2010 Annual Convention - MSCPA

MISSISSIPPI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

VOLUME XLVIII JUNE 2010

continued on page 4

In MemoriamCarroll L. Quin, Jr.

Yazoo City

Died May 26, 2010

MSCPA Past President

1978-79William L. Eubank, Jr.

Pub l ic Ser v ice Award W innerWilliam L. Eubank, Jr., of

Jackson has been selectedthe 2010 MSCPA PublicService Award Winner. Billwill be honored during theBusiness Meeting at theAnnual Convention inDestin.

Bill is a FoundingMember of Eubank & Betts,PLLC in Jackson where heserves as Director-in-Charge of the TaxPractice for the firm. Bill provides taxservices for businesses, physicians,attorneys, non-profits, estates andtrusts. He also serves clients for giftplanning, business tax compliance andrelated planning for partnerships andcorporations. Bill has assisted clientswith corporate mergers and acquisitionsand in many other matters during his

professional career. He hasmanaged tax engagementsfor many industries inMississippi and throughoutthe United States, includingTax Appeals and testifying inU.S. Tax Court. He hasbeen active in maintainingthe liaison relationshipbetween the InternalRevenue Service and the

Firm. He also served numerous years asan MSCPA Tax Institute Trustee as wellas serving as a speaker for tax seminars.

He is a 1962 graduate of theUniversity of Mississippi with aBachelor of Science in Accounting andholds certificates in Mississippi andLouisiana.

Bill is currently Chairman of the

Dr. Stan ClarkOuts tand ing Educato r

Dr. Stanley J. Clark ofHattiesburg has been selectedas the 2010 winner of theMSCPA Outstanding EducatorAward. Dr. Clark is aProfessor in the School ofAccountancy in the Collegeof Business at the Universityof Southern Mississippi.

He will be honored duringthe Business Meeting at theMSCPA Annual Convention onSaturday, June 26 at the Sandestin Golf& Beach Resort in Destin, Florida.

Dr. Clark received his Ph.D. fromthe University of Kentucky and has aMasters of Professional Accountingdegree and a Bachelor’s degree inaccounting from the University ofSouthern Mississippi. Dr. Clark’sprimary teaching areas are financialaccounting and individual incometaxes. He was awarded the USM

Excellence in Teachingaward in 2000. His researchhas primarily focused onfinancial accounting andreporting issues. He haspublished articles innumerous journalsincluding Journal ofAccountancy, Ohio CPAJournal, Journal ofCorporate Accounting and

Finance, and Strategic Finance. Stan is afrequent discussion leader for theMSCPA and has been active for manyyears in Society committee work.

Dr. Clark joined the USM faculty in1985 as an Instructor and became anAssistant Professor in 1990, an AssociateProfessor in 1997 before becoming aProfessor. He is the author ofnumerous scholarly publications and isactive in the USM committee structuresas well as advising students.

2010 AnnualConventionJune 24-27

MSCPA’s 2010 Annual Conventionand Business Meeting is June 24-27,2010 at the Sandestin Golf & BeachResort in Destin, Florida. This marks the25th consecutive convention at theSandestin Resort.

At press time for this Newsletter 114members and 58 spouses had registered.Opening speaker at 9 a.m. on Friday isBarry Melancon, AICPA President, whowill present a professional issues update.Following his presentation Jonathan E.Turner, CFE, CII, from Memphis willdiscuss prevention and detection offinancial fraud. Following the BusinessMeeting and election of officersSaturday, Andy Taggart and Jere Nashauthors of “Mississippi Politics: TheStruggle for Power, 1976-2008, SecondEdition” will discuss the State’s politicalclimate.

Complete information on themeeting is carried on the Society’swebsite at www.ms-cpa.org.

2009 Exam MedalWinners Announced

The MSCPA Awards, Education &Scholarships Committee has notifiedwinners of Gold, Silver and Bronzemedals from the 2009 CPA Exam.

These awards honor those whoattained the highest scores in passing allparts of the exam in one sitting during2009. Winners will be recognized duringthe Business Meeting of the MSCPA 2010Annual Meeting on Saturday, June 26 atthe Sandestin Golf & Beach Resort.

Medal winners from 2009 includeone Gold Medal Winner and two each inthe Silver and Bronze Medals:

The Fred T. Neely Gold Medal:Jonathon E. Barnett, Ellisville

The T. E. Lott Silver Medal: BrandiLauren Holley, Oxford; Jessica BrookePierce, Petal

The Silas M. Simmons Bronze Medal:Perry C. Rackley, Starkville; AllisonAmanda Wilson, Learned.

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Mississippi Society of Certified Public Accountants June 2010

Publishedby the

Mississippi Society of Certified Public Accountants

306 Southampton RowThe Commons

Highland Colony ParkwayRidgeland, MS 39157

PHONE: (601) 856-4244FAX: (601) 856-8255

E-MAIL ADDRESS: [email protected]

OFFICERS

PresidentBob Cunningham, Jackson

Vice President/President-ElectSim Mosby, Natchez

SecretarySusan Riley, Hattiesburg

TreasurerLee Adams, Jackson

Immediate Past-PresidentJan Lewis, 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.

Do We Have YourEmail Address?Visit the Members Section of theSociety website (top right mainpage at www.ms-cpa.org) toreview your member informationand make updates. Or, emailyour preferred email address [email protected] and we’ll dothe update for you.

