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One of the biggest hurdles in volunteering is knowing where to start. While some may say “just get out there and do it,” it’s not so easy when it comes to volunteering in financial literacy. As a CPA, you have the knowledge you need, but finding the right opportunity that best matches your skills and interests can be a challenge. Luckily, the AICPA has volunteer tools to help.

To get started, ask yourself the following questions:

1. How much time do you have? Do you want to volunteer weekly? Monthly? Once a year? Do you have a full day available or only an hour here and there? If you have a full day, that could mean you’re able to travel farther or provide a larger workshop-type service. If you only have a few hours, it will be more feasible for you to stay close to home and do something more along the lines of a lunch break presentation to a local company’s employees.
2. Where does your expertise lie? And where does it intersect with your passion? Maybe you have a penchant for working with kids or the retirement community. The great thing about financial literacy is that EVERYONE needs it.
3. What audiences are at your disposal? Are there needs in your community that aren’t being met? You might be surprised by the opportunities you never noticed before. One of the best places to start is at your state CPA society or a local community center. They can help you get a read on what events are happening and where they might have a place for you to help. Depending on your expertise, you might also reach out to schools, retirement communities, etc. about the possibility of coming in as a speaker.

Lastly, where can you go for help? This is where we come in. In addition to 360finlit.org, the AICPA’s Corporate Social Responsibility (CSR) team has a set of free volunteer toolkits available to members. Each kit includes a PowerPoint presentation along with a series of handouts that allow you to tailor the content to your audience and time allotment. Our team is always here to answer any questions and help point you to the toolkit that best fits your needs. Take the plunge and get out there this Financial Literacy Month (April)!

Already a volunteer? What are your best tips for someone just starting out?

Claudia Cieslak, Senior Manager – Communications, Public Relations & Corporate Responsibility, Association of International Certified Professional Accountants

     

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Send the right message

Actionable Professional Body Language Tips

Do you remember the last time that someone changed your mind at work? What did the person say that convinced you to change your thoughts? Was it the words they said or how they said it to you?

In professional settings, the nonverbal messages people process consciously and subconsciously change the way they perceive messages. Are you a person that conveys positive and powerful non-verbal cues in your interactions with others? Body language plays a crucial role in how people respond to your words and retain the information you transmit.

What is the expression on your face?

Let’s start at the top and work our way down. It takes a human less than a second to understand another human’s emotions through their facial expressions. What countenance do you have when you are talking to someone? Are you smiling, smirking, frowning or straight-faced? What are your eyebrows doing? To communicate well, you should show the proper expression for the tone of the conversation while raising your eyebrows every once in a while, which signals that you’re listening to the other person or that the other person should listen to you more intently. If you are listening, you should be nodding your head slightly; either no head movement or too much nodding can indicate discomfort or hesitation to agree.

If it’s appropriate, smile during conversations and while listening in meetings. When you smile, you change your body chemistry to produce less cortisol (stress hormone), and you feel better. People also tend to smile when others are smiling, so you will bring positivity to others with your smile.

Are you embracing the situation with open arms?

Crossing your arms can send the message that you are not interested in what other people have to say or that you are nervous to talk to people. Crossed arms also creates a physical barrier between you and the other people in the room. Uncrossing your arms is difficult to do because you may be cold or unaware you are doing it. One way to ensure your arms are uncrossed is to use complementary hand gestures as you are talking. If you let your hands speak with you, your passion will be more evident.

What your mid-section is doing matters.

Your chest and back should be straight. If you are slouching, you will bring less oxygen into your body, which will make you more tired, out of breath and unfocused. Your core should be tight. Engaging core muscles helps lengthen your back. When you lengthen your back, your shoulders have a tendency to rise up with tension toward the neck. Exhale, and move your shoulders down to put them in the right position, which will help you retain energy, vocal power and a strong physical presence.

Mirroring others’ positive gestures is an excellent way to establish rapport with the person or group you are addressing. For example, if you are in a meeting and the other person puts their hands on the table, you can help build trust with that person if you do the same behavior.

If you demonstrate too aggressive or too passive of a behavior, the other person may behave the opposite way. For example, if you take up a large amount of space with your gestures – standing tall, hands on hips, wide eyes – then the person you are talking to may slouch, cross arms or look down. Be mindful of what your nonverbals are conveying, and adjust for the situation.

Where do your feet want to go?

You want your feet to be pointing toward the person or audience you are addressing. If you are listening to someone, be mindful of where your feet are. If you want to invite someone else into the conversation, turn your feet slightly toward that person to indicate it’s okay to join. If you want to demonstrate respect for another person, stand with your legs and feet together. If you want to portray power, stand with your legs and feet hip-distance apart.

