COCPA NewsAccount - January/February 2018 by Colorado Society of Certified Public Accountants

NewsAccount January/February 2018 Colorado Society of CPAs

Denverâ&#x20AC;&#x2122;s Booming Real Estate Market PAGE 16

Leadership News PAGE 4

2017 Everyday Heroes Know How to Make A Difference PAGE 10

Contents Features

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Amaya To Become Chair Hrouda Tapped for Vice Chair The Nominating Committee presents the slate for COCPA leadership positions beginning May 1, 2018.

Artificial Superintelligence: A Wondrous Disaster? Calum Chace explains that while the concepts behind artificial intelligence (AI) can be overwhelming, the opportunities are something worth anticipating positively.

2017 Everyday Heroes Know How to Make A Difference On Nov. 10, 2017, the COCPA honored seven individuals for their service to their communities.

Cranes, Cranes, Everywhere Cranes: Denver’s Booming Real Estate Market As if the construction cranes dotting the Denver skyline weren’t evidence enough, statistics confirm it: Downtown Denver is in a massive construction and development boom.

Student Veteran Mom CPA-to-Be Helps Others Make the Leap COCPA student member SarahBeth Walsh is making her mark through service to student veterans as she pursues her accounting degree.

Then and Now: The Good Ol’ and New Days

Imagine a work world without mobile phones, laptops, and the internet. Take a walk down memory lane with some of the COCPA’s most experienced professionals who remember that world.

Departments

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Chair Column Movers & Shakers Classified Ads

Chair Column

NewsAccount A bi monthly publication of the Colorado Society of Certified Public Accountants Vol. 63, No. 5 January/February 2018 Board of Directors Tawnya Y. Ramirez, Chair Victor A. Amaya, Vice Chair Benjamin T. Hrouda, Treasurer Mark T. Solomon, Immediate Past Chair Mary E. Medley, Secretary Directors Renny Fagan, Dana J. Miller, Gregory P. Osborn, Christopher J. Telli, Karen F. Turner, Randy L. Watkins Editorial Board Jack Allgood, Alan D. Bennett, Peggy Jennings, Georgia Z. Phillips, Lori Anne Reinwald, Laura J. Theiss, Barbara J. Tedesko, Steve Van Meter, Michael D. West, Charlie Wright Mary E. Medley, President/CEO Natalie G. Rooney, Contributing Writer Ariana Cassard, Blue Ocean Ideas, Design NewsAccount (ISSN #10899952) is published bimonthly by the Colorado Society of Certified Public Accountants, 7887 E. Belleview Ave., Suite 200, Englewood, CO 80111. NewsAccount is published in January, March, May, July, September, and November and reports information, news, and trends in the accounting profession. The Colorado Society of CPAs assumes no liability for readers’ business decisions in reference to advertisements or other information included in this publication. Membership dues include a $10.00 one-year subscription to NewsAccount. Periodical postage paid in Englewood, CO, and additional mailing offices. POSTMASTER: Send address changes to NewsAccount, Colorado Society of Certified Public Accountants 7887 E. Belleview Ave., Suite 200 Englewood, CO 80111 Net press run = 6,924 copies; sales through dealers and carriers, street vendors, and counter sales = 0; paid or requested mail subscription = 6,852; free distribution by mail = 0; free distribution outside the mail = 17; total free distribution = 55; total distribution = 6,869; office use, leftovers, spoiled = 55; returns from news agents = 0; total sum = 6,924; percent paid and/or requested circulation = 99%.

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NewsAccount is available online at www.cocpa.org.

• NewsAccount • January/February 2018

Tying It All Together BY TAWNYA RAMIREZ, CPA, CGMA

“The thing that we have to be most careful of is that our past success doesn’t become our future enemy.” ~ Eric Hansen, AICPA Chair-elect, October 24, 2017

ric Hansen’s comment at the fall 2017 AICPA Council meeting made me pause. Think about the big changes facing the profession, business, and our communities. When things are in a state of flux and change is pushing us forward faster than we’d like, it's more important than ever to take a step back and see the bigger picture. We heard a lot of pretty “out there” information, trends, and predictions at the fall Council meeting. We also heard from speakers encouraging us to be bold and courageous and biased in favor of action. It was scary, exciting, and inspirational all at the same time.

As I traveled the state on the Chair Tour last summer, I spoke with COCPA members about change. Change – greater than we’ve ever seen before – is coming to our profession, and it’s coming rapidly. It will be uncomfortable, as it always is. But we can prepare. REIMAGINING THE FUTURE Look up Calum Chace on the web if you get a chance, and check out the interview with him in this NewsAccount, page 8. He spoke to us about a future so different that it’s hard to envision. Imagine a world where most people don’t even work. The biggest changes will come from technological advances in artificial intelligence (AI). There

in his mid-30s who, as a child, was burned over 100 percent of his body in a horrible accident. He was given less than a one percent chance of survival. He made us laugh and cry, sometimes at the same time. And, you could have heard a pin drop when he played the piano for us. It was amazing because O’Leary’s fingers were mostly amputated after his accident. He encouraged all of us to change our mindsets. COMPASSIONATE LEADERSHIP On Feb. 1, AICPA leadership will shift from Kimberly Ellison-Taylor, CPA, CGMA, to Eric Hansen, CPA, CGMA. At the fall 2017 Council meeting, AICPA President and CEO Barry Melancon thanked Ellison-Taylor for her service. While he acknowledged the historic fact that she was the organization’s first black leader, he emphasized that the description doesn’t represent the whole of her, nor does it encompass her myriad contributions to the profession. “She is a caring and compassionate leader and if we had more of her in the world, we would have less division and strife,” Melancon said.

isn’t – yet – an AI solution that really thinks like the human mind – integrating data or making decisions. But, it will become more and more capable. And, the resulting changes will have ripple effects. As a profession, we need to be aware of what AI is and what it’s capable of doing. After Chace blew our minds, we were inspired by John O’Leary, a father of four

Are we victims or victors? He offered these three questions to assess ourselves in both the victim and the victor mindset: • Why me? • Who cares? • What more can I do? If you ask yourself, “Why me?” from the victim mentality, you give away your power to circumstances or to others. But, if you ask that same question from the victor mentality, you practice gratitude and thankfulness for all you have. It’s a much better place from which to start problem solving. Think about AI through the framework of these questions. We can throw our hands up in the air or take the victor’s mindset and say that we’re very fortunate. We have opportunities before us, people who care, and a lot we can do, so we shouldn’t just sit back and let change happen to us. We need to do what we can. We are thought leaders. We should be seizing control of AI whether that’s through think tanks, firm collaboration, or something else. We don’t have to wait around for someone else to do it first. We can be the idea people who hire the people who do it. I don’t have the answers, but I’m definitely thinking about them! LEADFIT = HUMAN SKILLS When I start to panic about AI’s impact on the profession and our broader society, I think about my experience in LeadFit. As one of the COCPA members who helped to develop the LeadFit program (2018 details on page 14), I was excited to attend as a participant this year. The original goal was to bring together annually a small cohort of people who want to learn and develop a set of communication, leadership, and interpersonal skills to become more effective in their professional roles.

There’s no way a robot can do what we learned to do in LeadFit – things like deep listening, letting people process their emotions, conflict resolution, and accounting for your team’s different learning and thinking styles. And then there’s performance management – designing roles to ensure we have the right people in the right places. These are innately human activities. During the LeadFit graduation, it was affirming to realize that several organizations find the program so valuable that they continue to send new leaders each year. It also was affirming to see several leaders from organizations which had not sent participants in the past. These professionals not only showed up for every session, but also they engaged deeply. The impact was apparent when I heard others talk about what they learned and how they’re applying their new skills to their daily lives, professionally and personally. In the end, what we all learned had nothing to do with AI, the tax code, or FASB pronouncements. But we are better leaders, more effective in our technical work, and more productive for having attended. Maybe AI can help, but for now, it’s important for us to focus on the human element, how we’re going to help our staff, firms, clients, companies, and ourselves go through a tremendous amount of change. There’s no magical flip of a switch when robots will do everything – and they won’t do everything. The transition is going to be a challenge. Programs like LeadFit will be more important than ever and will equip us with the tools and skills we’ll need to remain relevant. AI can do the work, but humans need to translate and interpret the work. My personal prediction is that in many ways we’ll go back to a somewhat simpler time. How? Why? With the automation of so many different things on the horizon, interpersonal skills and relationships will become even more important. And, we can prepare. I’d love to hear your thoughts on AI and our profession. Message me at tramirez@ chartergrowthfund.org. s

January/February 2018 • www.cocpa.org •

Leadership News

Amaya To Become Chair Hrouda Tapped for Vice Chair/Chair-elect

he Nominating Committee, chaired by COCPA immediate past chair Mark Solomon, CPA, CGMA, presents the following slate for COCPA leadership positions beginning May 1, 2018. The chair and vice chair serve for one year, and the treasurer and directors serve for two years. Watch for the March/April 2018 NewsAccount in which you’ll find biographical information on these nominees. Congratulations to officer nominees Chair Victor A. Amaya, ClearPath Advisors LLC, Littleton; Vice Chair/Chair-elect Benjamin T. Hrouda, Flywheel Capital, Denver; and Treasurer Christopher J. Telli, BKD LLP, Colorado Springs. Tawnya Y. Ramirez, Charter School Growth Fund, Broomfield, continues on the Board as immediate past chair. COCPA CEO Mary E. Medley is the Board secretary. Directors to begin a two-year term are: Kristine Brands, Regis University, Colorado Springs; Georgia Z. Phillips, The Phillips Allderdice Consulting Group PC, Denver; and Matthew O. Rolland, Moss Adams, LLP, Denver.