NewMSCPA

CAREERCENTER

For

Job SeekersAnd

EmployersSign up at

www.ms-cpa.org

Welcome New MembersNew members include Leigh F.

Agnew, John F. Bakley, Lindsey WilcoxConley, Daniel James DeBlanc, ChadEdward Ervin, Karen Gurnik, KimberlyL. Henry, Kristie Ann Holland, ShelbyLynn Howarth, Robbin Courtney Jones,Shawna Leigh Post, Kenneth AngeloPrimos, III, Troy Daniel Rankin, RichardGeorge Roberts, Jr., Barrett T. Smith,Katie Bruce Stuart, Deborah SheaSutherland, Lauren Bailey Trussell, ImaRuth Whitehead, and Allison A. Wilson.

Now completing the membershipprocess are:

Timothy John Adler was born inWichita, Kansas and attended theUniversity of Central Oklahoma earninga BS in Accounting and MBA. He is aPartner with BKD, LLP in Jackson.

Timothy J. Byrd was born inMcComb and received his BS inAccounting from Southern University inBaton Rouge. He is on the staff of SilasSimmons, LLP in Natchez.

Brittany Gordon Chamblee wasborn in Grenada and received her BS inBusiness Administration fromMississippi College. She is on the staffof BKD, LLP in Jackson.

Dana Olevia Daigre was born inVicksburg and received her Bachelor ofAccountancy and Master of Taxationfrom Mississippi State University. She

is Business Manager for nSPARC atMississippi State University.

Scott B. Dawkins was born inMeridian and received his BS in BusinessAdministration from Mississippi College.He is on the staff of BKD, LLP inJackson.

Tonya A. Delancy was born inJackson and received her Bachelor ofAccountancy and Master ofAccountancy degrees from theUniversity of Mississippi. She is anAccountant with John C. Havard, P.A. inHattiesburg.

James William McIngvale was bornin Memphis and attended the Universityof Alabama receiving a Bachelor ofScience and Master of Tax Accounting.He is a Member of Skinner & McIngvale,PLLC in Southaven.

Jennifer Lynn McMillin was born inVicksburg and received a Bachelor ofAccounting from Mississippi StateUniversity and an MBA from theUniversity of Mississippi. She is aProfessional with May & Company inVicksburg.

Donald Ray McWilliams was bornin Shaw, Mississippi and attendedMississippi Valley State Universityearning a BS in Mathematics withfurther study at Arkansas StateUniversity. He received his Master ofProfessional Accountancy degree fromJackson State University and is nowInstructor of Accounting at JSU.

Catherine Kimberly NaughtonPeyton was born in Union City,Tennessee and attended the Universityof Memphis and Mississippi Collegereceiving a Bachelor of Business degree.

continued on page 3

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June 2010 Mississippi Society of Certified Public Accountants

She is a Senior Accountant with Harper,Rains, Knight & Company in Ridgeland.

Margaret Elizabeth Prine was bornin Hattiesburg and received her BS inAccounting from the University ofSouthern Mississippi. She is a Manager-Accounting II with the University ofMississippi Medical Center in Jackson.

Thomas Bishop Reid was born inGrenada and received a Bachelor ofAccountancy and Master of Taxationfrom Mississippi State University. He isa Staff Accountant with Taylor, Powell,Wilson & Hartford in Greenwood.

Catherine Stanley Runnels wasborn in Hattiesburg and received herBachelor of Accountancy and Master ofAccountancy degrees from theUniversity of Mississippi. She is anAccountant with Cellular South in

University-Meridian. She is a CSR withSouthern Pine Electric in Newton.

Toni C. Thrasher was born inJackson and received her BS inAccounting from Mississippi College.She is a Senior Tax Accountant withHuffman & Co., CPA, P.A. in Flowood.

James Warner Wadlington was bornin Clarksdale and received a BBA inAccounting and Master’s inAccountancy from Millsaps College. Heis a Senior Associate, Health CareReimbursement for Horne LLP inRidgeland.

Hazel D. Whiting was born in TateCounty and earned an MBA degree. Sheis CFO of Delta Health Center in MoundBayou.

Christy C. Wilson was born inMeadville and received a BSBA degreefrom the University of SouthernMississippi. She is CFO of GilmoreMemorial Hospital in Amory.

Ridgeland.Michael Cary Russell was born in

Baldwyn and received his Bachelor ofAccountancy degree from the Universityof Mississippi. He is a Senior VicePresident with BancorpSouth in Tupelo.

William Brent Tapscott was born inTupelo and received his Bachelor ofAccountancy and Master ofAccountancy Degrees from theUniversity of Mississippi. He is an AuditSenior with Harper, Rains, Knight & Co.in Ridgeland.

Wolanda Taylor was born in Jacksonand received a BS in BusinessAdministration from the University ofSouthern Mississippi and a Certificate ofAccountancy from Mississippi College.She is a Business Analyst with Blue Cross& Blue Shield of Mississippi in Jackson.

