June 14, 2011

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Underserved market represents new service potential for financial institutions
The underserved market is considered one of the fastest growing segments in the United States and represents significant potential for banks willing to develop new products and services with the appropriate risk safeguards and channels to distribute them, according to a recent study from KPMG LLP.
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Dodd-Frank update: PCOAB announces adoption of interim inspection program for audits of securities brokers and dealers
The Public Company Accounting Oversight Board (PCAOB) has adopted certain rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to audits of securities brokers and dealers.
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PCAOB chairman: Audit firm changes may become mandatory
The chair of the Public Company Accounting Oversight Board has signaled that public companies may be required to regularly change their auditing firms to reduce conflicts of interest.
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CPA candidates are confronted by significant changes to exam
In January 2011, the CPA exam underwent its largest transformation since it was converted from a paper and pencil exam to computer-based in 2004.
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SEC Financial Reporting Series to focus on early identification of risks to the financial reporting system
In remarks at USC's 30th Annual SEC and Financial Reporting Institute, SEC Chief Accountant Jim Kroeker announced that the SEC will launch a series of roundtables "to facilitate a balanced discussion of existing pressures or emerging issues in financial reporting."
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Selling lessons from President Michelle Bachman
Campaigning is marketing on steroids mixed with meth. It goes on for months, even years, and hundreds of millions of dollars can be spent on a campaign (Mr. Obama will spend approximately $1Billion in his reelection effort). Can CPAs learn about successful selling from politicians?
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PCAOB Chairman James Doty has suggested that auditors performing repetitious audits might run the risk of becoming complacent and might also develop unconscious biases. Doty is floating the idea that public companies should regularly replace their auditors. This raises some interesting ideas. Would public company auditors throw their names in a hat and let public companies pick a new audit firm at random? Would a public company be allowed to return to a former auditor after a certain time period had elapsed? Might this open the door to more second-tier CPA firms getting a piece of the public company audit pie? Would PCAOB be involved in the rotation and selection process or would public companies be able to make their own auditor selection?
Best wishes,
Gail Perry, CPA

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