The Official Newsletter for Beta Alpha Psi - the Honorary Fraternity for Accounting, Finance

Monday, September 25, 2006 2006 – 2007 School Year

Issue # 1

The official newsletter for Beta Alpha Psi - the honorary fraternity for Accounting, Finance, and MIS Majors.

In This Issue:

1. BAP news

2. Upcoming BAP events

3. Accounting/CPA Exam Websites

4. BAP Tutoring Information

5. Recent Accounting Articles (or other hot BAP Topic…aka VITA, etc.)

6. Humor

1. A new school year begins!

Beta Alpha Psi is an honorary organization for Financial Information students and professionals. The primary objective of Beta Alpha Psi is to encourage and give recognition to scholastic and professional excellence in the business information field. This includes promoting the study and practice of accounting, finance and information systems, providing opportunities for self-development, service and association among members and practicing professionals, and encouraging a sense of ethical, social and public responsibility.

Membership in Beta Alpha Psi is beneficial for students because:

(a) we give students opportunities to network with professionals in accounting and financial services industries;

(b) we host many guest speakers to inform students of current topics in the profession;

(c) we sponsor office visits to the major accounting firms to give students opportunities to experience the public accounting profession;

(d) we host semi-annual resume workshops, inviting professionals from accounting firms, corporations, and other organizations in the area to critique student resumes; and

(e) we give students opportunities to participate in community service like our Volunteer Income Tax Assistance (VITA) program for the Drexel community and student tutoring.

Events scheduled for Fall 2006 include the following: (See page 2 for more information)

· Sept.27th, 2006: Fulltime and Co-op Recruiting Information Session

· Sept.28th, 2006: Fall Resume Workshop for students in the Lebow College of Business

· Oct.4th, 2006: Information Session

· Oct.5th, 2006: Current Accounting Topics Presentation by Stephen Wanner, Partner at Ernst & Young LLP

· Oct.11th, 2006: Interviewing Skills Workshop sponsored by KPMG LLP

· Oct.25th, 2006: Forensic Accounting career developments and discussion with John Slavek, Kroll.

· Nov.30th, 2006: Annual Fall Induction Banquet

If you have any questions please feel free to contact us at:

Sincerely,

Lauren Castilla
Incoming President / / Jane Kaplan
Faculty Advisor

2. BAP Event Calendar

Fulltime and Co-op Recruiting Information Session / Wednesday, Sept 27, 2006 – Time: 4 to 5pm
Location: / Newman Center-2nd floor
Fall Resume Workshop for students in Lebow College of Business / Thursday, Sept 28, 2006 – Time: 9.30am to 12pm
2.00pm to 4.30pm
Location: / Newman Center-2nd floor
Information Session / Wednesday, Oct 4, 2006 – Time: 4 to 5pm
Location: / Basement Creese-Greenwalt Student Center
Current Accounting Topics Presentation by Stephen Wanner, Partner at Ernst & Young LLP / Thursday, Oct 5, 2006 – Time: 4 to 5pm
Location: / TBA
Interviewing Skills Workshop sponsored by KPMG LLP / Wednesday, Oct 11, 2006 – Time: 4 -5pm
Location: / TBA
Forensic Accounting-Careers and Current Developments with John Slavek, Kroll / Wednesday, Oct 25, 2006 – Time: 4 -5pm
Location: / TBA
Annual Fall Induction Banquet / November 30, 2006 – Time : TBA
Location: / Grand Hall
November KPMG Office visit / TBA

3. Accounting/CPA Exam Websites

CPAexcel (http://www.cpaexcel.com)
Kaplan CPA Review (http://www.kaplancpareview.com)
Becker CPA Review (http://www.beckercpa.com)
Bisk Education (http://www.bisk.com)
CPA Exam Website (http://www.cpa-exam.org)
Pennsylvania Institute of Certified Public Accountants (http://www.picpa.org)
New Jersey Society of Certified Public Accountants (http://www.njscpa.org)
New York State Society of Certified Public Accountants (http://www.nysscpa.org)
AICPA Student Affiliate Membership Program (http://www.aicpa.org/nolimits/nav/benefits.asp)
Accountants World (http://www.accountantsworld.com)
Pennsylvania CPA Journal (http://www.picpa.org/journal)

4. BAP Tutoring (Fall 2006)

Beta Alpha Psi will be offering tutoring services for Acct 115, 116, 321 and 322 courses. All tutoring session will be held at Room 48 E, basement of Creese Student Union. Tutoring timings will be announced during the first week of classes. Please email for more information on tutoring session or any question.

5. Recent Accounting Articles

Over the past several years, certain not-for-profit organizations, healthcare entities, pension plans and investment companies - including funds of funds; have dramatically increased their investment in financial instruments that do not have a readily determinable market value. These investments are commonly referred to as alternative investments. Generally, these entities are required by GAAP to carry these investments at fair value. The continued increase in the percentage of alternative investments to both net assets and total investment portfolio subjects these entities to complex fair value accounting and has exposed their investment portfolios to greater risk and volatility.

Due to the increased risk of misstatement inherent with these investments, the Audit Issues Task Force of the Auditing Standards Board established the Alternative Investments Task Force. The Task Force was charged with providing additional guidance to auditors of investor entities as to how the auditor may obtain sufficient appropriate audit evidence in order to conclude that the financial statements are free of material misstatement. As a result, the Alternative Investments Task Force has developed and issued a practice aid for auditors "Alternative Investments - Audit Considerations". The Task Force believes that this non authoritative practice aid will assist auditors in auditing alternative investments. The practice aid includes guidance on:

1) General considerations pertaining to auditing alternative investments

2) Addressing management's financial statement existence assertion

3) Addressing management's financial statement valuation assertion

4) Management representations

5) Disclosure of certain significant risks and uncertainties

6) Reporting

The practice aid also includes the following Appendixes:

Appendix 1: Example Confirmation for Alternative Investments

Appendix 2: Illustrative Examples of Due Diligence, Ongoing Monitoring and Financial Reporting Control

The document is available at http://www.aicpa.org/members/div/auditstd/alternative_investments.htm.

6. Humor

For more information about Beta Alpha Psi or download application, please visit