INSIGHT Magazine - Winter 2012 - Illinois CPA Society

Exploring the issues that shape today’s financial world g icpas.org/insight.htm

WINTER 2012

THE MAGAZINE OF THE

Read INSIGHT and earn up to 10 hours of CPE credit. Visit www.icpas.org for details.

BE A WINNERgeneration blending n legacy building n green tech’s bottom line

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1.800.803.8367.



index WINTER 2012 | www.icpas.org/insight.htm

34 Gen B: The Blended GenerationToday’s accounting firms are mobilizing multi-generational workforces to boost productivity

and meet client needs.

38 Paperless Super SavingsBolster your firm’s bottom line by opting for cost-saving, productivity-boosting green technologies.

42 Build a Business LegacyCreating a firm with staying power and an impactful brand is harder than it used to be.

18 Young Professionals Score With the Big FourFive ways to make yourself the Big Four’s next All-Star recruit.

22 Liability Can You Keep a Secret?What privileges and protections apply to Illinois CPAs and their clients?

24 Auditing Audit HikeA multitude of factors have conspired to increase audit fee volatility.

26 Career Top Jobs for CPAsThe accounting field is bursting with opportunities. Here’s where to look for them.

30 M&A The Buy/Sell Guide10 helpful steps for navigating accounting practice M&As.

4 First Word

6 Seen & Heard

10 Tax Decoded Tribunal Power2013 heralds a new way of doing things for anyone challenging IDOR audit findings.

12 Capitol Report We Want You!The Military Tax Assistance Program celebrates a decade of serving those who serve our country.

14 Forensics Insider Think Before You GiveIn Ronald Reagan’s famous words, “trust but verify” before giving charitably.

16 PFP Advisor PFP How ToThe ins and outs of adding personal financial planning to your practice.

48 Hype.It Must-read-must-know news for young accounting pros.

columns

departments

cover stories

2 INSIGHT icpas.org/insight.htm

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FIRST WORD

INSIGHT is the official magazine of the Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA. Its purpose is to serve as the primary news and information vehicle for some 24,000 CPA members and professionalaffiliates. Statements or articles of opinion appearing in INSIGHT are not necessarily the views of the Illinois CPA Society. The materials and information contained within INSIGHT are offered as information only and not as practice,financial, accounting, legal or other professional advice. Readers are strongly encouraged to consult with an appropriate professional advisor before acting on the information contained in this publication. It is INSIGHT’s policy not toknowingly accept advertising that discriminates on the basis of race, religion, sex, age or origin. The Illinois CPA Society reserves the right to reject paid advertising that does not meet INSIGHT’s qualifications or that may detract from itsprofessional and ethical standards. The Illinois CPA Society does not necessarily endorse the non-Society resources, services or products that may appear or be referenced within INSIGHT, and makes no representation or warranties aboutthe products or services they may provide or their accuracy or claims. The Illinois CPA Society does not guarantee delivery dates for INSIGHT. The Society disclaims all warranties, express or implied, and assumes no responsibility whatsoeverfor damages incurred as a result of delays in delivering INSIGHT. INSIGHT (ISSN-1053-8542) is published four times a year, in Spring, Summer, Fall, Winter, by the Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA,312.993.0407 or 800.993.0407, fax: 312.993.7713. Subscription rates for non-members: $20 US, $28 Canada, $30 Mexico and $40 for international addresses. Copyright © 2012. No part of the contents may be reproduced by anymeans without the written consent of INSIGHT. Permission requests may be sent to: Publications Specialist, at the address above. Periodicals postage paid at Chicago, IL and at additional mailing offices. POSTMASTER: Send addresschanges to: INSIGHT, Illinois CPA Society, 550 W. Jackson, Suite 900, Chicago, IL 60661, USA.

ICPAS President & CEO Elaine Weiss

The elections are behind us, the holidays are overand our New Year’s resolutions….well, let’s just saymy treadmill soldiers on as a clothes rack, and mySwiss ball is as deflated as my hopes and dreams ofgetting in shape this year.

But as I sit here contemplating the packet ofM&Ms on my desk, I’m struck by a thought. Not allNew Year’s resolutions need to go unresolved—particularly those that strive to make our careersmore productive, rewarding and successful.

2013 is poised to be a dynamic year, and CPAsare going to be busy. There’s never been a greaterneed from businesses and consumers for help with

fiscal issues. Today’s economy has created even greater complexity in our jobs. AsCPAs you need to understand these complexities and be able to make some sem-blance of order of them for your clients and companies. Easier said than done, right?

In an era where every minute and every dollar counts, the Illinois CPA Society isproviding you with efficient and flexible solutions to navigate our uncertain financialwaters. One example is knowledgehub, our new web-based learning managementsystem which puts content from multiple CPE providers in one easy-to-search place.Designed for firms, companies and individuals alike, knowledgehub allows you to tai-lor development plans for your staff, and ensure they’re receiving training in the topicsthat are most critical to your organization. Also, our new CPE onDemand[www.icpas.org/ondemand] provides you with 24/7 access to quality, affordable CPE.

What’s more, we all know that learning isn’t delivered solely in traditional class-room and online settings. Thanks in part to the Society’s advocacy efforts, the IllinoisDepartment of Financial and Professional Regulation has expanded what it recognizesas CPE credit. Beginning in this reporting period, you are now able to earn credit fora wider range of education, as well as for activities you’re already doing, such asresearch and reading professional publications (you’ll find more information on page6 of this issue).

The overarching goal is to keep you up-to-date and competitive—and our resolutionfor the year is the same as it has always been: To advocate for and support the careersof each and every one of our members, whether in public practice, industry & busi-ness, government, education, not-for-profit—or those only just graduating and startinga career in this wide, varied and rewarding profession of ours.

While my fitness plans may have fallen flat, the Society remains true to its resolutionevery single year.

Here’s to a successful 2013 for one and all.

A Resolution to Keep INSIGHT MAGAZINE

Publisher/ICPAS President & CEO Elaine Weiss

Editor-in-Chief/Director of Publications Judy Giannetto

Creative Services Director Gene Levitan

Creative Services Manager Rosa Garcia

Publications Specialist Derrick Lilly

National Sales & Advertising Natalie Matter DeSotoYGS Group, 3650 West Market Street, York, PA 17404 P: 800.501.9571 x127 F: 717.825.2171 E: [email protected]

Circulation/Member Services Director Carl Siska

Editorial Offices: 550 W. Jackson Blvd., Suite 900Chicago, IL 60661

ICPAS OFFICERS

Chairperson, James P. Jones, CPAEdward Don & Company

Vice Chairperson, William P. Graf, CPADeloitte & Touche LLP

Secretary, Edward J. Hannon, CPA, JD Freeborn & Peters LLP

Treasurer, Daniel F. Rahill, CPA, JDKPMG LLP

Immediate Past Chairperson, Robert E. Cameron, CPACameron, Smith & Company, PC

ICPAS BOARD OF DIRECTORS

Linda S. Abernethy, CPA, McGladrey LLP

Rose G. Doherty CPA, Legacy Professionals LLP

John A. Hepp, PhD, CPA, Grant Thornton LLP

Margaret M. Hunn, CPA, CFE, CFF, CITP,Rozovics & Wojcicki

Geralyn R. Hurd, CPA, Crowe Horwath LLP

Paul V. Inserra, CPA, McClure, Inserra & Co., Chtd.

Leif J. Jensen, CPA, Leif Jensen & Associates Ltd.

Kathleen M. Kedrowski, CPA, Retired, Navigant Consulting

Michael J. Maffei, CPA, GATX Corporation

Marcus D. Odom, PhD, CPA (inactive), SouthernIllinois University

Floyd D. Perkins, CPA, Ungaretti & Harris

J. Bradley Sargent, CPA/CFF, CFE, CFS, Cr.FA,Sargent Consulting Group LLC

Marcus F. Schultz, CPA, Dugan & Lopatka CPAs PC

Thomas L. Zeller, PhD, CPA, Loyola University Chicago


SEEN HEARDNEWS BYTES, SOUND ADVICE AND PRACTICAL BUSINESS TIPS

&10%

Avoid Mistakes on the JobIn an Accountemps [accountemps.com] survey, 28 percent of respon-dents said making a mistake is their biggest workplace fear. With thatin mind, Accountemps offers these four tips for dodging the bullet:1.Plan your week. Prioritizing responsibilities and delegatingwhen possible will increase efficiency and confidence.

2.Ask for direction. If a new project is particularly challenging,share this with your manager so you can work together to over-come hurdles.

3.Trust in a t rusted advisor. When preparing a critical projector communication, tap a mentor for ad-vice or ask a confidante for feedback.

4.Lend a hand. Volunteering to assistoverburdened colleagues and beingquick with praise for outstanding workfosters an environment where col-leagues regularly help each other.

HOW TO:

Are Your Clients Following Your Directions?The majority of people who receive financial advice don’t act on it, according to a survey commissioned by financial services firm TIAA-CREF.Despite nearly 50 percent of respondents indicating that they’re worriedabout their financial futures, only 33 percent actually take action afterbeing advised on what to do.Part of the reason could be that a constant supply of general information onhow to reduce expenses, streamline budgets, save more and invest effectivelyfor retirement is simply too overwhelming. In fact, 74 percent of respondentssaid they’re not sure which sources of financial advice are reliable.TIAA-CREF analysis suggests that individuals provided with recommenda-tions specifically tailored to their financial situations, objectives, risk toler-ances and investment horizons are over 60 percent more likely to utilizethe advice than people who receive generalized guidance.

Average percent of total assets invested annually

by private companies, versus only 4 percent for

similar public firms. Source: Sageworks Inc.

Speaking of mistakes...Please note thatthe Fall 2012 Corporate Financial Leader-ship First Word column, A Time to GiveThanks, included a name misspelling. Ourapologies to Illinois CPA Society DiversityInitiatives Committee Chair, Scott D. Stef-fens of Grant Thornton LLP for the error.

Expanded CPE Recognition in EffectOver the last year, the Illinois CPA Society has worked closely with theIllinois Department of Financial & Professional Regulations to broadenthe scope of programs and activities that qualify for continued profes-sional education (CPE) credit and meet the requirements for CPA licen-sure renewal. As a result, you’ll be able to earn CPE for more of thejob-specific activities you likely already perform, such as conducting re-search or consultation with outside experts, attending industry groupconferences or webinars, and serving on one of ICPAS' technical com-mittees. You can even earn CPE credits for reading professional publi-cations, like our own INSIGHT Magazine. Visit www.icpas.org/expandedCPE.htm for more information.

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Why Your Staff Won’t Leave YouWhether or not the economy is turning around, keeping an eye on employee retentionis always a priority. According to the American Psychological Association’s [apa.org]Workforce Retention Survey, 67 percent of working Americans stay with their currentemployers because their jobs fit well with other aspects of their lives. A further 60 per-cent stay because of employee benefits; and 59 percent stay because of either thepay or their enjoyment of the work. Despite consistently high unemployment numbers,only 39 percent of respondents said a lack of other job opportunities was a reasonfor staying with their current employer.

GREEN YOUR MEETINGSSocially responsible businesses are increasingly in demand. The Vianova Group[thevianovagroup.com] offers these tips for greening your meetings. n Meet online: Online discussion forums, chat functions, teleconferencingand webcasts all provide ways to connect while reducing carbon footprintsand travel/meeting expenses.

n Meet locally: If you must meet face-to-face, reduce travel time and distanceby choosing a centrally located meeting place that’s convenient for all meetingattendees. If spread far and wide, consider having only those “must-attend”individuals be present while others participate virtually.

n Opt for presentat ions: Project documents onto a screen so all meetingattendees can follow along without needing to print out paper copies. All meet-ing materials can be stored in a central online location for viewing at any time.

n Recycle at close: Collect and recycle paper, plastic cups, wrappers, trashbags, bottles and cans used in the meeting room. Serving food from washabledishes instead of disposables is a smart choice as well.

TRENDSPOTTER:

Listen Up Emerging PartnersWhile emerging partners may feel that oldleadership models need to be replaced pronto,Jim Boomer of Boomer Consulting Inc. advisesthem to gain a deeper understanding of currentpartner culture. For starters, realize that theyhave years of experience to tap into, and havepaved the way for today’s partners to rise.What’s more, they may find it hard to let go ofwhat they’ve helped to build, and deserve re-spect for their views when new ideas are pre-sented. Understanding this will ultimately makefor a far smoother partner transition.

CFOs Wanted for Board ServiceThere’s an unprecedented demand for CFOs toserve on corporate boards thanks to increasing reg-ulations, difficult economic conditions and theCFO’s broadening skill set, says Ernst & Young’sstudy, CFO and Beyond: The Possibilities and Path-ways Outside Finance. The report found that manyCFOs are interested in roles that can improve theirunderstanding of boardroom dynamics, generatecross-sector ideas and provide exposure to differentcorporate cultures. In fact, most CFOs said that sit-ting on the other side of the table helps them fullyunderstand how the boardroom works, and overhalf see it as an opportunity to learn lessons thathave valuable applications in their core roles.

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or denials of licenses or certificates of reg-istration, or any other collection of activi-ties; any proceedings of the IDOR’s infor-mal administrative appeals function; or anychallenges to an administrative subpoenaissued by the IDOR.

In general, with the exception of ProtestMonies Act cases, a taxpayer cannot con-test a matter within the Tax Tribunal’s juris-diction in any other Illinois court. If a tax-payer attempts to file a case in anothercourt, the action, suit or proceeding will bedismissed without prejudice.

The Tribunal also will decide questionsconcerning the constitutionality of statutesand rules the IDOR has adopted, but willnot have the power to declare a statute orrule unconstitutional or otherwise invalidon its face. However, a taxpayer challeng-ing this constitutionality can present thechallenge to the tribunal to make a recordfor the Illinois Appellate Court’s review.Failure to raise a constitutional issue willnot preclude the taxpayer or the IDORfrom raising these issues at the appellatecourt level.

What’s more, the Illinois Tax Tribunal Actincludes detailed provisions concerning pro-ceedings before the Tribunal. For instance, ataxpayer will be able to commence a pro-ceeding by filing a petition protesting theIDOR’s determination, and the IDOR will berequired to file its answer in the Tax Tribunalno later than 30 days after receiving notifica-tion of a petition being filed. (A $500 filingfee will be imposed.)

Taxpayers or attorneys representing thetaxpayers can make appearances at Tribu-nal proceedings. Accountants and attorneysemployed by accounting firms may not rep-resent taxpayers before the Tribunal, how-ever. Prior to a hearing, the parties canchoose to jointly petition the Tribunal formediation in an attempt to settle any con-tested issues or the case in its entirety.

Keith is a senior manager of GrantThornton’s State & Local Tax practice,based in Chicago. Previously, he heldthe position of general counsel of theIllinois Department of Revenue, wherehe developed tax policy, evaluatedand reviewed tax-related legislation,and oversaw tax-related litigation.

* [email protected]

TAX DECODED

Tribunal Power2013 heralds a new way of doing things for anyone challenging IDOR audit findings.

By Keith Staats, JD

Recent Illinois legislation has estab-lished a new, independent Illinois Tax Tribu-nal that allows taxpayers to challenge Illi-nois Department of Revenue (IDOR) auditclaim denials. The Tribunal will begin oper-ating on July 1, 2013, and will, with certainexceptions, replace the current administra-tive hearings function within the IDOR.

Drilling down to the finer details, the TaxTribunal will have jurisdiction over all IDORsales and excise tax and income tax assess-ments, claim denials and notices of penaltyliability. However, the Tax Tribunal legisla-tion will not alter a taxpayer’s ability to uti-lize the State Officers and Employees Mon-ey Disposition Act (Protest Monies Act) as amethod of challenging an assessment.

The Tribunal’s jurisdiction will be lim-ited to situations where the amount of taxat issue for the same tax year or auditperiod exceeds $15,000, excluding penal-ties and interest. In those instances thatassert either an interest or penalty assess-ment or both, the Tribunal will have juris-diction if the combined total of all penal-ties or interest exceeds $15,000. Casesbelow the $15,000 threshold will continueto be heard by the IDOR administrativehearings division.

The Tribunal will not have jurisdiction toreview any property tax assessment or anydecisions related to the IDOR’s issue ordenial of a sales tax or property tax exemp-tion ruling. And it will not have jurisdictionto review a notice of proposed tax liability,notice of proposed deficiency or any othernotice of proposed assessment or intent totake action. Proposed assessments, in fact,will continue to be eligible for review byIDOR’s Informal Conference Board.

