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.
SOURCE: American Institute of Certified Public Accountants (AICPA)