Kristen Harris Thorne was born inMeridian and received a Bachelor’s inAccounting from Mississippi State

NEW MEMBERSCONTINUED FROM PAGE 2

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BILL EUBANKCONTINUED FROM PAGE 1

Board of Trustees of Baptist HealthSystems in Jackson. He has previouslyserved as Chairman of the FinanceCommittee and Chairman of theQuality Committee. During the tenyears he served on the Board, he andother Board members have beeninstrumental in opening the HedermanCancer Center, constructing an$80,000,000 west Tower Hospitalspecializing in heart and women’sservices and bringing on board a newChief Operating Officer. With Boardsupport, the Hospital is active incommunity affairs with employeesbuilding several Habitat Homes andnumerous volunteer activities. TheHospital is working towards apartnership with Mission First, a tax-exempt organization that providesmedical and dental services, learningexperiences for children and recreationactivities after school in a Christianenvironment to the inner city.

Bill is Past President of River HillsClub of Jackson and previously servedas Vice President and Secretary. TheClub was established in 1960. Shortlyafter completing his term as Presidentin 2002, the Club began constructionand completed a new facility formembers.

He has served as Chairman of theDeacons and is a Member, Life Deaconand Teacher at First Baptist Church inJackson. As Chairman of Deacons hewas heavily involved in bringing Dr.Frank Pollard back to First Baptist aspastor. As Vice Chairman, he wasinstrumental in the Church fundraisingand planning for a new building

constructed and completed at a cost of$17,000,000. He and 16 other menstarted the Tuesday Men’s Bible Studythat has continued since inception in1969. He began serving the SundaySchool for senior High students in theFall of 1969 and served in manycapacities. For the past 15 years, he hastaught in the college department wherehe has influenced the lives of hundredsof young people. He and his wifeSandra have been dedicated servants forthe college age students.

Bill is a past Board Member andTreasurer of Jackson Preparatory Schoolin Jackson and was instrumental in theinitial stages of achieving Tax ExemptStatus for the school.

He has served as President andFinancial Contributor of theAccountancy Order at the University ofMississippi. Bill was recognized by hiscollege professors who appointed himto this important position forencouraging students to enter theaccounting profession.

Bill is a past Secretary/Treasurer anda Charter Member of the Rotary Club ofJackson. Among the original officers atthe first meeting June 29, 1971, Billserved as Secretary.

Members of the MSCPA PublicService Award Committee this yearincluded Stacy Thomas, Jackson,Chairman; and Juliette Mays, Houston,and Steven Palazzo, Biloxi.

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5


CPA firms frequently ask us: “Whatshould our professional liabilityinsurance policy limit be?”

The question becomes even morecritical at a time when firms aretightening belts and trying to reduceexpenses without negatively impactingtheir fundamental business model.There are dangers in being under-insured as well as in being over-insuredfor professional liability, and the dangerscan create problems.

Being under-insured can expose thefirm and/or its partners to too muchadjudicated liability in excess of thepolicy limit. However, if the policy limitis sufficient relative to the net worththat can legally be reached, plaintiffswill generally accept the amountavailable under the policy.

Being over-insured, on the otherhand, can create a larger target forunwarranted litigation and provide lessincentive for plaintiff’s attorneys to

settle a claim efficiently. Being over-insured also tends to result in payinghigher premiums than necessary.

Consequently, we are not anadvocate for “buy as much as you canafford.” The size of the limit canunfortunately motivate plaintiffs toexaggerate their damages and make itharder to negotiate a reasonablesettlement. The best size is neither toobig nor too small.

Optional Defense CoveragesThe same principle applies to

optional defense coverages. Policieswith optional defense coverages arebroader and afford more protection, butthey also tend to cost more and provideless incentive to settle a claim. CAMICOstatistics indicate that claim amountstend to expand to fill the policy limit,regardless of the limit. Furthermore,optional defense coverages (that in effectexpand the policy limit) can be seen as

“enlarging the target on your back.”

Factors to ConsiderDetermining appropriate policy

limits for your firm requires carefulconsideration of a variety of factors,including some of the mainconsiderations that are addressed below.CPAs should supplement this guidancewith discussions about their specificsituations with their insurance agent orunderwriter.

11)) AAnnnnuuaall ffiirrmm rreevveennuuee.. Thisamount is a good starting point inconsidering how much protection yourfirm should have. Limits chosen byfirms in general tend to approach theirannual revenue.

22)) RReegguullaattoorryy rreeqquuiirreemmeennttss.. If youare practicing in an entity form such asan Accountancy Corporation, LimitedLiability Corporation (LLC) or LimitedLiability Partnership (LLP), you may be

What’s the Right Policy Limit for Your Firm?By Ric Rosario, CPA, CFE

continued on page 8

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BILL KELLY, HATTIESBURG: Bill is a partnerwith Nicholson & Company, PLLC with over 31years of public accounting experience. In additionhe has over 10 years experience in businessvaluation and is accredited in business valuation(ABV) by the AIPCA, and by the NationalAssociation of Certified Valuation Analysts (NACVA)as a Certified Valuation Analyst (CVA). Bill practicesin the area of business valuation, closely-heldbusiness taxation and planning, accounting and

auditing. He is past member of the Mississippi Tax Institute Board of Trustees,

2010-2011President Sim Mosby, NatchezMEET THE CANDIDATES

VICE PRESIDENT/PRESIDENT-ELECTBILL TAYLOR, WATER VALLEY: Bill isPresident of Renasant Bank in Water Valley,Mississippi and an Employee Benefit Advisorfor Renasant Financial Services. Bill graduatedfrom the University of Mississippi with a BBAin Banking and Finance and a Master ofAccountancy in Taxation. He began his careerin the Jackson office of KPMG Peat Marwickand has worked with several firms in the stateas an employee benefit consultant while

managing his own firm, Benefit Solutions, Ltd. Bill Served asSecretary of the Society in 2008-2009, and for the last seven years hasserved as Chairman of MSCPA’s Continuing Education Committee.Many MSCPA members know him from the continuing educationseminars he has led throughout the state. Bill has conductedseminars for the American Institute of Certified Public Accountants,the American Society of Pension Professionals and Actuaries, over 40state CPA and Bar associations and other organizations, and receivedthe AICPA’s Outstanding Discussion Leader award in 2008. Bill is theauthor of Taxation of Employee Benefits Volume I and Volume II,and his articles have appeared in numerous publications.