Furthermore, the Tribunal will not havejurisdiction to review any action or IDORdetermination regarding tax liabilities final-ized by law, including but not limited toliens, levies and revocations; suspensions

icpas.org/insight.htm | WINTER 2012 11

Tribunal hearings will be open to the public,but taxpayers can petition to close portions ofthe hearing for good cause. All informationreceived by the Tribunal as a result of a hearingor investigation will be public, except for taxreturns and information received under seal orin relation to any mediation proceedings. Also,taxpayers may petition the Tribunal to requirethat certain pleadings or evidence be filed oradmitted under seal to prevent economic orother harm to the taxpayer.

The Tribunal will be required to issue writtendecisions within 90 days of briefs being submit-ted or by the end of the hearing if no briefs arefiled. The Tribunal can extend the 90-day periodfor an additional 30 days, but the decisionbecomes final 35 days after the issuance of thenotice of decision. The tribunal is required toindex and publish its decision in print or elec-tronic form within 180 days.

The taxpayer and the IDOR will be entitled tojudicial review of a final decision in the IllinoisAppellate Court. This provision is different thanthe current administrative hearings system in tworespects: First, under the current system, only tax-payers can seek an administrative hearings deci-sion review; second, the first level of judicialreview currently occurs in the circuit courts.

The legislation that established the tax tribunalalso clarifies the IDOR’s settlement authority ininformal proceedings. A new provision explainsthat offers of disposition of a proposed auditadjustment may be proposed during the informalassessment review process. The Informal Confer-ence Board should consider disposing of a mat-ter if 1). it’s uncertain whether the proposed auditadjustment is correct and 2). it’s not in theIDOR’s best interest to issue an assessment orclaim denial due to factors such as the potentialhazards of litigation.

Despite the fact that accountants won’t beable to represent taxpayers before the new tribu-nal, the tribunal has the potential to enhance therole of accountants in providing assistance totaxpayers under audit. As I’ve noted, the legisla-tion enhances and clarifies the IDOR’s settle-ment authority during the informal reviewprocess, and once a case is filed with the tribu-nal—an independent body—the IDOR arguablyhas less control over the matter than it does now.

This combination of factors may encourageresolution of audits at the audit level, includingthe Informal Conference Board process whereaccountants and accounting firms can, and do,provide valuable assistance to their clients.

Be Prepared for the 2013 Tax Season

TAX UPDATES You Need Now

Register at www.icpas.org

January 9 | Chicago

State & Local Tax Conference

January 9 | Chicago

IRS Audit Practices and the Viability of FLP Planning Workshop

January 9| Chicago, Joliet, Moline, Naperville, Springfield, Webinar

Small Business Entity Tax Forms Workshop

January 10 | Chicago

Payroll Taxes, Benefits and 1099 Reporting: EverythingYou Need to Know


Tax Update for Pass-Through Entities: S Corporations,Partnerships and LLCs

January 16 | Webinar

Taxation for the 21st Century: Why Tax Reform is on theTable and How to Help Your Clients Understand


Preparing Individual Tax Returns for New Staff andPara-Professionals


The Complete Guide to Preparing Limited Liability Company,Partnership, and S Corporation Federal Income Tax Returns

January 28 | Chicago **NEW COURSE**

New Medicine: Key Issues CPAs Need to Know About thePatient Protection and Affordable Care Act


Should Client Expenditures be Capitalized or Expensed? AGuide to the New IRS Regulations


Advanced Technical Tax Forms Training -- Form 1040 Issues

January 30 | Springfield

Preparing Individual Tax Returns for New Staffand Para-Professionals


Corporate Tax Update

January 31 | Springfield

The Complete Guide to Preparing Limited Liability Company,Partnership, and S Corporation Federal Income Tax Returns


assistance. Not only did he do a thorough,professional job of reviewing and preparingour returns, but he took the time to get toknow us and understand our situation.”

Hensley owns his own practice in Spring-field, Ill., specializing in tax, accounting andconsulting services. He has been a MilitaryTax Assistance volunteer for more than fiveyears. When you visit Hensley’s office,you’ll see a folded American flag that flewover a US base in Afghanistan prominentlydisplayed on his wall. The flag was given tohim by a Marine Corps officer he assisted.

When asked why he volunteers for thisprogram, Hensley explains that, “I have fam-ily members in the military and I realize thatthey don’t get some of the benefits of the pri-vate sector. Military members deserve all thebenefits they can get.”

With tax season fast upon us, we’re act-ively searching for volunteers who can helpwith this important project. Volunteering isvery easy. You can devote as much or as littletime as your schedule allows. You don’thave to be a tax specialist, per se; the ICPASand the IRS provide training materials andresources to help you with the process. Ulti-mately, the ICPAS Government RelationsOffice works with volunteers to match themwith soldiers and airmen who qualify forassistance. Even if you only have time to

Marty is the ICPAS VP of GovernmentRelations, a practicing lawyer andmember of the Illinois Bar...and a Lieu-tenant Colonel in the National Guard.He previously served as executive assis-tant attorney general for Illinois Attor-neys General Lisa Madigan and JimRyan, and as director of the Governor’sOffice of Citizens Assistance and assis-tant to the Governor for Public Affairs,both under Governor James Edgar.

* [email protected]@icpasgovt

CAPITOL REPORT

We Want You!The Military Tax Assistance Program celebrates a decade of serving those who serve our country.

By Marty Green, Esq.

Over the past decade, more than 300 mil-itary members have been served through theMilitary Tax Assistance Program, whichbegan with Operation Enduring Freedom inAfghanistan and Operation Iraqi Freedom.

Partnering with the IRS, CPAs providemilitary tax assistance to members of theArmed Forces (both those on active dutyand reserves) who have served in a combatzone or in a contingency operation duringthe tax year. Qualifying military membersare matched with volunteers in their com-munity or regional location. The volunteerinitially meets with the military member orfamily member for basic information andthen schedules a follow-up meeting toreview, complete and execute the taxreturn. This also can be done remotely viaemail, phone and fax.

As a Lieutenant Colonel in the NationalGuard, I can vouch for the fact that thisprogram has a huge impact on the lives ofmilitary personnel and their families.

You don’t have to take my word for it. AsMilitary Tax Assistance recipient LTC ClayKuetemeyer of the Illinois National Guardexplains, “I first heard about the programduring a briefing on post-mobilization ben-efits after returning from Afghanistan…David Hensley was our ICPAS volunteertax preparer. He was enthusiastic andresponsive when we contacted him for

Volunteer NowTo volunteer for the Military TaxAssistance Program, contact JillLoeser of the ICPAS GovernmentRelations Office, 217.789.7914or [email protected].

In a letter to Illinois CPA Society President and CEO Elaine Weiss, Thomas R. Lamont, assistant secretary of the Army, wrote:

“On behalf of the men and women of the United States Army and our sister services,I would like to thank the Illinois CPA Society for sponsoring the Military Tax AssistanceProgram for deployed military members and their families. Military deployments takea tremendous toll on our military members and their loved ones. The program relievesthe anxiety of tax preparation for those deployed and their families. Most importantly,it helps to relieve the burden of separation. I know that our military members who havebenefitted from this program are greatly appreciative of your efforts….[P]lease extendthe Department of the Army’s appreciation to your member volunteers who give oftheir time to assist military members and their families.”

Photo: Courtesy of the US Air Force


complete the training and assist one service member, you’ll make ahuge difference.

“I make it as easy as possible for [military personnel] to com-plete their taxes,” says Hensley. “I typically email them before ourmeeting introducing myself and sending them some paperwork tocomplete before they come to the office. If they call with ques-tions, my staff has instructions to put them through to me directly.I treat them special.”

I recently spoke with another Military Tax Assistance volunteerwho told me the story of a couple who both were in the militaryand had small children back at home. Due to continued, multipledeployments for both, they were behind in several years of incometax filings. This was a source of constant worry for them. Our Mil-itary Tax Assistance Program volunteer went above and beyond toprepare their tax forms and explain their unique circumstances tothe IRS, which waived all penalties and interest accrued.

Even though our nation recognizes the beginning of the end of10 years in Afghanistan and our withdrawal from Iraq, militarymembers and their families still need our help. Our friends andneighbors who belong to the Guard and Reserves, as well as serv-ice members from Scott Air Force Base in Belleville, Ill. and GreatLakes Naval Base in Northeastern Illinois, are still performing haz-ardous duty in dangerous places.

We recognize that your time is valuable. By being a Military TaxAssistance volunteer you’ll meet some of the finest men andwomen who serve our country. I guarantee that it will be both apersonally and professionally rewarding experience—one youwon’t soon forget.

Please note: The views expressed are not the views or opinions of

the Departments of the Air Force or Defense.

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soliciting may not be delivering to thecause. Check them out before giving.”

Another caveat: Even the most legitimatecharitable organizations may not alwaysexercise an appropriate level of internal duediligence. Many individuals join charitableorganizations (accepting lower compensa-tion in the process) for the reward of doingsomething for a cause in which they believe.Fraudsters are aware of this altruistic cultureand seek to embed themselves within anentity, gain trust and steal at will.

Sadly, the very attributes that make theselegitimate organizations effective in theirmissions can lead to a failure to maintainproper internal controls. Many large-dollarfrauds are committed in the charitable sec-tor, but are almost never reported since non-profits rely heavily on their positive publicimage. I’ve investigated major frauds thatrose to criminal levels, yet the respectiveboards chose to resolve the matters quietly.I urged them to set a more rigorous tone atthe top and pursue all means to prosecutethe fraudsters, and in return was given a per-sonal tutorial on the precarious nature ofthese entities and their public personas, anda primer on how discretion is essential fortheir continued existence.

Lisa M. Noller, Esq., is a litigation partnerwith Foley & Lardner LLP, where she is amember of the firm's Government Enforce-ment, Compliance & White Collar Defense,Business Litigation & Dispute Resolution,and Securities Enforcement & Litigationpractices, as well as the Health Care, Med-ical Devices, and Life Sciences Industryteams. She is an experienced trial lawyer,having spent more than 15 years investigat-ing and litigating complex criminal and civilcases. Her practice focuses on respondingto government investigations, conductingcorporate internal investigations, and litigat-ing a wide variety of civil and criminal mat-ters in state and federal courts.

Noller states that, “The government does-n’t differentiate for purposes of charging,

Brad is the managing member of TheSargent Consulting Group, LLC, whichspecializes in forensic accounting andfinancial investigation. He is a frequentlecturer and chair emeritus of the Am-erican Board of Forensic Accounting. Amember of the Illinois CPA Societysince 2002, Brad also serves on theSociety’s Board of Directors.

FORENSICS INSIDER

Think Before You GiveIn Ronald Reagan’s famous words, “trust but verify” before giving charitably.

By Brad Sargent, CPA/CFF, CFE, CFS, Cr.FA, FABFA

The holiday season may have been andgone, and with it the “for-profit” world’s bidfor our disposable income, but the desire togive to nonprofits and charities lingers farbeyond the festivities for many of us. At alltimes of year, and especially during the win-ter, churches, homeless shelters, local foodpantries, animal welfare organizations, chil-dren’s charities, veterans’ groups, commu-nity outreach groups, and more, activelyseek donations of food, clothes, money andtime to help those less fortunate survive.

But are they always worthy causes?What if the charity you’re eyeing is, in fact,a scam? Take this scenario: A phone callfrom someone representing a charitableorganization, looking for donations of clo-thes and household items, will have a truckmaking pick-ups in your neighborhood.You’re not home during the day, so you tellthe caller you’ll leave the items on yourfront porch. Who, exactly, have you justinvited to your empty house? Will theneighbors think twice when a big truckstarts loading your household items whensome of them are already out on your frontporch? Did you also mean to “donate” yourcash, jewelry and electronics?

Floyd D. Perkins, Esq., CPA, is a memberof the Illinois CPA Society Board of Direc-tors and a partner at the law firm ofUngaretti & Harris, LLP. He concentrateshis practice on counseling businesses andcharities on financial and compliance mat-ters, litigating business and financial dis-putes, and representing clients in contestedprobate and chancery matters. Prior tojoining Ungaretti & Harris, Perkins wasbureau chief of the Illinois Attorney Gen-eral’s Charitable Trusts Division for 14years, where he was responsible for manyof the office’s complex financial and busi-ness litigation matters concentrating in thechancery and probate practice.

Perkins offers this simple advice: “Givebut give wisely. Know who you’re givingto; the cause may be great but the people

* [email protected]

plea negotiating or sentencing; fraud isfraud. Charities and nonprofits would dowell to follow their for-profit counterpartsand implement rigorous compliance pro-grams and institute internal controls todetect and combat fraud. Doing so doesn’tundermine the traditional culture of non-profits. Rather, with strong policies and pro-cedures for internal audits, investigationsand remediation, nonprofits and charitiescan ‘trust but verify.’”

The “trust but verify” phrase is often attrib-uted to Former President Ronald Reagan,when he addressed the former USSR and itsleader, Mikhael Gorbachev. Upon hearingReagan’s proclamation, Gorbachev famouslyresponded, “But you say that at all of ourmeetings!” In reality, Reagan quoted a Russ-ian saying which he knew would be familiarto Gorbachev.

Regardless of the source, these words ringtrue. Arm yourself before you give; look intothe organization or individual contactingyou, validate that your assets will be allo-cated to a worthy cause, and conduct duediligence to provide assurance that yourassets will be used wisely and in pursuit ofthe cause of your choice.


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exam. Finally, each designation requiresthree years’ work experience in the field. Inpractice, the CFP is the most common ofthe credentials. The CPA/PFS traditionallyemphasizes tax planning, while the ChFCemphasizes insurance planning.

We CPAs know the benefits of belongingto professional associations such as theICPAS for training, education, problem-shar-ing and networking. The largest financialplanner organization is the Financial Plan-ning Association (FPA), while the AICPA’sPersonal Financial Planning (PFP) divisionsupports CPA financial planners. Financialplanners who operate on a fee-only basis(and will not accept insurance and invest-ment product commissions) may join theNational Association of Personal FinancialAdvisors (NAPFA).

Registrations & Licenses Generally, CPAs and others who advise oninvestments as part of their PFP serviceshave to register with either the state inwhich they do business or with the SEC.Investment advice includes both clientinvestment recommendations (non-discre-tionary management) and buying and sell-ing investments on behalf of clients (discre-tionary management).

In Illinois, state registration is requiredwhen client assets are less than $100 mil-lion. Otherwise, planners must register withthe SEC. Registration takes place at both thefirm level (as an investment advisor) and atthe individual level (as an investment advisorrepresentative), except in certain solo prac-tices. Also note that financial planners whointend to sell commissionable investmentand/or insurance products have to be affili-ated with a broker-dealer firm, and becomea registered representative of that firm.

Investment advisor representatives andregistered representatives must also success-

A principal in the financial planningfirm of Reason Financial Advisors,Inc., Mark’s 25-plus years of financeand accounting experience includes13 years in personal financial plan-ning. An ICPAS member since 1982,Mark currently serves in the IA/PFPMember Forum Group and on theStructure & Volunteerism Committee.

* [email protected]

PFP ADVISOR

PFP How ToThe ins and outs of adding personal financial planning to your practice.

By Mark J. Gilbert, CPA/PFS

I think you’d agree that the best CPAs don’tmerely prepare a tax return or an account-ing write-up, but rather help their clientsmake decisions for the future. That’s wherepersonal financial planning (PFP) comes in.

As a client’s trusted advisor, CPAs are anatural choice for personal financial plan-ning services. After all, you understand yourclients’ hopes and dreams for the future, aswell as their finances.

For those aspiring CPA personal financialplanners out there, here’s a basic guide toadding these services to your practice.

PFP Defined Personal financial planning is a practicearea in which advisors provide clients withdirection in any or all of the following areas:cash flow, insurance and risk management,investments, taxes, retirement and employeebenefits, and estate planning. After thor-oughly reviewing a client’s current situation,the advisor provides observations and rec-ommendations for improvement. Depend-ing on the engagement, the advisor mayimplement insurance or investment prod-ucts as part of the planning process.

