1/23/2017 CPA s using dro ne s? E nd o f Ac c o unting Pro fe ssio - PDF document

1/23/2017 • CPA’ s using dro ne s? • E nd o f Ac c o unting Pro fe ssio n a s we kno w it? • T he E nd o f Ac c o unting ? • Use o f XBRL . • GASB F unding ? • Yo u a re va lua b le (a t le a st fo r no w)! • T he o ffic e o f the future ! 2 Now, on to the main attr action! 4 1

1/23/2017 • Je rry is an Assistant Dire c tor for the State of T e nne sse e , Comptrolle r of the T re asury, Division of L oc al Gove rnme nt Audit. T he division has statutory re sponsibility for audits of approximate ly 1800 loc al gove rnme nts and re late d organizations in T e nne sse e . A 31- ye ar ve te ran of the division, Je rry has se rve d as an auditor, audit supe rvisor, training instruc tor, te c hnic al manage r, and assistant dire c tor. Je rry is a Ce rtifie d Public Ac c ountant (CPA), Ce rtifie d Gove rnme nt F inanc ial Manage r (CGF M), and a Ce rtifie d F raud E xamine r (CF E ). In his role as assistant dire c tor, he is re sponsible for de ve loping profe ssional c omplianc e proc e dure s and monitoring the division’s quality performanc e unde r GASB, AICPA, OMB, and GAO ac c ounting and auditing standards. Je rry also has re sponsibility for supe rvising the c ontrac t re vie w proc e ss within the division. Most re c e ntly, Je rry assiste d the division in imple me nting GASB State me nts 67 and 68. In addition, Je rry te ac he s training c lasse s for the T e nne sse e De partme nt of Audit (Ye llow Book and Audit F indings). He has be e n se le c te d as Instr uc tor of the Ye ar four time s. Je rry has made training pre se ntations for se ve ral othe r profe ssional organizations inc luding the T e nne sse e Soc ie ty of Ce rtifie d Public Ac c ountants; T e nne sse e Gove rnme nt F inanc e Offic e rs Assoc iation; National Assoc iation of State Auditors, Comptr olle rs and T re asure rs; Assoc iation of Gove rnme nt Ac c ountants; County T e c hnic al Assistanc e Se rvic e ; Southe aste rn Inte rgove rnme ntal Audit F orums; Nashville Chapte r of the Assoc iation of Ce rtifie d F raud E xamine rs; and various c ounty offic ial’s assoc iations. Je rry c urre ntly se rve s on GF OA’s CAAF R Committe e , NASACT ’s F inanc ial Manage me nt and Inte rgove rnme ntal Affairs Committe e , and NSAA’s Audit Standards and R e porting Committe e , Auditor T raining Committe e , and Pe e r R e vie w Committe e . He has se rve d the National State Auditors Assoc iation E xte rnal Pe e r R e vie w program as a re vie we r, te am le ade r, and c onc urring re vie we r and se rve s on the Spe c ial R e vie w Committe e for GF OA’s Ce rtific ate of Ac hie ve me nt for E xc e lle nc e in F inanc ial R e porting program. Je rry has also provide d training for the Ne w York City Comptrolle r’s Offic e and state auditors in Arkansas, Idaho, Ke ntuc ky, Minne sota, Mississippi, North Dakota, Montana, Arkansas, We st Virginia, and North Carolina. In addition to the se dutie s, Je rry c urre ntly se rve s on the state ’s Inte rage nc y Cash F low Committe e whic h ope rate s unde r the authority of the T e nne sse e State F unding Board. • Je rry was a partne r in the ac c ounting firm of Crosthwaite Durham and Assoc iate s. He also se rve d as c ontrolle r for R ural He althc are of Ame ric a, Inc ., and taught ac c ounting as a me mbe r of the adjunc t fac ulty for Columbia State Community Colle ge and Austin Pe ay State Unive rsity. • Je rry re c e ive d his ac c ounting de gre e from the Unive rsity of T e nne sse e at Martin. He is a me mbe r of the Ame ric an Institute of Ce rtifie d Public Ac c ountants (AICPA); the Assoc iation of Gove rnme nt Ac c ountants (AGA) and the Nashville Chapte r whe re he se rve d as c hair of the CGF M c ommitte e ; the Gove rnme nt F inanc e Offic e r’s Assoc iation (GF OA) and the T e nne sse e Gove rnme nt F inanc e Offic e rs Assoc iation (T GF OA) whe re he se rve s as state liaison to the Board of Dire c tors; the Assoc iation of Ce rtifie d F raud E xamine rs (ACF E ) and the Nashville Chapte r of ACF E . Je rry is also a graduate from the T e nne sse e Gove rnme nt E xe c utive Institute (T GE I) whic h is a training program for gove rnme nt le ade rs through the Unive rsity of T e nne sse e . • Je rry is marrie d and has thre e c hildre n and thre e grandc hildre n. 4 3 5 1