STACY THOMAS, JACKSON: Stacy is ashareholder with Baker, Donelson, Bearman,Caldwell & Berkowitz, PC in Jackson and haspracticed with the firm since 1996. Heprimarily focuses on the areas of federal andstate taxation, tax controversy and estateplanning. Stacy is a graduate of MississippiState University and serves on the AdvisoryCouncil for the Adkerson School ofAccountancy at MSU. He received his law

degree from Vanderbilt University. After clerking two years with theMississippi Supreme Court, Stacy continued his education at NewYork University where he received a Master of Laws in Taxation. Hecurrently serves on the MSCPA Board of Governors and the ExecutiveCommittee and is a member of the Taxation Committee. He has alsoheld numerous offices in the Central Chapter (most recentlypresident, 2007-2008) and has served as chairman of the TaxationSection of the Mississippi Bar Association and president of the EstatePlanning Council of Mississippi.

LEE MURPHY, GRENADA: Lee serves as partnerand firmwide director of the business advisory andaccounting services for Horne LLP. With twentyyears in public accounting, Murphy primarilyfocuses on closely-held businesses, agribusiness,professional practices and retail. Lee who is agraduate of Delta State University is a past presidentof the Delta Chapter and has served as a member ofthe MSCPA Board of Governors and is a pastchairman of the MSCPA Governmental Committee.She is currently serving an appointment by the

MSBPA on the Peer Review Oversight Committee. Lee and her family areactive members of Emmanuel Baptist Church where she teaches SundaySchool and serves on the personnel committee. Murphy is a graduate ofMEC’s Leadership Mississippi. She currently serves in her home communityas a board member of the Grenada County Economic Development Districtand as the Immediate Past President of the Junior Auxiliary of Grenada. Leeand her husband Rodney have two children, Matthew, age 13 and Sara, age 9.

JACK OPPIE, PASCAGOULA: Jack is Managing Partner ofWolfe McDuff & Oppie, CPAs in Pascagoula and has overtwenty years of accounting and auditing experience,including five years of governmental auditing experiencewith the U.S. Department of Defense. He is a graduate of theUniversity of Southern Mississippi and a 1989 recipient ofthe Silas M Simmons Bronze Medal. Most of Jack’sexperience has been in the areas of tax and audit of financialservices firms, manufacturing, construction, andgovernmental entities. Jack is very active in the profession.He has served two terms on the MSCPA Board of Governors,and has served on several MSCPA committees. Jack is also

active with the AICPA Small Firm Network. Jack is a member and a past-president of theCoast Chapter of the MSCPA. Jack is very involved in his community. He is a memberand past president of the Pascagoula Rotary Club, and a past treasurer of the SoutheastMississippi Chapter of the American Red Cross. He has served or is currently serving onthe Board of Directors of the Jackson County Chamber of Commerce, the Board ofDirectors of Jackson County Civic Action Committee, Inc., and the Finance Committee ofSacred Heart Church in Pascagoula. Jack and his wife Joyce have three children:Michelle, John and Daniel.

MARY BETH MAYER, NEW ALBANY:Mary Beth is a senior manager with Eaton,Babb & Smith, P.A. in New Albany. Shegraduated summa cum laude with a Bachelorof Accountancy degree from the University ofMississippi in 2002. Mary Beth was therecipient of the University of Mississippi’sTaylor Medal in 2002 and a recipient of theFred T. Neely Gold Medal Award for theNovember 2002 CPA exam. She serves as the

firm’s QuickBooks Certified Pro Advisor and specializes inQuickBooks setup, consultation, and training for clients. Mary Beth’s

TREASURER

SECRETARY

Continued on page 7Continued on page 7

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PAUL CALHOUN, JACKSON: Paul ismanaging partner of Haddox Reid Burkes &Calhoun, PLLC, in Jackson, and has been withthe Firm for 34 years. He is a 1976 graduate ofthe University of Alabama with a major inaccounting. He is a past officer of the CentralChapter and has served as a director on theMSCPA Board of Governors and as President ofthe MSCPA. He has also served on variousMSCPA committees and as chairman of the

Personal Financial Planning and MAP Committees.

responsibilities also include auditing of governmental and non-profitorganizations, income tax preparation, and preparation of financialstatements for small businesses. Mary Beth currently serves asSecretary of the Mississippi Young CPAs, Vice-President of the JuniorAuxiliary of New Albany, MS, and a member of the board of directorsof the Kiwanis Club of New Albany, MS. Mary Beth and herhusband, Chad, have two children, Jackson and Emma.

