort

Plan to join our chapter’s emerging professionals for a food packing session. This is a great way to get into the holiday spirit. The number of volunteers is limited, so reserve your spot now to help our community.
 
Date: Wednesday, Nov. 28
Time: 6:30–8:30 p.m.
Location: Second Harvest Food Bank; San Carlos
RSVP: Jane Dunbar

Bay Area Excel Users Group Hits the Keyboards

More than 100 CPAs and financial professionals met in Palo Alto recently for the first of six Excel training sessions co-sponsored by CalCPA and IMA. Feedback from attendees was excellent. If you missed the meeting and are interested, each session is self-contained, so sign up today.
 
Topic: LookUp and Match Index Functions
Date: Saturday, Nov. 17
RSVP: Online

BARE Events

Bay Area Regional Education provides low-cost CPE that benefits the scholarship funds of CalCPA’s Bay Area chapters. Mark your calendar for the following courses:
 
Topic: GAAS Audits Under the New Risk Assessment Standards: An Overview
Understand how an audit is to be performed under the new risk assessment standards; know what you need to learn to implement the new audit approach; and gather the information you need to plan a transition to the new approach, are among the issues to be addressed.
Speakers: Daniel Dangel, CPA, chair of the San Diego Chapter AP&AS Committee; Daniel D. Morris, CPA, founder, VeraSage Institute
Date: Friday, Oct. 26
Time: 8:30 a.m.–4:30 p.m.
Location: Holiday Inn; 1740 N First St.; San Jose
Cost: $140/members; $190/nonmembers
CPE: 8 hours (A&A or fraud)
RSVP: Online
 
Topic: California Taxation for Individuals
Understand how conformity issues affect Form 540; learn how to report income/expense of multistate, flow-through entities; understand residency requirements and how to prepare the part-year tax return; and more.
Speaker: Kathleen K. Wright, JD, CPA, MBA (Taxation), LLM (Taxation), professor of accounting, California State University Fullerton and San Jose State University
Date: Monday, Nov. 5
Time: 8:30 a.m.–4:30 p.m.
Location: Crowne Plaza Foster City; Foster City
Cost: $140/members; $190/nonmembers
RSVP: Online
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COMMITTEE MEETINGS

MAP Committee

Date: Tuesday, Oct. 2
Time: Noon
Location: Crowne Plaza Hotel; 4290 El Camino Real; Palo Alto
Cost: $20 (payable at the meeting)
RSVP: Tim McCrone at (650) 948-7180
Note: Attendance limited to those with confirmed reservations.

Nonprofit Interest Group

Topic: SAS 99 Fraud Considerations
Date: Wednesday, Oct. 3
Time: 8:30–10 a.m.
Location: Office of Jack Morton; 385 Sherman St., Suite 2; Palo Alto
CPE: 1.5 hours
RSVP: (650) 323-6666 or laarni@lvr.netbox.com

AP&AS Committee

Topic: New Audit Communication Standards and COSO
Speaker: Carl Arntzen, CPA, chair of CalCPA AP&AS Committee’s audit subcommittee
Date: Tuesday, Nov. 13
Time: Noon–1:30 p.m.
Location: Vocker Kristofferson & Co. (fifth floor conference room); 1700 S. El Camino Real; San Mateo
CPE: 1.5 hours
Cost: Free (bring a bag lunch, drinks provided)
RSVP: Jane Dunbar
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PRESIDENT’S MESSAGE