When you walk into a room, if you walk slowly, you convey contemplation and calmness. If you walk quickly, you convey confidence and competence. Think about the tone of the meeting and adjust your gait.

How are you feeling?

The way you feel will affect your body language. If you are either nervous or confident, your micro-expressions will give you away in your face, body and voice. If you anticipate an important interaction (meeting, presentation, discussion, etc.), prepare your mind and body. One element that can help is music. If you need to calm down, listen to relaxing music, and if you need to build confidence within yourself, listen to anthems and upbeat songs. Find what works for you, and be aware of what you need to do to prepare for interactions with others.

Put it all together

Positive body language works because of the mirroring neurons in the premotor cortex of our brains. These neurons are activated when we see others perform behaviors, and we feel the same behavior in our brains. Implement positive body language from head to toe, and your charisma will make you a better interpersonal communicator.

Join Elizabeth Pittelkow Kittner at EDGE Career Development at AICPA ENGAGE, June 12-14, 2018.

Elizabeth Pittelkow Kittner, CPA, CGMA, CITP

     

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SOC 2® standards have been updated. If you perform these engagements, you need to check out the recently updated SOC 2 guide to make sure you are performing these services according to AICPA standards.

Released last month, the updated guide is a “how to” for service auditors performing SOC 2 examinations to report on a service organization’s system controls relevant to security, availability, processing integrity, confidentially, or privacy. There are three major updates practitioners will want to pay attention to:

1. Alignment with clarified attestation standards
   
   The guide conforms with the updated SSAE No. 18 (Clarified Attestation Standards) – meaning it is a vital tool for practitioners to use in developing standards-compliant reports. For example, it includes updated information on requirements related to requesting written assertions and performing risk assessments.

2. Updated Description Criteria
   
   The 2018 description criteria include necessary information on preparing and reviewing the presentation of the description of a service organization’s system. For example, the 2018 criteria require that the system description disclose the nature, timing, and extent of certain identified system incidents. The criteria also include helpful implementation guidance related to disclosures, including what to consider when determining whether to disclose an incident. The 2018 description criteria must be used when preparing system descriptions for SOC 2 reports with periods ending as of or after Dec. 16, 2018, although early implementation is permitted.
3. Updated Trust Services CriteriaLast year, the AICPA updated its Trust Services Criteria to align with the COSO 2013 Framework, which is widely used in the design and implementation of internal controls. Service organizations and practitioners need to know how the updated criteria impact the evaluation of the suitability of design and operating effectiveness of controls for SOC 2 engagements. These criteria are intended to be used in conjunction with the 2018 description criteria, so practitioners must use them for SOC 2 reports with periods ending as of or after Dec. 16, 2018.

Resources and Tools

The updated guide also includes:

• a comprehensive illustrative SOC 2 Type 2 report
• a new illustrative SOC 3® report
• a new appendix for performing and reporting on a SOC 2 examination in accordance with International Standards on Assurance Engagements (ISAES) or in accordance with both the AICPA’s attestation standards and the ISAES
• expanded information on unique challenges and risks that service auditors will encounter in performing SOC 2 or SOC 3 engagements for service organizations.

As part of the guide update, the AICPA also developed a free appendix that provides service organization management with information they need to know before engaging a CPA for a SOC 2 service.

These and other tools available on the AICPA’s SOC for Service Organizations webpage can help CPAs familiarize themselves with the latest criteria and guidance for performing SOC 2 engagements, as well as help them identify opportunities to begin assisting their clients with the transition process. For even more information, sign up for the April 25 webcast SOC 2 Performance and Reporting Update.

Lindsay N. Patterson, CAE, Senior Manager — Communications and Public Relations, Association of International Certified Professional Accountants

     

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If you’re like most Americans, you probably have debt. But don’t worry, you’re not alone. In fact, according to a recent telephone survey of 1,004 U.S. adults conducted by Harris Poll on behalf of the American Institute of CPAs, nearly three-quarters of Americans are living with debt driven by factors like everyday expenses, a lack of income, mortgage costs and student loans. More concerning is the number of Americans whose debt is making them anxious, keeping them up at night and causing problems in their relationships.

I sat down with Dr. Sean Stein Smith, CPA, member of the AICPA’s National CPA Financial Literacy Commission, to talk about how financial planning can help Americans whose lives are negatively impacted by debt.

Jonathan Lynch: For many Americans, living with debt is a mental as well as financial burden. In fact, because of their debt, three-in-ten Americans admit to stressing about everyday financial decisions. For those who feel overwhelmed by their debt, what steps would you suggest they take to take back control?

