Firm News: July 12. 2013

International Firm News:

AFRICA

Abraham Isaac & Co., Eritrea, has become the newest member of the international accountancy networks HLB International.

MIDDLE EAST

Elyaa Audit & Consulting, Bahrain, has become the newest member of the international accountancy networks HLB International.

Unite States Firm News: 

CALIFORNIA

CAMICO has won the Insurance Marketing and Communications Association’s Sammy award for the best overall work among all of the entries at the IMCA’s 55th  Annual Showcase Awards. CAMICO also won Best of Show for Electronic Communications, and two Awards of Excellence. … WTAS, San Francisco, has tapped into the European market. The firm established WTAS Global by member firms WTAS LLC and PrimeTax AG, a tax-only firm based in Switzerland.  WTAS was originally founded by 23 former Arthur Andersen partners in 2002. Similarly, PrimeTax AG was started by professionals who had previously been with major accounting firms. … IBISWorld, Los Angeles, published its latest findings on accounting services industry.  According to the report, after years of revenue decline in 2009 and 2010, the accounting services industry returned to growth starting in 2011. In 2013, revenue for the industry is expected to increase 5.3 percent to $99.1 billion due to the improving economy. To see the latest 34-page research report on the accounting services industry, reach out to Savannah Haspel at savannahh@ibisworld.com.

FLORIDA

Averett Warmus Durkee is participating in a number of charitable events for the summer. Sixteen of the firm’s staff members volunteered in a drive to serve breakfast at the Men’s Pavilion of the Coalition for the Homeless in mid-June. The nonprofit organization, which is a client of AWD, provides homeless men, women, and children with shelter, meals, and rehabilitative counseling services in order to restore them to the mainstream of society. The firm also found time in June to host a retreat for Opportunity, Community, Ability Inc., which gives school-aged children and young adults with autism and other related disabilities opportunities to get involved in age-appropriate activities with their peers.

ILLINOIS

BDO USA LLP, Chicago, recently conducted a study which showed that only 14 percent of capital markets executives at leading investment banks believe the JOBS Act is having a positive impact on increasing the number of IPOs on U.S. exchanges. A majority, 58 percent, believes that the Act isn't positively impacting IPOs, while just over one-quarter, or 28 percent, believe it is still too early to evaluate the impact. For a full breakdown of the study download the 2013 BDO IPO Halftime Report survey.

MARYLAND

First-time CPA candidates who graduated from Loyola University Maryland’s Sellinger School of Business and Management achieved the highest CPA exam pass rates of all first-time candidates who graduated from Maryland institutions. Nationally, the NASBA ranked Loyola’s Sellinger School the eighth best in test performance among similarly sized programs in 2012. According to NASBA, 74.5 percent of 51 candidates with Sellinger School bachelor’s degrees passed the CPA exam the first time, more than 20 percent higher than the Maryland average of 52.9 percent in 2012. First-time candidates with Sellinger School advanced degrees also scored the highest—with a pass rate of 73.5 percent—among candidates from other Maryland institutions. 

NEW JERSEY

Nisivoccia LLP plans to host a workshop for not-for-profit organizations. The workshop, “Key Issues Affecting Not-for-Profits Today” will be held on July 23, 2013 at the firm’s offices in Mt. Arlington. … The Mercadien Foundation has released an in-depth report “The Financial Literacy Challenge and Its Impact in Our Community.” The report frames the financial challenge in the region, based on a series of surveys and interviews that were conducted in April 2013, and outlines the Foundation’s culminating action plan. A copy of the report is available the firm’s website. … Citrin Cooperman, Livingston, has awarded 10 students with scholarships totaling $40,000 as part of the firm’s 9^th Annual High School Accounting/Business Student Grant Program. Each student will receive $4,000, equally distributed over the course of four years as long as he or she is enrolled in college and meets specific requirements set forth by the firm’s Scholarship Committee.

NEW YORK

A recent report by EY Transaction Advisory Services believes that “economic optimism is improving in the U.S.” but found that future of M&A deal volume may not be so bright for the rest of the year. For full details on the report see U.S. Deal Flow to Remain Stagnant for Remainder of 2013. … The Deloitte Corporate Restructuring Group within Deloitte Financial Advisory Services LLP served as financial and restructuring advisor to TC Global, Inc. (Tully's Coffee) throughout the bankruptcy process and during its sale of substantially all of its assets through a Section 363 asset sale to Global Baristas, LLC, an investment group led by actor Patrick Dempsey. … Deloitte LLP recently conducted an online poll that revealed North America as the top market for M&A activity. More than 1,800 professionals from industries including financial services; consumer and industrial products; and technology, media and telecommunications responded to polling questions during a May 2013 webcast, titled "Outlook for Transactions and Business Events: Cautious Optimism or Ongoing Uncertainty?" … PwC’s Conflict Minerals survey revealed that most public companies are still trying to figure out their next steps in providing disclosures and transparency required under the SEC’s Dodd-Frank mandated Conflict Minerals Rule, coming due on May 31, 2014. See: How companies are preparing in PwC’s latest survey. PwC also released its Q2 IPO Watch which shows a continued surge in IPO activity in the second quarter. Its comprehensive year-to-date data and key findings include: The month of May saw the highest IPO listing volume since November 2007 with 30 IPOs worth $6 billion; Emerging growth companies under the JOBS Act represented 77 percent of IPOs in Q2; Financial sponsors remained acting in the Q2 IPO market, representing 71 percent of IPO volume and 76 percent of IPO value, and the financial services sector led IPO volume in Q2 at 29 percent, while the technology and health care sectors also saw increases.

OHIO

Hill, Barth & King LLC, Boardman, has revamped its website www.hbkcpa.com. The new page offers increased industry information such white papers, e-books and blogs on timely topics and video content. … The Ohio Society of CPAs has launched a new initiative to engage women CPAs and provide resources to help them achieve greater career success. In a 2012 OSCPA survey, which gathered more than 1,400 responses, 80 percent of women CPAs indicated it was somewhat or very important for OSCPA to develop programs and activities specifically for female members. According to the survey, Ohio women CPAs want programs and events geared towards women’s interests, work/life balance strategies, leadership development and career path resources.

VIRGINIA

The Hinge and RAIN Group, recently published a book that is a must read for CPAs. Professional Services Marketing describes a comprehensive program to win in an evolving professional services marketplace — including the latest word on online marketing and social media. Download a free chapter of Professional Services Marketing.

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