Under Control

By Sharon Selleck, CPA

Internal control reporting. SOX 404. Auditors’ report on internal controls. For some of our members those terms may be ever-present on your mind. Whether you are completing your second or third year of compliance with the Sarbanes-Oxley requirement for management to report on its internal control over financial reporting, or whether you are a nonaccelerated filer who has to report for the first time this year, SOX is an area that has created a lot of work and at times a lot of unanswered questions.
   COSO has recently come out with guidance on monitoring internal control systems. Released in mid-September with a public comment period through Oct. 31, the draft guidance focuses on monitoring controls and how those controls can be utilized to assess and improve the effectiveness and efficiency of a company’s internal controls. The SEC also issued guidance in June 2007 under Interpretative Releases No. 33-8810 for evaluating and assessing internal controls.
   One of the recurring areas where ineffective controls over financial
reporting have been identified in public filings is income taxes. Income tax filings are typically outsourced to an external CPA firm and management can run into trouble under Sec. 404 requirements if they do not properly maintain internal control over the data and identify an appropriate person within the company to review and maintain responsibility for the data and the financial reporting disclosures. The same can be true for stock-based compensation and SFAS 123(R) reporting and disclosures.
   So remember that CalCPA and the California CPA Education Foundation’s courses and webcasts are an excellent resource for you and your staff. Webcasts and on-site training are a great way to present CalCPA training, allowing you to train all of your accounting staff on the rules and requirements of internal control over financial reporting, as well as on current accounting rules. In fact, the Education Foundation had a webcast Sept. 19 on the new SEC guidance on management reporting on internal control over financial reporting. And in Fremont, popular instructor Wayne Borkowski is teaching a class Oct. 25 on new financial accounting standards issued in the past two years, along with an update on SEC and SOX activities. You can find more information on this class and other courses on income taxes or stock-based compensation at the Education Foundation’s website. The website also provides you with information on how to bring education courses on-site.
   So whether you are preparing for SOX 404, maintaining your controls or remediating deficiencies, don’t forget all resources available to you. One of the great benefits of your CalCPA membership is the Education Foundation as a valuable resource for the training needs of you and your staff.
—Sharon Selleck, CPA
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CHAPTER NEWS

New Members

On behalf of the Peninsula Silicon Valley Chapter’s officers, directors and members, we extend our warmest of welcomes to our new members: Lisa Brown, Marc Chiang, Ariel Cretu... [see all new members]
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CalCPA NEWS

Celebrating Women CPAs

Join us for a day of leadership development, professional growth and recognition as we celebrate California’s women CPAs and their tremendous contributions to the profession.
   Attend Celebrating Women CPAs and leave with:

• A clear vision of the ascent of women within the CPA profession;
• Social and professional connections to last a lifetime;
• Action steps to effect social change;
• Keys to excelling as a mentor; and
• Strategies and tactics for managing and resolving conflict.

   Confirmed notable speakers include California Assemblymember and CPA Fiona Ma and Judy Olian, dean of UCLA’s Anderson School of Management.
   Don’t miss this phenomenal event, Friday, Oct. 19, at the Intercontinental Hotel in Century City.
   Register online today or call (800) 922-5272.

Leaders Wanted: Become a CalCPA Officer or AICPA Council Member

You are the driving force behind one of the world’s largest economies. Isn’t it time you put your leadership skills to use for the betterment of the CPA profession?
   The CalCPA Nominations Committee is accepting nominations until Dec. 1 for 2008–09 CalCPA officers and council members at large. Officer positions include chair, first vice chair, treasurer and two vice chairs. Three council members at-large also will be elected.
   Members can apply for more than one office and will be considered only for the positions to which they apply. Download a nomination form, review job descriptions and ideal leadership characteristics.
   For more information, contact John Angelo or Nominations Committee Chair D. Paul Regan.

Another Way to Serve–AICPA Council

If you’re an AICPA member and interested in representing your peers on AICPA Council, let us know. The Nominations Committee will recommend candidates to AICPA Council, which establishes AICPA policies and procedures, and enacts resolutions that are binding on the board of directors, officers, committees and staff.
   If you’re interested, send a letter of intent and your professional and volunteer history to: Nominations Committee; c/o D. Paul Regan, chair; 330 N. Brand Blvd., Suite 710; Glendale, CA 91203.
   All letters must be received by 5 p.m. Dec. 1. The AICPA makes the final selections.
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Peninsula Silicon Valley Chapter Leadership