Dr. Sean Stein Smith: The first thing to realize is that if you are worrying about debt, you are not alone, and this is nothing to be ashamed of. It doesn’t matter how much money you make – there are steps you can take to get back in control.

• First, get your debt organized, meaning make sure you know what how much you owe, and who you owe these dollars to. If you aren’t organized, the odds of getting your finances in order shrink dramatically. Figure out what expenses you absolutely must pay every month. These can include rent and insurance payments, versus variable costs which can include vacations and other travel. Making sure you have enough to cover these fixed costs is good business, and good for your personal finances.
• Second, determine which type of debt you want to pay of first. There are different options out there to consider. Paying off the debt with the highest interest, chipping away at the largest total amount or starting with small debts to build momentum are all valid strategies. Figure out which one works for you and your lifestyle, and commit to it.
• Third, stick with it. Building up this debt didn’t happen overnight, and paying it off won’t happen overnight either, but it’s important that you stick with it. It’s a marathon, not a sprint.

JL: What advice do you have for the many Americans who have trouble starting the money talk with their partners and close family members?

SS: Money, and talking about money, is a topic that is jam packed with stress and potential tension, and this can be connected to family history, past experiences or other issues. That said, it is always important to talk about money, and how to manage it, with your significant other. Much like how “monsters” under the bed aren’t as scary when you actually look under the bed, talking about finances isn’t as scary or stressful as you might think. Money is a tool that can allow you to get more of the things and experiences that you want to get out of life. Getting a better handle on your money will allow you to do the things you want to do with life, so having a tough conversation now will set you up for better conversations, and a better life, down the road.

JL: It is often said that investing in yourself, be it through education or professional enrichment, or investing in real estate, is good debt to take on. How would you advise someone approach taking on ‘good’ debt?

SS: This is a very important point to understand. Debt, by itself, is neither good or bad, but instead is a tool that can allow you to purchase items, experience things, and learn things you might not have been able to do so otherwise. Before taking on any significant debt, however, I recommend taking the following two steps. First, put together a plan that compares the debt you will be incurring versus the benefit you plan to get out of this debt. Second, and especially important, is to have someone else, whose judgement you trust, take a look at your plan. If it passes these steps, then you can start putting together a budget to not only borrow these funds and take on this debt, but to also start thinking of how you are going to pay it back. Investing in yourself is great idea, but like any investment you need to have a plan to maximize the benefit while minimizing the downside.

Debt doesn’t have to be a source of relationship tension or anxiety. For more tools for getting debt under control, visit the 360 Degrees of Financial Literacy website for budgeting calculators, articles about debt malmanagement and a number of other free resources developed to help you, or your clients, on the way to living life debt-free.

Jon Lynch, Manager, Public Relations, Association of International Certified Professional Accountants

     

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Epic fail. We’ve all been there — set out to do something great, only to come up a little short of our expectations. But that’s when the real test happens. Do we choose to throw in the towel or do we push through and use our experience with failure as motivation?

Author J.K. Rowling, who experienced some disappointments before publishing her first blockbuster Harry Potter novel, said that “it is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case, you fail by default.”

If you’re preparing to take the CPA exam, you may be wondering about the possibility of failure. Did you know a significant number of successful CPAs don’t actually pass the exam the first time around? In fact, an average of 50% of test takers fail at least one section. The average candidate sits six to seven times before passing all four sections. So, if you’ve had a setback in one or more parts of the exam — or are worried that you might — don’t stress. You’re not alone.

Having a support network throughout your exam journey is key. You can enhance your chances of passing the exam by surrounding yourself with these three types of people who can be critical to your success. 

1. The cheerleader

Who’s your biggest cheerleader? We all know people who are always there to offer support and show enthusiasm, even if you’ve experienced failure. Your cheerleader can make you feel better when you’re unsure of yourself and need a boost. They can get you laughing and believing in yourself again, raising your spirits so you’re ready to get back to the books. That’s a good start, but to stay on course, you’re also going to need a couple more people in your corner.  

2. The coach

Failure is not an endpoint for the coach. Many of us consider giving up in the face of defeat, but the coach won’t let you do it. If you blow an exam section or doubt you can ever study enough, the coach tells you what you need to hear, but not always what you want to hear. And they’ll help you identify your shortcomings and offer solutions. They’ll also motivate you to keep going, even when giving up sounds like the only option. Consider asking someone who has already passed the CPA Exam, someone who’s been in your shoes, to be your coach. They’ll be able to offer insights based on their experience, which could help you optimize your exam strategy for success.

