VOLUMEXLVIII MARCH2011 Convention Set June InMemoryof 23 ... · E-MAILADDRESS: [email protected]...

MISSISSIPPI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

VOLUME XLVIII MARCH 2011

In MemoriamRodney M. Van Loon, Jr.

GulfportDied February 6, 2011

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Memorial GiftsIn Memory of

Rodney M. Van Loon, Jr.GulfportBy

Paul V. BreazealeJackson

Haddox, Reid, Burkes& Calhoun, PLLC

Jackson

Friends at Nail McKinneyProfessional Association

Tupelo

Sandra S. Smith

Biloxi

In This IssueWelcome New Members................2

Convention Housing Form .............3

Members in the News....................4

Optimism Increasing......................7

Forensic Accounting.....................10

May CPE Programs .................12-18

Extinction & Insanity....................19

MAJOR EVENTS ON THE2011 MSCPA CALENDAR(Dates are tentative for some Fall Conferences)

Young CPA Spring Conference May 6Mississippi Technology Conference May 9 & 10Accounting & Auditing Conference May 13Hattiesburg Cluster May 16 – 18Program for Management Development May 18 – 19Tupelo Cluster May 23 – 25Ridgeland Cluster May 25 – June 6Gulfport Cluster June 20 – 22

Including Technology CPE from K2 EnterprisesAnnual Convention June 23 – 26IRS Practitioners’ Liaison Meeting July 6Technology Seminars in Tupelo August 8 & 9Governmental A&A Conference August 18 & 19Health Care Services Seminar September 16Industry Conference October 18Educators Symposium October 28Not-for-Profit Conference November 4Mississippi Tax Institute November 10 & 11Business Valuation & Litigation November 14

Volunteer forCommittee ServiceMSCPA members are encouraged to

volunteer for committee service and theprocess is very easy.Current committee rosters are

carried on the Society’s website atwww.ms-cpa.org. Click on TheAssociation tab at the top left and thenfollow the link to Committee Rosters.Review the committee titles and sendan email to [email protected] listing upto three committee preferences.President-Elect Stacy Thomas will

make appointments in early Spring anda confirmation will be sent to thecommittee member with details onyour committee meeting during May.Continuing committee members willreceive a notice of details on theircommittee meeting schedule.

2011 Convention Set June23-26 at SandestinRegistration packets for the 2011

MSCPA Annual Convention will goin the mail in late March and alsoposted to the Society website. Thiswill be the 26th consecutive yearfor the Convention and AnnualBusiness Meeting to be held inDestin.Among speakers confirmed by

President Sim Mosby include MarkPeterson, Vice President forCongressional and Political Affairsfor the American Institute of CPAs;Val Steed, CEO of K2 Enterprises;and Clarion-Ledger CartoonistMarshall Ramsey.Two four-hour CPE programs

will be offered Thursday.The Annual Business Meeting

with election of officers for 2011-

2012 and reports from the Secretary,Treasurer, AICPA CouncilRepresentative, State Board, andInsurance Trust will be presented.Presentations will be made to theOutstanding Educator, PublicService Award Winner, and CPAExam Medal Winners.Complete convention details and

registration materials will also beposted to the Society’s website atwww.ms-cpa.org.

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Mississippi Society of Certified Public Accountants March 2011

Publishedby the

Mississippi Society ofCertified Public Accountants

306 Southampton RowThe Commons

Highland Colony ParkwayRidgeland, MS 39157PHONE: (601) 856-4244FAX: (601) 856-8255E-MAIL ADDRESS:[email protected]

OFFICERS

PresidentSim M. Mosby, Natchez

Vice President/President-ElectStacy E. Thomas, Jackson

SecretaryWilliam T. Kelly, Hattiesburg

TreasurerLee D. Murphy, Grenada

Immediate Past-PresidentRobert A. Cunningham, Jackson

Executive DirectorJack O. Coppenbarger

The CPA Newsletter is the officialpublication of the Mississippi Society ofCertified Public Accountants. TheNewsletter invites articles of interest to theprofession and gives credit to the author;however, it reserves the right to editarticles for correct spelling, wording andpunctuation.

Opinions expressed are not necessarilythe official policy of the MSCPA.Advertising is accepted in good faith thatthe product/services are of value stated.

Welcome New MembersNew members include: Maggie E.

