The Arkansas Society of CPAs (ASCPA) is an active professional organization
of CPAs working together to improve the profession and serve the public
interest.
With over 80 years of service to the accounting profession, the mission of
the ASCPA is to act on behalf of its members and to provide support in
enabling its members to perform quality professional services while serving
the public interest. To achieve its mission the ASCPA:
- 1. Promotes membership in the Society by all licensed CPAs.
- 2. Provides a forum for personal and professional interaction to
exchange ideas and experiences.
- 3. Seeks to maintain the integrity of the CPA designation and the
licensing process.
- 4. Supports requirements for maintaining and enhancing members'
professional competence.
- 5. Provides standards of professional conduct and monitors performance
to enforce the professional standards.
- 6. Promotes the services performed by CPAs which encompass the
integrity, objectivity and competence in the profession.
- 7. Identifies and provides selected services to fulfill the needs of the
diverse membership (industry conferences, personal financial planning,
insurance and other programs).
- 8. Provides adequate and timely professional information to its members.
- 9. Provides a variety of high quality education opportunities to assist
members in continuing professional expertise.
- 10. Represents the interests of its members to government, regulatory
bodies, and other organizations for improved external relations.
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The Society's extensive Continuing Professional Education (CPE) program
offers over 65 accredited courses and seminars annually. In addition, CPE is
available through self-study materials, in-house programs, conferences, and
chapter meetings. Programs are scheduled year-round to meet the professional
needs of all members.
Top-rated discussion leaders conduct seminars in every area of accounting.
It's easy to take advantage of these programs. You may register in person, by
mail, by fax, by e-mail or toll-free phone. The CPE Department keeps track of
all credits earned by members and prepares an annual statement available on
request for use by the member.
The CPE section in the ASCPA Newsletter, keeps members up-to-date
on schedules and opportunities. The ASCPA CPE Catalog is published annually
showing CPE offerings all over the State. Special event flyers and conference
brochures are mailed to members throughout the year.
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The ASCPA holds an Annual Convention, usually at a resort area, where
members may participate in technical sessions and social activities with other
members of the Profession and their families.
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The ASCPA's leaders play vital roles in the long-term health and vitality
of this organization. Each year, the Society offers a Leadership Conference,
presented by dynamic speakers that inspire, train and educate all ASCPA
leaders.
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The Society confers several professional awards including the Lifetime
Achievement in Accounting Education Award, Outstanding CPA in Government
Award, and the Public Service Award. In addition, the Society presents annual
awards for Outstanding Discussion Leader, Outstanding CPA in Business and
Industry, and Innovative User of Technology.
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The Emergency Assistance Plan offers help to a surviving spouse or an
estate in disposing of a practice and provides minimum conditions for that
disposition.
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The Society maintains a bank of ASCPA members who work in various
specialized areas. Occasionally, an ASCPA member will have a question arise
that is out of his/her area of expertise. The ASCPA staff can help put members
in touch with other members to assist with questions and/or advice.
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It is important for the Society to build friendships at the Capitol and to
obtain favorable legislation. The Society maintains a close working
relationship with elected officials and appointed government officials. ASCPA
Chapters host annual appreciation events for legislators in their area, and
the Society hosts a biannual hospitality reception for legislators statewide.
Workshops are offered to educate members on the legislative process. All
members are asked to assist with the ASCPA legislative effort by serving as
contact persons for members of the Arkansas Legislature and the United States
Congress.
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Each year, to assist members and firms, ASCPA compiles a list of CPAs
seeking part-time employment during tax season and also a list of firms
wishing to hire part-time staff. The list is distributed to both parties.
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The Arkansas Society of CPAs administers the AICPA Peer Review Program.
This program is designed to be educational for firms in public accounting to
further enhance the quality in their performance of accounting and auditing
engagements. The program also enables firms to communicate with their fellow
peers on the objectives of the Accounting Profession.
AICPA members engaged in the practice of public accounting are required to
practice in a firm that is enrolled in an approved practice-monitoring program
such as the Peer Review Program.
Member firms should be enrolled the program, even if they do not currently
function in an accounting or auditing capacity. Non-A&A firms are asked to
confirm annually that no accounting or auditing engagements are being
performed. Should the firm engage to perform such an engagement, a peer review
should be performed within 18 months of the fiscal year-end of the first such
client accepted.
Firms performing engagements under the SASs, or the yellow book or
examinations of prospective financial information under the SSAEs, will have a
"system" peer review, whereby the reviewer will study and evaluate
the firm's system of quality control policies and procedures in order to
provide reasonable assurance of conforming with professional standards. It is
basically the same as the old on-site review with a name change only, designed
to more accurately describe the type of peer review since the reviewer will be
expressing an opinion on the firm's system of quality control.
