January

Canton IMA

STARK RAVINGS


The Newsletter of the IMA Canton Chapter

 January 2019

http://canton.imanet.org

Jeff Walters, President
Cullen Bahler, Editor

 In This Issue:

 This Month's Technical Sessions
 Strategic Finance
 Webinar Schedule
 Upcoming IMA Technical Sessions

 Connect with Us!

 Do you have info to share with our
 chapter? Email it to  info@cantonima.org.

 
 Canton Chapter of IMA January Meeting
 Tuesday, January 15, 2019 | 5:00 - 7:30 pm



  Kozmo's Grille: 37 1st St SW, Massillon, OH 44647 (directions)

 Registration Deadline: Friday, January 11th, 5:00 pm

Please click here to register

 

 Pre-Dinner Technical Session
 (5:00 pm - 6:00 pm):
 Business Valuations and ESOPs

 Presented by Eric Flickinger, 
 CPA/ABV, Manager, Apple Growth
 Partners

Eric_Flickinger.jpg

 Eric is a Manager at
 Apple Growth Partners
 where he specializes in
 Business Valuations,
 Litigation Consulting,
 Fraud and Forensic
 Accounting, Succession
 Planning, Accounting &
 Tax. He received his Bachelor of Science,
 Accounting & Finance from the University
 of Akron. Eric is a member of the Ohio
 Society of Certified Public Accountants,
 American Institute of Certified Public
 Accountants, ESOP Association and 
 Toastmasters.

 Eric performs business valuation services
 of closely-held companies. He has
 provided Business valuations for
 purposes of Employee Stock Ownership
 Plans (ESOP), estate and gift taxes,
 litigation support and corporate planning.
 He has performed valuations for a wide
 variety of industries including
 manufacturing, distribution, medical,
 restaurant, and professional service 
 firms.

 Eric also provides feasibility and advisory
 activities to guide owners considering an
 ESOP. Through his network of ESOP
 professionals, he can help assemble a
 trusted team of ESOP advisors to make
 an ESOP a reality.

 Outside of work, Eric loves spending time
 with his two amazing daughters,
 wonderful wife and his goldendoodle
 named Warren (after Warren Buffet). His
 favorite pastimes are playing ultimate
 frisbee and watching a good movie.

 Post-Dinner Technical Session
 (6:30 pm - 7:30 pm):
 K-12 Education in Ohio - School Types, 
 Funding, and State Parent Choice
 Scholarships

 Presented by Sharla Elton,
 Superintendent of Heritage Christian
 School

Sharla_Elton.jpg

 Sharla is the
 Superintendent of
 Heritage Christian School.
 She graduated with a
 Bachelor of Science
 degree in Business 
 Administration/Finance in
 2002, and obtained her
 Master's Degree in 2005, both from The 
 University of Akron. Upon graduating in 
 2002, she served as the Fiscal Specialist for
 the Alcohol and Drug Addiction Services
 Board of Stark County.

 In 2004, Sharla moved to Aultman Hospital,
 where she served as a Financial Analyst,
 Coordinator of grant programs, then
 Director over multiple departments focused
 on community initiatives. In addition, she
 began teaching as an adjunct professor at
 Stark State College in 2007, later moving to
 Malone University where she continues to
 teach.


 In 2012, Sharla joined the Heritage
 Christian School Board of Education, leaving
 in 2015 to become Administrator of the
 school. Sharla earned the Certified
 Management Accountant designation in
 2013 and is a life-long resident of Stark
 County. Sharla and her husband are active 
 in the local church and community.


 Strategic Finance

 Getting a Better Handle on Compliance and Controls

 By Isaac Tucker

 Accounting organizations are at the center of a broad array of change: global tax regulation, domestic tax 
 changes, and major revisions to audit reporting. Many also are affected by far-reaching rules that now dictate
 how they must treat, recognize, and report revenue, all while having to contend with rapidly shifting business
 and operating models.

 Given the complex regulatory and operating landscape that most organizations must now navigate, it comes as no surprise
 that effectively managing internal controls to support financial reporting is top of mind. Accounting and finance organizations
 —including financial professionals like you who keep them humming—are challenged to operate efficiently and still drive
 strong comprehensive controls. 