Designations & Memberships The personal financial planning market-place is increasingly demanding that advi-sors demonstrate their expertise throughselect professional credentials, particularlythe Certified Financial Planner (CFP®),Chartered Financial Consultant (ChFC®)and Personal Financial Specialist (CPA/PFS),which is awarded only to CPAs who aremembers of the AICPA.

Each requires completion of a rigorouscollege-level program of study, althoughCPAs may challenge and waive the CFPeducational requirement. In addition, theCFP and CPA/PFS both require successfulcompletion of a nationwide certification

fully complete one or more securities licenseexams in order to do business. These exams areadministered by FINRA, the Financial IndustryRegulatory Authority, which is also charged withsupervising broker-dealer firms and registeredrepresentatives. Investment advisor representa-tives have to pass the Series 65 exam, while reg-istered representatives have to pass the Series 6exam to deal in mutual fund and other invest-ment company products, or the Series 7 exam toalso deal in corporate securities, municipal secu-rities, options and direct participation programs.

Business Models At the onset of establishing a personal financialplanning business, CPAs have to decidewhether they intend to collect commissions onthe investment and insurance products they rec-ommend, charge fees to clients for advice orservices, or both. Those who collect commis-sions are able to sell insurance products, andoften include lower net-worth clients as part oftheir target market.

Most planners, however, choose to earncompensation through both fees and commis-sions, thereby expanding their services to thewidest market available. This type of dual reg-istration means you’re subject to the compli-ance requirements of both FINRA and the stateor SEC.

In light of professional liability, CPA personalfinancial planners often operate their planningbusinesses out of a separate LLC or other entity.

PFP BenefitsFrom a business perspective, adding personalfinancial planning services to your practicehelps you to diversify your revenue stream. Italso smoothes the typically cyclical nature ofcash flows during busy season and other tax-fil-ing deadlines.

From a personal standpoint, practitioners candevelop their practices any way they want to. Ifyou want to target a niche market like corporateexecutives or retirees or teachers or athletes,you can do so. If you want to offer limited serv-ices like hourly consultations, or more completeservices like project-based engagements, orcomprehensive services such as ongoing portfo-lio management and performance reporting,you can do that too.

There are thousands of ways to offer someform of personal financial planning. The chal-lenge is getting up to speed on PFP practicesand determining what’s the best fit for yourinterests, experience and skill set.


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YOUNG PROFESSIONALS

Score with the Big FourFive ways to make yourself the Big Four’s next All-Star recruit.

By Derrick Lilly

Whether you’re an accounting student or ayoung professional still getting your feet wet inthe accounting and finance world, there’s likelyone thing you’re pining for: Big Four experience.

Having a Big Four name on your resume sim-ply looks awesome. The only problem is, mostof your peers are chasing the very same dream.

“The competition is fierce,” says Alyson Ryan,a former campus recruiter for KPMG and PwC,and director of Business Career Services at Loy-ola University in Chicago. “It’s not unusual forrecruiters to get 800 resumes during a singlefour-hour career fair.”

And don’t forget that every applicant is com-peting for a limited number of widely marketedpositions, posted on campuses, at career fairs,on the firm’s website and on job boards acrossthe web, among other places.

Here, then, are five ways to stand out fromall that competition.

1. Make the right movesYour first steps: Check your ego at the door, takeadvantage of every opportunity to make contactsand don’t get discouraged along the way. Youcan absolutely find a position with the Big Four,and it never hurts to ask for help.

“It’s hard to get in if you don’t go through theright channels or get referred by someone withina firm,” says Ryan. “Applicants can’t be shyabout using their contacts for referrals. If you’restill in college, take advantage of the incredibleamount of access to recruiters that you’ll neverhave again. It’s critical to meet campus recruitersand career advisors, and then stay in contactwith them.”

“The most important thing is to keep everyline of communication open,” adds WarrenSmith, Ernst & Young’s Midwest People Leader,especially for experienced hires. “We’re in ahighly relationship-oriented business, and yourability to network and connect with people is


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always important. About half of our experienced hires are by way ofemployee referrals.”

Insider Tip: Don’t forget about your campus career center. Both Ryanand Smith strongly encourage current students and alumni to turn to cam-pus career centers for help in making connections, locating internshipsand career opportunities, fine-tuning resumes and honing interview skills.

2. Make a good impression fast“You don’t have a lot of time to make an impression on recruiters atmost events, so you have to present yourself professionally, you needto be friendly and approachable, and you have to follow up,” saysRyan.

But be forewarned; don’t get too friendly. Chances are you’ll get toknow some recruiters pretty well if you frequent career events, but youcan’t consider them your friends or be too casual; after all, it’s a pro-fessional relationship. Always keep in mind that recruiters and hiringmanagers are asking themselves, “Is this candidate someone wewould feel comfortable putting in front of our clients?”

“Firms are looking for well-rounded recruits,” says Ryan. “There’s amisconception that being really book smart is all that matters to suc-ceed in public accounting, but that’s absolutely not true. You have tobe personable; you have to be someone who can bring in business asyou progress in your career.”

“Working everyday hand-in-hand with clients in the professionalservices business creates a wide range of stressful and challenging sit-uations,” adds Smith. “Being able to flex your style, and connect andengage with different people in different situations, is very important.”

3. Be socially conscious While a good academic track record is important—especially if you’recurrently a student—candidates also need to demonstrate attributessuch as strong technical and soft skills, relevant work experience, theability to manage commitments and a proven interest in volunteerism.

“Community service experience is becoming more importantbecause clients and candidates are increasingly expecting solid evi-dence that firms are committed to the community and environment,”says Ryan. “Firms expect their staffs to participate in volunteer initia-tives, and are looking for candidates who are already active.”

That doesn’t mean you should list each and every club or volunteerinitiative you’ve ever been involved in on your resume. “It’s not justthe fact that you’re involved or have volunteered; we’re looking atwhat you’ve done during that process,” Smith stresses.

“You don’t want to only be able to say, ‘I’m a member and I go tothe meetings,’” Ryan continues. “You want to be able to say, ‘I waselected to this position, and these are my accomplishments.’”

4. Give a killer presentationOf course, the best place to detail your accomplishments is on a care-fully crafted resume, so get it critiqued by your contacts and careercenter staff.

“It’s really important to have it in a layout that’s pleasing to theeye and free of unnecessary information,” says Ryan. “Decisions onwho to invite to personal interviews often have to be made veryquickly, and I commonly see resumes that make it challenging tofind the critical information recruiters look for.”

Including a clear objective statement unique to the opportunityyou’re applying for is critical. “People who can clearly state theirobjectives and why they feel their experiences are valuable are theones who really stand out,” says Smith. “We expect applicants to have


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done their homework and to know the organizationthey’re applying to. Hopefully that’s portrayed ontheir resume.”

Applicants also should pay particular attention toany application rules or requested details to ensuretheir resumes are accepted in the first place. Mean-ing, if a firm posts 20 distinct jobs and says to applyfor one, don’t apply for them all.

“Sometimes applicants think that applying forevery single position will increase their chances ofgetting an interview, but the opposite happens,”warns Ryan. “There have been situations whererecruiters simply say, ‘You can’t follow directions,I’m not interviewing you.’”

Insider Tip: If you don’t have your CPA, includeyour eligibility date on your resume. “Recruiters workbackwards from that date to determine where you fitin the recruiting cycle,” says Ryan.

5. Practice Your InterviewWhen you’re called in for a face-to-face inter-view, be ready to shine. Preparation, performanceand punctuation are the “three Ps” that matter,says Smith.

First, research the firm you’re interviewing with.You have to understand the organization, what it’sknown for, what’s important to it, and what type ofperson it’s looking for. You can learn most, if not all,of this from the firm’s website.

Next, “Be prepared to come in and tell yourstory,” says Smith. “A lot of candidates look greaton paper, but in person they’re less dynamic. Thosethat do well always have a very cohesive storyabout why they chose to do the things they’vedone, what they’ve learned as a byproduct of theirexperiences, and why they fit into the firm.”

Insider Tip: Have a good question ready. “Onething that always baffles me is when a candidatedoesn’t have any questions for me,” says Smith.“Surely, you can ask me something that will show meyou’ve done your homework and are truly interested.”

Finally, it never hurts to show your apprecia-tion. “Call me old-fashioned, but I like a ‘ThankYou’ note,” says Smith. “It demonstrates your con-scientiousness and appreciation, and when it’s notdone it sticks out.”

“A well-written personalized note that shows agenuine interest in the position can help candidatesstand out to recruiters or hiring managers who arestill on the fence,” Ryan adds.

Remember, though, that landing a Big Four jobisn’t the be-all-end-all of your career. “There areadvantages to working for small and midsizedfirms, and there are advantages to working for theBig Four,” says Ryan. “You learn these advantagesby meeting and interacting with people who workat these different firms; the Big Four isn’t for every-one and there’s nothing wrong with that.”

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LIABILITY

Can You Keep a Secret?What privileges and protections apply to Illinois CPAs and their clients?

By Brian J. Hunt, CPA/JD

Not all information is intended for publicdisclosure, and the law recognizes this fact.The two most common legal protections arethe attorney-client privilege and the work-prod-uct doctrine. In Illinois, accountants also havetheir own privilege, known as the accountant-

client privilege. Of course, an assertion of protection is easy

to make. But, if contested, a court may rule thatprotections simply don’t apply. Stopka vs.

American Family is a case in point.The Stopkas had employed a builder for a sin-

gle-family home project. The builder, in turn,hired various subcontractors, one of whichcaused a fire. Subsequently, the subcontractor’sgeneral liability carrier, American Family, wasengaged to remediate the construction.

Aside from their lawyers, the Stopkas alsorelied heavily on their CPA and financial advi-sor, Wolowicki, who provided advice and

acted as their representative in communica-tions with American Family, various remedia-tion subcontractors and their attorney.

When the relationship between the Stopkasand American Family broke down, the Stopkasfiled suit against the liability carrier and, as iscustomary, American Family requested the for-mal production of certain documents. TheStopkas withheld 22 emails sent to and fromWolowicki and their attorney, asserting thatthese items were protected by the attorney-client privilege, the work-product doctrine andthe accountant-client privilege. The Courttherefore was forced to decide on the applica-bility of these protections.

The attorney-client privilege is designed toencourage open discussion between attorneysand their clients. To be enforced, the partieshave to establish that the communications 1).were made to any attorney acting in their legalcapacity, 2). originated in the belief that theywould not be disclosed, 3). involved legal

advice, and 4). remained confidential.The privilege protects communicationsflowing from the client to the attorney andvice versa, but is to be construed withinthe narrowest limits possible.

By contrast, the work-product doctrineprotects documents that an attorney orparty representative creates in anticipationof litigation. A lawsuit need not be under-way, “provided the prospect of litigation isnot remote.” The protection prevents thedisclosure of protected documents orcommunications, but doesn’t protect theunderlying facts from disclosure.

The statutory accountant-client privi-lege in Illinois, like the attorney-clientprivilege, promotes open and forthrightdisclosures by individuals using account-ing services. It has four requisite elements:1). the communication must originate inthe confidence that it will not be dis-closed, 2). the confidential element mustbe essential to maintaining the relation ofthe parties involved, 3). the relationshipitself must be one that public opinionbelieves should be protected, and 4). dis-closing the communication would injurethe relationship between the parties morethan the underlying litigation would bebenefited by its disclosure.

Furthermore, the accountant-client priv-ilege doesn’t extend to communicationsdisclosed to third parties, unless those par-ties have a common interest with the dis-closing party.

Once the Court compared these privi-leges, it turned to the question of applica-tion. As for the work-product doctrine, theCourt concluded that certain documentswere protected insofar as they were cre-ated just before or soon after the actionwas filed. However, it concluded that theaccountant-client privilege didn’t preventdisclosure, and further noted that the priv-ilege only protects “accounting servicesinvolving opinions on financial state-ments,” and doesn’t extend to non-finan-cial services.

Although the Court acknowledged therewere services that could be interpreted asgiving rise to the accounting privilege, itconcluded that the relevant issue wasn’tthe general nature of Wolowicki’s work,but rather whether the specific documentsnamed involved activities that were pro-tected. Ultimately, the Court concludedthat the Stopkas failed to carry the burdenof proof.

For purposes of the attorney-client priv-ilege, the Court separated the remainingemails into two categories: Emails betweenWolowicki and the Stopkas, and emailssent to or by one of the Stopkas’ attorneysto Wolowicki and/or the Stopkas.

Under the first category, the Court notedthat just because an email doesn’t involvean attorney as a direct sender or recipient,it doesn’t necessarily mean that the attor-ney-client privilege won’t apply. However,the Court also noted that, irrespective ofthe sender or recipient, the attorney-clientprivilege extends only to communicationsthat either seek or give legal advice. Con-cluding that this category of documentsdidn’t reflect any intention of confidential-ity, the Court determined that it wasn’t pro-tected by the attorney-client privilege.

Under the second category, the Courtnoted that the mere involvement of an attor-ney isn’t sufficient to establish the attorney-client privilege. Rather, each document hasto show all the hallmarks of the privilege.The Court also noted that a privilege can bewaived by disclosure to third parties, butthat analysis of the attorney-client privilegealso has to consider whether the third partyis a proper agent of the client.

Ultimately, the Court concluded thatdisclosure of information to Wolowicki,who was a “central cog” in the Stopkasefforts to resolve this matter, didn’t consti-tute a waiver of the attorney-client privi-lege. Accordingly, it found that, in thoseinstances where the communication wasto or from an attorney and originated in thebelief of confidentiality regarding legaladvice and remained confidential, theattorney-client privilege did apply.

For accountants, attorneys and the peo-ple who rely on them, the Stopka decisionis a useful example of how informationshould be generated and shared in order toprotect it from disclosure, and how a courtultimately will apply those protections.

Brian J. Hunt is the founder and managing

principal of The Hunt Law Group, LLC,

which focuses on the counseling and repre-

sentation of CPAs and other business pro-

fessionals, and on the resolution of business

disputes. Brian was recently selected as a

“2013 Illinois Super Lawyer in Business Lit-

igation.” Reach him at 312.384.2301 or

[email protected].


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AUDITING

Audit HikeA multitude of factors have conspired to increase audit fee volatility.

By Carolyn Kmet

Ten years ago, Sarbanes-Oxley (SOX) was signed intolaw. Largely considered to bethe most significant piece ofreform legislation since theSecurities and Exchange Actof 1934, SOX set new andenhanced standards for publiccompanies, and managementand accounting firms. Since itsenactment, financial transpar-ency and compliance have be-come an absolute must, andauditors are now part of everycompany’s front-line force.

So what has this meant toaudit fees?

In 2004, accelerated filersbecame the first group requir-ed to comply with Section404 of SOX. This section man-dated that all publicly tradedcompanies would need inter-nal controls and procedures inplace for financial reporting,and that management wouldtake responsibility for thesemeasures. As such, Section404 was expected to be themost expensive section ofSOX to implement.

Audit as well as non-auditfee data disclosed by SEC accelerated filers inelectronic filings was compiled into an AuditAnalytics report, Audit Fees and Non-Audit

Fees: A Ten Year Trend. According to this report,the average amount of audit fees paid per $1million of revenue increased from $405 in2003 to $596 in 2004, a 47-percent jump.

Since then, the report found that audit feeshave trended downwards, and in 2011 theyreached their lowest value since 2004—$466 ofaudit fees for every $1 million in revenue.

“I believe the downward trend was due tothree concurrent factors,” explains DonaldWhalen, Audit Analytics’ director of research.“First is the fact that many of the initial costs

incurred to implement the requirements of SOX404 were one-time costs. For some companiesit may have taken a couple of years to improveICFRs (internal controls over financial report-ing) to the point of effectiveness. But after theimprovement is achieved, those particularcosts cease.”

Second, says Whalen, “Improved softwaresystems and other procedures enabled moreefficient access to information, reducing thecosts associated with independent audits. Andlastly, audit firms have become more efficientas the process of implementing SOX 404requirements has become more routine.”

However, according to a Financial Execu-tives Research Foundation survey released ear-lier this year, private companies reported a 7-percent increase in external audit fees in 2011,while publicly held companies reported a 5-percent increase. The 2012 Audit Fee Survey

summarized the responses of executives from111 publicly held U.S. companies, 138 pri-vately held U.S. companies, four foreign com-panies and 24 nonprofit organizations.