LINDA KENG, JACKSON: Linda is a shareholderwith Watkins Ludlam Winter & Stennis, P.A., inJackson, Mississippi. Her practice is concentrated in theareas of ERISA and employee benefits, deferredcompensation, estate planning and probate and federaltaxation. Linda is a native of Hattiesburg and attendedthe University of Southern Mississippi where shemajored in accounting and received a B.S.B.A., withhonors. She received her JD with special distinctionfrom Mississippi College School of Law and her LL.M.in taxation, cum laude, from the University of Florida.Active in various business and professional groups,Linda is a member of the American Bar Association,

the Mississippi State Bar and the Hinds County Bar Association, the AICPA, theMississippi Society of Certified Public Accountants, the Mississippi Chapter ofthe Financial Planning Association, and the Mississippi Estate Planning Council.She is an alumni member of the IRS Gulf Coast Area TE/GE Council and is apast member of the Board of Trustees of the Mississippi Tax Institute. She hasformerly served as President and Treasurer of the MSCPA. Linda is currentlyserving a three-year term on the Board of Directors of the University ofSouthern Mississippi Foundation and is a member of the Executive Committee,as chairperson of the Policies and Bylaws Committee. Linda is a member of theJackson Chamber of Commerce and is also a member of St. Philip's EpiscopalChurch in Jackson where she serves on the Finance Committee.

and past representative for the Southeast Chapter of the MSCPA as a memberof the Board of Directors of the MSCPA. In addition, he has served on thebusiness valuation committee and continuing professional educationcommittee of the MSCPA. Bill is an active alumnus of the University ofSouthern Mississippi, where he obtained his Bachelor of Science in BusinessAdministration Degree. He is also a member of the Southern Miss Eagle Cluband associate member and CPA advisor for the USM M-Club. Bill is an activemember of Temple Baptist Church, involved in several ministries, includingthe music ministry and van ministry. He and his wife Glenda have twochildren and five grandchildren, all who reside in the Hattiesburg area.

Mississippi Societyof

Certified Public AccountantsINCORPORATED UNDER THE LAWS OF THE STATE OF MISSISSIPPI

NOTICE OF ANNUAL MEETING

To: Members, Mississippi Society of Certified Public AccountantsIn accordance with the Bylaws, the members are hereby notified of the annual meeting

of the Mississippi Society of Certified Public Accountants to be held at the SandestinResort, Destin, Florida, on Thursday, Friday, Saturday and Sunday, June 24-27, 2010.

The Annual Business Meeting will convene on Saturday, June 26, 2010 at 9:00 a.m.The election of officers, reports from officers, and other business will be conducted at thistime. Candidates for office with biographical data are included in this Newsletter.

A special program has been designed to interest all members, their spouses, childrenand guests.

Sim MosbyPresident

AT-LARGE BOARD MEMBER

BILL KELLY continued from page 6 MARY BETH MAYER continued from page 6

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required to carry certain limits ofliability insurance in order to qualify asan entity that will receive limitedliability legal protections. Theregulations for such entities can varyfrom state to state.

33)) RRiisskk eexxppoossuurreess ffrroomm sseerrvviicceess..The types of services offered by yourfirm, and the risks posed by them, canaffect the size and types of limits yourfirm should have, especially when itcomes to the question of single versussplit limits.

44)) RRiisskk eexxppoossuurreess ffrroomm cclliieennttss.. Theseverity of a claim is closely related tothe size of the client. If you have one ormore high-net-worth clients, considerthe amount of damages that may beclaimed by such a client as a result of anerror or omission. A firm with lower-net-worth clients will have less of a riskexposure. Another example would be anaudit client that has significant lines ofcredit or loans to the business. Also,

certain types of industries pose higherrisk than others. For example, real estate,construction, financial industries, andany limited partnerships, publicofferings, buy-sell transactions, orinvestment activities have more severeclaims than other types of industries andactivities.

55)) TThhee ““sslleeeepp wweellll aatt nniigghhtt”” ffaaccttoorr..The firm needs to decide how to bestmanage its risks to be within its riskappetite. This involves a combination ofloss prevention and risk managementprograms in addition to its insurancecoverage. Some firms and their partnersare comfortable with the adequacy oftheir risk management abilities andprocedures, which may lead themtoward lower policy limits. Others areless comfortable about their ability tomanage their own risks, which may leadthem to choose higher policy limits.

Single Limit vs. Split LimitsEvery policy has two limits: the ppeerr--

ccllaaiimm lliimmiitt, and the aaggggrreeggaattee lliimmiitt.The aggregate limit is either the same asor higher than the per-claim limit.

When the aggregate limit is the same asthe per-claim limit, the policy is referredto as a ssiinnggllee--lliimmiitt policy. When theaggregate limit is higher than the per-claim limit, the policy is referred to as asspplliitt--lliimmiitt policy.

The per-claim limit is the totalamount that will be expended on oneclaim or related claims. The aggregatelimit is the total amount that will beexpended on all claims reported in acurrent policy period.

The single-limit policy (such as $1million/$1 million) is good for mostsituations, but one drawback is that asingle claim can deplete the entirecoverage limit. Once the aggregate limitis reached, the obligation to the insuredends.