Abernathy, Gretchen Ann Artus, DanielJ. Barfield, Christopher S. Barron,Joseph Henry Baugh, Jr., Ryan WilliamFarlow, Paul Edward Foster, MeganLeigh Hughes, Phyllis Clark Massey,Erin K. Miller, Todd Louis Rhodus, andBlair Johnson Waggoner.Now completing the membership

process are:Thomas Scott Adams was born in

Wylie, Texas and earned degrees inFinance and Accounting from theUniversity of Mississippi. He is anAuditor with Silas Simmons, LLP inNatchez.

Sheila Franklin-Buie was born inMississippi and received her BBA inAccounting and MBA from JacksonState University. She is an InternalAuditor with the MississippiInstitutions of Higher Learning inJackson.

Gordon Joseph Geter was born inNatchez and received his Bachelor andMaster of Accountancy degrees fromthe University of Mississippi. He is anAccountant with Silas Simmons, LLP inNatchez.

Jason Bennett Mauffray was born

in Gulfport and received his Associateof Liberal Arts from Mississippi GulfCoast Community College and BSBA inAccounting from the University ofSouthern Mississippi. He is a StaffAccountant with Piltz, Williams,LaRosa & Co., in Biloxi.

Kayla Paul-Lindsey was born inNassau, Bahamas and received a BA inAccounting from Mississippi Collegeand an MBA from Belhaven College.She is CFO of FI & ED Foundation inJackson.

Carolyn Adams-Rossignol wasborn in Kingston, ON and received anAssociate’s Degree from LeewardCommunity College and BSBA fromthe University of South Alabama. Sheis a Staff Auditor with Wolfe, McDuff &Oppie in Pascagoula.

John Ryan Wingfield was born inNatchez and received his BSBA andMasters in Professional Accountancyfrom the University of SouthernMississippi. He is a Staff Accountantwith Silas Simmons, LLP in Natchez.

Honor anOutstandingMSCPA MemberFor Public ServiceThe membership is invited to

nominate a member for consideration asthe 2011 Public Service Award winner.The winner will be recognized

during the Annual Business MeetingSaturday, June 25, 2011 at the SandestinGolf & Beach Resort. President SimMosby has named members of the 2011Public Service Award Committeeincluding: Ricky Bullock, Tupelo; BillKelly, Hattiesburg; and Gary Walker,Ridgeland.Qualifying activities for the award

include service clubs, church work,children’s programs, economicdevelopment and public service.Submit a nominee’s name to one of thecommittee members or to the MSCPAoffice for forwarding to the committee.

PelahatchieMayor Qualifies toRun for StateSenateThree term Pelahatchie Mayor,

Knox Ross, has qualified as aRepublican candidate for theMississippi State Senate District 20.Ross, a CPA and member of the

MSCPA, has served as mayor of theRankin County town for 10 years. He isnow president of the CentralMississippi Planning and DevelopmentDistrict and chairman of the GreaterJackson Partnership’s TransportationAdvocacy Committee. He also serveson the board of directors of the StennisInstitute of Government at MississippiState University.He has also been president of the

Mississippi Municipal League and amember of the Mississippi WirelessCommission.Ross and his wife, Jamie, are parents

of three children and are longtimemembers of Pelahatchie Baptist Churchwhere he serves as a Deacon.

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March 2011 Mississippi Society of Certified Public Accountants

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Our Members in the NewsGranthamPoole announces that

Bradford C. Hatchett, CPA, CVA, has beennamed principal in the firm effectiveJanuary 1, 2011. Brad joined the firm inSeptember 2008. Prior to joiningGranthamPoole, Brad worked a combined11 years for two international accountingfirms. Since joining the firm, Brad hasobtained the designation of CertifiedValuation Analyst, becoming the firm’sfourth professional to obtain certification toperform business valuations. In addition tobusiness valuations, he also provides auditand advisory services to the firm’s clients.Brad received a Bachelor of Science inAccounting from Samford University and aMaster of Business Administration from theUniversity of Alabama. He is a member ofthe AICPA, the MSCPA, and the NationalAssociation of Certified Valuation Analysts.

u u uPeder Johnson, managing partner of

BKD, LLP’s Jackson and Oxford offices,announces the promotion of six CPA’s toSenior Accountants: Matthew Bailey,Brittany Chamblee, Mary Overstreet, KelvinMonroe, Dustin Taylor, and RichardWoodruff.

