CPA Practice Advisor

OCT 2011

Today's Technology for Tomorrow's Firm.

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PRODUCTIVITY IN PRACTICE BY ISAAC M. O'BANNON, TECHNOLOGY EDITOR Creativity at Work: A Different Kind of Auditor, a Different Kind of Firm Accountants and accounting fi rms have long suff ered from the false stereotype of being stodgy, even predictable and boring. Even more so, the auditor: that truly numbers-focused researcher of data whose sole purpose is to determine the propriety of an organization's fi nancial reporting and their internal controls over fi nancial reporting. Perhaps only actuaries are more maligned in their public perception. But what happens when a young CPA with a background in music and graphic design challenges those notions? Tim Gavin, CPA, MBA Audit Supervisor — Sikich LLP LOCATION: Aurora, Ill. WEBSITE: www.Sikich.com PRACTICE SPECIALTIES: A&A;, Valuation, Tax Services, Investment Banking, Corporate Finance, Technology Services, HR Consulting, International Business Services, Performance Measurement, Marketing & Graphic Design gn EDUCATION: BS, North Central College; MBA, Northern Illinois University SOCIAL NETWORKING: Twitter: www.twitter.com/TGavinCPA LinkedIn: http://www.linkedin.com/profi le/view?id=10370682 Blog: http://blog.sikichtechnology.com LAST BOOK READ: "1984" by George Orwell SMARTPHONE OF CHOICE: Android (EVO 4G) LAST CONFERENCE ATTENDED: Illinois Government Finance Offi cers Association annual conference FAVORITE WEBSITE: LinkedIn HOBBIES: Playing guitar, drums; writing/recording music; running rence While the curmudgeon stereotype may occasion- ally be deserved, especially at large practices with rigid corporate cultures, it certainly isn't fi t ing for Tim Gavin or the fi rm for which he works, Sikich, LLP (www.Sikich.com). T e 30 year-old CPA and auditor has worked out of the fi rm's Aurora, Illinois, offi ce since graduating college, and moved into the role of audit supervisor aſt er at aining his credential. Tim's primary engagements involve audits of local governments, which he notes have seen signifi cant changes in their audit and fi nancial reporting require- ments over the past few years. At the same time, local governments have experienced shrinking staff s and payrolls, and this combination has brought challenges in their fi nancial management, processes and internal controls. Sikich has developed a core specialty in providing audits to these entities, and is the largest provider of these services in the Chicago area, with 32 October 2011 • www.CPAPracticeAdvisor.com Chicago area, which allows the husband and father of two to have dinner with his family and then, if necessary, continue work from home in the evenings. "I mostly work from client sites and from home, and only have to go in for occasional reporting and planning," he noted. "But since Sikich is a very tech- nologically progressive fi rm, we always have full remote connectivity with the engagement management systems we use, as well as our other professional applications." As an experienced fi eld auditor, Tim also helps identify new technology tools and helped his fi rm implement the use of additional mobile monitors. Sikich has long had multiple monitors for worksta- tions, but the challenge of fi nding an easily portable option for their fi eld teams was a challenge. T e fi rm ultimately decided on standard desktop LCD monitors with GearGrip LCD shield harnesses from Case Ace (www.geargrip.com). PRODUCTIVITY SCORE™ 389 some municipal clients having up to 200,000 residents. In addition to audits and other at estation functions, the fi rm's government team has a services side that regularly provides local governments with temporary in-offi ce staff and management. As with most audit engagements, much of the work is done in the fi eld. T at's defi nitely the case with Tim, who estimates he sometimes sees his offi ce as lit le as one or two days a month, and an aggregate of perhaps two months out of the year. Fortunately, most of his engagements are in the Sikich realized early on the signifi cant role of technology in the modern practice. In the mid-1980s, the fi rm had two offi ce locations, but would soon experience dramatic growth as a result of the strategic foresight of CEO Jim Sikich, CPA, and other partners, who expanded the fi rm into less traditional service areas. In addition to A&A;, taxation, business valuation, investment banking, retirement plan services, and wealth management, the practice also has specialties in human resource consulting, technology services, and graphic design and marketing. T is broad collection of client services has enabled Sikich LLP, which has a history stretching more than 80 years, to grow to a staff of approximately 375 members and 57 partners, located in nearly a dozen offi ces around Chicago, Indianapolis and St. Louis. It is listed as the 50th largest accounting fi rm in in the United States. T e fi rm scored a 389 on the CPA Practice Advisor's Productivity Survey, a free web-based tool that helps fi rms assess their workfl ow an 3 and technology usage, and provides benchmarking ag im p With these various services, a young CPA who p ssed all four parts of the exam on his fi rst try might be tempted to diversify his own experience, at least for resume-building purposes … but not Tim. "I love audit engagements; they're logical and systems and practices. pa structured and concrete, but not without their share of curveballs. While there are some changes to FASB, GASB and GAAP, they aren't nearly as volatile as tax law, which I think is dry and aggravating." Since his focus is on local government audits, his primary "busy season" is a lit le longer and less severe than that of professionals who focus on tax compliance or auditing for-profi t entities. He estimates that he works about 55 to 60 hours per week during the summer months, then closer to 45 to 50 hours per week during the rest of the year. As for his resume, he doesn't anticipate needing I LOVE AUDIT ENGAGEMENTS; THEY'RE LOGICAL AND STRUCTURED AND CONCRETE, BUT NOT WITHOUT THEIR SHARE OF CURVEBALLS. against similarly sized practices (www.CPAPractice Advisor.com/productivity-survey). T is score is impressive for a fi rm the size of Sikich, since large practices can easily become entrenched in legacy sy

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