Policies with split limits can providebetter cost-benefit alternatives to single-limit policies, depending on the firm’srisk profile. Sometimes for a minimalincrease in premium, a firm can obtainmuch more aggregate coverage (e.g.,going from a $1 million/$1 millionpolicy to a $1 million/$2 million policy,

POLICY LIMITSCONTINUED FROM PAGE 5

continued on page 11

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MSCPA Launches New Online Career CenterThe MSCPA has launched an interactive job board, the MSCPA Career Center. Thecenter offers an easy-to-use and highly targeted resource for online employmentconnections. A link is on the Society’s website.

Both members and non-members can use the MSCPA Career Center to reach qualifiedcandidates. Employers can post jobs online, search for qualified candidates based onspecific job criteria, and create an online resume agent to email qualified candidatesdaily. An added benefit is online reporting that provides job activity statistics.

For job seekers, MSCPA Career Center is a free service that provides access toemployers and jobs. In addition to posting their resumes, job seekers can browseand view available jobs based on their criteria and save those jobs for later review ifthey choose. Job seekers can also create a search agent to provide emailnotifications of jobs that match their criteria.

Internet connectivity is both bestfriend and arch nemesis to CloudComputing. One of the first questionsa firm will ask when considering theinevitable move to the Cloud is relatedto connectivity and reliability of theinternet.

Here are some points for yourconsideration:

IInntteerrnneett ccoonnnneeccttiivviittyy iiss mmoorree tthhaannjjuusstt aa ppiippee.. Much like a garden hose,passing water through it is actually morecomplicated than just turning on thefaucet. The internet is like multiplehoses connected together. If theconnections leak, that’s called latency. Ifthese connections fluctuate in theirconnection, that’s called jitter. If thehose gets kinked.. well, that’s called afour-letter-word. The diameter of thehose is called bandwidth. The faucet,and specifically how wide open it is, willcontrol how much of the hose’s capacityis used. A fire hose connected to the

small spigot on the side of your housewill create a sloppy trickle. A gardenhose connected to a wide open firehydrant will also result in a less thanoptimal flow of water as well.

CClloouudd ppeerrffoorrmmaannccee wwiillll bbee oonnllyy aass

ggoooodd aass tthhee wweeaakkeesstt lliinnkk.. Given thatmost Cloud providers use the publicInternet, the user-experience is governedlargely by the quality of the connectionbetween the user’s computer and the

Is your Internet connection Cloud-ready?


11


Monroe Calculators and supplies Call ChesterWasser at 601-709-0371 or 888-264-3939 for moreinformation and special CPA pricing.

u u uAACCCCOOUUNNTTIINNGG PPRRAACCTTIICCEE SSAALLEESS –– JIMBURFORD, BROKER - WHERE PRACTICESELLERS AND BUYERS MEET. Some of thepractices we now have available are listed below:

– NATCHEZ, MS. Tax practice does over 400income tax returns for individuals with anaverage fee of $200. All clients file forrefund anticipation loans. Office is onlyopen 10 weeks per year. For 2008 practicehad $73,572 gross revenue with a net profiton practice schedule C of $61,463. Ownerdoes not have tax return completed for2009. However, the practice grossed$84,303 for 2009 and practice grossed$74,594 through April 28, 2010. Ownerhas health problems and needs to sell.Take a look at this one.

– COVINGTON, TN (close to Memphis, TN.)Long established accounting andbookkeeping and payroll service firm nowavailable in Covington (less than an hourfrom Memphis). Total gross fees are inexcess of $197,000. Fees from bookkeepingare over $114,000. Good staff employees

KKPPMMGG LLLLPP seeks experienced audit professionalsinterested in a rewarding career with one of thelargest and most dynamic CPA firms in the world.Competitive compensation, excellent benefits andample opportunity for advancement are offered.Mail resumes in confidence to 188 E. CapitolStreet, Suite 1100, Jackson, MS 39201, [email protected] , or visit our website atwww.kpmg.com.

u u uJJAACCKKSSOONN CCPPAA FFIIRRMM of Breazeale, Saunders &O’Neil, Ltd. is seeking experienced audit and taxprofessionals, both full time and part time. Ourstaff enjoys state-of-the-art technology,intellectually challenging assignments andmeaningful opportunities to enhance professionaland personal skills. In addition to an excellentcompensation package, we offer a familyatmosphere with a strong emphasis on client-centered professionalism. Send resume inconfidence to P. O. Box 80, Jackson, MS 39205-0080. FAX 601-355-9003.

u u uCCAALLCCUULLAATTOORRSS PPLLUUSS is now handling the

are in place to perform the work of thispractice. Asking price for the practice,without the office building, is $238,000.Asking price for the practice, with the officebuilding, is $375,000. Owner believes thebuilding is worth around $215,000.Owner is willing to lease the office buildingto the purchaser of this practice.

To list your practice with us or to check out ourcurrent listings, call me, Jim Burford, CPA toll free(800) 340-7002 or visit our website atwww.accountingpracticesales.com or e-mail me [email protected].

u u u1155tthh AAnnnnuuaall GGoovveerrnnmmeennttaall and Non-ProfitConference, Sept. 28, 29 and 30, 2010 at theMarriott Courtyard in Gulfport, MS.Understanding & Documenting the Entity & ItsEnvironment Including Internal Controls inSmaller Entities, Sept. 28; Single Audit Testing andDocumentation, Sept. 29; and 2010Governmental and Non-Profit Accounting &Auditing Update, Sept. 30. Seminars conductedby nationally recognized instructor, J. MichaelInzina. Attend any combination of days. Multi-day seminar discounts apply. Call (251) 344-7178for a brochure or more information.