Victor A. Amaya Currently serving on the Foundation Board are officers Sharon S. Lassar, University of Denver, Denver, President; Diego J. Baca, EY LLP, Denver, Vice President; Toby D. Clary, Soukup Bush & Associates CPAs, P.C., Fort Collins, Treasurer; Kristine Brands, Regis University, Colorado Springs, Immediate Past President; Audra Dixon,

Continuing on the Board are Community Member Renny Fagan, Colorado Nonprofit Association, Denver; Dana J. Miller, Adams 12 Five Star Schools, Thornton; and Randy L. Watkins, Anton Collins Mitchell LLP, Greeley. The Board of Directors thanks for their service the following directors who will complete their terms on April 30, 2018: Gregory P. Osborn, RubinBrown LLP, Denver; Christopher J. Telli, BKD LLP, Colorado Springs; and Karen F. Turner, University of Northern Colorado, Greeley. The Nominating Committee presents the following nominees for the Educational Foundation Board of Trustees for a threeyear term: Theresa Hilliard, Fort Lewis College, Durango; Patrick Lytle, SM Energy Company, Denver; and Laura Theiss, Holben Hay Lake Balzer, Denver.

Benjamin T. Hrouda

• NewsAccount • January/February 2018

EY LLP, Denver; Audrey A. Gramling, Colorado State University, Fort Collins; Ann E. Hinkins, EKS&H LLLP, Denver; G. Suzanne Owens, Colorado Mesa University, Grand Junction; Matthew O. Rolland, Moss Adams LLP, Denver; and Mary E. Medley, COCPA. Alicia Gelinas serves as executive director of the Foundation. s

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Regulation

Renew Your Colorado License Before January 31

he grace period for renewal of an active, inactive, or retired status Colorado CPA certificate ends, Jan. 31, 2018. Now’s the time to renew, if you haven’t already done so, to avoid expiration and possible disciplinary action. Be aware that you’ll pay a $15 late fee in addition to the renewal fee. To renew, go to www.colorado.gov/dora/ licensing/Login.aspx, and follow the prompts to access the Online Renewal Service. You’ll need your User ID and password to log into the system. If you’ve forgotten your password, you can access Online Services by using the Password Finder. NOTE: If you’ve never logged onto Online Services or if you haven’t previously answered the identity confirmation security questions, you must first Register your account. Once you successfully renew your license, you’ll receive a confirmation email containing your wallet card which you can print. If you have any questions about renewal of your license, contact the State Board’s

Customer Service team at 303-894-7800 or dora_dpo_licensing@state.co.us. CHECK YOUR EXPIRATION DATE After Jan. 31, 2018, your certificate will expire, and you will be required to apply and be approved for reinstatement before you can practice. Should you indicate that you have been using the CPA designation or performing work that requires a license, you may be subject to disciplinary action. Licenses issued on or after Aug. 3, 2017 (within 120 days of the renewal date of Nov. 30, 2017), should renew in 2019. Check your expiration date to be sure at https://apps.colorado.gov/dora/ licensing/Lookup/LicenseLookup.aspx. PEER REVIEW ATTESTATION If you’re subject to the Peer Review requirement because you provide compilation, review, and/or audit services, you are required to attest that you have complied with those requirements when renewing your license in Active status. You’re exempt from the requirements if you do not provide such services, work for a CPA firm already subject to the peer review requirements, or are renewing an Inactive or Retired status license. Simply put, if you work for a firm that performs those services, choose Attestation #2a. If you work for a firm that does not perform those services, choose Attestation #2b. STATUS CHANGES To change your status (Active, Inactive, Retired) to a different status, you should do so before renewing your license. To download the appropriate form and instructions, go to www. colorado.gov/pacific/ dora/Accountancy_ CPA_Applications_ Docs. Note that changing your status during the

renewal period will delay your license renewal. Once the status change has been processed, you must renew your license online in the new status no later than Jan. 31, 2018, to avoid license expiration. To change from Active to Inactive status, download the “Change Status to Inactive” form from the Colorado State Board of Accountancy website, complete it, and mail it to the Colorado Division of Professions and Occupations, Office of Licensing, 1560 Broadway, Ste 1350, Denver, CO 80202. No fee is required. To reactivate from Inactive or Retired status, download the “Reactivate Inactive or Retired License” form from the website, and follow the completion and mailing instructions. Note that this change requires payment of a fee. You also must submit documentation of the required CPE. To change to Retired status, download the “Change Status to Retired” form, and follow the instructions. This change requires payment of a fee and submission of documentation of completed CPE. You must have completed 10 hours of CPE for every quarter in the reporting period up to filing the change status request. TRACKING APPLICATION STATUS Go to www.dora.colorado.gov/ professions/onlineservices to track your application from the date it is logged into the database to the date it has been approved. The Office of Licensing recommends allowing at least 10 business days from date of mailing before checking the status of your application. s Questions? Contact COCPA CPE Director Rebecca Campbell, CAE, rebecca@cocpa. org, 303-741-8618, or 800-523-9082, ext. 118, or CEO Mary E. Medley, mary@ cocpa.org, 303-741-8601, or 800-5239082, ext. 101.

January/February 2018 • www.cocpa.org •

In The News

GASB Proposals Address Capitalization of Interest Costs, Pronouncements Implementation BY KEN TYSIAC

n separate exposure drafts, the Governmental Accounting Standards Board (GASB) has issued proposals related to capitalization of interest costs and implementation of recent pronouncements. One exposure draft, Accounting for Interest Cost During the Period of Construction, proposes guidance intended to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period. It also is designed to simplify accounting for interest cost incurred during the period of construction. Interest cost incurred during the period of construction would be measured differently depending on whether financial statements are prepared using the economic resources measurement

focus or the current financial resources measurement focus.

March 5, 2018, and can be emailed to director@gasb.org.

For financial statements prepared using the economic resources measurement focus, interest cost incurred during the period of construction would be recognized as an expense in the period in which the cost is incurred. Such interest cost would not be capitalized as part of the historical cost of a capital asset.

The proposed implementation guide, Implementation Guidance Update — 201Y, contains questions and answers intended to clarify, explain, or elaborate on GASB Statements. Guidance is proposed on various topics, including pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. Amendments to previously issued implementation guidance also are included. Comments are due, Feb. 16, 2018, at director@gasb.org. s

For financial statements prepared using the current financial resources measurement focus, interest cost incurred during the period of construction would continue to be recognized as an expenditure on a basis consistent with governmental fund accounting principles. Comments are due,

Ken Tysiac is a Journal of Accountancy editorial director. Contact him at Kenneth.Tysiac@ aicpa-cima.org.

CO Small Business Giddy Over Economic News: Legislature Could Do More BY JOEY BUNCH

eah, that’s good, but …

That was the reaction of the rarely satisfied Tony Gagliardi, Colorado state director for the National Federation of Independent Business (NFIB), after his national organization released a report (nfib.com/surveys/smallbusiness-economic-trends), Dec. 12, 2017, heralding its members’ economic optimism. “Just think of how happy they could be if the legislature would cut them some slack on sales and use taxes,” he said. “The numbers in this month’s Index of Small Business Optimism absolutely astound – the highest since 1983’s record and the second highest level in the Index’s 44-year history. One can only imagine how much faster this great economic news could accelerate here, if Colorado were to finally get a rein on its sales and use tax structure,” Gagliardi observed.

The Colorado NFIB said the state has more than 700 taxing districts, “which has created a costly, confusing, needlessly time-consuming burden on small businesses, especially for the ones that don’t have the resources to pay someone solely to handle compliance.” In the last (Colorado legislative) session, the bipartisan House Bill 17-1216 created a legislative task force to work with the business community and tax experts to try to cut some of the red tape from tax collections. The bill was sponsored by Reps. Lang Sias, R-Arvada, and Tracy Kraft-Tharp, D-Wheat Ridge, with Sens. Cheri Jahn, D-Wheat Ridge, and Tim Neville, R-Littleton. “What we desperately need is a single application process for sales and use tax compliance in this state. Were that to happen,” Gagliardi said, “I have no doubt

• NewsAccount • January/February 2018

that today’s optimism could be sustained for a very long while.” “The NFIB indicators clearly anticipate further upticks in economic growth for the fourth quarter,” Bill Dunkelberg, NFIB’s chief economist, stated. “This is a dramatically different picture than owners presented during the weak 2009-16 recovery.” s Gagliardi is president of the Coalition to Simplify Colorado Sales and Use Tax, whose mission is to reform Colorado’s excessively complex sales and use tax system with multiple goals: fairness, simplicity, and predictability for business; revenue neutrality to avoid any adverse impact on local and state public services; and a competitive economic environment in Colorado that will attract employers. For information, go to simplifycosalestax.com. This article is reprinted with permission of coloradopolitics.com.

COCPA Governance

Board Adopts Dues Bylaws Amendment

t its Dec. 14, 2017, meeting, the COCPA Board of Directors approved the following bylaws amendment, having received no member comment. This change provides flexibility in how and when membership dues are billed and collected. Deleted wording is shown as strikethrough, and additions are shown in capital letters, boldface. COLORADO SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS BYLAWS AMENDMENT, Adopted, December 2017 Article II Dues Section 1. The annual dues for each type of membership as defined in Article I shall be established annually by the Board of Directors. The Board may set varying rates dependent on

certificate date, residency, occupation, or any combination of the foregoing. Section 2. Dues shall be payable in advance on May 1st of each year AS DETERMINED BY THE BOARD OF DIRECTORS. The member's status at that date shall determine the amount of dues payable for the ensuing year 12-MONTH PERIOD. Section 3. Dues of individuals elected to membership after May 1st of any year shall be charged for the current fiscal year as follows: If application received during the quarter ended:

July 31

100%

October 31

75%

January 31

50%

April 30

25%

Section 4 3. No dues shall be assessed Honorary Members. Any member who has been a member of the Society for 35 years and is fully retired shall be carried as a lLife mMember without further payment of dues. The Secretary of the Society shall have the authority to waive dues in special cases. s

Technology and the Profession

Artificial Superintelligence: A Wondrous Disaster? BY NATALIE ROONEY

ould you rather:

a. Be chauffeured everywhere by a selfdriving car? b. Live a work-free lifestyle? c. Live forever? d. All of the above?