1/23/2017 • T he State Po o le d I nve stme nt F und is a utho rize d b y sta tute to • I n additio n to the funds in the State Po o le d I nve stme nt F und, inve st funds in ac c o rda nc e with po lic y g uide line s a ppro ve d by the T e nne sse e Co nso lidate d Re tire me nt Syste m (T CRS), a the F unding Bo a rd. T he c urre nt re so lutio n o f the F unding Bo a rd pe nsio n trust fund; the Co lle g e Sa ving s Pla ns, a private - g ive s the T re a sure r a ppro va l to purpo se trust c o nsisting o f the Ba c c ala ure a te E duc a tio n inve st in c olla te r alize d Syste m T rust (BE ST ) and the T e nne sse e Sta rs Co lle g e Saving s c e r tific a te s of de posit in a uthor ize d state de positorie s, pr ime 529 Pro g ra m (T NSta rs); the T e nne sse e Pro mise Sc ho la rship c omme r c ial pape r, prime banke rs’ a c c e ptanc e s, bonds, E ndo wme nt T rust, a part o f the e duc a tio n fund, a spe c ial note s, and tre asury bills of the Unite d Sta te s or othe r obligations g ua ra nte e d a s to princ ipa l a nd inte re st by the Unite d Sta te s or re ve nue fund; a nd the Cha irs o f E xc e lle nc e (COE ) T rust, a pe rma ne nt fund; are a uthorize d by statute s to inve st in long- a ny of its ag e nc ie s, r e pur c ha se a g r e e me nts for oblig a tions of the Unite d Sta te s or its a g e nc ie s, and se c uritie s le nding te rm inve stme nts, inc luding bonds, de be nture s, pr e fe r re d stoc k a g r e e me nts whe re by se c ur itie s ma y be loa ne d for a fe e . a nd c ommon stoc k, r e a l e sta te a nd othe r g ood a nd solve nt Inve stme nts in de r ivative type se c ur itie s a nd inve stme nts of se c uritie s subje c t to the a pprova l of the a pplic a ble boa rds of hig h risk a re prohibite d. tr uste e s. • T • F he pr ic e that would be r e c e ive d to se ll a n a sse t or paid air value is not an option to tr a nsfe r a lia bility in a n “orde rly” tra nsa c tion be twe e n • Onc e c hose n, this me thod must be use d g oing for war d “ma rke t pa rtic ipa nts” a t the me a sure me nt da te . • T he obje c tive , ba se d on the fa ir va lue de finition, is to (c onsiste nt with GASB Conc e pts State me nt 6) e stima te the e xit pr ic e of a sse ts a nd lia bilitie s • An e xit pric e • T his e xit pr ic e is de te r mine d a t the me asur e me nt date • Othe r c ha r a c te r istic s of fair value fr om the pe r spe c tive of a mar ke t par tic ipant that c ontr ols • Marke t-base d, not an e ntity-spe c ific me asure me nt the a sse t or is oblig a te d for the lia bility • Base d on a g ove rnme nt’s princ ipal or most advanta ge ous marke t 11 12 2