Cruising Altitude.

• Position: Interview with Peter Lannone - Interview

Peter lannone, president of the CalCPA Education

Foundation board of trustees, knew he was interested in accounting from the start, and set a flight path on that career arc back in high school. He recently took off from California and landed in Florida, where he is CPA/CFO for GTS Engines, but he remains an integral member in CalCPA leadership. We caught up with him on the factory floor of the company to gel to know him better.

What does CTS Engines do?

It is the premier independent maintenance repair and overhaul company for mature commercial jet engines in the United Slates. Our primary focus is on the CFG family of jet engines primarily in use in the cargo industry. We perform engine overhauls, from damage from foreign object strikes, safety inspections, up to full restoration.

What does your day-to-day job entail?

I joined CTS Engines in June to head the financial aspects of the company. I'm working with executive management to implement a financial reporting system, and internal financial and financial reporting controls. I'm also focused on upgrading our banking and risk management relationships.

What's the most interesting thing about your job?

I find the factory floor truly fascinating. I don't help repair the engines, but I believe that any good CFO has to understand the company's operations and revenue process. The opportunity to learn about the complexity of the engines, the repair process, the regulatory requirements and FAA oversight has been interesting.

As a CFO in industry, how does your CPA license serve you?

The experience I gained in public accounting provided me insight into best practices and effective implementation of internal controls. Having audited internal controls. I understand the need for checks and balances, but have the ability to implement controls in a cost-effective manner. I find my background has been a tremendous asset in talking with banks, our auditors and stakeholders.

Why did you get involved with CalCPA leadership?

I've always had a commitment to education and strived to be a teaching CFO. I'd much rather explain how to do something to people, as opposed to just telling them what to do. If I can effectively communicate the "why," they can then apply thai knowledge to other situations. If all I communicate is "do this," then the individual can only accomplish that task. Some years ago I happened to meet CalCPA CEO Loretta Doon at a forensic accounting conference. I expressed my interest in being...