Matthew Bailey, CPA, providesauditing services for a variety of clients inthe Jackson office. He graduated from theUniversity of Mississippi with a Bachelor of

Accountancy in 2006 and a Master ofAccountancy in 2007.

Brittany Chamblee, CPA, providestaxation services in the Jackson office. Sheis a 2008 graduate of Mississippi Collegewith a Bachelor of Science in BusinessAdministration. Chamblee is very heavilyinvolved in the practice's tax exemptentities, especially in the area of healthcareand education.

Mary Overstreet, CPA, providestaxation services for a variety of clients inthe Jackson office. She graduated from theUniversity of Mississippi with a Bachelor ofAccountancy in 2007.

Kelvin Monroe, CPA, provides auditingservices in the Jackson office. He graduatedfrom Mississippi State University with aBachelor of Business Administration in2005 and received his Master in BusinessAdministration in 2006. In addition tobeing a Certified Public Accountant, he isalso a Certified Internal Auditor.

Dustin Taylor, CPA, provides taxationservices for variety of businesses andindividuals in the Jackson office. He is a2008 graduate of Mississippi StateUniversity with a Bachelor of BusinessAdministration in Banking & Finance and aBachelor of Accountancy.

Richard Woodruff, CPA, providestaxation services in the BKD Financial

Services practice in the Jackson office. Hegraduated from the University ofMississippi with a Bachelor of Science inAccounting in 2007 and Master in Taxationin 2008.

u u uHORNE LLP recently welcomed eight

accounting students to its spring internshipprogram. Seven of the interns will workfrom HORNE’s Ridgeland, office and onewill work in the Jackson, Tenn., officelocation. HORNE’s 2011 intern classincludes: Brad Aldridge of Greenwood,Miss., (University of Mississippi); TabithaAnkerson of Fairhope, Ala., (University ofSouthern Mississippi); Katie Barfield ofGrenada, Miss., (University of Mississippi);Meredith Harris of Baton Rouge, La.,(Millsaps College); Lee Klein of Bay St.Louis, Miss., (Millsaps College); MalorieLuckett of Clarksdale, Miss.,(MississippiState University); Janea Stanley ofGreenwood, Miss., (Jackson StateUniversity); and Natalie Wolfe ofBrookhaven, Miss., (Mississippi StateUniversity). Harris and Ankerson arecompleting their internships in health careaccounting services. Klein, Wolfe andLuckett are focused on assurance services.Stanley and Barfield will complete theirinternships in tax services. Aldridge willsplit time between assurance services andtax services.

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NewMSCPA

CAREERCENTER

For

Job SeekersAnd

EmployersSign up at

www.ms-cpa.org

BENEFITS BYLINE from David Ellis, Vice President, Robert Ellis & Associates

As a CPA, you know theimportance of safeguarding yourpractice against malpractice claimswith professional liabilityinsurance. As a business owner,however, you may not be as awareof the perils you face fromemployment related lawsuits.The incidence of Employment

Practices Liability (EPL) claims iswidespread:

• Employment related lawsuitsare the fastest growing type ofcivil case in the U.S.

• Studies show an employer ismore likely to have an EPLclaim than a General Liabilityor Property Loss.

• In recent years, there havebeen more than 75,000 privatesector charges filed annuallyagainst employers understatutes enforced by the EqualEmployment OpportunityCommission (EEOC).

• The three most frequent typesof claims – racediscrimination, sexualharassment, and retaliation –resulted in recoveries by theEEOC of over $200 million.These amounts do not include

defense costs, which canexceed $100,000 per claim.

To protect yourself as anemployer against such claims, youmay wish to consider EmploymentPractices Liability Insurance (EPLI).EPLI coverage is written on aclaims-made basis and coversfinancial damages only, excludingany advertising injury, bodilyinjury, personal injury or propertydamages. While some policies willprovide for defense costs outsidethe limits of coverage you select, itis important to note that legaldefense costs are usually consideredto be within policy limits. As aresult, any legal costs arising todefend the claim will reduce thelimit of insurance being providedby that amount.In addition to limits of liability

selected, the annual premium costof an EPLI policy is based uponlocation, profession, number ofemployees and company assets.On average, we have found EPLIpremium costs for accountingoffices very affordable. In light ofthe high dollar claims typicallyfiled by disgruntled employees, theimportance of including EPLI

coverage in your professionalinsurance portfolio should not beoverlooked.As your insurance consultant for

the MSCPA’s endorsed insuranceportfolio, please feel free to contactRobert Ellis & Associates, 1-888-503-5547, if you have anyquestions or wish additionalinformation on EPLI coverage.


