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Why DATA matters

Raw data is one thing, but when it’s federal spending data, fi scal accountability is on the line. In May, President Barack Obama signed the Digital Accountability and Transparency Act (DATA Act) to help taxpayers and policy makers more eff ectively track federal spending.

Th e direct expenditures of federal agencies will link federal contract, loan and grant spending information to federal programs. Better yet, the DATA Act requires the U.S. Department of the Treasury and the U.S. Offi ce of Management and Budget to establish common federal data standards and adopt a non-proprietary, platform-independent data standard, such as eXtensible Business Reporting Language (XBRL), for the reporting of federal budget and spending information.

Sen. Mark Warner (D-Va.) was a congressional co-sponsor, and the VSCPA commended his commitment to government fi scal responsibility.

Want to see spending now? Scan the QR code with your smartphone or visit USASpending.gov. n

>> EXCELLENT EXCEL: FILL IT ALL IN A FLASH

The other week, my boss came back from a VSCPA conference and stumped me with a function I had never heard of that is new to Excel 2013. The new function, Flash Fill, can be used to replace many of the functions that I have covered in this column to date. For example, if you have First Names in column A and Last Names in column B, you can add a header to column C and then type out the top First Name (Ryan) and Last Name (Morgan) into the row just under the new header in column C (Morgan, Ryan). The magic of Flash Fill occurs when you start typing the next First and Last Name combination in column C.

The function will use some type of predictive analytics and give you a preview of how it thinks you want the names combined in the remainder of column C. If you like what you see, hit enter and bam! In a fl ash, the rest of names in columns A and B are fi lled into column C — just the way you like it. If you want see some demos on this magical function and maybe, while not recommended, you can stump your boss (instead of the other way around), check out the videos at http://tinyurl. com/FlashFillDemo. n

GEORGE D. STRUDGEON, CPA, CGFM, is an audit director at the Virginia Auditor of Public Accounts in Richmond. He is a member of the VSCPA Editorial Task Force. Email him if you have Excel topics you want him to cover. * george.strudgeon@gmail.com. connect.vscpa.com/GeorgeStrudgeon

GOOD-BYE 1992, HELLO 2013

On Dec. 15, 2014, the 2013 Internal Control —– Integrated Framework from COSO will supersede the 1992 version. Among the changes: A LOT more technology references addressing risk assessment, control activities, communication and monitoring.

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A new kind of crisis: Employability

What happens when, even though many people are unemployed, employers cannot find the skilled workers they need? It’s a mismatch in the labor market.

“Addressing the Employability Crisis: Reconnecting Education, Skills and Jobs,” a new Chartered Global Management Accountant (CGMA) report, says: “While there is an oversupply of people with low-level skills, there is a shortage of those with advanced, high-level skills.” The crisis is particularly hitting young adults hard, with many new college graduates finding themselves saddled with large student loan debt and a degree that doesn’t prepare them for the working world. The report investigates the crisis and offers solutions for students, working adults and employers. For example, professionals must consistently keep their technical skills up-to-date, because those skills are perishable.

Find the report in full on the CGMA website at www.cgma.org. n

DATA BREACHES NO MORE

After conducting a risk assessment of its computer system, a CPA firm should develop a written information security plan that:

>> Outlines the specific ways the firm will protect data

>> Sets forth policies, procedures and staff responsibilities, including what staff members required to do and report and what they are not allowed to do

>> Covers areas such as the Internet, social media, email usage and record retention and destruction

>> Details the reporting and other requirements of the states in question and the state agencies to which breaches are to be reported. Some states require firms to be compliant with the state’s privacy laws if the firm has the privacy data of a resident of that state. Some states require a written security plan by law.

Make sure you teach the written plan to staff. New laws or regulations should be reflected in changes to the plan. Training sessions to update staff on such changes will make the plan a dynamic, living document that staff uses and relies upon.

Source: CAMICO. For more information and guidance about CPA firm insurance issues, visit www.camico.com. n

>> TECH CPE ON THE BRAIN

You can find a lot of tech-related CPE from the VSCPA this fall, whether it is from the technology workshop at the Professional Development Conference, a seminar cluster or online. There’s something for everyone:

PROFESSIONAL DEVELOPMENT CONFERENCE TECHNOLOGY WORKSHOP Oct. 22–24, 2014, Westfields Marriott Washington Dulles Content from K2 includes a tech update on the most effective technologies, plain tech talk for your office and productivity application alternatives.

TECHNOLOGY SEMINAR CLUSTERS Oct. 27–31, Richmond; Oct. 27–30, Fairfax; and Oct. 31, Springfield Content from K2, Judy Borsher and CPA Crossings will cover business analytics, Excel advanced productivity features, Microsoft Office 2013, Windows 8, advanced QuickBooks and much more.

ONLINE CPE All summer long K2 provides online CPE courses in July and August on mobile device management, Excel tips, QuickBooks, pivot tables and more.

Find it all at www.vscpa.com. n