Specifically, publicly held companies report-ed paying an average of $3.9 million in totalaudit fees for FY2011. The primary reason givenfor the increase was more work for internal auditstaff and other finance staff. Private companyrespondents reported an average of $231,200 intotal audit fees in 2011. They cited more workfor internal audit staff as a primary reason for theincrease, as well as inflation.

The 2011 numbers deviated slightly from thetrend of recent years. In 2008, 2009 and 2010,Audit Fee Survey respondents from both privateand public companies reported that fees eitherincreased less than 4 percent over the prior year,or decreased. Even so, Andrew Schrage, co-owner of Money Crashers, a personal financeblog, points out that the subtle rise over the pastfew years is nothing compared to the early2000s.

“Audit fees rose by more than 100 percentfrom 2001 to 2004, right around the time of SOXand the collapse of Enron and Arthur Andersen,”

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GLowell GaddisRyan GadiaTenisha GadsonPhillip Gaffigan

THE FOLLOWING INDIVIDUALS WHO EARNED THEIR CPA CERTIFICATE IN 2011.

The Illinois CPA Society

Sean GaffneyDamian GalazkaRachel GallanisValerie GallichioMichael GamageWallace GambleMayur GandhiDanielle GantChengchen GaoChenxi GaoHuihui GaoXiaodan GaoYun GaoMatthew GarardLuke GarbarinoAlejandro GarciaRoman GarciaJonathan GarecVivek GargJoseph GariglianoGrant GarzaJulie GarzaTanya GascoigneConrad GasiorJaclyn GearyTameka GeeDiane GenerosoZhaoxia GengChristopher GentRyan GeolatJames GeorgantasZachary GeorgeBrian GephartSamhita GeraShante GerronAmanda GersonBenjamin GetzBryan GeutherChandra GhalleyAdil GhazaliJoseph GianniniShayne GibbonsMarc GibbsGabrielle GiertzKyle GiglioStacey GillJohn GillhamRobert GilmerLuke GilpinDominic GiostaMaxime GirardAnju GiriRyan GirmscheidLaura GivlerEmira GjurgjialiAleksandar GlezevJeffrey GlickmanDaniel GlotzbachRachel GlueckSamuel GlusteinChung Wah GnappChristine GodellAracely GodinezThomas GoldrickJonathan GoldsmithSilviano GomezLana GonzalesBlake GoodmanMatthew GoodwinAndrew GordonNibha GosaiJustin GossCraig GossettTomonobu GotodaChunlei GouSamantha GoudreauElizabeth GrabinSherry GrablePawel GrabowieckiJoshua GraciaJoshua GrahamJulie GrahamJames GrahovacPatricia GrainJacob GrallBrenda GravesMelissa GrayCraig GreenMelissa GreenStacey Green

Ashley GreenawayJames GreenwellSamantha GreenwoodCora GregoryAnthony GreifDonald GreiweKevin GrenningChristopher GriffinLauren GriffinAbby GriffithMelissa GriggsAlexander GrinyaAngela GriskaChristine GroesbeckBrian GrossIrina GrosseTimothy GrossoDouglas GroveRyan GuedelJonathan GuerreroMichael GugertyPing GuiJessica GuiangRichard GuidolinAlan GulamhuseinAdam GuldanJayani GunasekeraWilliam GundlachHongye GuoLisha GuoShalabh GuptaLisa GurristerCharles GussweinMary Anne GutzmerLaura GuzmanLeslie GvilloHDena HaagBenjamin HaassJames HabelKayleen HaberkornThomas HackAmber HackmanFahad HaddadPatrick HaddonSara HafeziBrett HageAmy HallGwendolyn HallJason HallingTyler HamacherJohn HammarRyan HammelevMoriel HamuiHaiying HanSung-Moon HanEdward HanacekTrista HanauerSara HanksMatthew HannaRachel HanrahanVictoria HanslerNishit HansotiJie HaoIrfan HaquiEiji HaradaMichael HareLaura HarknessDerek HarlanAri HarperDaniel HarperShannon HarperZachariah HarrisDanielle HarrisonMichael HartMolly HartmanCassandra HartmannPhilip HartyRamey HassanKelly HasselfeldBrian HasslerTiffany HauserFrederick HausmannChristian HaverneyAndrew HayesLaura HayesJennifer HaysWeihua HeXin HeXuelun He

Jason HealyJames HeavinAmanda HeckingerJonathan HeidemanMatthew HeikesJansen HeinCliff HelferMaureen HellstromKyle HemenoverTravis HemmingLee HendersonMonique HendersonAshley HendricksDaniel HendricksonLion HenrichsAdam HeppeRhenese HerbertEwa HerdeaElizabeth HernandezGabrielle HernandezGlyden HernandezChristine HerreraTodd HespellElizabeth HessJonathan HessBrennan HesselbergSheila HesslerDavid HiattLontier HicksScott HicksNina HieronymusYoichiro HigaJulie HigginsonChristina HillNahrain HinaroEric HinkleBrian HiselMatthew HiseyAladdin HiyasatAmy HoMan Lai David HoLeslie HobsonAnna HodappWade HoeyGregory HoffmanDaniel HofmannJames HolbNinel HolubSujin HongJessica HonnessAnne HopkinsDavid HoppBlythe HoranDiana HoroiSean HostertRyan HoulihanKirk HovdeMatthew HowardSteven HowardHan Chih HsiaChih-Ming HsiangWei-Tse HsuFelipe HuRunfeng HuYang HuDijia HuangHsin-Yi HuangPing HuangWei HuangWeixi HuangWenshan HuangYan HuangYinying HuangDustin HuberJennifer HuckstepMonika HudakIan HudsonGalen HuetteSean HughesJames HugillChristina HuizarJeffrey HumbardBrice HumpolickKuo-Wei HungBrian HuntMatthew HuntJereline HurGuo HutsonIsabelle HuynhJennifer Hynek

ICristian IanosMohammed IbrahimReshma ImranNico Angelo InocencioYuji InoueBryan IrlbeckAshton IsenbergRyohei IwaiJNadia JaberAngelina JacksonAshley JacksonDana JacksonMichael JacksonKevin JacobsonChristopher JacquierYash JadhwaniTristin JaegerAndrea JaffeJames JagodzinskiLaura JaicomoLukasz JanasHyunSuk JangNicholas JanisTannya JaraJaroslaw JarmolaKatherine JaronczykRyan JeffersonDavid JelonekChelsea JensenChaonan JiYinhua JiaQin JiangXiao JiangYe JiangJose JimenezDancheng JinMichael JoAndrew JohnsonBrenda JohnsonBryan JohnsonDavid JohnsonKyle JohnsonLaura JohnsonMark JohnsonMelody JohnsonMichael JohnsonStephen JohnsonTimothy JohnsonWesley JohnsonJacob JohnstonAanuoluwapo JolaosoJames JonesJill JonesKaitlin JonesSamuel JonesSterling JonesTimothy JonesTrevor JonesMyong Chol JongJohn JordanIvan JovcevskiZi JuWen-Ping JuanIn Hwa JunEmily JungSung Hee JungKDominic KaczynskiChristopher KadonskyWade KaesebierThomas KafkesMatthew KaftanichThomas KaiserVinod KalathilBryan KalinaYevgeniy KalininChristopherKalogeropoulos

Shambavi KamarajJenny KaminskiMichael KaminskiKenneth KampsJoseph KanavalJiye KangKatherine KangAmin KanjiAshley KarelitzVeranika Karnatsevich

Naeem KatiyaElizabeth KatzenbachDarLynn KauffmanBrant KaufmannColleen KazunasBrent KeegstraPatrick KeeleyKathleen KeenElizabeth KeeneyDavid KeeterBrian KehoeKatie KelchTimothy KellenMatthew KellerSarah KellerWilliam KellerRebecca KelleyAnne KellmanAllison KelloggColleen KellyChristopher KelsoCaleb KelsonJanet KempTheresa KengottKevin KennyTimothy KenwickBrent KerbyKyle KettLaura KeytonAbdul KhanSaida KhanMaryia KhanevichKarim KhaoulaniJyoti KhatwaniHasrat KhehraMartin KickiAllison KiefBrittany KieferKirsten KienzlerTroy KierczynskiRyan KieserKatherine KikutKathleen KillionChin KimDavid KimEui-Young KimFrank KimHansang KimHyun Woo KimJennifer KimJongheon KimJung Hyun KimKevan KimPaul KimPeter KimWilliam KimBrad KingKevin KingLauren KingMatthew KingZachary KingBrendan KinkopfKelly KippJill KirbachJulie KirbachJames KirkbyJonathan KissauAndrea KistnerAlexander KitaMichele KitchNicole KittoDanielle KlaffenbachMichelle KlangidesKayla KlauserEvan KleinStephen KleinAlexander KlemmeCourtney KlingErik KlingenbergKaren KlootwykRobert KlugKelli KlugaMelinda KneedyEwa KnoblochHeather KnorrJustin KnorrShane KnouseJordan KnueDouglas KnutsonFranklin Ko

Jae KoPei-Chun KoJustyna KocKristin KochMichael KochAshley KoellingWon Ho KohKathryn KohlesGregory KolarCharles KolenikKimberly KolmanDeni KoloperMasamichi KomatsuJennifer KongPatrick KonickiWakako KoniecznyJarrad KoonKeith KoopmansErica KoppAllison KorenDianne KorizonDaniel KorybalskiChristopher KosartesManali KothariKatharine KouNicole KouriPanagiotis KourliourosKarlin KouvelisAntoaneta KovachevaTeresa KowalczykYmelda KratkyDaniel KreiselStacy KremerBrian KristofKaitlyn KroegerKate KronesSemir KrpoSamantha KrugerKyle KrukeGregory KrzentzJamie KuehlCatherine KuhnCheryl KuhnMichael KulovShilpa KumarShishir KumarThomas KunstDenis KurdyukovAshley KushnerTyler KutzKory KutzkeAshley KwakDonghyup KwakEujin KwakMin Jung KwakMichelle KwanKimberly Kyrouac

LLalaine LabioAnna LachowiczConnor LacyKristen LadyKristofer LaForeNicholas LagattutaEmily LaippleDawisee LamNicolette LambropoulosNing LanTelma LandhorianRichard LanduytEmily LaneKatherine LangMichael LangeDoreen LangereisNikki LanierBrandon LaningAnne LardnerJennifer LarvickMatthew LatorJulia LatovinScott LatterFreeman LauKimberly LaubeSteven LaubeTheresa LavelleJean LaveryMandy LawNadou LawsonJonathan LeagueMark Leaheey

Stephen LeazzoWilliam LebarRobert LeBourveauChi-Ching LeeDennis LeeEric LeeGayoung LeeJanet LeeKatherine LeeLily LeeMegan LeeMeredith LeeMichael LeeShelly LeeJennifer LeesAlysia LehnerNickolaus LekovishElizabeth LeleikaMichael LenardJames LenihanStephanie LentzJohn LeonardClaudia LeowSteven LeskeSamantha LesnickiOrissa LeungOri LevAndrew LevequeBrent LevittBartlomiej LewandowskiLinda LewandowskiMelissa LewandowskiAlexander LewisHanli LiYuran LiDuo LiangHui LiangJean LiangJiayi LiangSimon LiangYi-Ting LiaoJan LinJana LinPei-Hsiu LinTein-Chin LinTzu-chi LinYao-Jia LinYu-Chun LinNannette LindbergBrewster LindbladKyle LindquistNicole LinkChristine LintkerAngela LinzJustin LipowJason LipschultzMichael LipseyKerry LismanAndrew LitwinJia LiuJia-Ying LiuLin LiuLuxiao LiuMingjing LiuQinglin LiuYixue LiuYu Yan LiuYuan LiuZhixu LiuJno-Lyi LoCandice LockhartTheodore LockhartMatthew LodesGeorge LogothetisSean LogueAli LohnesCandice LongMark LongoPatricia LopezDaniel LoPiccoloKelly LoveSara LovellRichard LovittErin LowenthalShuning LuWenJun LuLijun LuanJessica LubczynskiRyan LubinskiJamil Lucman

CERTIFICATE RECIPIENTS

Timothy LudwigsonIfeoma LuegAndrew LuekeGloria LuiKa Young LuiYuen Yan LuiJamie LukaszewskiElizabeth LukenJieping LuoWenchen LuoWilliam LustgartenJennie LyKate LyLora LyStacy LybeRyan LydonJennifer LynchKamy LynchMark Lyznicki

MC Yee Gallant MaWajahatuddin MacciCarolina MacielEric MackeColin MaclaughlinMegan MaddenMark MadeckStephen MahalickDenis MaherAlfie MahmoudJames MahonCheryl MaierStephen MaierPaul MailhotZuzana MajtanovaTushar MakwanaMarisa MalavePaul MalayterRoxana MaldonadoKathryn MalhamMaura MalloyKaitlyn MaloneyMatthew MalpassDiana MammoserDelora ManceraRajitha MandepudiEmily ManganShawn ManganJoseph ManganoSarah ManijakNataliya ManinaJoshua MannAmanda ManonClaudia ManosRajender MantraMichael ManyVanessa MaravillaTara MarethJennifer MarkSteven MarkowitzJeanne MarkusPatricia MaroneyGena MarquezJohn MarrinBlair MarshRobert MarshKimberly MarshallMichael MartensHugo MartinezGregory MartynArlie MarxDavid MarzecJustin MascarenasEric MasonKelly MasquidaElaine MassnerRyan MastersonThomas MastersonDaniel MaterChea MatherneJoseph MathewTaylor MathsonAkiko MatsuiBrittney MazewskiKristina MazouchPeter MazurJonathon MazzantiAmanda McAbeeCheryl McAllisterSean McAndrew

George McCagueMark McClellanDavid McClellandJulie McClureLauren McCombJustin McConkeyJennifer McConnellJessica McCormickAlicia McCoyShawn McCulloughEamonn McDonaghKatrina McEnerneyLinda McFieldMichael McGovernRebecca McGrathMazda McGregorSean McInerneyAllison McIntoshSamuel McKayKathryn McKechnieTerrence McMahonLynne McMillanPatrick McOmberSarah McWhirterClaire McWilliamsKrista MealorMichael MeekAlap MehtaAman MehtaLichen MeiSteven MeilleurJaime MejiaNicole MelanderRyan Melville-GrayThomas MelvinUlysses MendozaJeffrey MenschMichael MercierRebecca MertenJennifer MetteBrittany MetzBrett MeyerJennifer MeyerJeffrey MeyersRyan MeylerSarah MichelsDaniel MigaczNicholas MihalopoulosMichael MilazzoAmanda MillardBenjamin MillerBrett MillerErin MillerJason MillerLaura MillerMilton MillerCraig MillspaughStephen MinichBrittany MinklerBorislav MinkovskiyTom MinnesKathleen MinorKarine MirzoyanGregory MitchellTakumi MiyakawaNobukazu MiyoshiPawel MizakWilliam MoellerAbdullah MohamedFatima MohammadJohn MolnerKoji MomiyamaMd MoniruzzamanJustin MooneyMatthew MooreKevin MoranWesley MoranYuliana MorenoElizabeth MorlockOlha MormulStephanie MorrisonTimothy MorrisonDaniel MorrissetteGregory MorrisseyMegan MossMichael MountsChiarath MoutairouGary MoyTyler MoynihanKristen Mroz

Ryan MrozNola MucllariKristin MuellerZeeshan MughalMelissa MuiSean MulchroneMegan MulherinMohammedamin MullaAnne MunarettoJagjyot MundiBrian MuninMuhammad MunirSyeda MunirCelestin MunyansangaAshley MurphyPaul MurphyRichard MurphyKarelyn MurrayMatthew MurrayShelley MuszynskiBoniface MwangiNChad NagelbergRon NaiduSeiko NakafumiAdam NakisPadmavati NamuduriHeidi NanceSabahat NaseerJonathan NassPaul NatalinoKatherine NauertChristopher NavratilJoachim NchundaSpencer NedvedJoseph NeimanMichelle NelsonTrevor NelsonBradley NemethKyle NesslarJames NeumannDavid NevenDonald NewmanKelly NewsomeYeuk Chu NgNgoc NguyenSamuel NguyenMin NiAnna NiemkiewiczIris NobletColleen NolanMatt NoonanJessica NormanMarc NorthMichael NovitskiJoseph NovotnyBrandon NowakJeremy NuzzoCarlton NwankwoOBede ObasiMichael O'BrienRichard OchenkowskiJoseph O'ConnorMichael OdlingRyan OgasawaraJamie O'GeanEkene OkaforJames O'KeefeYulia OkunNicholas OlivaresSamantha OlschanskyJohn OlsenBryan OlsonMarie OlsonNanciann OlsonGerard O'MalleyVictor OmiyaleAlex O'NeilAndrew OpeitumAnthony OrlandoRobert OrozcoSebastian OrthLisa OrtnerRichard OseiPeter Osei-AmoakoMegan OsmondTara OsterhoffJames OuderkirkP

