Association of Government Accountants
The Central Kentucky Chapter
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Association of Government Accountants
The Central Kentucky Chapter
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May 2003 - Volume XXIV, Issue 11 |
The President’s
Message
By
Cindy Upton, President
The Central Kentucky Chapter will host the Southeastern Regional
Professional Development Conference at the Galt House in Louisville, Kentucky
on May 12 and 13, 2003.
Want some excellent training?
Here's a look at the program.
Sessions 1 & 2: Revisions to Government Auditing Standards - By Bill
Broadus
Bill Broadus is a Kentucky native who is an internationally
acclaimed expert in government audits. Bill led the team who revitalized
auditing with the 1994 revision of "Government Auditing Standards."
Bill has been spending some quality time with the team who is again revising
the standards, and he will lead a half-day discussion of the new standards.
Session 3: Financial Analysis of Government & Session 4: New
GASB Standards and Proposals –
By Betty King
Betty King is a Kentucky native with a distinguished governmental
accounting and auditing career. As a current preparer of government financial
statements, she has a profound knowledge of what's reported and how it's
reported in those statements. In session 3, Betty will show us how the new GASB
34 financial statements can be analyzed to yield information on efficiency and
effectiveness of operations. In session 4, she'll explain proposed changes to
the reporting requirements and how they can provide additional information on
government performance.
Session 5: Information Technology Security - By Ed Hatchett
& BJ Bellamy
Ed Hatchett is Kentucky's Auditor of Public Accounts. BJ Bellamy
is a member of Ed's staff and an expert in IT security. Ed and BJ will describe
the risks to security and the potential effect of those risks on the
reliability of information obtained from IT systems. Session 5 will show us how
to identify risks and evaluate whether the information we use is accurate and
reliable. (See session 8 for a related topic.)
Session 6: Single Audit Update - By Russell Hinton
Russell Hinton is Georgia's State Auditor and a nationally
recognized expert on audits of federal programs. He is the Chairman of the
National State Auditors Association's Single Audit Committee. Russell will tell
us what changes are forthcoming and how they can affect states, local
governments, and nonprofit recipients of federal awards.
Session 7: Innovations in State Accounting and Reporting - By Ed
Ross & Jan Sylvis
Ed Ross is Kentucky's Controller and a past president of the National
Association of State Comptrollers (NASC). Jan Sylvis is Ed's counterpart in
Tennessee and the current president of NASC. In session 7, Ed and Jan will
share new approaches to state accounting and reporting issues, such as how to
publish annual financial reports more quickly. They will also discuss what
states are doing to address their budget crises.
Session 8: New Auditing Standards and Proposals - By Cindy Upton
I'm leading the conference's closing discussion on new auditing
standards and proposals (other than the revisions Bill will cover in session
1). For those of you who don't know me, I'm currently an analyst with the
Legislative Research Commission. I've
been doing auditor training for 20 years.
The AICPA has issued a new standard on fraud and a number of new
proposals that will significantly change the way auditors approach their work.
In addition, the US General Accounting Office has revised its guidance on
"Assessing the Reliability of Computer-Processed Data." (See session
5.) The thread that runs through all these standards is "identifying and
controlling risk."
If you have questions or want to register call Cindy Upton at
564-8100 ext. 463 or send an email to cindy.upton3@lrc.state.ky.us. Or, if you prefer, you can contact the
conference administrator directly at arlene@any.net.
Chapter meeting notes for April
By Margaret Hurst,
Program Coordinator
The Central Kentucky Chapter held its monthly membership meeting
on April 3, 2003, at the Office Pub & Deli.
President Cindy Upton welcomed AGA members and guests and
introduced W. Thomas "Tom" Slaton, First Vice President -
Investments, Prudential Financial. Mr.
Slaton spoke on the "Art of Making Money." He said, "It's not about how much you make in up markets,
it's about how much you keep in down markets." Mr. Slaton's presentation covered the following areas:
¨
The market "downs" in 2000, 2001, and 2002 for Dow
Jones, S & P, and NASDAQ;
¨
Risk Management 101 - The Risks in our lives we can pass off
onto someone else; and
¨
The idea of making a little less on the upside to have an
investment guaranteed.
Mr. Slaton continued with an example of Hartford's new product
that guarantees a portion of an investment, "Hartford Leaders Variable
Annuity." Mr. Slaton said this
new product was developed because of the losses investors are incurring due to
"downs" in the stock market.
He presented an example using a $100,000 investment, which covered benefit
payment, withdrawals, accumulation values, benefit amount, and death benefits
through a period of 18 years. Mr.
Slaton said the annuity requires a minimal investment of 10,000, or a minimal
investment of $2,000 for an individual retirement annuity.
Mr. Slaton said that if anyone is interested in learning more
about the product line, they should call him directly or contact Margaret
Hurst, Program Coordinator. He left the
attendees with information on his presentation and a brochure titled
"Protect Your Principal" from Hartford.