Calum Chace Calum Chace, a businessperson, speaker, and lifelong reader of science fiction, writes his own books which may seem more like science fiction than reality, especially when he talks about the creation of machines smarter than humans. He addressed the AICPA Fall Council meeting last October, fascinating everyone with his predictions and explaining that while the concepts behind artificial intelligence (AI) can be overwhelming, the opportunities are something worth anticipating positively. “Most people are not at all aware of what’s coming,” he says. “When they do get prompted to think about it, their reaction is that it sounds scary. They push it away and get on with life. I seek to convey that these changes are going to produce a wonderful future, but we tend to focus on the challenges rather than the opportunities.” So, how do we get from scary to wonderful?

SHORT TERM VS LONG TERM

HOW WILL WE USE OUR TIME?

First up on the list of changes is self-driving cars (The Driverless Car Revolution: Are You on Board?, NewsAccount, September/October 2017) and associated jobs, such as truck driving. Remember, Colorado was home to the first driverless beer run in October 2016. That’s when Anheuser-Busch hauled a trailer loaded with beer 120 miles in an autonomous-drive truck, completing what's believed to be the first commercial shipment by a self-driving vehicle. You can embrace change and quench your thirst at the same time. And whether or not you like the idea of giving up driving your personal vehicle, the projection that 1.2 million lives will be saved by autonomous cars is compelling. “Stopping that carnage has got to be good,” Chace says. In the scheme of things, driverless vehicles are coming in the really short term future, Chace says – four to seven years. Further out, he predicts that machines are going to take over most of the jobs we do now. And, they will learn to react intelligently and do the drudge work humans do now.

While Chace says most jobs are going to go away, it won’t happen overnight, especially for professions like accounting where a lot of strategic thinking is involved. “It’s going to take AI a long time to catch up,” he says, but jobs in trucking, call centers, and retail are going to see massive changes sooner rather than later.

What does that mean for humans? What will they do for work? What will they do for money when they don’t have to go to a 9 – 5 job every day? “They can do what they want and get on with the important business of life, which is having fun,” Chace says. The long term is 50 – 100 years from now. In that timeframe, Chace says we probably will see the creation of an artificial general intelligence (AGI) – one or more machines that possess all the cognitive abilities of a superintelligent adult human rather than just having superior knowledge of one thing, such as driving a car. “There probably will be an entity on this planet millions of times smarter than the smartest human who ever lived,” he predicts. “It could solve problems like war, poverty, and even death. These are all solvable problems. That’s why I say that if we manage the introduction of AI smartly, it’s literally amazingly wonderful.”

• NewsAccount • January/February 2018

Chace predicts that people won’t have trouble finding ways to fill their time. Will it be hard to adjust at first? Of course. “Some people get real meaning from their jobs, and they’ll be the last to lose their jobs,” he says. “A lot of people get purpose from their jobs, but they don’t really enjoy or get meaning from them. Those are the people who will find it easy to adjust to a life of leisure.” How will we all get money if we’re not working? “I’m optimistic we can solve the income problem,” Chace says. LIVING AS LONG AS YOU WANT Chace talks about the arrival of superintelligence as having both wonderful and disastrous components. The wonderful is that we don’t have to die anymore. “It’s truly mindboggling,” he says. “Death is a failure of our bodies to repair themselves. It’s complicated to stop damage at the cellular level. This smarter entity could solve those problems.” If you’re tired of cooking dinner every night and maybe don’t want to live forever, don’t worry. Chace says no one is going to force you to live longer than you’d like. But keep in mind, you could live in the body of a young person – no creaky knees, missing teeth, or wrinkles. Maybe the superintelligence will even cook dinner. What could be the “disastrous” part in all of this? Chace says while the superintelligence will be incredibly competent, it won’t be human and may not fully understand the nuances of what we mean because we are human and perhaps won’t express our wishes

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very well. Here’s a bit of a cartoonish example: We ask the machine to make all of us happy. What is “happy” for the machine and “happy” for us might not be at all the same. Maybe we just want some extra spending money or an afternoon hike to feel happy. Instead, the machine puts us all into coffins, feeds us heroin intravenously, and keeps us alive forever, translating “happy” as just alive, but in no sort of existence that we would want. Chace says we will have to understand how the machine will interpret things. Without wishing us harm, the machine could do unpleasant things based upon what we ask of it. “If we do get to the superintelligence in fifty years and it continues to improve and accelerate, we could have an entity on the planet many times smarter than we are in sixty years,” Chace says. Of course, we don’t know any of this for sure, but it’s overwhelmingly likely that it will happen, according to polls of AI researchers.

AI IN EXTRAORDINARY TIMES In a time of political upheaval, Chace says it’s worrisome that few people realize we’re on an exponential growth curve for AI research and development. “Each step we take is the equivalent to the sum of all previous steps,” he says. “Exponential growth always takes you by surprise. Machine learning was really only successfully applied to AI in 2012, but it’s spreading to the business community. There will be a big wave of joblessness, and we’re not paying attention. I do believe as a society, as a species, we need to take this seriously and plan for what’s ahead. The industrial revolution happened in a fifty to one hundred year span, and it was painful for a lot of people. This is going to happen much more quickly. There’s no time to be reactive. We need to plan, and we’re not.” The real pioneers are the AI researchers at Google, Facebook, Amazon, and universities. Silicon Valley, China, and Boston are geographic hubs for AI, but smaller AI

communities can be found in Canada and the UK. These areas of thought development are leading the charge, but the technology will be deployed by everyone, Chace says. “It will trickle down quickly.” The most obvious player missing from the AI field is government. “It hasn’t woken up at all,” Chace says. “My urgent message to leaders is to set up a string of think tanks and research institutes to study this problem. And we need to do it fast. We don’t have many years. We the people need to write and tell our government officials that these issues are real and coming soon. That’s my big hope: That we’ll wake them up.” Chace says he suspects when people start thinking about AI, they’ll understand it quickly. “The basic questions aren’t that hard to grasp. Getting to the solutions is much more complicated, but the first trick is to get people to ask the questions.” s

January/February 2018 • www.cocpa.org •

Community Service

2017 Everyday Heroes Know How to Make A Difference

n Nov. 10, 2017, the COCPA honored seven individuals for their service to their communities. From a Boys and Girls Club in Canon City, Colo., to organizations that make all things electrical work to Big Brothers Big Sisters of Colorado to being stewards of Colorado’s

many natural resources to putting his life on the line for Colorado citizens to caring for cancer survivors and children with special needs to bringing aid and medical care to citizens across the globe through Rotary International and Doctors Without Borders, the 2017 Everyday Heroes are an

impressive bunch, making a difference everywhere they go. One is the son of a previous recipient – the first father/son dynamic and dedicated volunteer duo. Read about just a few of their good works here.You can view the video on YouTube at http://bit.ly/2017-COCPA-Heroes.

PETE ADEN, CPA, CCIFP PARTNER, BAUERLE AND COMPANY PC, DENVER Pete truly is committed to giving back to the community whether through a Bauerle and Company sponsored event with Brothers Redevelopment, painting houses for those less fortunate, or helping plan the Denver Public Library Foundation’s Booklovers Ball. Pete has held leadership positions with CFMA, the Construction Management Financial Association, and the Independent Electrical Contractors of Rocky Mountain, IECRM. His dedication to CFMA led to being named its 2012 Associate Member of the Year. And, his work with IECRM led to Bauerle being named its 2016 Industry Partner of the Year. For the past decade, Pete has served IECRM as treasurer, Board member, Building Committee member, and Finance Committee chair, in addition to involving

many of his colleagues in service to the organization. Marilyn Akers Stansbury, IECRM’s CEO, writes, “Pete’s leadership has been a tremendous asset. During the economic downturn, when the entire electrical industry was struggling, Pete’s expertise was instrumental in leading and advising IECRM as the economy recovered. Now, in 2017, he continues to assist the organization in responding to Colorado’s intense growth. As a Building Committee member, even during a busy tax season, Pete was always available to analyze agreements, assess financial issues, explain impacts, and attend building walk-throughs of the organization’s new facility.” Pete’s efforts matter to those with whom he works at his day job, too. Christina Carlson says, “Pete continues to be a

significant influence, particularly with new hires and younger staff just beginning their public accounting careers.” Reed Sellers adds, “I think Pete is a natural leader. He is always there when someone needs coaching or runs into difficult situations. To me, Pete exemplifies what a role model and mentor should be.” Monica Dosen puts it simply, “Because I’m not an accountant, I sometimes feel left out on an island. Pete has not only taken the time to teach me the ins and outs of the profession, but also he helps me see things from a different perspective. While I may not be as giving, positive, and patient as Pete, I certainly hope I can pass along some of these characteristics to others!” Congratulations, Pete. You are making a difference, and you are a hero to everyone you touch.