John PachLaura PachecoOscar PadillaErica PalagJennifer PalarzItza PalmaAlonzo PalomaresQianqian PanMatthew PanzicaKaushal ParekhEdward ParkMihwan ParkNimish ParkerThomas ParkerOrlando PastoreJay PatelJignasa PatelKayur PatelKomal PatelMichelle PatelNeal PatelPritesh PatelSachin PatelSamir PatelShilen PatelZachary PaterickSivakanthanPathmanathan

Chad PattersonNathan PattersonEric PattonBenjamin PatzikClint PaulLucia PaulMarissa PaulsgroveWhitney PaulsmeyerStephanie PayneAaron PearceArdenia PeartJoseph PeckRachel PecklerAkushla PeduruhevageJeffrey PellinAlexandria PenarandaPei En PengNicholas PennAleksandra PeretsIan PerezJohn PerkinsToni PerkinsLaura PersonsYan PesotskiyZlatomira PetersenMario PetrovicJennifer PettisAlex Peurye-HissongDane PfisterHa PhanAdam PhillionDenise PhillipsGalena PhillipsPatrick PhillipsPaul PhillipsChristopher PiatekLisa PieperJeremy PierceRoger PierceKyle PierethRoman PietrykaCharles PikulJeffrey PiotrowskiMichael PiperMichelle PittsAlex PlattBruce PlumMatthew PoczatekSamantha PodwikaDaniel PolhillCharles PolkeSarah PollardMargarita PolyakovaOleg PolyatskiyAdam PontiousLawrence PopeDaniel PopielaElizabeth PostlewaitChithra PottyJane PowersJason PowersMark Prampero

Samuel PranckusRichard PrattKenneth PreiksaitisLyle PrempasJoshua PrinceDanielle ProtexterRita ProulxMatthew PruchaMaxime PuechElena PughMarc PughJoshua PuterbaughVinu Puthenveetil JossyKristine Putnam

QMeng QiLynn QiuJoseph QuebbemanLeon QuerubinMichael QuinnLauren QuirkeRImanuel RabrichLinda RaddatzMarisa RademacherAshok RaghavanScott RalstonRenee RamelJason RameyAli RampurawalaGiuseppe RandazzoCameron RandleSarah RandquistJanet RanzzoniMary RathertJoseph RauppGabriela Rayas-BakerNicole RebbeRobert RechtSonila ReciBryan RedderWilliam RedpathAmanda ReedGreg ReedmanKevin ReeveJonathan ReevesJohn ReganDaniel RehorAmy ReimerBruce ReinhartKristina RengelPatrick ReynoldsMikhail ReznikMaurice RichardsonMichael RichardvilleRobert RidlenCourtney RiethRocco RinaldiFayelyn RiordanPaul RipskyDana RissleyStephen RoachBernadine RobbinsDaniel RobertsKimberly RobertsClaire RobinsonKory RobinsonPaulina RobledoJacob RockafellowArmando RodriguezKelly RogersKyle RoggensackDaniel RohrAgustin RojasJacek RokoszDaniel RomeroRobert RomoElizabeth RongeAdam RooneyAndrew RossetTeresa RossiChristian RotheScott RousseKrystal RuanXiaoran RuanWilliam RuddyBrian RudgePaul RumschlagDana RupczynskiJessica Rus

Jonathan RushPaulina RusinAlison RussellNijika RustagiLeslie Ruyle-BarnettDavid RybakCatherine RybarczykSIlissa SabathEdwin SadikElnara SafronovaElena SahaydakMelih SahinerRaj Sai Inderjit SainiAlyssa SajkowskiMark SakatsIder SakhiyaNatalie SalazarEduardo SalcedoKyle SalvatoraJason SamikkannuStephanie SamuelsonBenjamin SanchezHeriberto SanchezQuentin SandbergScott SandbergJennifer SandersNathan SandersSarah SandersonYvonne SandnerNathan SandozOliver SantosAarti SardanaNicholas SarkisawRachael SarsonRobert SassKozue SatoJacob SaultDavid SavageAlejandra SayavedraAnthony ScarcelloJeffrey SchaefferJoseph SchanzBrian SchaperScott SchaperScott ScheideckerRichard SchillerMichael SchillingZachary SchlechteRyan SchleichRyan SchmidgallSarah SchmidtKyle SchmitzMatthew SchmitzPhilip SchmitzDavid SchneiderLisa SchneiderNicholas SchneiderGregory SchonefeldTony SchopenBrittany SchramBrian SchreiberLisa SchroeckCynthia SchulzMichael SchulzKai SchumacherPatrick SchwappachSteven SchwarzMonika SchwesigWilliam SchwindtKarolina SciuckieneImelda ScottPatricia SeamanAdam SearlesHolly SeegersEric SeelbachUrime SeferiRobert SeifertChristina SelbyBen-David SemelAnna SemenovaMegan SennettMallory SevcikDaniel SfiligojAmi ShahArpita ShahMaheki ShahMansi ShahUjwal Shah

Leah ShalesKavita ShankarBrent ShannonManling ShaoBhrikuti SharmaPoudyel

Danielle SharpElizabeth ShauflerJason ShawMichael ShawHoward Shaw IIIKathryn SheedyYuriy SheferMuneer ShehadiRong ShenXiaoli ShenYingying ShenNicole ShenoudaErin ShepetYing ShiAi ShibusawaNicole ShickKelly ShillairSooYeon ShimMachiko ShimonoKang-Kyu ShinSooyeon ShinMichael ShortYelena ShulmanAbigail ShusisYu SIJohn SibilanoJohn SibleyThomas SiboDawn SicklesSami SiddiqiJoshua SiebertDaniel SieboldDavid SieboldCaitlin SiedleckiLauren SiemienasValerie SierzegaLion SiinJing SimaIgor SimkinReid SimonArchana SingaviJessica SingletonKen SinnDinesh SinniahThomas SiwickiAshley SiwulaLatoya SkeineKatie SkibbeCara SkowronskiPolly SkuttaNoah SlabotskyJason SlaferCasey SlagerMatthew SlamaPaul SlaughterJessica SleanKristen SlusarczykKelly SmidlBenjamin SmigielskiAndrew SmithBrian SmithCody SmithColleen SmithJason SmithJonathan SmithKari SmithLaura SmithLauren SmithMandie SmithMatthew SmithNicholas SmithBrooke SmitsRyan SneedJonathan SniegowskiMarie SniegowskiAnna SnowHanjo SohRena SolanoKatarzyna SolarczykJong Ho SonBrian SongCindy SongYousun SongZhenqi Song


Reshma SoniAlan SorbaKent SorensonAlain SothikhounVeronica SotoFernandez

Megan SowashDebora SpagnoloAlexandra SpellmanMarcin SpikSharon SritongRyan St. JosephValerie StablesHeather StachnikJason StanckiewitzKim StandenLauren StanleyJohn StarrJackie StaudacherErica SteinStephanie SteinbachEli SteinbergerJeanne SteinesKendra StephensEmily SterlingRoss SternNatalia SterrettW. Brett StetsonJames StevensTamara StockingerMegan StockwellGregory StoergerKristin StojcevskiJulie StollerAnn StoneJames StonehockerDominic StortoScott StosekMatthew StosichErica StoutJason StrattonMargaret StremelAdam StrodeKevin StrutzDzmitry StsihneyeuBrendan StuartJoseph StuckelRoss StuursmaGayathri SubramanianRacheal SudkampNilesh SudraniaBruce SufranskiDaisuke SugyoErin Sullivan

Katie SullivanMaura SullivanPatrick SullivanMing SunRo Chia SunZhu SunSunith SureshStella SuryantoDouglas SutherlandMichael SutisRobert SutterElena SuvorovaAzumi SuzukiYasushi SuzukiCorinne SwanMatthew SweeneySamuel SwisherMichael SzaflarskiKinga SzendalaSuk SzetoSuk Keung Szeto

TMiki TakahashiMidori TakenagaRyuichiro TakiArthur TamJoseph TamburelloWenwen TanMichi TanakaNeha TandonKathryn TandyAllan TangLin TangVan TangJeffrey TaxeBenjamin TaylorBryan TaylorWilliam TaylorJames TempleDaniel TeperBradford TerryDhara ThakkarSunny ThakkarLinda Theres-JonesChristopher ThierschDavid ThompsonKyle ThompsonMark ThompsonSusan ThompsonTara ThompsonErin ThorsonYiShan TianCeline TischlerSusanne Tisljar

Staysha TitusMatthew ToczylowskiDenica TodorovaAlison TomanTara TometichPeter TomkieDaniel ToniDavid ToniAmanda TorelloSteven TrappBrent TraversDaniel TrevinoAbhigna TrivediClayton TrolardChi Tao TsaiSamuel TsamoulosAndy TseAmanda TuckerTara TunpichartiBryan TurnerMolly TwiggFranceska TylkaJames TynerSarah TyskUYasuyo UchidaTimothy UlaszekScott UlbrichAna UllaKatri UlmonenLaura UngerJillian UrbelisVeronica UwumarogieRachel UytenbogaartVVinson VadakaraEugene VakhovskyRobert ValdesChristopher VallezJanis Van DurmeAdam Van EperenLisa Van GeemNicholas Van HornChristopher Van SickleAnnelies Van ThilloJoan VanderLaanJulia VanderLaanRichard VanhoevenDanielle VanHoutenMicah Vant HoffJeremy VarelNicole VariMonica VelamakanniVioleta Velkovski

Kara VenegasAnthony VenezioAlissa VentrelliBrooke VenvertlohJose VerasteguiDerly VincheryJerod ViolettSandeep VirkGregory VisserPeter VitaleCorey VnoucekMartin VogelCarmen VoicuPaul VoswinkelBarbara VrabelLaura Vrana

WKevin WadeElzbieta WadowskaKeiji WagatsumaNaoko WakabayashiBrett WalkerBrooks WalkerEileen WalshJames WalshZoey WaltersAlison WaltonNathaniel WandelHong WangHui WangJing WangLan WangLing WangLiying WangManqing WangMengxuan WangMichael WangPengfei WangQiang WangShuo WangTsung-Huei WangXiang WangXiao WangXiaoxue WangXin WangXun WangYe WangYinglin WangYongmei WangYuan WangSaranporn WangmuangMichael WarnekeAhmad WarnerJason Warner

Candice WarrenJames WascherSanti WathinanonDeborah WattsJohn WciselKathryn WeaverLance WeberMichael WehrliCatrina WeinumBenjamin WeishaarJosh WeissPatrick WeissegAndrew WeissenburgerOri WeiszJessica WelbornStephanie WelchApril WellsCamelia WelschMichael WeltonFei WenJin WenLi WenNathan WentzJenny WerronenTyler WestmanHolly WettsteinAndrew WetzelMaureen WheelerMeagan WheelerBethany WhiteCourtney WhiteDorothy WhiteJeffrey WhiteBudi WidjajaRobert WidmanEric WiersemaBrittany WieseHeather WiesemeyerDavid WilburMichael WilczekChristopher WildmanDouglas WileyJohnathon WilhiteMichael WillerBenna WilliamsKimberly WilliamsJason WilliamsonKristal WilliamsonSamantha WillisCandace WillsAaron WilsonMichael WilsonElisa WinataDaniel Winiarski

David WinklerJohn WittenbrookMatthew WloczkowskiJacek WlodekNorman WohlschlaegerDavid WolfeBenjamin WolfsonJustin WongTammy WongKenny Wong HainesErik WoodTatiana WoodApril WormanElizabeth WrightKevin WrightNicole WrightFaith WuKuan-ying WuMing-Yin WuPin-Chu WuRina WuAdam WunschlMatt WunschlXXi XiQili XieXiaoqi XuYan XuJin XunYBarbara YagerFang YangMeng YangRobin YangWei-Ning YangOlya YashchenkoWei YeBrianna YelleJessica YenDong Wan YeomDavid YerlyIsa YeungMichelle YeungNigel YinWen YinVesela YondovaJessica YontoAndrew YooChristine YooJoo-Yun YooKevin YooHeejin YoonJa Young YoonAyako Yoshihara

Chiu Yin Edward YoungFang-Yun YuZhaohui YuZhujing YuSheila YuckmanJeany YuenIgor YukhvidinCheuk Ki Yung

ZMatthew ZabaKarl ZabielloAyesha ZaffarSyed Imran ZahidyLauren ZahnDaniel ZahrenMonika ZajacIvan ZalessovAnton ZandiJoel ZandstraCharles ZaneAndrew ZangSara ZanghiMa Abigael ZapataCarmela ZappaniWanees ZarourYouyang ZengAmanda ZentefisGaoxiang ZhangHao ZhangKevin ZhangLei ZhangWei ZhangWeiqi ZhangXuemei ZhangZhifei ZhangJing ZhengLu ZhengQun ZhengYing ZhengQijun ZhouWanqing ZhouXiaoxian ZhouDan ZhuJie ZhuPuyu ZhuTony ZibertKelly ZoellickOleg ZolotarevWilliam ZookJeffrey Zwier

ILLINOIS CPA SOCIETY 2011 EXCEL AWARD RECIPIENTS

The Excel Award is granted to Illinois CPAs who achieved a total average score of 90 or more and completedall four parts of the exam within two consecutive testing windows and were in the top five percent of the scores

of those who completed all the requirements in 2011 in Illlinois.

EXCEL AWARD RECIPIENTS

Richard ReuterUniversity of Wisconsin, MadisonDeloitte & Touche LLP, Chicago

Fang FangUniversity of Illinois, Urbana-Champaign

PWC Shanghai, China

Adrienne GreenUniversity of Michigan, Ann Arbor

FASB, Norwalk, CT

Mathieu AbernethyUniversity of Notre Dame, South Bend

Deloitte & Touche LLP, Chicago

Dennis KreiterUniversity of Miami, Coral Gables

PricewaterhouseCoopers LLP, Chicago

Ellen RewaltUniversity of Michigan, Ann Arbor


Benjamin SchnelleSouthern Illinois University, EdwardsvilleMillers First Insurance Company, Alton

Geoffrey BowersMarquette University, Milwaukee


Timothy ForneroUniversity of Michigan, Ann Arbor


Tania TomanovaUniversity of Illinois, Urbana-Champaign

Ernst & Young LLP, St. Louis

Justin KnobelochBradley University, Peoria

RLI Insurance Company, Peoria

Daniel QuinnIndiana University, BloomingtonErnst & Young LLP, Chicago

ICPAS GOLD MEDAL RECIPIENT

Ekaterina SaevaUniversity of Illinois, Urbana-Champaign

Ernst & Young LLP, Chicago

ICPAS SILVER MEDAL RECIPIENT

Tyler SchehlUniversity of Illinois, Urbana-Champaign

CNA Financial, Chicago

ICPAS BRONZE MEDAL RECIPIENT

Yao XiaoUniversity of Illinois, Urbana-Champaign


he says. “This makes the recent 5-percentand 7-percent increases seem paltry.”

Certainly, there were other factors affect-ing audit fees besides SOX. Tom Thompson,senior associate, research, with the FinancialExecutives Research Foundation, explainshow the increase in internal Section 404compliance costs reported by some compa-nies was mainly due to the implementationof new IT systems or acquisitions. Other sur-vey respondents reported a decrease due toautomated controls and the restructuring ofbusiness and financial systems.

The 2012 Audit Fee Survey also suggeststhat risk management will remain an area offocus for finance professionals. According tothe survey, 73 percent of public companyrespondents who were accelerated filers saidtheir companies had a risk-managementprocess in place. However, of the non-accel-erated filers, only 40 percent had such pro-cesses in place. Finally, of the companiesthat did have risk-management processes inplace, a clear majority of each respondinggroup indicated that risk management laywithin management’s jurisdiction rather thanwithin internal audit or the audit committeeof the board of directors.