Other Business
Cindy reminded everyone of the annual Chapter banquet on May
5th; and the upcoming Governmental Accounting and Auditing Update, Southeastern
Regional Professional Development Conference, Central Kentucky Chapter,
Association of Government Accountants, at the Galt House in Louisville,
Kentucky, May 12 and 13.
CPE certificates for past meetings were passed out to those who
attended the meetings.
CGFM Helps
Professionals Compete in Cost-Cutting Times: As Governments Scale Back, CGFM
Becomes More Important
By Joan Schwartz
Preliminary results of a recent survey conducted by the
National Certification Commission indicate that there is a healthy increase in
certification categories in the first three years of the 21st century. If the
projected 6-7 percent increase for just the first three years of the decade
continues, this decade will see the largest increase ever recorded.
But this is only one indicator of the growth of
certification credentials. The demand is also reflected in the professional
certification policies developed by federal agencies following passage of
legislation in 2001 authorizing the use of appropriated funds to pay for
professional certification exams. Four federal agencies-EPA, DFAS, GAO,
DOD-have provided AGA copies of their policy. At AGA we are seeing an increased
interest from federal employees in the CGFM designation.
Acceptance of the CGFM certification continues to grow at
the state and local level as well. The CGFM designation is now formally
recognized in at least seven states, one county (Contra Costa, CA) and one city
(Topeka, KS).
Because of budget problems, the demand for greater
productivity and
accountability-with fewer resources-with continue.
Qualified, skilled and knowledgeable employees are at a premium. For example,
to attract more
Qualified applicants to state accounting positions, Maine
increased its entry-level requirements for state accounting positions,
according to State Controller Edward A. Karass. Shaun Bridge, a recent CGFM
holder, earned promotions in the Everett, WA engineering department and the
parks department because of his commitment to earning his CGFM. Dozens of
examples of CGFM success can be found in "CGFM Profiles" on AGA's website
at http://www.agacgfm.org/cgfm/cgfm_profiles.htm.
It's never too late and there is no better time to begin
your journey to earning your CGFM credential than now! Once the self-study
books are available, you can take the book to the beach this summer and begin
your journey.
If
you have questions, or need more information, please contact me at jschwartz@agacgfm.org.
FREE CPE Now Available!
In partnership with IBM Business
Consulting Services and Netcertification, AGA is now offering an opportunity to
earn FREE CPE! Click here to
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AGA
Search Committee Seeks Executive Director
AGA
has formed an Executive Director Search Committee to organize the search for an
executive director to replace the retiring Charles W. Culkin Jr., CGFM, who
will leave the Association on July 11.
The Executive Director is in charge
of the day-to-day management of the Association. Under the direction of the
National Executive Committee (NEC), the Executive Director provides leadership
in planning, organizing, and directing sound programs, including the Certified
Government Financial Manager (CGFM) Program, the Certificate of Excellence in
Accountability Reporting (CEAR) Program, the Certificate of Excellence in
Service Efforts and Accomplishments (SEA) Reporting Program, the Corporate
Partner Program, the Membership Program, the Education Program, and other
programs specifically assigned by the NEC, while maintaining high service
standards consistent with the Association's mission statement and long-range
strategic plan.
The committee will review and
interview applicants and make a recommendation to the National Executive
Committee, which will hire the new executive director.
Basic qualifications for the position
include a bachelor’s degree and a preference for the CGFM designation.
Candidates will be evaluated based on
the following:
¨
Knowledge of
non-profit membership based organizations along with a working knowledge of
boards and committees;
¨
Knowledge of
non-profit financial management;
¨
Knowledge of
government financial management;
¨
Extensive
management experience including managing budgets and staffs;
¨
Extensive
leadership abilities with experience in developing and implementing
organization-wide long range strategic plans; and,
¨
Track record in
marketing and building strategic partnerships.
Candidates should also be highly
organized, have excellent communication skills and thrive in a team oriented
environment. Travel is required. Job Location: Alexandria, VA
Interested candidates should send a
cover letter and resume to the:
Executive Director Search Committee
at EDSearch@agacgfm.org
AGA is a 16,000 member professional
association serving government accountability professionals at all levels of
government and the private sector. Its national headquarters is located in
Alexandria, VA and is comprised of 17 professional staff members.
Chapter Executive Committee
Office CEC Officers E-mail Address Phone President Cindy Upton (502) 564-8100 President-Elect Roy Hunter (502) 695-1040 Past President Phil Nally (502) 564-7750 Secretary Mary Hudson (502) 573-0050 Treasurer Rick Waddle (502) 564-7750 Program Coordinator Margaret Hurst (502) 564-8100 Early Careers Director Sharon Parrish (502) 564-6910 Education & Training Coordinator Lee Ann Watters (502) 695-1040 Newsletter Editor Jennifer Harper (502) 573-0050 Historian Linda Sagraves (502) 573-0050 Community Service Rex Gregory (502) 564-7334 Attendance Coordinator Don Fields (502) 564-7334 Membership Coordinator Amy Small (502) 573-0050 CGFM Coordinator Jonathan Smith (502) 564-2532 Website Development Coordinator Dan Flaherty (502) 564-8890 (502) 291-3889 Central Kentucky AGA Website