3. The study buddy

Unlike most of the people in your life right now, the study buddy knows exactly what it feels like to be you. They have the same goal — passing the CPA exam — and they understand how much work it takes to get there. They’re juggling a demanding schedule and study requirements and going through the same emotional ups and downs. They’re uniquely suited to sympathize, share tips and experiences, and help you keep your eyes on the prize. This person, or people, may be easier to find than you think. Look around your firm for colleagues who are studying for the exam, too. Offer to be their partner for a mutually beneficial relationship. 

The CPA designation commands tremendous respect throughout the business world because of the rigor of the exam and the education and commitment necessary to pass it. If you have a cheerleader, coach and study buddy in your life, your road to passing the exam will be much smoother. You probably already know people who fit these roles, so be sure to take full advantage of their contributions. Ask them to be in your corner during your journey toward exam success.

Along with your personal support network, there are a ton of other resources to aid you along the way. The CPA Exam Blueprints outline all content that may be tested in each exam section. The Blueprints break down score weighting of each item type and provide skill levels at which tasks are tested. Keep in mind the CPA Culture of Support Toolkit also offers a wealth of resources to help prospective CPAs achieve success.

Kari Hipsak, CPA, CGMA, Manager, Firm Services – the Association of International Certified Professional Accountants

     

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Snacks continually rank near the top of everyone’s favorite workplace perks. Having food available in the office during busy season is an even bigger plus. Celebrate World Health Day by offering healthy alternatives, because worrying about gaining weight or blowing up unhealthy indicators like blood pressure and LDL cholesterol is stress we just don’t need right now!

Consider these tips for serving healthy snacks in your office this busy season:

1. Set up a snack box. Build your own snack box using a serving tray with drawer organizers or a large basket. You can pick these up at a neighborhood retailer or order them online. If you’re short on time, vendors such as Naturebox and Snack Box Pros (also available from Office Depot and Sam’s Club) offer pre-assembled healthy snack boxes or allow you to build your own from their menu (see healthy snack tips below for help with selections).

• Start the day off right. The importance of eating breakfast is one thing most health and wellness advocates promote. Yet many Americans continue to miss breakfast under normal circumstances. Add in busy season and the numbers are likely to skyrocket. Dedicate half of your offerings to breakfast foods, keeping in mind many of these can also double as snacks later in the day. Always include fresh fruit such as apples, oranges or bananas, nutritious breakfast bars, healthy varieties of cold cereal and hot cereal options such as oatmeal or grits. Sometimes feature special selections such as yogurt, whole grain bagels or muffins. Avoid regularly offering donuts, cinnamon rolls, Danish and other sugary-greasy options. You don’t have to exclude them entirely — just bring them in sparingly.
• Don’t forget the treats! People like to be rewarded when they work hard. But treats don’t need to be guilty pleasures. Always include dark chocolate (it has less sugar and fat than milk chocolate), dried fruits and nuts (include some chocolate or yogurt covered). Sometimes add cookies (small ones) or mini cupcakes — the key with the special treats is not too much, not too often. Avoid candy bars, fudge and large cakes, which are tempting and offer no opportunities to portion control.
• Pick-me-up, please. Mid-afternoon crashes are common for many people. The key is to get a boost of energy from snacks that won’t leave you with collateral damage down the road. Always keep whole grain crackers, veggie chips, pretzels, fruit and nut bars and similar healthy snacks available. Sometimes add fresh vegetables, cheeses or popcorn. Avoid sugary sodas and candy.
• Feast without fear. Nothing brightens the office quite like a free meal. If you’re afraid “healthy” food will spoil the fun, consider some easy adaptations of old favorites.

• Pizza: Serve vegetarian pizza or at least keep the unhealthy toppings to a minimum.
• Sandwiches: Include whole grain breads, low-fat fresh deli meats and breadless options such as lettuce wraps.
• Meats and vegetables: Provide baked, broiled and steamed options — nothing fried.
• Desserts: Offer small, pre-plated portions. Avoid large self-serve dishes.
• Beverages: Provide water and low-carb iced tea or flavored seltzer water. Spice it up with fruit smoothies (no sugar added).

6. Make it special. If you invite them (and serve food), they will come. Host a Taco Tuesday lunch or a few rounds of BINGO along with snacks. For more ideas, check out the PCPS busy season fun calendar.

One more thing: promote activity, too. Encourage your team to do quick walks around the building —works great for one-on-one update meetings. Or try some indoor mini-golf or bean bag toss to get the competitive spirit going.

Healthy snacks will go a long way to motivate and keep your team productive during busy season. Check out these AICPA resource sites for other tools to build your practice during busy season and beyond: Small Firm Resources, Tax Practitioner’s Toolkit and Firm inMotion e-Toolkit.

Shelly Guzzetta, Manager- Firm Services, Association of International Certified Professional Accountants

     

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