“Given the current state of businesses,risk management will remain an area offocus for finance professionals,” said Finan-cial Executives International President andCEO Marie Hollein in a press release.

Dr. Thomas Weirich, CPA, is a professor ofaccounting with Central Michigan Universityand a former Academic Accounting Fellowwith the U.S. Securities and Exchange Com-mission. He says that, “Audit fees increasednot only as a result of SOX compliance, butalso due to more detailed audit work as addi-tional scrutiny of an entity’s financial state-ments was required due to various financialstatement frauds. With the major frauds beingreported, auditors also tried to control auditrisk with related litigation issues, which alsoresulted in more detailed work and thus anincrease in audit fees.”

According to the Audit Analytics report,litigation risk exposure also has imposedcost pressures on the audit industry. “The lit-igation inventory against the Big Four firmsis daunting,” the report states. “For example,while not admitting to any wrongdoing, anauditor settled the Parmalat securities class-action matter that was filed in January of2004, for $149 million. These types of pay-ments and the ongoing exposure from out-standing litigation must be factored into(audit) fees.”

Business globalization is another factordriving audit fees upwards in recent years.Globalization results in a significant expan-sion of company operations into emergingmarkets. The Audit Analytics report suggeststhat these emerging markets lack strong cor-porate governance and operate under dif-ferent business practices and accountingpolicies, all of which create additional auditwork to consolidate operations and to com-ply with local legal and regulatory require-ments for statutory reporting.

On the flip side, it’s possible that a rise inaudit fees could be related to marketplaceprice correction. Cameron Keng, founder ofAutotax, an SaaS solution, explains. “Dur-ing the Arthur Andersen years, accountingfirms were artificially offering audits at feeswell below cost. Audits were used as lossleaders to attract lucrative consulting proj-ects. The realization rate on $375, or onehour of chargeable staff time, was as low as20 percent, or $75.”

Keng also believes that economic condi-tions artificially deflated audit fees. He saysthat since accounting firms are generallydetached from seasonality, the economyrarely affects them. “But then the worldcame crashing down,” and clients starteddisappearing. “All of the Big Four firmsbegan to undercut each other. Projects werebeing aggressively discounted in order toavoid layoffs.” Firms were willing to do thisin order to retain their staff and ride out thedownturn. “Audit fees are going to continueto rise because they’ve been artificially low-ered for years. They’re simply returning tomarket rates according to their real value.”

Certainly, the consensus is that audit feeswill rise, and for a variety of reasons. “ThePublic Company Accounting OversightBoard (PCAOB) has proposed a mandatoryrotation of external audit firms, somethingmost businesses vehemently oppose,” saysSchrage. “Should this measure pass, youcan most certainly expect a significantprice jump.”

Indeed, according to the Audit Fee Survey,95 percent of public company respondentsand 85 percent of private company respon-dents don’t support the PCAOB proposal.

Before panic sets in, Thompson empha-sizes that the PCAOB measure is still in thevery early stages. “At the moment it’s just aconcept release,” he says. “It would stillneed to go through the proposal process.But if it were to become a standard, thiscould impact a company’s audit fees.”

The bottom line is clear: You’ll likely beshelling out more cash for audits in thefuture.

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CAREER

Top Jobs for CPAsThe accounting field is bursting with opportunities. Here’s where to look for them.

By Selena Chavis

It’s a great time to be a CPA. A Bureau of LaborStatistics forecast, in fact, indicates that thenumber of accounting and auditing jobs in theUnited States will increase 16 percent (or190,700 positions) by 2020. Specifically, theBureau believes that demand for comprehen-sive financial documentation will increase inresponse to ongoing financial crises and regu-latory changes.

“The accounting industry is one of the bestcareer fields at providing stability, longevityand mobility. That’s something we all seek inour careers,” says Jeramy Kaiman, area manag-ing director for Garelli Wong.

Kaiman points to Forbes’ recent article, “25Best Jobs of 2012,” noting that three jobs typi-cally performed by professionals with account-ing backgrounds landed in the top 15—finan-cial analyst, accountant and financial advisor.

As the supply-and-demand equation contin-ues to tilt in favor of CPAs, many are seekingout those career paths that best equip them forthe future.

“A CPA designation with specialization oftenequates to higher income,” explains MarilynBird, Chicago-based district president for Rob-ert Half International (RHI). “That gets a lot ofpeople’s attention.”

There are a number of drivers currently im-pacting the momentum of certain specializa-tions. The complex nature of IT investments, forexample, is driving demand for accountantswho understand technology frameworks. Andan ever-expanding regulatory environment con-tinues to boost the need for accountants withastute knowledge of compliance issues.

“At a really high level, accounting is a greatfield to go into for the opportunities, flexibilityand variety of experiences,” says Grant Thorn-ton Midwest Managing Partner Mike Hall.“When you talk about specialization andwhat’s hot, you can look at the business envi-ronment and simply analyze that.”

The outlook for anything related to analysis isgood, says Bird, adding that, “Looking at dataand helping an organization formulate a strat-egy—that’s where you see the most investmentbeing made in those with a CPA designation.”

Here, then, are some of the hottest areas forCPAs in the coming year.

Financial AnalysisAccording to RHI’s 2013 Salary Guide, demandfor financial analysts often exceeds supply.Companies are seeking help from CPAs whocan identify key trends and offer financialinsight into investments. With a starting salarythat ranges from $70,000 to $94,000, theseprofessionals analyze financial data; preparereports and charts to illustrate technical infor-mation; interpret data directly affecting invest-ment programs; and monitor economic, indus-trial and corporate developments through out-side sources. Financial analysts specializing inM&A valuations in both public accounting andcorporate settings are in particular demand,says Kaiman.

Business Systems AnalysisExpertise in IT-related initiatives remains a topspecialization for CPAs. According to RHI’sSalary Guide, companies are specifically seek-ing experts to identify IT infrastructures that willproduce the greatest ROI.

“We’re bringing in more IT professionals justbecause of advances in technology. When youlook at clients expanding globally, there are allkinds of technology considerations,” Hall ex-plains, citing cloud computing and social net-working as examples.

Typically those placed in the role of businesssystems analyst need knowledge of both finan-cial and business systems in order to analyze thebest course for IT implementation, upgrades andenhancement. The ability to respond quickly tomarket conditions and technological advance-ments is key to this role. Starting salaries typi-cally range from $54,000 to $75,000, peakingat more than $100,000 for management roles.

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Technical Accounting“The environment is such that we are go-ing to see more regulations,” says Hall.Which means that skills that address thisever-evolving and increasingly complexlandscape will remain a top-tier specialtygoing forwards. The professional specializ-ing in this area is aligned with research,policy development and SEC, GAAP andIFRS compliance.

Adding to the demand for technicalaccountants are the federal Foreign CorruptPractices Act, which, amongst other things,addresses accounting transparency require-ments under the Securities Exchange Act of1934, and International Financial ReportingStandards and international tax structures.

While not all niche areas of accountingwill equate to more pay, technical expert-ise typically does raise salary levels, saysKaiman. Starting salaries for complianceprofessionals in a large company rangefrom $62,000 to $83,000 and peak atmore than $220,000 for Chief ComplianceOfficer roles. These roles will be particu-larly strong in the healthcare arena goingforwards, thanks to rapidly evolving regu-lation of the industry.

Tax Accounting & AuditingTax and auditing functions remain in highdemand and offer accountants both futureflexibility and mobility, Kaiman explains.These professionals have broad-basedknowledge that intersects with a multitudeof areas, including global business andforensic accounting.

“There’s such an overlap in skill sets foraudit and for tax structuring,” says Hall. “Ifyou look at the market, there are shortages.International tax in particular is a hot area.”

Starting salaries for tax and auditing pro-fessionals in public accounting firms startin the mid-$40,000s and go all the way upto $58,000-plus in midsized firms. Salariescan reach beyond $183,000 for manage-ment-level positions in large firms.

Forensic AccountingIntegrating accounting, auditing and inves-tigative skills, the field of forensic account-ing provides accounting analysis of financialsystems and operations suitable for court-room deliberations and dispute resolution.The most obvious example is an investiga-tion of corporate fraud and embezzlement.

Top Industries Now Across the board, experts agree that the healthcare industryrepresents one of the greatest opportunities for CPAs. From a rapidly expanding regulatory struc-ture to the need to implement large-scale, complex IT initiatives, demand for CPAs in healthcareis not expected to keep pace with supply.Current initiatives impacting the industry include the Health Information Technology for Eco-nomic and Clinical Health (HITECH) Act, the move to the new ICD-10 classification systemand pay-for-performance initiatives. Accounting expertise will be sought in the areas of businessanalysis, compliance, financial analysis and tax.Financial services is another high-voltage sector for CPAs. As the economic outlook con-tinues to improve, financial services firms have a need for functions such as trade support, op-erations, compliance and financial analysis. The financial services umbrella coversorganizations such as national and multinational banks, insurance companies with an invest-ment arm, hedge funds and other large investment firms.

According to Hall, forensic accountingoften crosses into various other specializa-tions, including valuation work and tech-nical accounting. “We have a very robustforensics group that deals with issues suchas foreign corrupt practices, contract dis-putes and monitoring. Demand for foren-sic accounting has been generated bylarge damages cases,” he explains.

Salary ranges for forensic accountantsstart at $60,000 and can reach the mid-$90,000s based on experience. Seniormanagers in this field can make upwardsof $150,000.

Cost AccountingHiring trends in the manufacturing sectorof Chicago have seen particular improve-ment, says Kaiman. And, in fact, the RHISalary Guide indicates that demand forcost accountants will hold steady nation-ally over the next year.

“One of the most high-demand jobs iscost accounting,” Kaiman notes. “Mostcompanies struggle to fill cost accountingpositions at all levels.”

Cost accountants help manufacturersinstitute efficient operational practices andprocess improvements by systematicallyreviewing the costs associated with thedevelopment or distribution of a product.

Salaries range from the low $40,000s tomid-$60,000s for entry-level positions andthose with a few years’ experience. Seniormanagers can earn more than $100,000 ayear in a large company.

The opportunities are wide and varied foraccountants, and the outlook going into2013 is extremely positive. “It’s an excitingtime for the accounting field,” says Hall.“It’s a rigorous profession, and people needto be prepared.”

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M&A

The Buy/Sell Guide10 helpful steps for navigating accounting practice M&As.

By Sheryl Nance-Nash

gaps and regulatory hurdles, but they are nowthe sixth largest in the world, generating about$1.2 billion a year,” Mauricio comments.

The market is currently very active. Manyprofessional services firms are evaluating theirportfolios and building M&A strategies to pur-sue higher growth alternatives, says Jim Tun-ney, a partner leading the Chicago deals prac-tice of PwC. “There’s also been some sellingactivity driven by motivation to realize gainsprior to potential post-election tax increases.This has created some fuel for an active dealmarket,” he says.

According to Allan Koltin, CEO of Koltin Con-sulting Group, a Chicago firm that consults withCPA firms on practice management issues, man-aging partners at the top 100 CPA firms todayspend no less than 25 percent and as much as 75percent of their time on mergers and bringing inhigh-level lateral talent.

“For many, the role has evolved from CEO topart-time investment banker. The range of time isusually a philosophical one dealing with howaggressive their growth plans are, as well as howthey want to go about growing—organic versuslateral talent,” he explains.

There are plenty of reasons for all this match-making. “Succession issues are driving a lot oftransactions,” says Howard Allenberg, CFO ofBDO USA in Chicago. “The Boomers don'twant to work forever, and some are finding theymay not have partners in their firm who cansucceed them or want to take on the financialobligations associated with such changes, sothey’re combining forces to settle the leader-ship/succession issue.”

For many CPA firms, an M&A-driven growthstrategy is a priority. “But the ability to executethat M&A strategy into tangible results will dis-tinguish the winners over the next decade,”says Mauricio.

There's much at stake. “Essentially, successfulacquirers will be able to grow at a faster pace tomaintain a competitive edge over those solelyreliant on organic growth. Other advantages

There’s strength in numbers. It's not surpris-ing, then, that during the past few years there’sbeen an increase in merger and acquisitiondeals involving CPA firms, especially among anumber of regional firms like J.H. Cohn, Lar-sonAllen, Dixon Hughes and Baker Tilly.

Despite the rarity of “mergers of equals” inthe industry (the vast majority are consolidat-ing deals with dominant acquirers), the successof the EisnerAmper merger in 2009 proved thevalue of successfully integrating capabilitiesand combining scale.

According to Dino Mauricio, a partner withSchaffer Consulting, which specializes inmerger integration and leadership develop-ment, one of the most interesting CPA deals inthe past two years was a global merger involv-ing the acquisition of Weiser, LLP in New YorkCity by Paris' $1billion revenue player Mazars.

“They had to overcome several challenges,including cross-border integration, cultural


include the opportunity to selectively acquireniche and industry experts (as the marketmoves more towards specialists and awayfrom generalists), to proactively deal with suc-cession planning issues and better leverage thefirm's cost structure,” he explains.

Although an M&A might be a smart businessmove, it can create its own chaos. Whetherbuying, selling or valuing a practice, be guidedby these 10 critical steps.

1. Define your long-term strategy “Be sure the kind of growth that you seek,whether it’s geographic, new capabilities, long-term profits, acquiring talent, or to solve suc-cession planning issues, is clearly defined,”says Mauricio. Cost efficiencies or overheadconsolidation can be benefits, but should neverbe the primary drivers for acquiring CPA firms.

2. Be realistic about value There can be “unreasonable expectations ofvalue….There can be a big disconnect. Sellersneed to accept the reality of their particular sit-uation and the marketplace,” says Allenberg.

“Don’t use the old rules because things havechanged,” adds John Martinka, of MartinkaConsulting, which specializes in businessacquisitions. “Many years ago the AICPA pro-claimed that CPA practices are valued by a for-mula that is a function of revenue (one timesannual revenue with a 25-percent margineither way). This hurts the profitable practicethat is not dependent on the owner or one par-ticular partner. Valuing the practice based onprofit will often yield a higher price.”

“There’s no one-size-fits-all approach tovaluing these transactions due to the differingfact situations, differing profitability and dif-fering practice models,” adds Larry Blust, apartner with the Chicago law firm Barnes &Thornburg.

3. Cultural fit is vital Good cultural fit can vastly improve the oddsof M&A and integration success. “Understandyour own culture and what are ideal culturalcharacteristics of potential partners that canmesh well,” says Mauricio.

Quite simply, “If you wouldn't like going outto lunch with your target, you shouldn't do thedeal,” says Mark Basinski, principal with Tran-sition Advisors, specializing in consulting forthe accounting profession.

Organizational structure has a big impacton culture. For starters, “Is this a CEO-runorganization that encourages collaboration oran accumulation of fiefdoms where peopleeat what they kill. Both can be successful,

however they won’t work well together,”states Dan Galante, national managingpartner of Transaction Advisory Services,with Grant Thornton in Chicago. “If twofirms have the same strategy and differentcultures, the acquisition won't work, theywon't effectively fit together. They willclash and lose components of the onefirm that made it successful.”

4. Find promising candidates Whether done alone or using third-partyassistance, acquirers need to invest theappropriate time and resources into findingtarget CPA firms that precisely fit their crite-ria, and must conduct proper due diligenceto evaluate client mix, systems, litigationmatters and financials, says Mauricio.

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5. Who controls your clients?“The most important fact in these transac-tions is who controls the clients the buyerassumes it will get for the purchase price,”says Blust. “Particularly in the case of smallfirms and practice sales, you need to knowwhere each partner controls his or her ownclients. Do those with control of the busi-ness have non-compete agreements inplace, or are they willing to executive non-competes that will assure the expectedbusiness transfers?”

6. Assess your liabilitiesWhen you acquire your target firm, will youassume the obligations of that firm? Whatare the firm's liabilities and risk exposures?

A common big picture issue is the un-funded retirement benefits of senior peopleand how they need to be handled. Smalland midsized firms often have unfundednonqualified retirement or terminationbenefits. At the other end of the spectrum,senior partners who control most of thebusiness planning may be tempted by atransaction that benefits the few, whileleaving the remaining partners with verylittle, says Blust.

7. Structure a win-win dealMake sure both parties are satisfied with thestructure and economics of the deal, withall “deal-breaker” issues vetted early on inthe negotiations.