SEAN MCDONALD, CPA AUDIT DIRECTOR, ANTON COLLINS MITCHELL LLP, DENVER Seven years ago, Sean first volunteered with Big Brothers Big Sisters (BBBS) of Colorado through its Sports Buddies Program. In no time, he was hooked. Drawn into the program as a result of not growing up with a strong male role model himself, Sean realized he could impact a young person’s life. With his “Little,” he participated in organized match activities

including attending and playing team sports. Their relationship spanned five years. By year two, Sean knew he wanted to become more involved in furthering the organization’s mission. He applied for the Associate Board which requires a threeyear commitment and willingness to raise awareness and fundraise for BBBS Colorado. Sean has served on the Board since 2013. His dedication has impacted

• NewsAccount • January/February 2018

directly one young man and many young men and women through his board service. He embodies ACM’s philosophy that when people actively contribute time and resources to their communities, everyone becomes better. Sean McDonald. CPA. Firm audit director. Volunteer. Role Model. Leader now. Leader for the future. And a very special Big Brother.

BRAD MCQUEEN, CPA AUDIT PARTNER, EKS&H LLLP, DENVER Whether he’s cracking eggs on his head to kick off an Easter Seals fundraiser or helping to keep the Colorado trail system clean or teaching the next generation of auditors, Brad ducks the spotlight and is a hero nonetheless. This native Coloradan is deeply passionate about the outdoors and is actively involved in two organizations dedicated to preserving Colorado’s natural resources. Brad’s Volunteers for Outdoor Colorado (VOC) service began in 2011. He currently serves as Board chair and treasurer. Not

that surprising since in previous years he served as vice chair and treasurer simultaneously. His VOC involvement has inspired several of his EKS&H colleagues to participate, too, including leading groups for the organization’s Stewardship with a Team (SWAT) projects. This climber of all 54 of Colorado’s fourteeners also is active with the Colorado Fourteeners Initiative, serving as treasurer for this organization too. In 2017, Brad led a group of EKS&H employees to Quandary Peak to help maintain and preserve a section of trail at about 11,000

feet. Sometimes grueling, the work is important to those who will climb for generations to come. Plus, Brad and his wife started the #clean14er campaign to encourage hikers to keep Colorado trails clean of litter. As Bob Hottman, CPA, puts it, “Brad is an exemplary model of what it means to be an everyday hero by exhibiting leadership, impact, and involvement.” When you see him, ask about the book he co-authored with his wife on their mountaineering adventures and the lessons they’ve learned.

JEFFREY L. MUELLER, CPA/PFS FOUNDER & PRESIDENT, THE MUELLER COMPANIES, CANON CITY Jeff and his wife, Connie, are all about being what they call “radical” givers. The Boys & Girls Club of Canon City has been one of many fortunate recipients. Also benefiting from Jeff’s and Carol’s time, talent, and treasure are Mainstreet USA, the Chamber of Commerce, Rotary, the local High School

Advisory Committee, the School District Career Task Force, the County Vision Committee, and the Royal Gorge Review task force, to name a few. What began with Jeff offering a year of free rent for the Club to have a place for events and activities has grown into a vibrant gathering place for young women and men. Recently, the El Pomar Foundation, in cooperation

with the Denver Broncos, awarded the Muellers the Boys & Girls Club Community Champion Award for their work. Jeff is a co-initiator of a new for credit program on leadership at the local community college and a regular speaker on financial literacy for college students – featuring the AICPA 360’ of Financial Literacy materials. CONTINUED ON PAGE 12

January/February 2018 • www.cocpa.org •

Community Service 2017 EVERYDAY HEROES

CONTINUED FROM PAGE 11

Jeff also co-founded a county wide photo contest featuring local photos. Winners are incorporated into a community calendar, the proceeds from which provide scholarships to first generation high school graduates attending college.

“Most of what Connie and I have done is for God’s glory, and we prefer to stay anonymous when we can,” Jeff says. This time, the word leaked out, and everyone blessed with the Muellers’ gifts are thankful and grateful.

BUDDY NEWTON, CPA SENIOR TAX MANAGER, STOCKMAN KAST RYAN + CO., COLORADO SPRINGS “If asked to describe a picture of the perfect Boy Scout as an adult, I’d describe Buddy,” writes firm managing partner Trinity BradleyAnderson. “He’s true blue all the way.” After hours, Buddy can be found volunteering for the El Paso County Sheriff’s Office as a reserve deputy. His wife Brandy says, “Buddy puts his life on the line weekly, sacrificing everything to keep Colorado safe.” Buddy manages his work and personal schedules like a magician, making more hours of the day seem to appear out of thin air, according to those who know and work with him. Working, studying for his masters in taxation degree (from Northeastern University), working out, volunteering, and spending time with his precious family all shift come Friday night. That’s when Buddy puts on his uniform and begins an evening shift with the Sheriff’s Department – a

• NewsAccount • January/February 2018

commitment of 300-400 hours annually. Many of the children and adults Buddy helps during patrol are in tough, often abusive, situations. He says he does it because “when you find something rewarding – like protecting our community – you enjoy it more when you’re not getting paid.” Buddy also serves as board treasurer for the Peak Military Care Network and on the event committee for its Honoring the Brave Breakfast. The Colorado Springs Business Journal featured him in its 2013 Young Professionals issue and as a Rising Star in 2016. Buddy is a role model for others and proof that with a great team, you can accomplish anything.

DAN W. SOUKUP, CPA PARTNER, SOUKUP BUSH & ASSOCIATES, FORT COLLINS Dan believes in giving legendary service, and he demonstrates it every day, whether at work, at home, in his community, or on the playing field. Numerous organizations have benefitted from his volunteer service including the Center for Family Outreach, which provides one-on-one case management, prevention, education, and early intervention programming for high risk youth and families. A longtime Board member, Dan has served as its president and helps to organize its two

major fundraisers – the annual fundraising breakfast and the Gingerbread House Decorating Contest. The only local nonprofit which provides direct financial assistance to local cancer patients, the RamStrength Lubick Foundation also has benefitted from Dan’s leadership as its president. Michelle Boyle, its executive director, says Dan is one of the major reasons for the organization’s success in fulfilling its mission. Dan volunteers with Respite Care, Inc., giving his time caring for children with

developmental disabilities so their parents can enjoy a night out, and serves on the St. Jude Children’s Research Hospital fundraising campaign, too. This Leadership Fort Collins graduate also has helped to found two young entrepreneurs organizations, as well as coach his daughter’s local volleyball team and junior golf program. He’s the proverbial chip off the parental block, his father Mark Soukup having received the 2009 Everyday Hero Award. Clearly, legendary service runs in this family.

JOHN WETHERINGTON, CPA CFO, ROCKY MOUNTAIN HUMAN SERVICES, DENVER Successful nonprofit organizations maintain enthusiastic and engaged volunteers – and also require strong leadership to sustain and grow. That volunteer – that leader – is John Wetherington. Locally, John serves as President of the Rotary Club of Denver Foundation, after having served as the club’s president and International Service chair. In that role, he led a team of members to Rwanda to create a high school computer lab and began a series of long term supports for a rural hospital and orphanage in one of the country’s areas most affected by genocide.

More recently, John traveled to Nepal to support the club’s three-year women’s health initiative. John serves as a trustee for the Alpha Phi Omega Endowment which supports leadership development and service programs on over 350 college campuses. He came to the role, having undertaken his first leadership position as an undergraduate student in the CU-Boulder Chapter. Ultimately, he served on the service fraternity’s national board as Leadership Development Director, Finance Chair, and Vice President – and provided leadership training to countless students and volunteers. During his 15 years as a trustee

for the Endowment, John served three years as its chair, managing the investment portfolio to support the organization’s leadership and service programs. By now, a less-dedicated volunteer might have called it good enough. That wouldn’t be John who recently was chosen to be Treasurer of Doctors Without Borders New York, the largest member of the worldwide Medecins Sans Frontieres associations. We can only begin to imagine all the people and communities who’ll benefit from John’s dedication to service in this new role. s

January/February 2018 • www.cocpa.org •

Leadership Development

Grow Your Own Leaders Through LeadFit

eadFit is an innovative leadership development program, created in collaboration with Interface Consulting, LLC. It is designed to enable up and coming professionals to gain knowledge, skills, and practice to achieve their desired professional and personal results including interacting effectively with, leading, and managing people. The program is limited to 16 participants who commit to attending all sessions. Delivered over five months, the program is recommended for 24 hours of continuing professional education credit. It includes two 8-hour and two 4-hour group workshops, a special debriefing session, individual coaching, a welcome BBQ hosted by COCPA CEO Mary Medley and COCPA leadership, and a celebration event at its conclusion. Attendees explore the following areas: • Relationship Building – listening and presence; professional and personal • Managing a Team v. Leading a Team – goal setting; time management; conflict resolution • Performance Evaluation and Feedback – acknowledgement; confrontation; resolution; rewards • Negotiation – message tailoring; requesting • Rainmaking – thinking styles; generational styles • Role Definition – qualitative and quantitative • Defining Your “Best Work” – linking to purpose, commitment, and boundaries

2018 2018 LEADFIT DATES July 5 - July 10 | Precall with each participant to determine individual goals, wants, and needs. Optional call with the participant’s sponsor. July 12 | 6:30 - 8:30 pm, Home of COCPA CEO Mary Medley Welcome BBQ for all participants, with LeadFit facilitator Lorrie Blanchard Tietze, COCPA leadership, and former LeadFit participants. July 13 | 8:30 am - 4:30 pm, COCPA Education Center, Englewood. Breakfast and lunch included. August 10 | 8:30 am - 12:30 PM, COCPA Education Center, Englewood. Breakfast included and optional lunch.

Interested in attending LeadFit or sponsoring someone from your organization? Request an application from Terry Cervi at terry@ cocpa.org, 303-741-8610 or 800-523-9082, ext. 110. Complete and return it. You’ll be notified of your acceptance. Your sponsor will be invoiced for the $1395 program fee, which is payable on receipt and no later than July 5, 2018. The program is recommended for 24 hours of CPE credit in the Communications field of study.