JUNE CLASSIFIEDSCONTINUED FROM PAGE 12

Cloud provider. Before jumping into theCloud, be certain that the vendor canprovide reports indicating thatbandwidth, latency, jitter, and overallusage of your connection exceed theCloud requirements. Because theinternet is a living, breathing, everevolving system, it’s important thatthese tests be performed over a period oftime so that the highs and lows can beevaluated. See the Xcentric CloudNetwork Connectivity Guidelines forspecific Cloud requirements.

IInntteerrnneett rreelliiaabbiilliittyy iiss nneecceessssaarryy ffoorrmmoorree tthhaann jjuusstt tthhee CClloouudd.. Internetconnectivity is very reliable and hasbecome nearly ubiquitous in recentyears. That said, all technology is proneto failure. Your internet connection willfail on occasion. In an ideal world, yourfirm will have more than oneconnection to rely on and like any keysystem, redundancy for that system is amust. Creating fault tolerance for yourinternet connection isn’t just necessaryif you’re using the Cloud. Most firmstoday rely heavily on their internetconnections even when they may notconsider themselves to be Cloud-basedfirms.

CCoonnnneeccttiioonn XX 22 iiss kkeeyy.. For anyfirm, an internet outage will result indowntime for internet-based taxresearch, remote access for home/remoteusers, email (sending and receiving), self-hosted website, VoIP phoneconversations, instant messaging, webbrowsing, etc. Can you live withoutthese? If not, get a secondaryconnection that can be the fail-over linein the event that the primaryconnection fails. This connection willrequire a specific firewall/router combo

that can accommodate more than oneconnection simultaneously.

CClloouudd iiss hheerree.. Get a big pipe, get agood pipe, and get more than one.

Trey James is the co-founder and CEO of Xcentric, whichspecializes in Cloud Computing and IT consulting for CPA firms.Trey brings 19 years of experience – a blend of executive,strategic, technical and operational roles including successfulroles with the regional firms, local firms and leading ITconsultancies to the profession. Trey was selected as one of the“Top 100 Most Influential People” in the accounting industry for2009 by Accounting Today and as a “Top 40 under 40”honoree by The CPA Technology Advisor in 2006, 2007, and2008.

which might also be far less expensivethan purchasing a $2 million/$2 millionpolicy).

The question of aggregate limit andper-claim limit depends to an extent onthe types of services the firm offers andthe risk exposures from those services.For instance, claims from audit servicestend to be relatively large but occur lessfrequently than claims from taxcompliance services, which are generallysmaller. A firm that specializes primarilyin audit services may be better served bya high single limit. Claims from taxservices tend to occur more frequentlyand at a lower cost per claim, so a split

limit may make sense for a firm that hasmany tax clients.

What’s the right policy limit for yourfirm? There are many factors toconsider, all of which should bediscussed with your firm’s insuranceagent or underwriter in light of yourfirm’s individual situation.Ric Rosario, CPA, CFE, is president and CEO of CAMICO(www.camico.com). A Certified Fraud Examiner with experience inpublic accounting and private industry, he most recently wasexecutive vice president of risk management with CAMICO, wherehis duties included executive oversight of underwriting, programdevelopment, and marketing and communication operations.

Copyright © 2010 CAMICO Mutual Insurance Company. Allrights reserved.

POLICY LIMITSCONTINUED FROM PAGE 8

CLOUD-READY?CONTINUED FROM PAGE 10

PRSRT STDU.S. POSTAGE

PAIDJACKSON, MSPERMIT #814

Mississippi Society of Certified Public Accountants

and its Education Foundation306 Southampton RowRidgeland, MS 39157

CLASSIFIEDSWWmm.. FF.. HHoorrnnee && CCOO,, PPLLLLCC seeks experienced taxprofessionals for the Hattiesburg and Laurel,Mississippi area. Excellent benefits andcompetitive salary with opportunity foradvancement. To apply, email resume [email protected] or fax to 601-649-5233.

u u uWWmm.. FF.. HHoorrnnee && CCoo..,, PPLLLLCC seeks Health CareConsultant: South Mississippi Public Accountingfirm seeking full-time health care consultant towork with their physician and institutionalclients. Five years experience with Masters Degreepreferred. Candidate must have extensiveknowledge in the area of physician practicemanagement, including coding andreimbursement. Excellent benefits andopportunity for advancement. To apply, [email protected] or fax to 601-649-5233.

u u uFFrreedd TT.. NNeeeellyy && CCoo, CPAs is seeking a senior levelaudit and tax professional. Competitive salary,excellent opportunity for advancement, greatbenefits package and no travel. Please sendresume to P O Box 894, Greenwood, Ms 38935-0894

u u uPPrrooffeessssiioonnaall SSttaaffff:: MMaayy && CCoommppaannyy,, LLLLPP,, inVicksburg, a recipient of the Mississippi BusinessJournal’s 22001100 BBeesstt PPllaaccee ttoo WWoorrkk iinn MMiissssiissssiippppii,,is looking for highly motivated tax and auditprofessionals. We offer competitivecompensation, excellent benefits andopportunities for advancement in a relaxedenvironment. May & Company is extremelyemployee friendly with paid overtime or comptime, minimal out of town overnight travel, andopportunities in tax preparation and auditing.Mail resumes with confidence to Attn: HumanResources, P.O. Box 821568, Vicksburg, MS 39182-1568 or email to [email protected].

u u uBBKKDD,, LLLLPP,, one of the 10 largest CPA and advisoryfirms in the U.S., is looking for experienced auditand tax professionals for its Mississippi offices.Candidates must have CPA or be CPA eligible. Fora closer look at BKD, please visit www.bkd.com.

u u uCCPPAA FFIIRRMM seeking experienced or entry levelauditors that live in the Central to South Deltaregion of Mississippi. Competitive salary andbenefits with limited travel. No overnight trips orweekend work. Reply in confidence to File #401,c/o MSCPA, 306 Southampton Row, Ridgeland,MS 39157.

