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New CPA - Welcome to the Profession - MACPA

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Slidedeck for New CPA Swearing-in Ceremony held in cooperation with the Maryland Department of Labor, Licensing & Regulation to recognize newly licensed CPAs in Maryland. This is our fifth year hosting this event.

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New CPA - Welcome to the Profession - MACPA

  1. Welcome to the CPA Profession! Congratulations New CPAs! November 1, 2012 BWI Hilton Hotel The Maryland Association of CPAs www.macpa.org
  2. We believe in CPAs! Period. And we believe in you! Congratulations!
  3. “Let your future be lit with the knowledge of the past.”- Sakichi Toyoda, Founder, Toyoda Automatic Loom Works, predecessor to Toyota Motor Company
  4. Maryland CPA Facts Tonight marks the fifth year of our official swearing-in ceremony developed in cooperation with the Maryland Department of Labor Licensing & Regulation
  5. Maryland CPA Facts Welcome Secretary of the DLLR, Leonard Howie III On September 17, 2012, Governor Martin OMalley named Leonard James Howie, III as Secretary of the Maryland Department of Labor, Licensing & Regulation (DLLR).
  6. Maryland CPA Facts Welcome Harry Loleas, Commissioner of Occupational & Professional Licensing who will administer the oath Pictured left to right – Dennis Gring, Ray Speciale & Harry Loleas
  7. Maryland CPA Facts Welcome Michael Vorgetts, Deputy Commissioner of Occupational & Professional Licensing Michael Vorgetts joined the Division of Occupational and Professional Licensing in August 2012 to serve as Deputy Commissioner after four years with the Maryland Department of Legislative Services. In his capacity with Legislative Services, Michael conducted fiscal and policy analysis on issues related to DLLR
  8. Maryland CPA Facts Maryland State Board of Public AccountantsChair - Thomas J. Tim Murphy, CPA, Industry Member (PrinceGeorges County)Mac N. Claxton, CPA, Industry Member (Prince Georges County)Elizabeth S. Gantnier, CPA, Industry Member (Frederick County)Clifton B. Jeter, CPA, Industry Member (Montgomery County)Ella H. Pierce, Consumer Member (Baltimore City)Naomi B. Powell, Consumer Member (Prince Georges County)Raymond C. Speciale, Esq., CPA, Education Member (FrederickCounty) Dennis L. Gring, Executive DirectorLinda Rhew, Administrative Officer
  9. Maryland CPA Facts Maryland isreporting record#s of CPA Examcandidates CPE Exam passers Source: Maryland State Board of Public Accountancy
  10. Maryland CPA Facts Associations have theirroots in the FirstAmendment of the USConstitution that allowedfor: • freedom of speech • to peaceably assemble • to petition the Government for a redress of grievances Source: Newseum in Washington DC
  11. Maryland CPA Facts Two Marylanders are credited with the formation of the CPA Profession in the United States: Edward C. Cockey as the first president of the AICPA and Henry Harney as the source of the concept of a Certified Public Accountant. Source : MACPA History Book
  12. Maryland CPA Facts A profession has three major attributes 1.  A distinct and evolving body of knowledge 2.  A commitment to the public interest – licensed by the government 3.  A code of conduct and ethics
  13. Maryland CPA Facts The CPA Examination The 1900 Exam The 2012 Exam 1.  Practical Accounting 1.  Auditing Attestation2.  Theory of Accounts (AUD) 3.  Auditing 2.  Business Environment4.  Commercial Law Concepts (BEC) 5.  Commercial 3.  Financial Accounting Arithmetic Reporting (FAR) 4.  Regulation (REG)
  14. Maryland CPA Facts Maryland was the third state in the U.S. to recognize the public interest of accounting and financial reporting by enacting a law that established andregulated the practice of the profession of PUBLIC ACCOUNTANT. On April 10, 1900, Governor John Smithsigned into law Chapter 719 establishing the (Certified) Public Accounting designation
  15. Maryland CPA Facts The Maryland Association of CPAs, Inc.was established on February 12, 1901 for the purpose of uniting CPAs acrossMaryland and enabling them to conform to the high standards of the CPA profession.
  16. Maryland CPA Facts We updated our mission and purpose in 2000 (and logo in 2011) to reflect the changing world of the CPA Profession and our Association.
  17. Maryland CPA Facts We will help CPAs compete and thrive in a rapidly changing environment by: •  Connecting them to their profession, each other, and the business community. •  Protecting and promoting the CPA license and brand. •  Achieving career success through technical excellence, thought leadership, best-in-class professional development, and being their trusted filter for information.
  18. Maryland CPA Facts Associations were a “uniquely American institution” first observed by the French political philosopher in 1835 when he noted: “From then on, they are no longer isolatedmen, but a power one sees from a far, whose actions serve as an example; a power that speaks, and to which one listens.” – Alexis de Tocqueville
  19. CPAs in record attendance at CPA Day in Annapolis Nowhere is this more evident than in our advocacy efforts at the State Board of Public Accountancy and in Annapolis for our Legislature… CPA Day in Annapolis January 16, 2013