September 7 | 8:30 am - 12:30 pm, COCPA Education Center, Englewood. Breakfast included and optional lunch.

Application Deadline: June 29, 2018

LEADFIT FACILITATOR Lorrie Blanchard Tietze is the founder and

October 18 | 4:30 - 6:30 pm, Home of CEO Mary Medley. Optional Debrief. Refreshments included. November 12 | 8:30 am - 5:00 pm, COCPA Education Center, Englewood. Breakfast, lunch, and graduation reception included.

• NewsAccount • January/February 2018

manager of Interface Consulting, LLC, Castle, Rock, Colo., a consulting firm focused on helping companies enable change and build productivity through process, tools, and skills. She is committed to helping people help themselves and their businesses. Lorrie consults with Fortune 500 companies, governmental agencies, and not-for-profit organizations. The COCPA chose her to help create and facilitate LeadFit because she understands the professional services world and the importance of the human dimension in creating meaningful, sustainable relationships. Her high energy approach and commitment to personal growth guarantee that you will not only gain the skills you need for success but also you will truly enjoy the learning experience. Before establishing her consulting practice, Lorrie worked in the manufacturing and engineering fields. She is adept at maintaining strong customer relationships, developing international, multi-functional teams, and working in fast-paced, challenging environments. INDIVIDUAL COACHING You will receive, over the five-month period, up to two hours of optional, individual phone coaching to address your specific needs. Additional coaching time will be available at a discounted rate. All coaching and group sessions are confidential. s

YOU HAVE THE DRIVE. NOW GET THE DISTINCTION. Introducing the CGMA® Program: Learning Pathway bundle. It’s the one-click solution that includes all the learning resources you need to progress through the program, plus the cost of one exam sitting. It’s an end-to-end experience that not only fulfills your yearly CPE requirements, but also moves you along the pathway toward earning the CGMA designation.

THE CGMA DESIGNATION IS MY STATEMENT TO THE BROADER BUSINESS MARKETPLACE THAT I AM INVESTED IN HELPING BOTH MY ORGANIZATION AND MY CUSTOMERS’ ORGANIZATIONS IN ACHIEVING THEIR BUSINESS GOALS. Marie M. Hibbert, CPA/CITP, CGMA

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Colorado Business

Cranes, Cranes, Everywhere Cranes: Denver’s Booming Real Estate Market BY NATALIE ROONEY

s if the construction cranes dotting the Denver skyline weren’t evidence enough, statistics confirm it: Downtown Denver is in a massive construction and development boom. And it looks like it’s going to continue for a while. Statistics from the Downtown Denver Partnership show: •

Downtown Denver’s* residential population has tripled since 2000.

• •

Private-sector employment has grown 21 percent since 2010. $2.8 billion is being invested through developments under construction or planned.

*Downtown Denver refers to the core of Downtown Denver and was initially set forth by the 2007 Downtown Area Plan. The Downtown Denver boundary was expanded slightly in 2017. The northwestern edge of the boundary was moved from the Platte River to I-25.

Denver has a lot going for it, and the Downtown Denver Partnership isn’t the

• NewsAccount • January/February 2018

only organization producing data that shows it. Forbes magazine says Denver is the best place for business and careers. U.S. News and World Report ranked Denver number two on a list of best places to live. NerdWallet says Denver is the second-best city for job seekers. LinkedIn revealed Denver had the fourth largest increase in workers. The accolades for Denver go on and on with the Mile High City appearing at or near the top of lists that include happiest homeowners, most bike-friendly

downtown, most appealing city for hipsters, and most increased millennial job interest. WHAT’S NOT TO LOVE? The 2017 State of Downtown report produced by the Downtown Denver Partnership shows that in 2016 and early 2017, seven development projects were completed in Downtown Denver, representing: • $512,800,000 of investment • 350 additional hotel rooms • 650 additional residential units • 870,000 additional square feet of office space As of mid-2017, there were 31 projects under construction and 11 projects planned for development in Downtown Denver, representing: • $2,765,040,000 of investment • 1,181 additional hotel rooms • 5,341 additional residential units • 2,509,300 additional square feet of office space Emily Brett, Downtown Denver Partnership’s senior manager of economic development, says development is at a peak.

“We’ve been in this development cycle where we’re hitting records every year for a few years now. As we look at projects in the pipeline, we do see things starting to slow down.” She added the slowdown mostly will be attributed to the lack of available land in downtown Denver. Brett noted that nationally, in cities that are thriving, of which Denver is one, “We’re seeing development booms like we’re seeing here. Other cities with strong population and job growth – places like Seattle, San Francisco, Washington, D.C., Austin, and a handful of other cities – have all emerged from the recession in a strong position with Denver leading the pack.” Why is everyone so keen on Denver? Paul Kluck, a first vice president with CBRE Industrial & Logistics Services in Denver, says, “I’ve always looked at population growth and consumer spending as the big drivers of the Denver industrial market. Our population popped over that magic three million people mark for the Denver MSA, and we became a target as a result. We’re still a second-tier city, but a lot of commercial investors look at Denver as one of the best

alternatives for investments. E-commerce and food and beverage companies are all driven here by the population.” What does the Denver workforce look like? According to the Downtown Denver Partnership, they’re young, smart, and coming to town in droves. The City of Denver is one of the fastest growing large cities in the United States with a population of 693,060. Over the past five years, statistics show Denver has been adding an average of 15,000 residents per year. As of June 2017: • Denver’s labor force totals 1,649,882 people. • The Denver Metro area population is 3,133,826. • Denver has the fourth highest share of educated millennials (22 percent of the workforce), according to SmartAsset. • 44 percent of the population has a Bachelor’s or higher degree (compared to 31 percent nationwide). • 100,000+ students are enrolled at metropolitan area colleges and universities. CONTINUED ON PAGE 18

Downtown Denver's Expanding Residential Population 188%

11%

Downtown Denver

Center City Neighborhoods

City of Denver

220%

Growth Rate

2000-2022

42%

10%

56%

Growth Rate

2000-2022

27%

39%

Growth Rate

2000-2022

16% 4%

United States

20%

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2000-2022

Growth Rate 2000-2017 Projected Growth Rate 2017-2022

January/February 2018 • www.cocpa.org •

Colorado Business CRANES, CRANES, EVERYWHERE CRANES CONTINUED FROM PAGE 17

•

ComputerTrainingSchools.com named Denver as the third best city to start a tech career.

“It’s a blessing and a curse that so many millennials are coming to town,” Kluck says. “They drive our economy and produce unique amenities like micro-breweries, restaurants, and other places millennials enjoy and where they spend their money. These rejuvenate the town. They’re driving our economy here and everywhere. But the curse is that we don’t have the infrastructure to keep up, so theaters and restaurants are crowded, and there’s traffic. But it’s exciting to have young people come to town.” COCPA member Ben Hrouda, CPA, managing partner of Flywheel Capital in Denver, says all these people need places to live and work. As a result, development is all over the board. Projects are commercial, residential, and industrial. “We’ve been in a recovery from the recession,” Hrouda says. “People are migrating to Denver, looking at the cost of living here relative to San Francisco or New York City. It’s a better lifestyle and better cost of living.” COCPA member Amy Cara, CPA, Managing Partner for East West Partners in Denver, says there are segments of the Denver real estate market that are cooling, particularly in areas that are spreading out from the epicenter, such as the suburban apartment market, but “there is a ton of great energy around Union Station and a lot of strength.” East West doesn’t work in industrial development, but Cara says it’s a hot segment for a lot of different reasons. “The office market is strong as well, depending on where and what you’re building. You have to have a good location and a great product. That’s your best insulator.” The influx of new residential development in downtown Denver and the influence of the growth in the millennial workforce mean companies are choosing to locate in Denver. “People can decide they want to move here, but if there aren’t any jobs, they

can’t stay,” she says. “Because of the great, intelligent workforce we have, companies want to capitalize on talent and jobs. It’s a nice cycle.” THE TIPPING POINT? How long can such a boom continue? That, of course, is the multimillion-dollar question. “When we look at population and job growth, which along with tourism growth is what has driven the development in downtown Denver, we don’t see that slowing down,” Brett says. “Population growth is projected to stay strong. Companies continue to grow. We continue to attract companies from around the country and world to locate and open new offices in downtown Denver.”

“POPULATION GROWTH IS PROJECTED TO STAY STRONG. COMPANIES CONTINUE TO GROW. WE CONTINUE TO ATTRACT COMPANIES FROM AROUND THE COUNTRY AND WORLD TO LOCATE AND OPEN NEW OFFICES IN DOWNTOWN DENVER.” Kluck has been in the commercial real estate industry since 1985 and has seen a lot of ups and downs in the last three decades. “Right now, we’re in a major rising market – ever since the global financial crisis of 2008,” he says. “I don’t see any of the normal indicators telling me that it’s going to end anytime soon. We’re just on a big expansion.” Hrouda says he sees the Denver real estate market getting a little bit frothy, citing an apartment building in Cherry Creek that recently sold for $600,000 per unit,

• NewsAccount • January/February 2018

a previously unreached watermark for Denver. “Denver has a runway and room to grow,” he says. “It has a lot of good things going for it relative to other areas and markets. Demographics are still strong, and fundamentals are still strong, as long as people don’t get over their ski tips.” Denver, generally, was reasonably lucky in the last recession, Cara adds. “We weren’t hit as hard as other places were. Some of that was due to the diversity of industries we have, unlike the eighties when we were all about oil and gas. But we need to watch that.” She says she’s most concerned about all of the people moving to Denver and struggling to find affordable housing. “People who are young and new in careers with young families are the key to this creative energy, and we need to be sure we have options for them. We also need to be sure we don’t push people out of the old neighborhoods because it’s what made those neighborhoods cool and authentic in the first place. Affordability is something the city is actively grappling with.” Cara adds that it’s important to retain those who are studying at Colorado’s universities. “Smart talent is a draw for all these companies.” Hrouda says he’s excited about where the city is going, but he echoes Cara’s concerns about affordable housing. “There are definitely some growing pains we need to solve as a local community, things like traffic, congestion, and housing prices. If you’ve recently graduated from college, it’s hard to find affordable housing to rent or own.” “Development in Denver affects the whole state. It’s a great place for people to come,” Brett says. “We keep adding more amenities for statewide, regional, and international visitors.” All those cranes are evidence that, in Denver, if they come we’ll need to build it. s Resources: View the 2017 State of Downtown report and other Downtown Denver Partnership publications online at www.downtowndenver. com/resources-downloads.