“This must include partner compensationterms for the seller and expected benefitsfor the buyer,” says Mauricio. “Rarely doacquisitions of CPA firms succeed when thedeal is one-sided; both sides must be en-gaged and enthusiastic about the merger.Sometimes parties may even build in 'de-merger' clauses to reverse the merger at aspecified time if certain anticipated syner-gies are not realized.”

8. Focus on integrationDeveloping and remaining committed toagreed-upon integration plans that coverthe new organization’s structure, staffing,key processes and new business develop-ment initiatives is vital to long-term post-merger success. Client retention, in partic-ular, is key.

“Assuming client retention as a given isa big mistake,” says Mauricio. The moreclients that stay, the more valuable thenew entity becomes. Most client attrition

happens in the second year of the change,adds Basinski.

9. Monitor & measure successBoth parties must be able to track and vali-date goals. Setting timelines, metrics andkey milestones along with a process forperiodic evaluation and review is extremelyimportant, says Mauricio. Be clear abouthow you’ll measure success.

“What synergies do you expect fromtop-line revenue? How many clients andstaff have remained?” asks Galante.

10. Talk to key stakeholdersEmployees, clients, affiliated parties andother stakeholders should expect timelyand informative communications on thesuccess of the newly combined businessand how the anticipated synergies will ben-efit them in the future.

Mergers and acquisitions aren’t likely toslow down anytime soon. Says Tunney,“Expect to see continued high levels ofM&A activity. Given the relatively slowgrowth in the United States and the reces-sion in Europe, many firms will struggle togrow organically.”

For many CPA firms, it's not a questionof if an M&A will happen, but when.

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A blend of four generations comprises today’s workforce, bringing withit a host of communication, management, recruitment and retention chal-lenges—as well as opportunities.

Accounting firms in particular, with hiring models that target all experi-ence levels, are keenly aware of generational divides. Attracting, managingand retaining talented employees from all generations is critical in an indus-try that often struggles to find diverse, high-quality talent. “A lot of CPA firmsare focusing on generational issues,” says Janel O’Connor, director of humancapital at Naperville, Ill.-based accounting and professional services firmSikich LLP. “The ones that are creating awareness and have a plan in placeare the ones that are really a step ahead.”

While achieving the perfect blend of seasoned and fresh talent can boostproductivity and bottom-line results, ensuring all generations work togetherseamlessly isn’t easy. That’s why firms of every size are focusing on gener-ational awareness training and offering a range of work and benefit optionsto appeal to staff at all career levels. In the process, they’re fielding theirmost diverse and innovative client service teams ever.

That said, “I certainly don’t think any firm has it all figured out yet,”admits Terrance Moreno, senior manager of human resources at Baker Tillyin Chicago. “It’s something we’re all wrestling with, and we’ll continue tolook for ways to boost awareness and generational interaction. Despite theweak yet slowly improving job market we’ve seen in the past few years, peo-ple have choices. Firms need to be innovative and competitive to attractand retain the best people to serve clients.”

“As a firm, we’re focused on continuing to grow, and that’s dependent onhaving the right people coming in,” says Paula Frerichs, director of recruit-ing at accounting firm Plante Moran. “We want to take advantage of theambition and ideas of new generations to push the firm into new areas. Andwe’ll have to transition knowledge and clients eventually. That transfer ofknowledge is a necessity.”

Today’s accounting firms are mobilizing multi-generational workforces to boost productivityand meet client needs. By Clare Fitzgerald

The Blended GenerationGEN B:

The Blended Generation



A Unique BlendSupporting a multi-generational workforce requires an understand-ing of the influences on each generation’s attitudes, communica-tion styles and work patterns.

According to Amy Lynch, consultant at BridgeWorks, a Min-neapolis speaking, training and consulting firm that educatesorganizations about generational differences, the four generationsat work today break down into the following general groups.n Traditionalists: Born before 1946, traditionalists account for

about 8 percent of the workforce. Many are working longerinto their retirement years, and some are retirees who haverejoined the workforce in part-time roles.

n Baby Boomers: An enormous group of nearly 80 million,Boomers were born between 1946 and 1964. They comprisethe largest chunk of today’s workforce.

n Generation X: A much smaller generation, Gen Xers are intheir 30s and 40s—at the mid-career level and rising.

n Millennials: The newest entrants to the workforce, Millennials(also known at Gen Y), were adolescents in the year 2000.

Each has been shaped by the unique historical events and eco-nomic conditions of their generation. And each brings differentstrengths to the workforce. For example, Traditionalists were influ-enced by their experiences in World War II and the Great Depres-sion. Fifty percent of the men served in the military, and theybrought a top-down style to business. “The boss was the boss,”explains Lynch. “He wasn’t going to ask for opinions. He gave acommand and expected his people to carry it out.”

Boomers lived through the social unrest of the 1960s and the civilrights and women’s movements. Shaped by economic optimism,they had great expectations and a competitive drive. “In the work-place, Boomers pushed back on the Traditionalists’ style to somedegree, but they also learned how to play by the rules and get thingsdone within a multi-leveled framework,” says Lynch. “They devel-oped a formal, diplomatic and careful communication style.”

Gen Xers grew up during the great push for globalization and ina time of economic volatility, with a bleak job market, soaringdivorce rates and political and corporate unrest. Seeing that thereare no guarantees in life, they developed a skeptical outlook anda direct, to-the-point style.

Millennials came of age during a time of great technologicalchange. They watched tragedies such as 9/11 and the Columbineschool shooting unfold, but they weren’t discouraged by theevents they witnessed. Instead, they adopted a resilient, can-do,collaborative attitude.

A Voice for AllHaving a multi-generational workforce in place is one thing, butmanaging it successfully is quite another.

According to Lynch, communication is the place to start.“Awareness training is important,” she says, “but if you can get thecommunication right, teamwork, trust and innovation will follow.Each generation has very different, and often at odds, modes ofcommunication,” she explains.

For example, Boomers may need to dispense with some formal-ities and learn how to be more direct and transparent with Gen X

“Find ways to attract, retain and leverage the contributions of all generations to continue to breathe new blood into the organization.”

“Find ways to attract, retain and leverage the contributions of all generations to continue to breathe new blood into the organization.”


professionals. On the flip side, Gen Xers may need to adopt a littlefinesse when communicating with Boomers. And Millennials mayneed to do a better job of knowing the right time and place toexpress their opinions, and how to present ideas more formallythan they might when working with a fellow Millennial, and so on.

“People need to be trained on how best to present something sothey are more likely to be heard by different generations,” Lynchadvises. “Be yourself, but adapt so that people can hear you. That’sthe key.”

Terms of EngagementWhen it comes to perks and benefits, Lynch advises organizationsto provide a range of options and to focus on the things that allgenerations value—time and independence.

“Having control over one’s time is important to everyone, evenif for different reasons,” she says. “The more control people haveover their time, the more rewarded they feel.”

Traditionalists and Boomers may be looking for reduced work-loads, Gen Xers may need to leave early for a child’s school func-tion and Millennials might be pursuing advanced degrees. Accom-modating personal needs and offering options like flextime and theability to work from home will go a long way towards engagingemployees at every level.

“Leaders need to recognize that times have changed. We’re work-ing in a 24/7 world, and when their roles allow it, people need tobe able to work at their own pace in their own space,” says Lynch.

“Offer flexible benefits that allow people to pick and choose whatthey need based on their life stage,” adds Jan Ferri-Reed, consultantand president of KEYGroup, a Pittsburgh-based consulting firm thathelps companies create workplaces that attract and retain talent.

At Sikich, a holistic approach is taken to employee benefit pro-grams. “We strive to appeal to our professionals at all stages of life,whether they are single, nearing retirement or starting families,”explains O’Connor.

For Moreno, offering options is the key to supporting a diverseworkforce. “We need to attract and retain the best talent, so weneed to be sensitive to their work needs.” At Baker Tilly, that meansoffering robust flexible work arrangements and other additions totraditional benefit plans, such as gym memberships and paid timeoff to volunteer with charitable organizations, to name a few.

Demonstrating a commitment to career development and con-tinuing education is a bit of a no-brainer, with savvy firms provid-ing various training options and offering reimbursements fortuition, professional licenses and professional membership dues.

Lynch also advises managers to be open to nontraditional careerpaths. Gen Xers and Millennials, for example, may want to try arole in a different department or take on an assignment outside oftheir job descriptions. Embrace that sentiment, and leverage youremployees’ enthusiasm for the benefit of the firm and your clients.

Bringing it All TogetherBuilding and supporting a multi-generational workforce doesn’tautomatically give you a workforce that’s interacting and workingtogether well. It takes constant effort and monitoring.

Ferri-Reed suggests that leaders find both formal and informalways for the generations to regularly interact, ensuring that junior

employees have access to the institutional knowledge of oldergenerations, and that older generations tap into the technologicalcapabilities and new ideas of younger generations.

Sikich is reinvigorating its mentoring program with precisely thisgoal in mind. The firm matches junior talent with more seasonedprofessionals and encourages an open-door policy. The same openstyle is emphasized at Plante Moran, where “Junior staff can walkinto a partner’s office, and our client engagements allow for regu-lar interaction across all levels,” explains Frerichs. And at BakerTilly, “Accessibility is built into who we are, and we know that’ssomething Mellennials value,” says Moreno. “They want to talk topartners to find out what their journey was like. That’s why ourpartners are very involved in mentoring our staff members and inour college recruiting process.”

These efforts are especially important to professional servicesfirms, which too easily fall into a “this is the way we’ve alwaysdone it” attitude, explains Ferri-Reed. “Professional services firmstend to err on keeping the status quo in terms of what has workedin the past. But they need to work on ways to diverge from thatmindset to keep young talent longer,” she says.

Maximizing the Generational MixFirms that successfully integrate fresh ideas from younger talentwith the wisdom and experience of seasoned professionals will seepositive effects on staff retention and the bottom line, says Lynch.

“You’ll discover the managers that get results, and you’ll be ableto appoint your best communicators to key positions. Holding onto the wise Traditionalists and Boomers, productive Gen Xers andcollaborative Millennials will help to draw more clients to yourfirm. Firms will find that their client base starts to mirror their ownworkforce,” she explains.

“You’ll be able to appeal to organizations that have an olderperson at the helm as well as to the startups and other organiza-tions that are infused with youth,” Ferri-Reed adds. Plus, “Firmsthat are progressive in this area and that do things sooner ratherthan later have a much stronger employer brand. They becomeknown as a great place to start and develop your career.”

“We’re always looking at ways we can work more effectivelyacross generations and build more collaborative client-facingteams,” O’Connor remarks. And at Baker Tilly, “We hire at a vari-ety of levels, ranging from directors with significant experience, tothe mid-level and the entry-level right out of school, so that natu-rally creates quite a diverse workforce. And we need that diversityfrom a business and client service standpoint,” says Moreno.

Essentially, Ferri-Reed recommends that firms, “Find ways toattract, retain and leverage the contributions of all generations tocontinue to breathe new blood into the organization and to sustainand grow its client base and profits.”

And what of those that don’t make a strong effort to bridge gen-erational gaps? “Roles aren’t clear and deadlines don’t get metwhen people can’t hear each other,” says Lynch. “Organizationscan lose valuable input and see high-volume turnover.”


paper

lessThe rapid advancement of green technologies has made both bottomline-focused and sustainability-minded CPAs a happy lot.

“Most CPAs are profit-oriented. When it comes to technology, we onlybuy into what will help us become more profitable,” explains Al Kutchins,president of tax and accounting firm Kutchins, Robbins & Diamond Ltd. InKutchins’ case, making the commitment in 2008 to stay “on the cuttingedge, not the bleeding edge,” led his 52-person firm to adopt technologiesdesigned to support a paperless, digital office. The result: Approximately 50-percent volume growth and continuing efficiency gains and cost savings.

Kutchins, Robbins & Diamond isn’t the exception. “Far and away, thepaperless movement is THE big green thing for accounting firms,” says BillNiles, owner of strategic IT consulting firm IS Consulting. “By going paper-less, you’re absolutely going to reduce costs and increase efficiencies;documents will be at your—and your clients’—fingertips, communicationwill improve, and you’re going to attract the talent and clients that areincreasingly looking at a company’s green status.” All of which ultimatelyhelps to bolster the bottom line.

Of course, maximizing the perks of a digital office requires the righttechnology investments.

Bolster your firm’s bottom line by opting for cost-saving,

productivity-boosting green technologies.By Derrick Lilly

super savings


Scanners: Increase capacityScrapping the file room for digital documents is going to cut waste andexpenses beyond the obvious paper, toner and postage costs. Niles sayshe has seen “firms recover up to 10 percent of their office space thatcan then be reused for things other than filing cabinets, which can leadto better space utilization or a smaller space with reduced rent.”

“Scanning all of our paper files allowed us to reclaim 600 to 700square feet of office space,” Kutchins estimates. “What was once ourfile room is now revenue-producing offices and work stations that haveincreased our capacity without us renting more space or moving toanother building.”

“Choosing a scanner for the…accounting office is nothing likechoosing a scanner for your home photo collection,” cautions DaveMcClure in an article for The Progressive Accountant. “For the account-ing office…it is far more important to have networking capability, aTwain-compliant driver…and the ability to output the finished scan toemail, to fax or to a folder.” McClure also recommends selecting a scan-ner that includes a quality OCR software package so you’ll be able toinstantly convert scanned files into editable documents.

You’ll have no trouble finding intuitive and energy-efficient business-class scanners for firms of all sizes from leading manufacturers likeBrother, Canon, Epson, Fujitsu and Xerox, to name a few.

Multiple Monitors: Ease workflowsKutchins has sought further efficiency gains by arming each workstationwith multiple monitors, making it that much easier and faster to workwith multiple digital documents.

“With two monitors, we’re able to look at last year’s work papers andtax returns while doing this year’s, for example,” says Kutchins. “Butwhat’s better is three monitors. Because we also need to keep track oftime, monitor email, and run other programs, the third monitor serves asa utility screen that allows everyone to run at their greatest efficiency.”

The Association for Accounting Administration’s 2011 Paperless

Benchmarking Survey found that 90 percent of firms are using at leasttwo monitors, while 38 percent are using three, 11 percent are usingfour or more, and 40 percent are deploying dual monitors with employ-ees heading into the field.

How green is running multiple monitors? There’s a wide variety oflow-wattage, ENERGY STAR-qualified monitors available from popularmanufacturers like ASUS, Dell, Lenovo, Philips and Samsung that pro-duce little to no heat and run on only a few dollars worth of electricityannually. In a paper-heavy industry, the costs of multiple monitors cancertainly offer a long-term advantage.

Server Virtualization: Save on power The 2011 Paperless Benchmarking Survey points out that 45 percent offirms have already transitioned to a virtualized server environment, andthat number is expected to grow thanks to the remarkable reduction inhardware, software, maintenance and energy costs virtualization solu-tions offer.

Essentially, virtualization allows you to harness the computing powerof multiple servers or computers through one super server. “Typicalaccounting firms need multiple servers for their email, operating sys-tems, QuickBooks accounts, client data and private networks, forexample; it used to be that every service needed its own physical serverthat ate up power, generated heat and required maintenance,” Niles


explains. “Now, we are able to use virtualization software to lever-age new or existing hardware to host multiple servers.”

According to TechTarget’s Virtualization Decisions 2011 Pur-

chasing Intentions Survey, VMware is king with 73 percent of theserver virtualization market. It also comes highly recommended byNiles. But server virtualization solutions from the likes of Citrix,Dell, Microsoft and Red Hat can all lend a hand in helping firmsreduce their footprint in a number of ways, including reducinghardware needs, electricity and HVAC use, and server storagespace, etc.

What’s more, the servers themselves are becoming increasinglypowerful and energy-efficient. ENERGY STAR estimates compa-nies can save $100 or more in annual electricity costs per serverby using ENERGY STAR-qualified enterprise servers—some ofwhich use 54-percent less electricity—over unqualified models.ASUS, Cisco, Dell, HP and IBM are all ENERGY STAR-awarded orrecognized energy-efficient server manufacturers, and 15 manu-facturers now partner with ENERGY STAR to ensure continuedimprovements.

DMS: Boost productivityA document management system (DMS) is a cloud-based solutionthat helps to automate the process of gathering, scanning, convert-ing, storing, organizing, retrieving, updating and delivering digitaldocuments so that you and your staff can easily and securelyaccess all of your data from any Internet connection. The AICPAand the Texas Society of CPAs estimate that top performers work3-percent less and earn 72.4-percent more than average firmsthanks to systemized document management workflows.

