WHAT'S NEW Peer Review Revised Standards Available  The AICPA Peer Review Board has released revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. These standards are effective for peer reviews commencing on or after January 1, 2009.    The revised guidance creates one set of Standards and Interpretations within the Program for all AICPA members’ firms subject to peer review. This includes those members’ firms currently enrolled in the Center for Public Company Audit Firms (CPCAF) Peer Review Program.  Other revisions include a reengineered reporting process, changes to engagement and report reviews, and more principles-based Standards.  These revisions, as well as others, are expected to result in a more efficient, and effective peer review process.   Click here to view revised Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards.       Introducing the New & Improved 2008 PCPS/TSCPA National MAP Survey! Ever wondered how your firm stacks up against other firms? Find out where your firm stands by taking part in the CPA profession’s premier benchmarking study - the PCPS/TSCPA National MAP Survey. The survey covers key practice management issues that will allow your firm to compare its management policies and financial results to other firms, and gain strategic guidance to build a more profitable and rewarding practice. Additionally, survey results will help accounting firms make core business decisions and also benchmark themselves against other firms in their region according to firms similar in size and to national averages. For 2008, we have streamlined the survey process and enhanced overall value with: ·                                 A shorter, more focused survey - 40% fewer questions; ·                                 Results that are more targeted and “user-friendly” ; ·                                 FREE summary results report for ALL participants; ·                                 Results produced months earlier than in previous years. The summary report will contain an extract of key performance metrics from the survey – such as billing rates, salaries, hours charged/compensated, services as a percentage of fees, major income statement statistics and more. The comprehensive report, available for purchase and free to PCPS members, will include every performance metric gathered by the survey crossed against many relevant comparison groups. It will also contain additional ratios and analyses of statistics. The survey will open on or around May 1, 2008 and close on July 11, 2008. You’ll want to be certain that you do not miss this golden opportunity that is more valuable than you can imagine… just ask one of the thousands of firms that have participated in the past. For more information, please visit http://map.pcps.org.   New Feed the Pig ™ Campaign Encourages 25-34 Year Olds to Save  Financial illiteracy is a national crisis. American's spend $1.22 for every $1.00 they earn according to the SEC. Over two million Americans filed for bankruptcy in 2005. The South Dakota CPA Society and the AICPA are partnering with the Ad Council to encourage American's aged 25-34 to Feed the Pig ™ as a key to building a solid financial future. For more information visit www.feedthepig.org.     Join the Project for Financial Independance The AICPA and five of the country’s leading financial planning groups have joined forces to reach out to sponsor the Project for Financial Independence, a pro bono financial planning effort offering free financial guidance to people who cannot afford an advisor or who face an immediate or unusual financial need.   CPAs and CPAs with the PFS credential are encouraged to lend their talents to this important public service project.  Contact Randy Ryan, Personal Financial Planning Manager, at the AICPA at (201) 938-3750 if you are interested.   Visit www.consultaplanner.org for information, resources and guidelines regarding pro bono service. Click here for Questions & Answers regarding the Project for Financial Independance.     President Signs Bill Exempting CPAs from Requirements to Sent Privacy Notices Under Gramm-Leach-Bliley Act On October 13, 2006 the President signed a bill that exempts CPAs from the Gramm-Leach-Bliley Act’s requirement that CPAs send their clients an annual privacy notice. The exemption is effective immediately. “This is wonderful news and a win for both CPA practitioners and their clients. The disclosure statements are often confusing to clients and they are expensive and time-consuming for CPAs to prepare,” said Barry C. Melancon, President and CEO of the AICPA. “Since the exemption is effective upon the President’s signature, all those CPAs who are now preparing this year’s privacy notices can stop. They won’t have to send Gramm-Leach-Bliley Act privacy notices out this year. They can instead put that time into serving their clients.” The AICPA has worked with lawmakers since enactment of the Gramm-Leach-Bliley Act to achieve the change, which was possible because CPAs are certified or licensed by state boards of accountancy and are already subject to state laws and regulations that prohibit disclosure of nonpublic personal information without the expressed consent of the client. For more information, visit www.aicpa.org.     South Dakota CPA Society and 360training Partner to Bring You Online Virtual University   Online CPE Doesn’t get Any Better Than This! SDCPAS Members -   Get All Your CPE Hours for One Low Price of $149.00 Individual Courses starting at $10.00   We've partnered with 360training, a next generation provider of online e-learning solutions, to provide all Society members with easy access to online continuing professional education.   We invite you to take advantage today: 24x7 Anytime, Anywhere Access Convenient and Easy-to-Use Engaging, interactive multimedia courses Online Exams Certificates Included Dedicated customer support, 7 days per week 800-442-1149 Competitively Priced - Get All Your CPE for $149.00 Don't miss your June 30 Deadline - Enroll Today!   To enter the virtual university, view the course library, purchase and begin enhancing your career, click here.     Audio and Web Conferencing Strategic Sourcing Program The South Dakota CPA Society and Shared Services, LLC is pleased to offer an audio and web conferencing strategic sourcing program for SDCPAS members.  Genesys Conferencing has been selected as the provider for all of your audio and web conferencing needs.  Genesys offers a comprehensive portfolio of virtual communication and collaboration services to accommodate every type of conferencing need from on-demand reservationless audio and audio/Web conferencing to fully managed Operator-Assisted services. Multimedia Pricing offers one bundled per-minute price for all calls inclusive of all media - audio, web, and desktop video - regardless of which media are used on each call. So you pay the same $.06/minute price if your call is audio-only or if your conference includes audio and web or audio, web, and desktop video.  Rates are on a per minute basis and apply to each participant connected to the conference. For more information, click here

Pay My Dues Online   CPA Exam Candidates Offered Professional Literature at No Cost  Candidates may subscribe at www.cpa-exam.org.  Only candidates who have applied to take the exam, been deemed eligible by one of the 54 state boards of accountancy, and have a valid Notice to Schedule (NTS) may have access to this complimentary package of professional literature.  NASBA’s National Candidate Database ensures that all candidate information remains secure and confidential.   Candidates Register for Computerized CPA Exam                  To reserve a seat, candidates must have applied to a state board of accountancy or a designated agent and received a notice to schedule (NTS).  Candidates who do not have a valid NTS may not schedule an exam.                  The computer-based exam is a joint effort of the American Institute of Certified Public Accountants (AICPA), the National Association of State Boards of Accountancy (NASBA) and Prometric.                 Prometric offers three scheduling methods: ·          online at www.prometric.com/cpa ·          via telephone, 1-800-580-9648 ·          on-site at a test center            Prometric recommends that candidates register via the Internet, because the system is available at all times and offers instant confirmation of test appointments.                 Candidates must reserve their seats at least five days in advance of their desired exam date.  However, the AICPA, NASBA and Prometric encourage candidates to schedule appointments as early as possible – preferably 45 days in advance.  Test seats are booked on a first-come, first-served basis.                 Further information about the computerized CPA exam, including tutorials and sample tests, may be found at www.cpa-exam.org.

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