Educational Foundation of COCPA

CPAs Give and Colorado Accounting Students Reap the Rewards

hanks to 86 generous individual contributors and four matching donors – RubinBrown Charitable Foundation, Mark J. Smith Family Foundation, Kundinger, Corder & Engle, P.C., and the Colorado Society of CPAs in honor of Carol Cameron, CPA, CGMA – Colorado Gives Day 2017, Dec. 5, was a financial success for the Educational Foundation of the COCPA and Colorado accounting

students. Individual gifts helped unlock $20,000 in matching funds. Along with the successful “wine wall” at the 2017 CPAs Make A Difference celebration, an additional $40,000 in scholarships will be available to support Colorado accounting students this year. And, you don’t have to wait until next year. Donations can be made year-round at www.coloradogives.org/ EFColoradoSocietyCPAs/overview.

If you or your organization would be interested in being a matching donor for Colorado Gives Day 2018, please contact Educational Foundation Executive Director Alicia Gelinas at alicia@cocpa. org. The Foundation and those who receive the scholarships you make possible thank you for your support! s

THANK YOU for choosing to support Colorado accounting students

on Colorado Gives Day.

January/February 2018 • www.cocpa.org •

Auditing and Data Analytics

Using Audit Data Analytics in Performing a Risk Assessment Procedure BY KEN TYSIAC

he rapidly evolving discipline of data analytics holds substantial promise for auditors in their constant quest to provide clients with greater quality in the engagements they perform. Audit data analytics provides auditors with an opportunity to review and analyze a larger population of data to identify information used to support audit procedures. The potential for deriving new insights from this process is immense, and auditors and their clients will reap the benefits. Benefits of audit data analytics include: • An improved understanding of an entity’s operations and associated risks, including the risk of fraud. • Increased potential for detecting material misstatements. • Improved communications with those charged with governance of audit clients. The AICPA’s new Guide to Audit Data Analytics (available for purchase at bit. ly/AICPAGuide) provides guidance that enables practitioners to use these developing techniques in their service to their clients. The following excerpt from the guide provides five basic steps an auditor might use in planning, performing, and evaluating the results of using an audit data analytic (ADA) in performing risk assessment procedures and to assist when forming an overall conclusion. 1. Plan the ADA. a. Determine the financial statement items or accounts, or disclosures, and related assertions and the nature, timing, and extent of the population to which the ADA will be applied. b. Determine the overall purpose of the ADA (for example, whether it is to be used in performing a risk assessment procedure, a test of controls, a substantive analytical procedure, a test of details, or in procedures to help form an overall conclusion from the audit).

c. Determine the specific objectives of the ADA (within the context of its overall purpose). d. Determine the data population to be analyzed or tested using the ADA, including, for planning purposes, preliminary consideration of matters likely to affect the relevance, availability, and reliability of that data. e. Select the ADA that is likely best suited for the intended purpose and objectives. f. Select the techniques, tools, graphics, and tables to be used.

Perform the ADA to identify or assess risks of material misstatement (Step 4 in the 5-step ADA process)

Evaluate whether the ADA has been appropriately planned and performed and, if not, refine and reperform it. When appropriate, use groupings and filtering when a large number of notable items is identified.

2. Access and prepare the data for purposes of the ADA. 3. Consider the relevance and reliability of the data used. 4. Perform the ADA. a. If the initial results of the ADA indicate that aspects of its design or performance need to be revised, make appropriate revisions and reperform the ADA. b. If the auditor concludes that the ADA has been properly designed and performed, and the ADA has identified items that warrant further auditor considerations, plan and perform additional procedures on those items consistent with achieving the purpose and specific objectives of the ADA. 5. Evaluate the results and conclude on whether the purpose and specific objectives of performing the ADA have been achieved. a. If the objectives have not been achieved, plan and perform different procedures to achieve those objectives. Documentation The auditor should comply with the relevant documentation requirements in generally accepted auditing standards when performing each step and related procedure. Paragraph .33 of AU-C Section 315 sets out

• NewsAccount • January/February 2018

Determine whether notable items result in any of the following: • Identification of a previously unidentified risk • Modification or support for the assessment of risks of material misstatement • Information to better design or tailor audit procedures to address risk of material misstatement

requirements regarding the documentation of risk assessment procedures. Paragraphs 1.48–1.56 of this guide discuss matters related to documenting ADAs. Process to Identify and Address Notable Items When Using an ADA in Performing a Risk Assessment Procedure Using an ADA in performing a risk assessment procedure may result in the identification of one or more notable items or items that may be problematic. To address these items identified, the auditor might follow the process described here. s Ken Tysiac is a Journal of Accountancy editorial director. Contact him at Kenneth. Tysiac@aicpa-cima.com.

REMEMBER to ask your clients about Checkoff Colorado Your clients can support Colorado nonprofits when you file their state tax return. Every dollar donated stays in Colorado to support the critical services and programs these nonprofits provide. Checkoff Colorado is a simple way to give.

checkoffcolorado.org

Member Profile

Student Veteran Mom CPA-to-Be Helps Others Make the Leap BY NATALIE ROONEY

Everyday heroes and heroines make a difference in their communities in many ways. COCPA student member SarahBeth Walsh is making her mark through service to student veterans as she pursues her accounting degree.

hen SarahBeth Walsh receives her degree from Colorado Mesa University (CMU) this May, she will be celebrating the completion of a rigorous 3+2 accounting program, while juggling family life and volunteer activities. Walsh, an Air Force veteran and busy single mom of five boys, ages 5 to 17, grew up in Loma, west of Grand Junction. After high school, she attended one semester of college but felt it wasn’t the right time to pursue higher education. With many veterans in her family, including her dad, grandfathers, great uncles, and her sister, all of whom served in various branches, she knew the military would help her create a productive life. “I didn’t want to work just any job,” she says. She decided to enlist in the Air Force to travel and see the world.

Walsh says there are two ironic components to her military service. She decided to become a linguist, without really knowing what she was signing on for. “I joined the military because I didn’t want to study at college, and I found out I was in one of the hardest and longest schools the Air Force offered,” she laughs. And those dreams of worldwide travel? Walsh was stationed in California and Texas, the states her parents are from and where she had visited often. “My reasons for enlistment were blown out of the water.” After rigorous Spanish language training, Walsh performed classified Air Force work. On her first job, she monitored live “traffic,” which required her to listen for and track key phrases. Her second linguistics job involved sifting through online traffic relevant to a particular target and working to develop that mission’s information.

In 2007, after seven years, Walsh’s military service was complete. Her next role was wife and mom. Ultimately, she and her husband separated, and Walsh returned to Grand Junction. “I was trying to figure out what to do next,” she says. “I had these kids who depended on me. I needed to figure out how to take care of them.” Walsh’s sister suggested she return to school and her mom, Sarah, a CPA and CFO of HopeWest, which provides hospice services, had a great idea for her daughter: accounting. Walsh plowed ahead, enrolling at CMU, and mapping out her educational and life plans, which now included CMU’s 3+2 accounting degree, a program that would give her an undergraduate degree in accounting and her MBA at the same time. GIVING BACK Despite a rigorous course load and five boys to wrangle, Walsh finds time to give back, helping her fellow veterans with their own transitions to college life. When she first arrived at CMU, Walsh immediately sought out the Student Veterans Association (SVA). “My adult life had been in the military,” she says. “It was a natural fit.” Since connecting with the SVA, Walsh has become an active member and leader, serving as an officer for three of her five years on campus. She was treasurer for two years before becoming vice president this year. The SVA’s mission is to provide military veterans with the resources, support, and advocacy

• NewsAccount • January/February 2018

needed to succeed in higher education and post-graduation. “It’s a support system, knowing other people are there,” Walsh explains. Veterans Services at CMU also offers a peer advisor program. “We want brand new vets starting out to know we’re a resource if they have questions. We let them know they’re not alone.” The SVA also assists with the annual Veterans Stand Down, an event where homeless vets can take advantage of services such as basic medical, dental and vision screening, social security administration assistance, haircuts, VA health care registration, job search assistance, and winter clothing disbursement. At the event, aside from handing out gear, Walsh and other SVA members explain to fellow vets that college is an option and what they can do to be eligible for various benefits. “They don’t know where to start,” she says. “My sister did the research about benefits,

childcare, and enrolling in college for me. So that’s what we’re trying to do – be a resource.” Other SVA projects include volunteering at the annual HopeWest Gala, hosting the All Services Ball to honor vets and first responders, and creating a lounge for student vets. In addition, SVA sends a group of students to the Student Veterans of America National Conference for leadership training. Over the course of her years with the SVA, Walsh has seen the group morph and grow. Even though she is graduating, she says people are stepping up to fill officer roles for next year. “More people are showing up for meetings and social activities and to hear about the opportunities,” she says. The association recently received a grant from Home Depot to grow the CMU chapter. “We now have office space for Veterans Services.”