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2011 MSCPAAnnual ConventionJune 23-26, 2011

Sandestin Golfand Beach Resort

CPA Executives Cite Significantly IncreasedOptimism for the Coming YearAfter an economic climate that

has seen far more clouds ofuncertainty than rays of optimismover the past two years, CPAexecutives are now looking forwardto a rebound for U.S. businesses.Although the recession’s economicfallout remains a harsh reminderthat challenges remain, CPAexecutives’ overall positive feelingis an encouraging sign for businessowners and employees alike.The AICPA/UNC Kenan-Flagler

Business & Industry EconomicOutlook Survey identifies, analyzesand tracks the financial andmanagement issues that are top-of-mind for today’s CPA executives –CFOs, CEOs, presidents, controllersand other senior leaders. “Ourmembers are on the frontlines attheir organizations and theirpositions provide them with first-hand knowledge of and insights tothe economy,” said AICPA Vice

President for Business, Industryand Government Carol Scott.

Introducing the CPA OutlookIndexThe Q1 2011 survey introduces

the CPA Outlook Index (CPAOI), anew, broad-based composite indexthat captures the expectations ofAICPA members and their plans fora breadth of indicators of economicactivity. It is a composite of ninesurvey measures at equal weightswhich show that the Q1 2011CPAOI increased by .07 to .69. Areading above 0.5 indicates agenerally positive outlook withincreasing activity. A reading below0.5 indicates a generally negativeoutlook with decreasing activity.

Optimism for the Year AheadAgain this quarter CPA

optimism about the prospects fortheir own organization has tickedup. A solid majority (57 percent)

are now “optimistic” or “veryoptimistic” about their company’seconomic prospects. This findingrepresents a measurable increase ofsix percentage points from theprevious quarter and is the highestpercentage achieved since thefourth quarter of 2007.That positive sentiment has now

begun to translate into greateroptimism about the U.S. economyas a whole. Forty-eight percent ofCPAs participating in the survey areeither “optimistic” or “veryoptimistic” about the country’seconomic outlook for the next 12

continued on page 9

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months. This percentage is instriking contrast to the previousquarter’s 28 percent.The restored confidence many

CPA executives have in theeconomy has extended to the mostcritical indicators of anorganization’s success – expansion,revenue, profit and staffing. Sixty-six percent of surveyed executivesexpect their business to expand “alittle” or “a lot” in the next 12months. This finding represents aneight percent increase over theprevious quarter and ushers in awelcome return to first-quarter2007 levels.It is notable that 13 percent of

CPA executives have current plansto hire – up from the previousquarter’s 10 percent. The numberof companies needing employees,but reluctant to hire dropped acorresponding 3 points from 22percent to 19 percent. Although all

industries expect to increase hiringin 2011, the largest increases areexpected to occur in thetechnology, healthcarenonproviders, wholesale trade andmanufacturing sectors. However,those positive projections aretempered to some degree by thefinding that 28 percent ofrespondents do not expect theirorganization’s employment toreturn to pre-recession levels in theforeseeable future.

Concerns and ChallengesAlthough optimism, growth and

profitability are making their firstimprint on the economiclandscape, organizations continueto face a number of concerns andchallenges.A resounding 55 percent of CPA

executives responded that inflationwas a more serious concern overthe next six months – up from 34percent in the previous quarter –than deflation. Deflation trailed farbehind at only 5 percent.When CPA executives were

asked to identify which potentialinflationary factors present themost significant risk to theirbusiness, raw material costs easilyclaimed the number-one spot (36percent), followed by interest rates(20 percent), energy costs (18percent) and labor costs (17percent). Less than one-half ofrespondents (45 percent) expect tobe able to pass all or part of theincreased costs on to customers inthe next quarter.While burgeoning economic

optimism is shared by many CPAexecutives, lingering impacts of thedownturn and emerging forces inrecovery present challenges inworking-capital management.When survey participants wereasked to identify their greatestbusiness challenge in this area, thetop three were collections/nonperforming accounts (36percent), supplier pricing/terms/performance (25 percent) andinventory levels (15 percent).