An "engagement" peer review is for firms that are not required to
have a system review, and are not eligible to have a report review, as
discussed below. The objectives on an engagement review are to provide the
reviewer with a reasonable basis for expressing limited assurance that
attestation engagements submitted by the firm for review conform with
professional standards, and that the firm's documentation conforms with the
requirements of the SSARs and the SSAEs in all material respects (new under
the revised standards).
An engagement review is similar to the old off-site peer review wherein a
separate report and letter of comments are written, and the completed review
goes through the technical review process, committee acceptance, monitoring
actions, etc. Since engagement reviews do not cover the firm's system of
quality control, the reviewer does not express an opinion on the firm's
compliance with its own quality control policies and procedures or with
quality control standards, just conformity with SSARs and the SSAEs. Some
examples of the documentation referred to above on a review engagement include
the management representation letter, the documentation of the matters covered
in the accountant's inquiry representation letter, the documentation of the
matters covered in the accountant's inquiry and analytical procedures, etc. A
firm must have an engagement review if it performs, as its highest level of
service, compilations referred to in the SSARs as "selected information -
substantially all disclosures required are not included."
Firms who only perform compilations that omit substantially all disclosures
may have a "report" peer review. In a report review, the reviewer
selects a sample of engagements and gives the firm a report that lists
comments and recommendations based on whether the financial statements and the
related accountant's reports appear to conform with the requirements of
professional standards in all material respects. An authorized member of the
firm is required to sign the report, whether or not there are comments,
acknowledging that the firm has no disagreements with the comments and
recommendations therein, and forwards a signed copy of the report to the
administering entity. There is no separate letter of comments or letter of
response; however, the firm is not prohibited from attaching a response to the
copy of the signed report. A technical review is required on report reviews,
but committee acceptance by the administering entity's peer review committee
is required only when the technical reviewer determines there are significant
issues requiring the committee's attention. Only the peer review committee may
impose monitoring actions the firm and / or reviewer.
For more information, visit these sites:
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The ASCPA serves as a liaison with the Arkansas State Board of Public
Accountancy and Arkansas Bar Association, and maintains a close working
relationship with them as well. The Society is also an active member of the
Tax Advisory Council, which meets annually to review and improve state laws;
other members of the Tax Advisory Council include the Arkansas Society of
Public Accountants, Revenue Division of the Department of Finance and
Administration, Arkansas Bar Association, and other taxpayer oriented groups.
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Seeking exposure in newspapers, radio and television, and by providing
speakers for community groups, the Society works to enhance the image of the
CPA in Arkansas among both the general public and special groups such as
bankers, lawyers and government officials. Society members take an active role
in promoting the CPA profession among students in Arkansas' high schools and
colleges. The ASCPA office maintains key presentation material for members'
use, such as videos, speeches and brochures.
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The ASCPA maintains a periodical reference library that may be used by
members for research. Included among the publications are: FASB Statements and
Interpretations, The Journal of Accountancy, CPA Journal, Journal of Taxation,
The Tax Advisor and many other informative reference tools.
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When you are ready to make a move, or looking to hire, turn to the ASCPA
Resume Service for help with your job search. Upon request, the Society will
send a copy of your resume to prospective employers. Through a service called
Resume Link, members can post their resumes and job openings on-line.
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ASCPA's Student Loan Fund Foundation, augmented annual by contributions
from members, provides loans to accounting majors at Arkansas colleges and
universities.
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Members benefit by other group privileges, such as discounts available from
DHL (shipping), Alamo Rental Car, Avis Rental Car, Capital Confirmation,
Career Bank, The CPA Journal, The CPA Software News, Dell Computers, Dental
& Vision Insurance, Fidelity Investments Brokerage Group, Hertz Rental
Car, Hewlett Packard, IC System (Collection Services), MBNA MasterCard, Monroe
Systems for Business Calculators, Research Institute of America, Rebsamen
Insurance, Sam's Club Warehouse, and Snelling Personnel Services.
For additional information on these special services, email Robin at ascpa@arcpa.org.
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Perhaps one of the most important benefits available to members is the
various insurance plans. Following is a list of the current plans available.
Specific questions about any of these plans should be addressed to the
appropriate plan administrator.
Professional Liability Insurance
Underwritten by the CNA Insurance Companies and endorsed
nationally by the AICPA.
