AICPA News Update Vol. 14 No. 21 

    Published May 23, 2011

    AICPA

    AICPA News Update

    A Weekly Email Newsletter on Issues & Events Surrounding the CPA Profession

    In This Update:

    May 23, 2011 - Volume 14 No. 21

    CPAs Go to Capitol Hill to Discuss Tax Strategy Patents, Tax Simplification, Mobile Workforce and Modified Due Dates Legislation
    Creation of Management Accounting Credential and Joint Venture Unanimously Approved
    Melancon Updates Council on Professional Issues, Private Company Financial Report
    Audit Quality Centers Continue Growth; Increase Quality
    CAQ Executive Director Addresses Council
    Awards Presented for Accounting Education and Public Service
    CPAs Go to Capitol Hill to Discuss Tax Strategy Patents, Tax Simplification, Mobile Workforce and Modified Due Dates Legislation

    The Spring 2011 Council meeting is being held in Washington, D.C. this week, giving CPAs, state CPA societies and AICPA leadership an opportunity to visit with federal legislators to discuss issues important to the profession, business and the public. AICPA Federal Key Persons and most Council members will meet with their members of Congress tomorrow. The conversations will focus on four critical legislative measures: tax simplification, bans on tax strategy patents, mobile workforce and alignment of tax return due dates.

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    Creation of Management Accounting Credential and Joint Venture Unanimously Approved

    The AICPA governing Council unanimously approved a proposal to create the Chartered Global Management Accountant (CGMA) credential through a joint venture with the London-based Chartered Institute of Management Accountants (CIMA). Together the AICPA and CIMA will establish and promote the CGMA and advance the U.S. CPA as a worldwide standard of professional excellence in accounting. For our members in business, industry and government, in particular, who lead and serve on the front lines of financial operations at organizations around the world, this credential will recognize your unique competencies and expertise and offers many benefits, including dedicated resources, a website and network of professionals as well as a competency self-assessment platform for ongoing professional development. To learn more about the credential, when it is scheduled to be available and what it means for the profession, read the press release and visit AICPA.org to watch a video from AICPA President and CEO, Barry C. Melancon, CPA.

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    Melancon Updates Council on Professional Issues, IFRS Readiness

    AICPA President and CEO, Barry C. Melancon, CPA, updated the governing Council on a number of professional issues, including the 2011 Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits, private company financial reporting (watch this video on why change is needed now) and technology’s effects on the profession.

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    Audit Quality Centers Continue Growth; Increase Quality

    Sue Coffey, CPA, AICPA Senior Vice President - Member Quality and International Affairs, provided an update on the Audit Quality Centers. Both centers, which have seen remarkable growth since their creation in 2003, are aimed at increasing the quality of audits in employee benefit plans and entities subject to government auditing standards. Coffey stated that there is no question that firms that commit to quality and become members of the Audit Quality Centers perform higher quality audits, with 99% of members saying the resources provided are useful. Members also rate the value of their membership very highly. More importantly, the reaction from Federal Inspectors General and the Department of Labor is extremely positive. Learn more about the Employee Benefit Plan Audit Quality Center and the Governmental Audit Quality Center today.

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    CAQ Executive Director Addresses Council

    Cindy Fornelli, Center for Audit Quality (CAQ) Executive Director, provided an update on a number of CAQ activities, including the CAQ’s series of discussions with stakeholders on the role of the auditor, efforts to help investors better understand the external audit process for public companies and how the profession might help prevent another financial crisis. She also addressed the results of the Securities and Exchange Commission’s congressionally-mandated study of how to reduce the burden of complying with Section 404(b) of the Sarbanes-Oxley Act for companies whose market capitalization is between $75 million and $250 million. The CAQ is affiliated with the AICPA. Read this JournalofAccountancy.com article for more information.

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    Awards Presented for Accounting Education and Public Service

    Dale Flesher, Associate Dean at the Patterson School of Accountancy at the University of Mississippi, was presented the 2011 Distinguished Achievement in Accounting Education Award. The award recognizes full-time college accounting educators distinguished for excellence in teaching and for national prominence in the accounting profession. See the AICPA’s announcement for more information.

     

    The CPA firm of Battelle & Battelle LLP, of Dayton and Troy, Ohio, received the 2010 Public Service Award for Firms for its commitment to the community. The annual award honors one firm that has demonstrated outstanding public service. Read the news release for more information.

     

    John W. Dean, CPA/ABV, will receive the 2010 Public Service Award on Tuesday, for his commitment to the community. The annual award recognizes members of the AICPA who have made significant contributions to their communities.

     

     

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