INCREASED OPTIMISMCONTINUED FROM PAGE 7

continued on page 11

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Looking to the Future of Forensic AccountingThere is a point where the

accounting and legal professionsmerge. A point when you have toinvestigate, analyze, interpret andcommunicate. It’s a point whereyou often have to put piecestogether with partial informationthat is buried in a sea of data, andthen present a clear picture of thesituation to a jury, judge ormediator. This point is calledforensic accounting. When youspeak to practitioners whospecialize in forensic accounting –such as Mike Ueltzen, CPA, CFF,CFE, a partner at Ueltzen &Company, LLP in Sacramento, CA,and Ronald Durkin, CPA, CFF, CFE,CIRA, the National Partner inCharge-Fraud & MisconductInvestigations at CliftonGunderson LLP in Los Angeles –you quickly understand why theforensic accounting practice area isset for tremendous growth andopportunity.Ueltzen, chair of the CFF

Credential Committee, and Durkin,a member of the AICPA NationalAccreditation Commission,recently discussed the state offorensic accounting, its future andthe Certified in Financial Forensics(CFF) credential during telephoneinterviews with the AICPA.AICPA: What is the most

enjoyable part of forensicaccounting for you?Ueltzen: “I love what I do - the

people I work with, the cases I amworking on and the adrenalinerush that comes with it. Theadrenaline rush means you knowyou are going into the courtroom,a deposition, a mediation or ameeting and somebody is going totry to discredit you. As long as youare on solid ground, you are good.But you never know what they aregoing to say, what they are goingto do and how they are going tocome at you. So I like being at thetop of my game.”Durkin: “This is hallowed

ground for me. I love doing thisstuff. Combining the FBI skill setthat I have learned and the CPAskill set that I have acquired overthe years - it’s exciting. I’ve alwayswanted this credential, theCertified in Financial Forensiccredential, to be one that stretchesacross multiple, different areas.”AICPA: What do you see as the

biggest challenge in forensicaccounting?Durkin: “I think that everybody

needs to be better equipped to dealwith fraud issues, both proactivelyand reactively. Proactively meansbeing alert to the possibility thatfraud could exist and what types[auditors] may find. From thereactive side, we need to equipaccountants to be better atinterviewing. I think interviewingskills are weak today.”Ueltzen: “The biggest challenge

is finding good forensicaccountants. Finding people that


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are willing to step up, accept achallenge and be cross examined.To find people willing to deal inareas where they may not feeltotally comfortable because thereare no absolutes; and people thatare willing to tell their story infront of a large crowd in adverseconditions and subject themselvesto cross examination.”AICPA: What do you see as the

biggest opportunities in forensicaccounting?Ueltzen: “There is an incredible

opportunity for young people tojoin in this arena of the professionand learn a specialized skill set.Let’s face it, if you pick up anarticle about a bank failure, anindustry failure or Madoff, who areamong the first to arrive on thescene? The forensic accountantswith the special skill set, theinterviewing skills, the ability toconduct computer forensics, theability to take incredible amountsof data and tell a story. It’s theforensic accountant who is calledupon. Somebody with some specialexperience to help unravel thosemesses.”AICPA: What does it take to be a

forensic accountant and do the jobwell?Durkin: “You’ve got to keep

your eyes open for clues, beintuitive and more than skeptical. Icall it forensic thinking. You’ve gotto be alert to the possibility thatthere is more than meets the eye.You need to understand that theessence of fraud is concealment.You’ve got to have the ability tonot give up, push through to theconclusion and deal withincomplete facts. You need to beable to do the analysis andunderstand how it will play out incourt. You must be able tocommunicate.”Remembering the lack of

educational opportunities when hestarted out, Ueltzen focused hiscomments on educating youngerprofessionals: “What I would tell aperson coming in is go find theeducational pathway. The AICPAnow has that. You’ll get a goodbaseline of education, both in the

core skills as well as somespecialized skills and, equallyimportant, you can become part ofthe FVS community – the ForensicValuation Services community.”AICPA: How do you see forensic

accounting changing and evolvingin the future?Ueltzen: “There is a very large

cadre of very good forensicaccountants who are all gettinginto their late 50s, early 60s andthe real challenge is – and it’s awonderful challenge for youngerprofessionals – that as we fade intothe sunset, there is going to be avacuum to be filled. So if I was 35years old or 30 years old and I hadan interest in forensic accounting, Iwould rush into this arena becausethe opportunities are going to beincredible for the next generation.I wish I were 30.”Durkin sees great potential for