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BRIGHT FUTURE With graduation on the horizon, Walsh is even busier, working on her resume and interviewing. “People ask in interviews where you see yourself in ten years, and I’m not sure,” Walsh says. “In the long run, I’d like to work in the nonprofit world. My heart is there because of my mom’s job. I love working with vets, and giving to my community makes me feel good. My favorite class was governmental accounting – no one ever says that,” she laughs. “But I loved it. It’s a different way of thinking. That may be my answer – how can I help from the outside?” Ultimately, she says she’ll do what’s best for her and her boys. “I’m looking at what’s best for my family and what path will allow me to take care of my kids and give them a good education. That’s what I want. Whatever I do, I’ll always volunteer though.” s

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January/February 2018 • www.cocpa.org •

Perspectives

Then and Now: The Good Ol’ and New Days BY NATALIE ROONEY

Once upon a time, in a galaxy far, far, away, CPAs didn’t have mobile phones. They didn’t have computers. They did everything by hand, except for what they did with a 10-key adding machine. Making copies of something meant actually recreating it. The introduction of White Out practically changed the world, but even that paled in comparison to the revolutionary technology known as the self-correcting typewriter. It was a different time – not better or worse, just different. Take a walk down memory lane with some of the COCPA’s most experienced professionals.

JACK ALLGOOD, CPA, CGMA TAX PARTNER, RETIRED FROM ANTON COLLINS MITCHELL LLP, DECEMBER 2017

hen Jack Allgood reflects on the past 45 years, he describes it as an amazing flashback. “It’s definitely surreal,” he says. “To me, it’s a dream come true for a small-town Iowa guy.”

Initially, we carried transmitters and receivers in the trunks of our cars. All of our earlier calls were routed through the AT&T operators. The one thing that’s stayed the same: I still have the same mobile number.”

Allgood gained his first accounting experience early in college doing write-up work for an accountant in Evans, Colo. Soon, he was doing tax returns and then advanced to working with his first firm in Greeley. “We didn’t have computers or software at the time. All tax returns were prepared manually,”

Allgood also talks about the changes in tax preparation. “Today, we input tax returns into software, and users rely on the database to produce correct results. Some preparers don’t review the output because they assume their inputs are correct.” He compares this to when returns were prepared by hand. “I would ask candidates to provide writing samples to confirm their handwriting was legible enough for preparing income or payroll tax returns.” He remembers giving a candidate a correction to a Schedule C (Form 1040) tax return example to see if the individual knew how to run the correction through all of the other schedules it impacted. “With today’s technology, many people preparing tax returns who have never done it manually would be challenged to know how to run those changes all the way through, including the state return reporting. In fact, with all the complicated computations required under the tax law today, I know I would be challenged.”

Looking back, Allgood says, “You have to appreciate the changes in technology.” The Greeley firm’s dot-matrix printer was so loud, “we had to put a cover over it so as not to damage the secretary’s hearing – she was located nearly an office away.” After relying on liquid paper to do corrections, the firm bought self-correcting typewriters. Later, he remembers being one of the first within his group of friends and business associates in the early 80s to own a cell phone, a Motorola “brick” hand-held mobile phone. “I could stand the phone on my desk without it falling over. It had about 30 minutes of talk time and could store maybe thirty phone numbers,” Allgood laughs. “If I plugged it in at nine o’clock at night, it was charged and ready to go in the morning.

Remember the days of firm libraries? “We had a full library of hardback volumes,” Allgood says. “One of my initial jobs was to take updated material and insert it in the

• NewsAccount • January/February 2018

three-ring binders every week. Now, research is done over the Internet and through electronic tax research libraries.” And what about the days when you could read a summary of the Tax Reform Act of 1969 in three or four evenings? “It’s not going to happen with the length of today’s tax enactments,” Allgood says. Gone also are the days of somewhat lockstepped career advancement – spending two years at each level and maybe by your tenth year being considered, if you’ve been a superstar, for promotion to partner. “People are generally wanting quicker advancement” Allgood says. “I appreciate and respect ambition.” “There’s more of a team approach today versus forty years ago that focuses on subject matter expertise and industry specializations. Whole new fields have evolved. Automation and technology have allowed us to do a lot more than in the past and will continue to do so.” What hasn’t changed? The quest for work/life balance. “It’s no different than when I started and wanted to balance my professional life with pursuing the activities I liked,” Allgood says. “I feel like I was able to balance my positions in public accounting, as well as take care of my family and do the things we liked to do.”

HAROLD HEIN, CPA PARTNER, RETIRED FROM ERNST & YOUNG OCTOBER 1990

arold Hein, CPA, might have ended up as a wheat farmer rather than a public accounting partner, if not for one thing. Growing up in western Kansas, one of five students in his high school class, he was intrigued by his older brother’s friend who was a CPA. “I was impressed with his achievements and success after growing up in my little hometown of three hundred fifty souls,” Hein says. Hein attended the University of Kansas in Lawrence. After graduation in 1956, he started with Arthur Young & Co (AY) in the Denver office. He spent three years on the audit staff, with a long-term plan to become a tax specialist.

In 1956, Colorado required two years of audit experience, actively supervised by an experienced, licensed CPA, to become a CPA. AY Denver did not have a separate tax department until 1958, and Hein transferred into it in late 1959. He was promoted to manager in 1962, became a principal in 1966, and made partner on Oct. 1, 1969. Since his retirement from the firm in 1990, Hein has maintained a limited tax consulting public accounting practice on his own. Hein’s first audit engagement in 1956 was with the largest gas and electric utility in Denver. “While there may have been electric adding machines in use, my first experience involved a mechanical lever-operated 10-key adding machine the client supplied,” Hein says. “I became quite proficient in using that machine to verify that the client records did, in fact, balance within the accounting system as one of our audit verification procedures.” Hein adds that except for being electric, the adding machines of that day really did little more than the addition/subtraction functions of the 10-key machine. At the time, the utility client was using IBM data processing machines and the punch card system to enter data. Each machine – and there were several– was in a large room of more than 500 square feet. “Obviously it was much different than in later years since the equipment shrank in size as the functionality and capacity of the machines grew much larger,” he says. In 1956, AY audit staffers were required to assist with client tax return preparation during tax season. Since it was difficult to get filing extensions, time pressures were heavy during March and April, and every opportunity to increase efficiency was critical. Hein says while they did have electric adding machines in the office, they could only be taken to client sites if the client approved. Why? The machines used electricity which increased clients’ costs.

Tax preparation in the 1950s also involved the use of special paper “mats” that required special pencils. After the mat system data entry was completed and reviewed by a supervisor and satisfactorily adjusted, it was sent to the Report Department for processing and printing. The mat was then processed on a mechanical reproduction machine called a Multilith, which also was used to prepare the audit and accounting reports for clients. Prior to the Multilith machines, if multiple copies were needed, they were typed using carbon paper. If more than a couple of extra copies were needed, that required typing the document multiple times. Hein remembers reviewing old client files that had been manually typed with ink typewriter ribbons. When negative numbers appeared, they were red because the typewriters had a dual black and red ribbon system. He doesn’t know when using brackets or the negative sign on the left to denote negative amounts began, but it was being used in 1956. By then, most of the office typewriters were electric models rather than the older mechanical typewriters. In later years, the reproduction machines changed several times as the equipment improved and became more efficient. Verifax machines used a clumsy heat process to make one copy at a time. Then came the Thermafax which was easier to use but the documents were difficult to store. “You had to be careful not to expose a document for any extended length of time or you would end up with black, unreadable copy,” Hein recalls. “Simple aging also made the Thermafax paper copy brittle.” Neither the Verifax or Thermafax paper was used for the audit and accounting reports presented to clients. Hein says AY stayed abreast of technology to help staff complete their work more efficiently – and encouraged sharing of more expensive equipment, such as when personal computers debuted in the 1980s. CONTINUED ON PAGE 26

January/February 2018 • www.cocpa.org •

Perspectives THEN AND NOW: THE GOOD OL’ AND NEW DAYS CONTINUED FROM PAGE 25

LADONNA JURGENSEN, CPA FORMER PARTNER, IAN D. GARDENSWARTZ & ASSOCIATES, PC, TRYING TO RETIRE

aDonna Jurgensen, CPA, took a nontraditional path to her accounting career. She grew up in North Dakota and moved to Colorado in high school. She attended CU Boulder but left to marry and raise her family before going back to school for her degree. “I was an older entry-level person,” she explains, and she quickly discovered that even though she had impressive grades and passed the CPA exam on her first attempt, larger firms were concerned about her age and would comment on it. “In those days, people got away with that,” she says. No matter. Jurgensen quickly found her niche at a smaller firm. On day one at her new job, someone asked if she’d ever had a class in governmental accounting. She had not, so she was handed a book about it and told that her job that day was to read it and know it. Later that same day, she was handed all the files for an audit and told, “Low man takes these to the client. We’ll see you there tomorrow.” On day two of her career, Jurgensen found herself on a governmental audit she didn’t know anything about. “It was a great learning experience. I really enjoyed it,” she says.

Jurgensen says there was more on-thejob training then. “When you start out, it’s all about your technical skills. Then it becomes more about people skills – managing and supervising. Then it morphs into marketing, and you take on the role of finding more clients, serving clients, and keeping clients happy.” She emphasizes that while there are differences between working at small or large firms, when young accounting professionals begin their careers, they still have to know debits and credits and basic accounting and tax concepts. “The computer doesn’t think for you. The concepts still need to make sense to you. I think that technical accounting skills are the first thing you’re judged on wherever you go.” Where Jurgensen does see changes is in education. Her granddaughter, a college junior majoring in accounting, has had a class in QuickBooks. “When I went to school, most things weren’t computerized. We were still working on manual columns, using an adding machine, and transferring

clients’ numbers to our workpapers by hand. If they didn’t balance, it was a long process to figure out why. So many things are easier now. We had computer classes, but we were programming with punch cards.” Practical skills are what Jurgensen sees coming out of schools these days. “When I went on my first audit, I had never seen a general ledger,” she says. “Now there’s more of a focus on practical learning. College gives you a better real-world background for the beginning of your career.” New hires at IDG do a variety of work including audit, small business, and tax. “You’re expected to be generalists and do a bit of everything,” Jurgensen says. “At a small firm, you learn on the job. From the employer side, it’s hard to know what people know and don’t know, so training is less formalized. You have a better chance of being thrown into something you know nothing about at a smaller firm, and you learn as you go.”