  20. History  of  CPA  LegislaLon   Interstate  Prac+ ce       A  passes     ntancy  Act   KEY In  the     Beginning...   1993  MACP  Acts   MD  LLC    L LP Uniform  Accou   Rights    Recogni+on  GOALS/ Max  Teichman,  RESULTS Frank  Blacklock     • Privilege  of  Self-­‐ AG  opinion  of  1981   William  Rogers   RegulaLon   Grants  rights  to  non-­‐CPAs   SB  560  Defeated Maryland  Corporate       • Right  to  Sole  Control  over   for  Reviews    Comps.   Accountability  Act   an  Area  of  PracLce   MACPA  requests     reversal  of  AG  Opinion   HB  1296   –  “This  is  not  an  audit”   language  added   Mobility  PROJECTS/ stops   MACPA  wins  use  of   Passes   PA “consultants”  in  firm   Maryland  STRATEGIES MAC al sever to leBerhead  at  State  Board   pts Special   attem 1924 d Session   State  Board  of   amen Accountancy   law AccounLng   Oct  –  Nov  07   Reform  task   formed   Maryland   Force   bendn giKEY EVENTS CPAs addresses   MACPA    defeats  Sales   becomes  the  1st   Non- pts at 2 SOX   attem license Tax  on  Services   state  to  restrict   Tier HB  1261  re-­‐writes   State  Board  Hearing   CPA  Law  -­‐  1986   May  1,  2003   sses       Amended    Corporate     pracLce  for  CPAs    pa hip   MACPA  amendments  to   CPA s Tax  ReporLng    Bill    MA Owner ed  requirements  fail   UAA CPA   MACPA  p   tries -­‐ MAC PA E non asses  new   ss CPPEOPLE to pa 1974 simpler  CPA  exam   n Bill i 975 MACPA  Forms  Task  Force    and   EducaLon  Rules   1 surveys  members   s   •  CPA  Bill  signed  April  10,  1900   88%  Sub  Equivalency     A  win ACP oard     M 76%  Peer  Review    Safe  Harbor   e  B er •  MD  is  3rd  state  (NY    PA)   68%  Non-­‐CPA  Ownership   Terry  Hancock   Stat alify  Pe E     To  qu  for  CP   chairs  LegislaLve   iew Larry  Kamanitz   Rev t  PRODUCTS/ Dawson  Grove   CommiBee   Allen  Deleon   crediSERVICES/   chairs  LegislaLve  SITES chairs  LegislaLve   chairs  LegislaLve   CommiBee   CommiBee   CommiBee    Bill    Bill   ils   s  CPA y  CPE n  fa t  passes     sign 9 01   empt     d ator sl aLo n mith ed  1  aB  Law es  Man Legi eme yr     IN G  Jo hn  S 0   undPA  first udit    Fo AC s  1924 as s ev iew    Requir  1,  1999  sses    1  ent     ssed   AR N Gov. 0,  190 ACPA M  to  a as se P A  P lity  R s  E d uary CPA  p irem PA  exam nd  Bill  pa a LE Apri l  1 M ghts ACPA  p MAC Qua 50  Hour ate  is  JaUAA  MAnce  Requ terized  C parate  Fu n to    ri M 1 Lve  d ie pu Se c xper Co m E Eff eDateline 1900   1901   1922   1924   1974   1976   1981   1987   1993   1999   2001  2003  2005  2006   2007   20   2008   Maryland  Associa+on  of  CPAs  
  21. Maryland CPA Facts Maryland was one of the first states to enact a law requiringmandator y Continuing Professional Education (CPE),recognizing the public interest of CPAs keeping up withchanges in standards and law. This has turned into a corevalue of lifelong learning for CPAs.
  22. And continues to be modernized to meet the demands of the Profession and the changing world we live in… A Bill SB 128 Maryland Senate Maryland Governor Law From State Board House passes bill signs into law Maryland State Board of Public Accountancy Clarify thru regulations And enforce the law
  23. Maryland CPA Facts In 1924, Maryland was the first state to enact a law restricting the practice of public accountancy to licensed CPAs and recognizing the important role CPAs would play in the growing commerce and industrial sectors of the Maryland economy. This would resurface with the advent of Accounting Review services in a 1981 Attorney General Opinion allowing non- CPAs to offer reviews and compilations in the State of Maryland, only to be reversed by legislation sponsored by MACPA the State Board in 2010 reverting back to the original intent of the 1924 law.
  24. Maryland CPA Facts More than 100 MACPA members call our senators and we defeat the amendment!
  25. Maryland CPA Facts “A large field for the ladies” MACPA was one of the first organizations to recognizethe importance of women inthe CPA profession with the admittance in 1909 of two members, Elsa Doetsch and Florence Hooper. The Maryland BAR wouldnot admit women until 1946 Source: MACPA History Book
  26. Maryland CPA Facts Maryland continues to be a leader in the CPA Profession and recognized as an innovator.
  27. Maryland CPA Facts Maryland continues to be a leader in the CPA Profession and recognized as an innovator.
  28. Maryland CPA Facts Last year MACPA led the CPA Horizons 2025 Projectfor the AICPA using our i2a: Insight to Action strategicthinking system to design and facilitate over 30 future forums with 1,000 CPAs to create a vision for the Profession in 2025.
  29. Maryland CPA Facts MACPA’s CEO wasnamed as the fourth most influential person in the AccountingProfession among the Top 100 list by Accounting Today Magazine. It wasTom’s eighth year on the list.
  30. Maryland CPA Facts MACPA members have a competitiveedge with 24 hours of free CPE and the best learning resources in the CPA Profession
  31. Maryland CPA Facts MACPA can help you maximize your career trajectory through our Business Learning Institute’s leadership proficiency training. http://cpa.tc/thebounce
  32. Maryland CPA Facts “Association members earn higher salaries, like their jobs more, and are happier people, on average, than those that do not join associations.” - Where the Winners Meet: Why Happier, More Successful People Gravitate Toward Associations Study by William E. Smith
  33. Association by Seth Godin Who you hang out with determines whatyou dream about and what you collide with. And the collisions and the dreams lead to your changes. And the changes are what you become. Change the outcome by changing your circle.
  34. There is an old adage that says, you can tell a lot about a person from the company they keep.” We hope you will choose to “associate” with us. Best wishes for a successful career as a CPA! The Maryland Association of CPAs www.macpa.org