growth in many industries: “In thenext 10 years you are going to haveforensic training, forensic resourcesand forensic applications spreadmore broadly than just in aconsulting practice. I think you’llsee growth in audit, internal audit,across industry and in government.These are the growth areas forforensic accounting.”Ueltzen also sees the demand for

forensic skills: “There aresomething like 800 FBI agents whoare also CPAs. That speaks volumesabout the demand for CPAs withspecial skills and training, not onlyin the private sector where Ipractice, but also in the publicsector.”AICPA: What kind of impact do

you see the CFF exam having onforensic accounting?Durkin: “It’s worth studying and

taking the exam because when youget the credential, you’ll havesomething very special you can useinto the future. I always want tothink about the next generationand how they are going to competein this world. Having a forensicaccounting designation will helpthem compete in this highlyspecialized world in the future.”

The CFF Exam and BeyondUeltzen and Durkin have a

genuine passion for forensicaccounting and have helped toestablish a solid foundation for

FORENSIC ACCOUNTINGCONTINUED FROM PAGE 10

Among broad-based businessconcerns, customer demand,healthcare costs and regulatoryrequirements held their place withthe top three rankings. Politicaland economic instability (newlyadded to the survey options thisquarter) debuted as the fourth mostpressing concern. Given the globalpolitical and economic issuesfacing several middle-easterncountries right now, CPAs arecautiously keeping an eye on globalunrest and considering how itmight impact their businesses inthe coming year.

For More InformationThe quarterly survey was

conducted from February 9-24,2011 and reflects the personalinsights, unique perspectives andwide-ranging opinions of morethan 1,100 CPA executives inbusiness and industry.

INCREASED OPTIMISMCONTINUED FROM PAGE 9

continued growth as the CFFcredentialing process takes off.That’s good news since white collarand fraud crimes have now reached$3 billion a year and the Bureau ofLabor Statistics predicts that theforensic accounting field will grow16 percent by 2016.The inaugural CFF exam results

have been released and 81 percentof the test takers passed the exam.Of the 81 percent, 70 percent tookthe online Financial ForensicAccounting Education Series.The CFF exam will now be

offered twice per year. The springexam dates are from June 1 – June30 and the fall exam dates are fromNov. 7 – Dec. 10. Registration willbe on a year-round basis, but youmust choose one exam per year.For more information about examregistration and content, visitaicpa.org/cffexam.

“It’s very exciting,” Durkin said.“Emerging professionals have anopportunity to be a part of aforensic community and getignited by the excitement buildingaround the credential and theforensic profession. Forensicaccountants are very important intoday’s environment and willcontinue to be long into thefuture.”

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Ken Greenwood, MBA

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Ken Greenwood, MBA

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CLASSIFIED ADSCONTINUED FROM PAGE 20

technology, intellectually challengingassignments and meaningful opportunitiesto enhance professional and personal skills.In addition to an excellent compensation

package, we offer a family atmosphere with astrong emphasis on client-centeredprofessionalism. Send resume in confidenceto P. O. Box 80, Jackson, MS 39205-0080.FAX 601-355-9003.

u u uCALCULATORS PLUS is now handling theMonroe Calculators and supplies CallChester Wasser at 601-709-0371 or 888-264-3939 for more information and special CPApricing.

u u u

ACCOUNTING PRACTICE SALES – JIMBURFORD, BROKER - WHERE PRACTICESELLERS AND BUYERS MEET. Some of thepractices we now have available are listedbelow:– Natchez, MS. Tax practice. Annual gross$73,572.

– Jackson, MS area. Annual gross $183,000.– Jackson, MS area. Annual gross $266,000.– Slidell, LA. Tax and bookkeeping practice.Annual gross $102,000+.

– Monroe, LA. CPA tax and bookkeepingpractice. Annual gross $745,000.

To list your practice with us or to check outour current listings, call me, Jim Burford,CPA toll free (800) 340-7002 or visit ourwebsite atwww.accountingpracticesales.com or e-mailme at [email protected].