“Six years ago we started taking baby steps to transition tocloud-based DMS because we saw an opportunity for huge laborsavings,” says Kutchins. “People were spending too much timeupdating their systems, walking to the file room, searching for files,making copies, and then refiling whatever they were working on.We also found that people were forgetting to save their work ontoour internal network, so not everybody was always working on the

most up-to-date documents. Our cloud-based solutions solve all ofthese challenges.”

Kutchins’ DMS is part of a cloud-based tax & accounting suitefrom Thomson Reuters. Solutions from Acct1st, CCH, Doc.It, andThomson Reuters are all highly rated in CPA Practice Advisor’s“2011 Review of Document Management Systems.” Drake Soft-ware and Intuit also have document management offerings thatintegrate with their products, and it’s expected other leading ven-dors will follow suit as demand grows.

Client Portals: Cut down on costs Cloud-based document management systems and client portalswork hand-in-hand to expand accessibility, protect files and ele-vate the client service capabilities of your firm. These portals—two-way gateways for transmitting all file types and sizes to andfrom your clients via a secured Internet connection—provide asafe and instant alternative to the traditional methods of storingand delivering sensitive client documents, CDs and jump drivesthrough the mail and even email.

What’s more, client portals designed with tax and accountingfirms in mind, like those from CCH, cPaperless, Office Tools Pro,ShareFile, SmartVault and Thomson Reuters, ensure compliancewith increasingly complex regulations protecting client data.

“Although the U.S. Postal Service probably isn’t happy,” jokesKutchins, “we moved to using a client portal so we wouldn’t besending out nearly as many printed tax returns or financial state-ments. Now, our clients can securely access the client portalthrough our website to upload or download all of their importantdocuments whenever they need to. Even if the client doesn’t wantto go to the portal themselves, it’s so much easier for our adminstaff to use it to find and deliver client documents.”

If you’re anything like Kutchins, who started his career using foun-tain pens for work papers, the pace of change may feel a bit chal-lenging at times. But he’s now the one who sits in meetings with aBlackBerry in one hand and an iPad in the other. To put it plainly,tech-savvy CPAs are integral to the accounting firm of the future.

“The pieces people often forget when talking about green technol-ogy is the simple stuff, like eFiling, online bill pay, online payroll,direct deposit and wire transfers, all of which easily replace the tra-ditional mailing of documents, checks and what not,” says Niles.

Cloud-based paperless payroll and HR solutions from Intuit,for example, integrate with Intuit’s other products (like Quick-Books) and include a payroll solution specifically designed foruse by accountants who fulfill payroll management functions fortheir clients. The same goes for ADP, CompuPay, Paychex, Pay-com, and SurePayroll, which all offer a variety of accountant-spe-cific solutions as well as versions designed around the payroll,tax and HR needs of businesses of all sizes. So not only can youuse these paperless products for your firm, but you can alsopotentially offer new green services to your clients if you aren’talready active in this area.

Client meetings are another area ripe for business greening.“We just installed a big-screen TV in our conference room so wecan start doing Skype conferences,” says Kutchins. “With a sub-urban office, if I can cut out just one downtown meeting a monthI can save three hours of travel time, tolls, fuel and parkingexpenses. It’s an instant payback, and if I multiply that by just thenumber of my partners, there’s potential for huge savings.

”There’s a wide variety of web-conferencing and collaborationtools to choose from. Some of the industry leaders includeAnyMeeting, Cisco’s WebEx, Citrix’s GoToMeeting, and Skypeand ReadyTalk. And those must-attend meetings can be paper-less too. “More people are getting comfortable going to the cloud,so our next step may be doing client presentations on iPads. We’llbring four or five to distribute at a meeting to look at the reportsand then we’ll just bring them back; all the files and data we needis accessible through the client portal,” says Kutchins.

The Simple Stuff



Creating a firm with staying power

and an impactful brand is harder than

it used to be. By Kristine Blenkhorn Rodriguez

Legacies are defined by their staying power.Almost two decades ago, little-known researchers Jim Collins and Jerry Por-ras coauthored a book based on a project at Stanford University. It becameone of the best-selling business books ever. Their burning question was asimple one: Why are some companies able to achieve and sustain successthrough multiple generations of leaders, across decades and even centuries?They systematically studied what separates the great from the merely aver-age. Even now, years later, Built to Last: Successful Habits of Visionary Com-

panies, is used in classrooms and boardrooms as a blueprint for how to buildan enterprise that endures.

Professional services firms face a unique challenge when establishing alegacy. Their “product” is often intangible and based on not only accuracyand foresight, but also the ability to earn client trust. In order to persist,these firms have to outlast the tenure of any single charismatic leader, allowfor change in everything but a core set of beliefs and values, establish astrong and vibrant culture, and leverage homegrown management ratherthan outside hotshots.

BuIld ABusINEsslEgAcy


While most of the tried-and-true methods of building a legacyhold firm, today’s business environment has complicated matters.Shorter employment tenures in a competitive marketplace, a digitalgeneration of clients who expect more than just operational excel-lence, a competitive environment that now includes firms fromaround the world—all these factors contribute to the hurdles compa-nies now have to navigate.

While “legacy” is one of those all-encompassing terms that couldmean a multitude of things, for the purposes of this article, we’llapproach the concept from three angles: brand, corporate citizen-ship and, of course, succession.

Brand LegacyBruce Freeman, a national columnist on entrepreneurship and pres-ident of ProLine Communications, still thinks of brand legacy as amatter of building goodwill. “If you use a doctor, a dentist, anaccountant, etc., and he or she retires, they’ll generally tell youwho will be taking over the practice. And even if you’ve never dealtwith this person, I’d say 80 percent of us will go to the recom-mended replacement. Why? Because we trust the person makingthe recommendation.”

While this scenario still holds true, technology has added layersto the equation. The rise of digital consumers, in large part due tomobility and cloud computing convergence, has changed thebranding game. Facebook, for example, has expanded into a fertilebreeding ground for firms committed to developing relationshipswith clientele of all ages.

“Almost any company I see today, even the older establishedbrands, have moved to cyberspace,” says Ellen Rudnick, executivedirector of the University of Chicago’s Michael P. Polsky Center forEntrepreneurship. “You have to use multiple avenues to get to peopleand meet them on their preferred turf. For most people under 35 or40, that’s cyberspace.” Rudnick sees this trend increasing over thenext few years as the next tech-savvy generation enters consumerand employee ranks.

Building a brand means more than people knowing the quality ofyour work. Given a level playing field, younger generations willchoose the professional whose values most closely match their own.

Procter & Gamble capitalized on this both during and after the2012 Olympic Games. According to branding consultancy Inter-brand’s 2012 Best Global Brands study, “Celebrating the role thatmothers play in raising Olympians, the ‘Thank You, Mom’ campaigntapped into universal sentiment by honing in on the contribution thatmothers make in raising successful, well-rounded children.Launched 100 days before the Opening Ceremony, Procter & Gam-ble’s biggest campaign in the 175-year history of the company wasa huge success, with the supporting brand films garnering almost15.5 million views around the world. There’s not a product brand insight, yet its emotional power is unprecedented. The real success ofthis campaign, of course, is that, without explicitly promoting itself,P&G has accomplished what most marketing efforts fall far short of:inextricably linking the corporate brand with universal human valueslike family cohesion, mutual love and support, and the dreams ofgreatness we all have for ourselves and our loved ones.”

Proving the power of this approach, Interbrand studied consumerassociations with this year’s sponsors in the period leading up tothe Olympic Games, and found that P&G enjoyed the greatestincrease in brand strength—specifically around values such ascredibility and authenticity.

Susan Lewis, owner of her own CPA firm for 25 years, seesyounger clients looking for two things: “One, you must beabsolutely electronically astute—that’s huge. We are on Facebook,we are on Twitter, we have a blog. If you’re not, you’re seen as lessthan cutting edge. As a 53-year old, you’re tempted to say ‘Really?Can’t we just be good at what we do?’ But it’s the norm today. Two,younger clients look for partners that are socially conscious. Wecontribute 100 percent of the expenses for Showers of Hope, an IRS501C3 organization. We cook for the Ronald McDonald Housetwice a year. We sponsor local youth sports. I’d do this anyway, butit shows potential clients what we’re about.”

Corporate CitizenshipIn the old days (read: just a few years ago), corporate social respon-sibility was a media darling for some, and a bitter pill to swallow forothers. Those entrenched in traditional business cultures found them-selves dismayed that performance excellence was no longer enough


to earn client loyalty. A new generation of clients wanted somethingmore: Good corporate citizens.

Many firms either leaned harder on their philanthropic team (ifthey had one) or delegated a partner to oversee corporate citizenship.Separate from the firm’s primary culture, this offshoot was generallyseen as an expense, and therefore wasn’t mainstreamed into day-to-day operations.

Today, the concept of “philanthropy” has expanded into “corpo-rate citizenship.” And, according to Interbrand, this corporate citi-zenship reflects how a company interacts with six key constituen-cies: Employees, customers, suppliers, the government(s) responsi-ble for both regulation and assistance, the communities in whichbusiness is done, and the larger environment the business shareswith the whole planet.

In Interbrand research and client work, the firm found that con-sumer perception of a brand’s performance in any one of these sixdimensions has a type of halo effect on the other five dimensions.This is good news: It gives companies license to laser-focus on anaspect of social engagement that suits their brand identity, and theycan expect to see returns in perception as a result. Over time, theseperceptions, if they remain steady or increase, create a legacy thatdefines the firm in both clients’ minds and public perception.

For some companies and firms, such as S.C. Johnson and Sun-dance, a social legacy is central to their purpose of being. Andindeed, among Rudnick’s students, organizations such as these area definite draw.

“It’s not enough anymore for a firm just to offer a good salary,”she says. “Young jobseekers are looking for a firm that is a good cor-porate citizen. They’ll weigh the pros and cons—I can make 5 or10 thousand more dollars at Firm A, but their values aren’t compat-ible with what I believe in, so I pass on the opportunity and go toFirm B where I’ll make a bit less but will be happier.”

This lure for tomorrow’s most promising leaders brings us to thethird aspect of legacy-building: Succession.

Successor PrepThe most traditional definition of business legacy refers to having atorch to pass; tangible assets to entrust to the next generation ofleaders. A 2012 study by global search firm Russell Reynolds found

that the most successful firms are those that address successionplanning by constantly assessing and developing rising leadersfrom within (which is consistent with the findings in Built to Last).

While you might think family businesses have succession downto a fine art given the fact that sons, daughters, nephews and nieceslikely have been molded for the role of leader from day one, youwould, in fact, be quite mistaken. Although according to the FamilyBusiness Institute, 88 percent of current family business ownersbelieve the same family or families will control their business in fiveyears, only about 30 percent of these businesses survive into thesecond generation, 12 percent are still viable into the third gener-ation, and only about 3 percent of all family businesses operate intothe fourth generation and beyond.

Family or not, succession planning is the key to building a lastingbusiness legacy. In his SmartBlog for Leadership article, “How tofind and mentor future company leaders,” personal leadershipcoach Joel Garfinkle offers these tips for identifying rising stars:

1. Actively look for star performers. Who excels at their work,consistently produces desired results and adds value to thefirm? These are the people prime for mentoring.

2. To help you in your search, let fellow executives know thatyou’re looking for someone to mentor.

3. Acknowledge the efforts of those employees who activelyseek to promote themselves. We’re not talking about employ-ees who constantly brag, but rather those individuals whoconsistently get credit for their work. These are the peoplewho care about their future in your firm.

Establishing a strong culture is also critical, says Rudnick. “In aclass I’m teaching, we’ll cover a case study on a couple of startupsinvolving one entrepreneur. No matter how competent theemployees he hired were, if they didn’t fit his corporate culture,they didn’t work out. It’s that critical. The fit has to be there andbe obvious.”

Building a business that lasts isn’t the game it used to be, largelydue to the rise of a technologically savvy new generation thatholds a different set of priorities close to its heart. What this prom-ises for those businesses that get the legacy equation right is abright, dynamic, profit-generating future.

The ability to formulate a company vision is something many down-play as a soft skill. Business leaders, however, who have turned theirfirms into successful legacies, thriving beyond their tenure, will tellyou a different story. Andrew Clarke of Ground Floor Partners, a consultancy advis-

ing entrepreneurs and business owners on designing and growingtheir organizations, sees it as an imperative. “The businesses I see succeed are those that have a vision,

have a plan to achieve it and ensure they execute against it. Mostbusinesses fail at all three—which is why most businesses fail.What most entrepreneurs have to remember is that a large com-pany has so much more leeway. Its deep pockets allow it toweather the inevitable downturns of business, particularly thosedips companies without a vision are bound to undergo. A small

or mid-sized firm without that vision as a compass tends to floun-der,” he explains.Nancy S. Bishop, who has more than 30 years of marketing

experience in the professional services sector, now counsels start-ups and small businesses through SCORE Chicago, a nonprofitassociation affiliated with the Small Business Administration.“When people start a business, unless it’s a creative endeavor ora family business, most of the time they don’t have a vision.They’re too worried about the short term—when they will breakeven or have enough money to hire more people,” she says. Like Clarke, Bishop sees a vision as an imperative for success.

“Nearly half of startups fail. But, those you counsel who have astrong sense of what they want the firm to be tend to weather theearly storms better and persevere. They’re more likely to be arounda few years from now,” she explains.

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meet the hype.it editors

4 Tips for Overcoming Networking AnxietyIf the thought of attending a networking function gives you heart palpitations, you’re notalone. Many young professionals dread these events but realize they’re an important aspectof their jobs. Here are some pointers to help you approach your next event with confidence.

1. Consider the type of event you’re attending. Look for something that has a built-inactivity that will help to break the ice. Knowing there’s something to do when you attend will reduce the panic of walking into a room and striking up a conversationwith a stranger.

2. Prior to attending an event, check the news so you’re armed with conversation topics.Many people will turn to current events for small talk and you don’t want to be leftwith nothing to say.

3. Perfect your elevator pitch so you impress everyone with your introduction. Makinga great first impression will help you stand out at a crowded event.

4. Most importantly, relax and be yourself. You’ll be an expert at making connections inno time. [SH]

Is it time to move on?We young professionals often jump at the first full-time gig we can get,not taking the time to evaluate how good a fit it is. Young Money’sarticle “Good Reasons to Look for a New Job,” points out that it’stime to start looking elsewhere if:You’re not challenged: Have your abilities grown beyond your jobdescription? You’re not treated well: Do you often feel belittled or defeated?You’re depressed: Do you struggle to get out of bed and face theoffice every morning? You’re strapped for cash: If you’re not earning enough to pay off yourdebts or live comfortably, or you’re not earning what your skills are worth,start shopping around. [DL]

KNoW thIs:}

WIN THIS!What is INSIGHT

Capitol Report columnistMarty Green’s rank in the National Guard? ICPASLinkedIn Group members can email their answers to [email protected] to be entered into a

$25 gift card drawing.Not an ICPAS LinkedIn member? Join today!

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hype.it

Answer these questions—truthfully:n Can you go a day without checking Facebook or tweeting? n Do you feel disconnected if you don’t check or post daily?n Do you often lose track of time when checking or posting?If you answered ‘yes,’ then these tips will help to loosen

those social media shackles:n Be selective. Don’t friend or follow just anyone. n Trim down what you post. Make it strategic, not a time-filler. n Be picky about which social media venues you use. You

don’t have to be active on every single one of them.n Assign specific times of the day to use social media. [CP]

Are you a slave to social media?

Follow us on Twitter!

@IllinoisCPA & @Illinois_FutureCPA

Sarah HaightICPAS Student and YoungProfessional [email protected]

}

Talking too much is the most common mistake hiring

managers say job applicants make during an interview.

Source: Esquire, Working.

Want to Volunteer?

Visit www.icpas.org/volunteerto learn about the many

volunteer programs offeredthrough the Illinois

CPA Society.

CLIENT NAME: Y&R MidwestJOB#: 15673DESC: BMO Harris Bank

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FP 4/C Bleed8.625”w x 11.0625”h8.375”w x 10.8125”h7.875” x 10.3125”INSIGHT Magazine

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Insertion Date: Summer 2012

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Documents

INSIGHT Magazine - Winter 2012 - Illinois CPA Society