SANDY ROTHE, CPA MANAGING PARTNER, DELOITTE LLP, RETIRING MAY 2018

andy Rothe, CPA, says after his 40-year career, he can barely remember what life was like when he began, “but it’s fun to try!” The Managing Partner for Deloitte’s Denver practice is gearing up for his retirement in May 2018. “I would say it’s kind of fun to prepare for retirement,” he says. “A couple of years ago, it seemed daunting. There was so much uncertainty around it. But as it gets closer, I’ve come to find out retirement is a great thing.” Rothe joined Deloitte as an intern in Oklahoma City’s audit practice and spent

the first third of his career there. He spent the second third of his career in Dallas before moving to Denver for this third and final phase. As the first-ever intern in the Oklahoma City office, Rothe says internships weren’t nearly as robust or well thought out as they are today. “The office knew it needed help that summer but didn’t know what I would do,” Rothe says. “So, they just threw me out there. I went on audit engagements and operated as if I were a new hire. It worked out OK,” he laughs. He continued to work and take on

• NewsAccount • January/February 2018

more responsibility throughout college and was offered a full-time job. Reflecting on the biggest changes he’s seen, Rothe says technology is as the top of the list. “I remember when we got our first PC in the office,” he says. “We had big, old crank calculators. There were no computers or any kind of technology in audit work back then. The technology changes that have occurred are staggering.” As managing partner in Denver, Rothe has taken on a broader cross-functional

role, which has meant less audit work and more involvement in all aspects of various service lines that have evolved. “Back then there was no cyber security practice, no consulting practice, and no technology practice,” he says. “What else was different back in the day? Probably the fact that Rothe completed an audit as an intern during his last year of school. “It was obviously small and not complex, but that wouldn’t happen today,” he says. “First, no audits are that small these days. Second, the regulatory process and the complexity of accounting and auditing standards have increased. It was a simpler

time.” Rothe says he gained a great deal of experience quickly but adds that today’s new hires get substantially more experience. And they get it faster, because they’re not doing manual things. “They’re doing more highend, value-added, thoughtful things where they learn more. I did a lot on my own, but I was footing general ledgers manually. Today they’re doing more, learning more, and doing different things than I did. We’ve each adapted to the times.” Rothe recalls manually proving the math of large accounting reports and general ledgers. Big mainframe computers were the norm, not desktop PCs. “Giant computers filled

a room and could do what my iPhone does today. We did things manually. It took raw manpower to get through the basic audit process. Memory-wise and technology-wise, it really is different.” Even with all the changes, Rothe says there are constants. “There’s still a substantial amount of on-the-job development, coaching, and learning in audit or tax processes,” he says. “The tasks are different, but the model hasn’t changed. Compliance, the audit process, the client process, and industry things that new hires need to know – these have remained constant. But for as smart as we are, we still haven’t solved the busy season problem.”

CHERYL WENZINGER, CPA RETIRED FROM DELOITTE LLP, 2000

“W

hen I first started in public accounting, the firm had us practice our 10-key adding machine skills by ‘footing’ the phone book numbers. Of course, the 10-key machines then required you to punch in the number and pull the handle to ‘add’ it to the paper tape. I can’t believe that happened in my era. It seems like that would have been something my grandfather would have done. “We also had to write everything out on 16 column green spreadsheet paper. If you made

a mistake, you had to erase and do everything over. You could only erase so many times before the paper wore through. “You would wait a full minute a page for a fax to come through. “If a typist in the typing pool (no water involved) were typing a set of financial statements and made a mistake, she (yes, she) had to ‘white it out’ and try to make the correction look really good. Eventually, typewriters that had a back button to erase a mistake came along.

“In the late 70s, auditors got portable computers that were the size of sewing machines and heavy. We thought we were hot stuff carrying those out to clients. In the late 80s, we got car phones that were installed in your car. They were huge and had cords. "Again, we thought we were hot stuff. “It makes one wonder how different it will be 30 years from now. Will everyone look back and laugh at how they worked and the technology they lacked vs. the current world?” s

“When I first started in public accounting, the firm had us practice our 10-key adding machine skills by ‘footing’ the phone book numbers." Do you have memories of the old days to share? Send them to Natalie Rooney, nrooney@centurytel.net. January/February 2018 • www.cocpa.org •

Movers & Shakers Accounting Today recognized Ken Richey, CPA, managing partner, Richey May & Co., LLP, Englewood, as one of its Managing Partner Elite for his “narrow, disciplined focus on just a few specialty niches” to create a firm of experts in the industries it serves. Ronald D. Seigneur, CPA/ABV/CFF, is among the authors included in John Wiley & Sons, Inc.,’s recently published 4th edition of Financial Valuation: Applications and Models. Outside Magazine, a national publication dedicated to covering everything outdoors, listed WhippleWood CPAs, Littleton, among the top places to work – placing #4 on its 2017 list. The complete list is available at OutsideOnline.com. Dalby, Wendland & Co., Grand Junction, was listed among the ColoradoBiz Top 250 Private Companies in Colorado, for the fifth year. The complete list can be viewed at www. cobizmag.com/Lists. Winfrey, County and Hays, CPAs, Burlington, relocated its office to 577 14th St., Burlington, CO 80807.

Tax Study Groups

Boulder/Longmont Tax Study Group at the Meadows Branch Public Library Tuesday, January 16 and Tuesday, February 20 This informal roundtable discussion group meets at the Meadows Branch Public Library, 4800 Baseline Rd, Boulder, BYO Bag Lunch. 2018 Meeting Dates: Jan. 16, Feb. 20, and Mar. 20. For additional information, contact Lynn M. Mitton, CPA, MT, MPA, (303) 4997445 or email lynn@flewellingcpa.com. Register at www.cocpa.org.

Denver Tax Study Group at the COCPA Office Tuesday, January 30 and Tuesday, February 27 This informal roundtable discussion group meets over lunch, the last Tuesday of most months, at the COCPA office, 7887 E. Belleview Avenue, Ste. 200, Englewood. 2018 Meeting Dates: Jan. 30, Feb. 27, Mar. 27, April 24, May 22, June 26, July 31, Aug. 28, Sept. 25, Oct. 30, Dec. 4. Register at www.cocpa.org.

North Metro Tax Study Group at The Ranch Country Club Thursday, January 18 and Thursday, February 15

NEW TAX ACT WEBINAR COMING SOON

Mark Soukup Soukup Bush & Associates CPAs PC

Tax expert Mark Soukup and his colleague Toby Clary will update you on all the changes you need to know. Go to www.cocpa.org for details.

This i nformal r oundtable d iscussion g roup m eets o ver l unch ( $20/ person), the third Thursday of most months, at The Ranch Country Club, 11887 Tejon St., Westminster. 2018 Meeting Dates: Jan. 18, Feb. 15, Mar. 8, Apr. 19, May 17, June 21, July 19, Aug. 16, Sept. 20, Oct. 18, Nov. 15, Dec. 20. Register at www.cocpa.org.

In Memoriam We extend our sympathy to the families and friends of the following COCPA members:

What Would You Tell Your 22-Year-Old Self? NewsAccount is seeking your advice — from your vantage point today — about what you would have appreciated knowing as you entered the CPA profession. Send your wisdom to Mary E. Medley, mary@cocpa.org.

• NewsAccount • January/February 2018

Robert G. Harris Member since 1971, Greeley, Colorado Wayne Lundhagen Member since 1985, Golden, Colorado Roger Minke Member since 2001, Salida, Colorado George A. Olson Member since 1964, Colorado Springs, Colorado

Classifieds OPPORTUNITIES AVAILABLE The Association of College and University Policy Administrators (ACUPA), a 501(c)(6) corporation organized in Colorado, has issued a Request for Proposal (RFP) for “Specialized Internal Control Review Services” seeking a firm to review the Association’s financial records and provide a report and recommendations. “Specialized internal control review” will examine the vulnerability to internal fraud and external vulnerabilities that may negatively affect the organization, with a particular emphasis on cash receipts and disbursements. The deadline for submission of proposals is January 31, 2018. To obtain the RFP, please contact T. Michael Ford (ACUPA Treasurer) at tmford@iu.edu.

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With a COCPA On-site class, everyone — CEOs, CFOs, CPAs, non-certified financial professionals, and administrative staff — can participate together in focused CPE that complements your company's or firm’s mission. Our courses are led by expert instructors. And, some courses can be led by your own expert. We can provide you with the discussion leader guide and materials, and you can take it from there.

To learn more about On-site CPE programs, contact Tiffany Carson at tiffany@cocpa.org, 303-741-8621, or 800-523-9082 today.

January/February 2018 • www.cocpa.org •

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Where can an AICPA C redential take your career next? If you have a specialized interest, you can build on the value you offer clients by adding an AICPA advisory service credential: Personal Financial Specialist (PFS ), Accredited in Business Valuation (ABV ), Certified in Financial Forensics (CFF ) or Certified Information Technology Professional (CITP ). These credentials were developed for the profession by the profession. They set you apart, make a statement and get you noticed. And, they can seriously boost your career. ®

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