Limits up to $10,000,000 are available.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Disability Income Protection
Association Plan underwritten by Boston Mutual Insurance
Company.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Long Term Care
Long Term Care is an asset protection plan. It provides
benefits for coverage of Nursing Home expenses as well as Optional
Professional Home Care Benefits and Total Home Care Benefits. If you can't
perform two of the Activities of Daily Living (eating, bathing, dressing,
transferring, toileting, or continence) or suffer Cognitive Impairment,
including Alzheimer's Disease, and require the stand-by assistance of another
person, you are eligible for benefits. Benefits are payable after a waiting
period is satisfied, usually 30 to 90 days. Benefit Periods are 2 years, 3
years, 6 years, or Lifetime. Optional inflation protection is
available. Benefit amounts range from $1000 to $6000 per month.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Critical Illness and Accident Protection
This Plan pays a lump sum cash benefit upon the diagnosis of
a covered serious illness, such as: Heart Attack, Cancer, Stroke, Kidney
Failure, Alzheimer's Disease, Loss of Sight, Loss of Hearing, Loss of Speech,
Loss of Limb, Paralysis, or Major Organ Transplant. Lump Sum Payment can range
from $10,000 to $50,000. the payment is made to a surviving insured 30 days
after diagnosis of a covered serious illness. The benefit amount can be put to
a number of uses, including income Replacement, Uncovered Medical Expenses,
Home Health Care, Experimental Treatments, Once-in-a-Lifetime Vacation, or
Funding a Child's Education.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Business Overhead Expense Plan
Underwritten by Boston Mutual Insurance Company.
Benefits up to $15,000 per month are available.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Accidental Death & Dismemberment
Underwritten by UNUM Insurance Company with limits up to
$250,000
available for you, your spouse and your children.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Daily Hospital Indemnity Plan
Underwritten by UNUM Insurance Company.
Pays up to $200 per day while hospital confined.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Individual Long Term Care
Underwritten by UNUM.
ASCPA members receive a 5% premium discount.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Term Life Insurance
Underwritten by ReliaStar Insurance Company.
Up to $500,000 in coverage is available for you, your spouse and children.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or
Holly Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
CPA
EmployerGard
CPA
EmployerGard provides Employment
Practices Liability.
Coverages include wrongful termination, discrimination, harassment (both
1st party and 3rd party claims) and failure to make
partner as well as other types of protection.
Limits of Liability range from $100,000 to $2,000,000.
Virginia Surety, an A rated company, is the insurance carrier.
The EmployerGard was created exclusively for CPA Firms.
Endorsed by the ASCPA.
Administrator: Vernon Dutton, Chip Harper or Holly
Schieber
Rebsamen Insurance
1500 Riverfront Drive
Little Rock, AR 72203
501-664-8791 / 888-272-6656 (Toll-Free)
vernondutton@rebsamen.com
/ www.rebsamen.com
Long Term Care
Written by Massachusetts Mutual Life Insurance Company.
Members, Spouses, Parents, In-laws, and Children will receive 10% discount.
Joint Policy will receive up to 50% discount.
Endorsed by the ASCPA.
Contact Information: Heady Nezhadpour
Certified Long Term Care Consultant, Certified Senior Advisor
501-920-8408
hdnezhadpour@finsvcs.com / www.arltc.com
Dental Insurance
Underwritten by CompBenefits.
Members may choose a managed care plan with no deductible or
an indemnity plan with a $50 deductible and the freedom to use any
dentist.
Endorsed by the ASCPA.
Administrator: Robbi Davis
The Robbi Davis Agency, Inc.
501-954-8100
AICPA Endorsed Insurance Plans
Insurance plans endorsed by the American Institute of CPAs
are available to AICPA and/or ASCPA members:
CPA PLAN
Provides up to $1,000,000 of term life and accidental death
and dismemberment coverage.
800-223-7473
Group Insurance Plan
Provides term life and accidental death and dismemberment
benefits
on an employee benefits program basis for public accounting firms.
800-221-3019
Long Term Disability Income Plan
Provides long term disability income benefits for AICPA
and/or ASCPA members.
800-221-4722
Administrator for AICPA Plans: Aon Insurance
Services
AICPA Plan Agent
200 Park Avenue
New York, NY 10166
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Published monthly, the ASCPA Newsletter provides
up-to-date information concerning developments in the Profession, news about
members, upcoming events and other general information, including the latest
professional pronouncements. Be apprised of legislative happenings and acquire
knowledge of technical information provided by the Society's committees.
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Each year, the ASCPA publishes a Yearbook that contains Officers and
Directors, AICPA Council Representatives, State Board of Accountancy Members,
Committee Members, Chapter Officers, as well as an overview of Society
services and benefits.
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Acutely aware of the rapid technological changes occurring, the State
Society has staff and committees working to provide upgrades to our services.
Delivery of timely and accurate information to our membership is our foremost
challenge.
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