AICPA Committed to Constructive Dialogue with Regulators

One only has to look at the numerous complex issues on the agendas of the US Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) to get an idea of the challenges CPAs face, American Institute of CPAs (AICPA) Chairman of the Board of Directors Richard J. Caturano, CPA, CGMA, told attendees at the AICPA Conference on Current SEC and PCAOB Developments December 3.

"Regulating the capital markets while at the same time working to eliminate artificial barriers to a strong economy is tricky business, and regulators whose job it is to balance those two objectives rarely get enough credit for their hard work. But balance is necessary in the regulatory approach," Caturano said in his welcome address.
 
Caturano, who is executive managing partner of the Boston office of McGladrey, said the AICPA is committed to a constructive dialogue with the SEC, the PCAOB, and others. "We share a common purpose, which includes maintaining regulatory consistency among the multiple layers of state and federal regulation. At the same time, the CPA profession will continue to take a position on the leading financial and regulatory issues of the day that could affect CPAs. Among those are rules to implement the Dodd-Frank Act that relate to accounting and auditing. We'll continue to be a resource, advocate, and defender of investor protections," he remarked.
 
Noting that 2012 has been a historic year for the CPA profession, including observance of the AICPA's 125th anniversary, Caturano said, "We celebrated the milestone by reaffirming that we are a forward-looking profession. We continually ask ourselves probing questions and make critical decisions that shape the future. As we embrace change, we evolve our profession by realigning how we help businesses and by acting on the trends that are transforming them. To do this, we have to be proactive, nimble, quick to market, and ahead of the curve. All the while, we are protecting, innovating, and deepening our core services of accounting, auditing, attest, and assurance."
 
At the top of Caturano's agenda as chairman is to help set a course for AICPA members' future success and for the success of their employers and clients. "I believe the way to do that is to hold firm to our values," Caturano explained. "That is true for CPAs in business and industry, in public practice, in accounting education, and most definitely for the younger generations of current and future CPAs."
 
About the conference:
The AICPA Conference on Current SEC and PCAOB Developments is an intensive three-day, high-level event that provides the forum for attendees to absorb new regulatory issues and their potential impact on audits, reporting, and governance for public companies. It was held at the Marriott Wardman Park Hotel in Washington, DC.
 
Related article:
 
SOURCE: American Institute of Certified Public Accountants (AICPA)
 

You may like these other stories...

CFOs and management accountants are playing an ever-increasing role in supporting the adoption of natural capital accounting in their organizations, according to a recent report.Natural capital – forests, rivers,...
Tesco says it overstated profit forecastStanley Reed of the New York Times reported that Tesco, the large British grocery retailer, disclosed on Monday that it had overstated its expected half-year profit by about $400...
The Public Company Accounting Oversight Board (PCAOB) on Monday reminded auditors that they should continue adhering to the board’s existing standards when considering an organization’s ability to operate as a...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.