JJ..EE.. VVaannccee && CCoommppaannyy,, PP..AA.. has careeropportunity for audit supervisor/manager.Competitive salary and benefits with excellentopportunity for advancement. Limited travel andovertime. To apply, email resume [email protected] or mail to P.O. Box 1280,Tupelo, MS 38802.

u u uIInntteerrnnaall AAuuddiittoorr && SSppeecciiaall PPrroojjeeccttss CCoooorrddiinnaattoorrBaldwin EMC is seeking applications for theposition of Internal Auditor & Special ProjectsCoordinator. Bachelors Degree in Accounting isrequired. CPA or Professional AccountingDesignation is desired. Four to six yearsaccounting experience planning, conducting, andreporting the results of audit procedures isrequired, as well as, experience in assessing theinternal control structure of an organization andproviding recommendations for improvement ofinternal controls. Position will assist inestablishing and maintaining internal auditpolicies and plans for the completion of internalaudit duties. Perform audits of various accountsand functions and completes various financialreports. Must have thorough knowledge ofGenerally Accepted Accounting Principles andtheir application and Generally AcceptedAuditing Standards and their use whenperforming an audit. Interpersonal and writtencommunication skills are a must, also computerskills with experience in Microsoft Word, Excel,Access, Outlook and other financial accountingsoftware. Experience with Crystal Reports isdesired.

Qualified applicants should apply with theAlabama Career Center at 200 W. Michigan Ave.,Foley, AL 36535 (251) 943-1575; fax (251) 943-8867. All applications along with a resume mustbe received no later than 4:00 PM on Friday, July30, 2010.

Baldwin EMC is an Equal OpportunityEmployer.

u u uEEaasslleeyy IInnvveessttmmeenntt CCoonnssuullttaannttss,, IInncc., seeks atenant for prime office space located 1300 feeteast of Dogwood Festival Mall on Hwy. 25Lakeland Drive in Flowood, Miss. First year rentfree to right CPA or CPA Group. To apply emailCarl Easley at [email protected] or call601-992-4101.

u u u

u u uThe firm of GGrraanntthhaammPPoooollee CCPPAAss, past recipientof the Mississippi Business Journal’s prestigiousBBeesstt PPllaacceess ttoo WWoorrkk iinn MMiissssiissssiippppii award, islooking for great staff additions. If you love taxpreparation and planning and enjoy takingexcellent care of clients, we may have a home foryou. Full time, seasonal, and part-time staffmembers are all valued at GranthamPoole.Competitive salary, partner track, great benefits,and excellent opportunity for advancement allmake GranthamPoole an outstanding place towork! Send resumes to 6360 I-55 North, Suite 101,Jackson, MS 39211, fax to 601-957-9599 or [email protected].

u u uCCoommee jjooiinn tthhee Wolfe, McDuff, & Oppie team – thefirm of choice on the Mississippi Gulf Coast. Wehave openings at all levels, each with opportunitiesfor advancement. We are looking for ambitious,energetic and self-starting individuals who seek acareer in public accounting. You must becomfortable working in a laid-back, flexibleenvironment. We offer competitive salaries,bonus opportunities, great benefits and excellentgrowth opportunities. Send your resume [email protected] or fax to 228-762-4498.

u u uAAlleexxaannddeerr,, VVaann LLoooonn,, SSllooaann,, LLeevveennss && FFaavvrree,,PPLLLLCC, a Gulf Coast based CPA firm, Finalist forthe 2006 Best Places To Work in Mississippiaward, is accepting resumes’ for Senior In-ChargeLevel Auditors.. CCoommppeettiittiivvee ssaallaarryy,, ggrreeaattbbeenneeffiittss,, lliimmiitteedd ttrraavveell aanndd oovveerrttiimmee ––oouuttssttaannddiinngg ppllaaccee ttoo wwoorrkk!! Send resume’ to thefollowing address (No Calls): Mail to: Attn:Cindy Moore, 9490 Three Rivers Road, Gulfport,MS 39503; E-mail: [email protected]; Fax:(228) 863-1165

u u uHHAADDDDOOXX RREEIIDD BBUURRKKEESS && CCAALLHHOOUUNN PPLLLLCCseeks experienced audit and tax professionalsinterested in a rewarding career with one of themost established and respected CPA firms in theJackson area. Excellent benefit package,competitive salary, and opportunity foradvancement. Flexible work schedule is anoption. Contact Debbie Holbrook([email protected]) or mail resume inconfidence to P.O. Drawer 22507, Jackson, MS39225-2507. For more information, visit ourwebsite at www.hrbccpa.com.

u u u

CLASSIFIEDS


Documents

2010 Annual Convention - MSCPA