Extinction and Insanity – The story of anaccounting firm by Bryan Shelton, M.S., Senior Consultant, The Rainmaker Consulting Group

Before 2007 James, themanaging partner of a 2 milliondollar accounting firm, was happy.He began his firm in the early1980s and since that time the firmsteadily grew by clientele and staff.James’s firm grew by 10% to 15%per year for the first twenty years.The growth James’s firmexperienced was at first bypounding the pavement andhunger. To help support hisgrowth he quickly named anotherpartner for his great technicalability and then in 2001, Jamesnamed another partner simplybecause he was afraid this personwould be offered a partnership atanother firm and leave. The firmwas growing, staff morale was highand the issues plaguing the firmwas consistently swept under therug because let’s face it; they’re notpleasant to talk about. James hadbecome lackadaisical in hisapproach to business developmentin the past 10 years and neitherone of his partners generatedbusiness, but at that time they didnot need to. The firm had all thebusiness they could handle andgetting business was easy; theywould simply pick up the phonewhen it would ring.In 2007 something happened;

the world surrounding James’s firmbegan to change. The phoneswhich once were providing ameans for developing new businessstopped ringing. For the nextseveral months James and manyother accounting firm leaders didthe same thing- nothing. It wasnot until the end of 2007 thatJames and his partner group beganto talk about what was going on.The firm’s growth was flat andsince costs went up, theprofitability of the firm was down.The following year the phonecontinued to not bring in business.During this time the partnershipbecame strained and employeeswere let go.

EXTINCTIONExtinction is a natural

behavioral process where abehavior (e.i. picking up thephone) no longer produces apreviously contingent consequence(getting new business) leading tothe reduction or elimination ofthat response. This behavioralprocess affects all living beingsthroughout their entire life. Thisprocess typically causes us tochange our approach to access theprevious outcome. The amount oftime it takes to change behaviorpatterns often depends on aperson’s history with the oldbehavior pattern.James and his partners faced a

decision; do we continue to waitfor business to come in or do wechange? The firm had lost severallarge clients and although they hadcut costs, profitability continued toshrink. This is where insanitycomes in; according to AlbertEinstein, insanity is doing the samething over and over again andexpecting different results. Whenmost of us hear the term insanitywe typically think of asylums ormovies such as One Flew over theCuckoo’s Nest. However, accordingto Einstein’s definition it isprobably a failure to recognize theenvironment has changed andtherefore continuing to engage in

the behavior (picking up the phoneand expecting it to be newbusiness) long after the previouslycontingent consequence is nolonger produced (a prospect onethe other line wanting to workwith your firm).James’s firm changed. James

decided it was time to holdhimself, his partners and his staffaccountable to the business of thefirm. This change was not easy.New systems had to be put intoplace, the firm required a newstrategy and vision for the future,partners required businessdevelopment training, goals andexpectations were set for allprofessionals including the partnergroup and James began to lead hisfirm by example and throughaccountability.The world in which we do

business has changed. So thequestion becomes: what are youdoing about it? Are you going tocontinue to try to put the squarepeg in the round hole or are yougoing to get out your dremel andstart reshaping your peg? No oneis saying the change required isgoing to be easy. However, forfirms to survive the change isnecessary. Because, continuingdown the same path… well whatwould Einstein say about that?

PRSRT STDU.S. POSTAGE

PAIDJACKSON, MSPERMIT #814

Mississippi Society ofCertified Public Accountants

and its Education Foundation306 Southampton RowRidgeland, MS 39157

CLASSIFIEDS positions in audit, tax , and financialservices. We offer a competitive salary andbenefits package, including bonusopportunities, as well as opportunity foradvancement. Please send your resume inconfidence to 1929 Spillway Road, Brandon,MS 39047 or e-mail to [email protected].

u u uWm. F. Horne & Co., PLLC seeksexperienced tax and assurance professionalsfor the Hattiesburg and Laurel, Mississippiarea. Excellent benefits and competitivesalary with opportunity for advancement.To apply, email resume to [email protected] or fax to 601-649-5233.

u u uINTERESTED IN SELLING YOURPRACTICE? Matthews, Cutrer & Lindsay,P.A., a Ridgeland based firm, is interested inacquiring additional accounting practices. Ifyou are looking to retire now or in the nearfuture, we would like to talk with you.Please contact Charles Lindsay at 601-898-8875 or email [email protected].

u u uLocal Jackson CPA wants to purchasesmall accounting/tax practice. Contact meat [email protected].