 INCREASING CHALLENGES

 As most of you already know, globalization, intercompany trade, and mergers and acquisitions have increased the volume of 
 transactions that impact every part of the business, including the close. They’ve also created more risk in downstream
 financial and regulatory reporting. The regulatory environment itself has also grown, both in scope and in depth, increasing
 exposure while placing pressure on precious accounting resources to cover even more bases. 


 For example, accounting, tax, and treasury teams face increasing intercompany reporting challenges from base erosion and 
 profit shifting (BEPS) tax rules, which aim to level the playing field for companies that don’t have a substantial presence
 globally. These same teams face a widening set of regulatory requirements from new Internal Revenue Service (IRS) tax
 rules to new Financial Accounting Standards Board (FASB) revenue recognition standards. 


 All these factors are competing for often already strained resources that are also required for financial controls, such as 
 continued compliance with the Sarbanes-Oxley Act of 2002 (SOX). 

 It’s no wonder that, more than 15 years since the introduction of SOX, improving efficiency is still a top priority for financial
 executives. In a survey conducted by the SOX & Internal Controls Professionals Group, which has more than 3,000 members,
 study respondents identified improving the efficiency of the SOX function as a top objective, followed by ensuring compliance
 with SOX and other regulations and strengthening organizational relationships across SOX owners.

 WEAKNESSES ELEVATE FRAUD RISK

 Improving efficiency, while at the same time combating fraud, has kept many in the C-suite up at night. Specifically, weak
 controls can leave an opening for fraud risk.

 A 2017 study by the American Accounting Association found that companies with material weaknesses in their entity-level
 controls were 90% more likely to have future fraud disclosures compared to companies with strong controls. In fact, when
 evaluating 127 unique fraud cases, researchers found a strong association between entity-level controls and a subsequent
 revelation of fraud. 

 This is forcing accounting and internal audit teams to spend more time reevaluating risks and their mitigating controls to
 make sure both are properly designed and effective. They have to walk a line between strong control coverage and an overly
 controlled environment. 

 The study concluded that “the issuance by an auditor of an adverse internal control opinion is a ‘red flag,’ indicating a higher
 probability that managers are committing (unrevealed) fraud.”

 
 This is an abstract. For the full article, please click here.

 

 
 IMA Webinars

 The IMA webinar program enhances
 your career by bringing you the latest
 thought leadership and developments 
 in the profession. IMA conducts more
 than 50 webinars every year at no
 cost to our members.

 Attending any live webinar qualifies
 for 1 to 1.5 hours of NASBA CPE
 credit(s). Webinars may be replayed
 from the archives but these viewings
 do not earn credits. Advance
 registration is strongly recommended
 — The IMA webinars are extremely
 popular and fill up quickly.

 Embracing Change
 Leadership Academy
 January 08, 2019
 01:00 PM - 02:30 PM

 How to Accelerate Results with 
 Effective Performance
 Measurement

 Strategic Management
 January 28, 2019
 01:00 PM - 02:00 PM

Register for Any Webinar


 Join Us at IMA Technical Sessions

 2019 tech sessions will be held at Kozmo's Grille with the exceptions noted below.

 Each meeting consists of two technical sessions, each of which is one hour in length.
 The first session begins at 5:00 pm and the second session begins at 6:30 pm and
 dinner will take place between the sessions.

 The meeting dates are as follows:

  • January 15, 2019
  • February 19, 2019
  • March 19, 2019
  • April 16, 2019
  • May 21, 2019

 The cost for dinner is $30 for members/guests and $15 for students. Please look for
 invitation emails with registration information prior to each meeting.

 
 Schedule:

  • Social/Networking at 4:45 pm
  • Pre-Dinner Technical Session at 5:00 pm
  • Dinner at 6:00 pm

 Post-Dinner Technical Session at 6:30 pm

© 2010-2018 Institute of Management Accountants - Canton Ohio Chapter # 155. All rights reserved.
info@cantonima.org

The mission of the Institute of Management Accountants (IMA) is to provide a forum for research, practice development, education,
knowledge sharing, and the advocacy of the highest ethical and best business practices in management accounting and finance.
Please join us as we promote this mission in the greater Canton, Ohio, area.