amazing to see what can happen within a single year. That’s one of my main
observations as I complete my extraordinary time as your chairman.
I was honored to serve as chairman
during the AICPA’s 125th anniversary. The Institute’s founders wanted to
make a difference in the lives of CPAs and the people and organizations with
whom they worked. They clearly succeeded, and I am confident we will continue
to create value for our clients, employers and the public as the 21st Century progresses. As this year draws to a close, I see an increasingly
vibrant profession preparing for the immense challenges facing us. Most of all,
I see a profession that, throughout its history, has served with integrity and
unleashed opportunities for success.
In these days of continuous information, it’s essential to give people and organizations precisely the details they need to make important decisions. What never fails to cut through the clutter is information that is relevant, understandable and useful (not to mention correct). As CPAs, we often are a conduit for complex technical information, providing analysis and guidance in the process. We currently are working on two critical initiatives that bring this hallmark of our profession to life.
This year, the profession is proudly celebrating a major milestone: the AICPA’s 125-yearanniversary. We are one of the few professional organizations to reach this landmark birthday. I believe we got here because the profession’s core values—integrity, objectivity and competence—have made CPAs the most trusted financial professionals and will continue to do so. Those values have remained constant since 1887, and they will serve us well in the 21st Century.
Reaching 125 years of age deserves recognition, so we kicked off our celebration of that achievement with a special Council meeting in Washington, D.C., earlier this month. Since the Institute plays an important role in educating and influencing policymakers, the gathering began with more than 400 representatives of the AICPA and governing Council visiting their legislators on Capitol Hill to reinforce our important thought leadership role. We talked with congressional leaders about two public interest initiatives launched in honor of the occasion.
I want to make you aware of a great marketplace-driven opportunity for the CPA profession. Similar to what is being done in the tax and integrated reporting areas, the AICPA is initiating a comprehensive campaign to support CPAs as the premier choice for reporting on a service organization’s controls and to mark our guidance as the gold standard for such services.
Many of you likely are aware that Statement on Auditing Standards No. 70, Service Organizations, has been transformed to meet the needs of the evolving service organization marketplace. SAS 70’s guidance for service auditors reporting on controls at a service organization relevant to internal control over financial reporting of the service organization’s customers was moved to Statement on Standards for Attestation Engagement No. 16, Reporting on Controls at a Service Organization. Reporting on controls related to subject matter other than internal control over financial reporting (such as the security, availability or processing integrity of a system, or the confidentiality or privacy of the information processed by that system) became a new attestation engagement.
What’s your dream, your long-term professional goal, your plan for the future of your career? I ask because whatever your answer, I’m pretty sure the AICPA has resources that can help you meet that goal. I’ll tell you about my own experience.
After spending many years at a large national accounting firm, I joined with two other partners nine years ago to follow my dream and launch my own firm. Today, we have three offices and 100 people. How were we able to grow so quickly into the kind of firm we dreamed of being? I have to give some of the credit to the AICPA Private Companies Practice Section. PCPS serves in a combination of roles, providing tools, publications and resources created especially for small and medium-sized firms. It also acts as an advocate on behalf of our interests, speaking out on issues that affect us and our clients.
Welcome to my first blog post as the new AICPA Chairman of the Board of Directors. I am honored to serve you and our wonderful profession during the next year and hope to meet many of you as I travel around the country.
It’s a great privilege to take on the role of chairman in the year the AICPA celebrates its 125th anniversary in 2012. A source of pride for all of us, this milestone signifies both the historic and contemporary importance and relevance of our profession, and its staying power as a career.