u u uFred T. Neely & Co, CPAs is seekinga senior level audit and tax professional.Competitive salary, excellent opportunityfor advancement, great benefits package andno travel. Please send resume to P O Box894, Greenwood, Ms 38935-0894

u u uCPA FIRM seeking experienced or entrylevel auditors that live in the Central toSouth Delta region of Mississippi.Competitive salary and benefits with limitedtravel. No overnight trips or weekend work.Reply in confidence to File #401, c/oMSCPA, 306 Southampton Row, Ridgeland,MS 39157.

u u uThe firm of GranthamPoole CPAs, pastrecipient of the Mississippi Business Journal’sprestigious Best Places to Work inMississippi award, is looking for great staffadditions. If you love tax preparation andplanning and enjoy taking excellent care ofclients, we may have a home for you. Fulltime, seasonal, and part-time staff members

WRIGHT, WARD, HATTEN & GUEL,Gulfport, MS seeks CPA with tax and/orauditing experience. Send resume [email protected].

u u uBKD, LLP, the tenth largest accounting andadvisory firm in the U.S., is seekingexperienced audit professionals with 2 ormore years experience for its Mississippipractice. Experience in healthcare, financialservices, and/or manufacturing &distribution/commercial is favored thoughnot necessarily required. CPA or CPAeligibility is required. Resumes may be sentto 190 East Capitol Street, Suite 500,Jackson, MS 39201, or [email protected]. Pleasevisit www.bkd.com for more information.

u u uAre you looking for a successor toyour tax/accounting practice? SoloCPA in Jackson metro area is interested inexpanding practice. If you are looking toretire now or in the near future, pleasecontact me at [email protected].

u u uHORNE LLP, one of the top 50 accountingand business advisory firms in the country,is seeking experienced accountingprofessionals for various opportunities.Life/Work Flexibility; Fast Track Promotions;Excellent Benefits Package. Please visit ourwebsite www.horne-llp.com for moreinformation. EOE M/F/D/V

u u uIMMEDIATE OPENING FOREXPERIENCED AUDITORWolfe, McDuff,& Oppie - the firm of choice on theMississippi Gulf Coast has an immediateopening for an experienced auditor. We arelooking for ambitious, energetic individualswho seek a career in public accounting. Youmust be comfortable in a laid-back, flexibleenvironment. We offer a competitivesalaries, bonus opportunities, great benefitsand excellent growth opportunities. Sendyour resume to [email protected] orfax to 228-762-4498.

u u uReservoir area CPA firm of Fortenberry& Ballard, PC, is seeking candidates to fill

are all valued at GranthamPoole.Competitive salary, partner track, greatbenefits, and excellent opportunity foradvancement all make GranthamPoole anoutstanding place to work! Send resumes to1062 Highland Colony Parkway, Suite 201,Ridgeland, MS 39157, fax to 601-499-2401or email [email protected].

u u uAlexander, Van Loon, Sloan, Levens &Favre, PLLC, a Gulf Coast based CPA firm,Finalist for the 2006 Best Places To Work inMississippi award, is accepting resumes’ forSenior In-Charge Level Auditors.Competitive salary, great benefits,limited travel and overtime –outstanding place to work! Sendresume’ to the following address (No Calls):Mail to: Attn: Cindy Moore, 9490 ThreeRivers Road, Gulfport, MS 39503; E-mail:[email protected]; Fax: (228) 863-1165

u u uHADDOX REID BURKES & CALHOUNPLLC seeks experienced audit and taxprofessionals interested in a rewardingcareer with one of the most established andrespected CPA firms in the Jackson area.Excellent benefit package, competitivesalary, and opportunity for advancement.Flexible work schedule is an option.Contact Debbie Holbrook([email protected]) or mail resume inconfidence to P.O. Drawer 22507, Jackson,MS 39225-2507. For more information,visit our website at www.hrbccpa.com.

u u uKPMG LLP seeks experienced auditprofessionals interested in a rewardingcareer with one of the largest and mostdynamic CPA firms in the world.Competitive compensation, excellentbenefits and ample opportunity foradvancement are offered. Mail resumes inconfidence to 188 E. Capitol Street, Suite1100, Jackson, MS 39201, [email protected] , or visit our website atwww.kpmg.com.

u u uJACKSON CPA FIRM of Breazeale, Saunders& O’Neil, Ltd. is seeking experienced auditand tax professionals, both full time and parttime. Our staff enjoys state-of-the-art

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