A letter from 2004-2005 AICPA board chair Robert L. Bunting and 2005-2006 AICPA board chair Leslie Murphy.

One hundred years ago, a group of visionary leaders of the nascent CPA profession launched the Journal of Accountancy, a publication dedicated then as now to the advancement of the profession. The JofA is now celebrating its centennial, which is a testament to the fact that many people--editors, writers, designers, advisers--must have been doing many things right along the way. Their success serves as a reminder to us that doing the right thing is the key to thriving into the future. In the JofA's case, doing the right thing has meant offering real substance to its readership and continuing to change along with the profession so that it has remained relevant and valuable.

And the profession certainly has changed a great deal during the past 100 years. In 1905, financial reporting was largely unregulated and often haphazard, the CPA credential was just beginning to gain recognition and the most popular workplace tools were a pencil and columnar pad. In the ensuing years, the corporate and individual income tax laws were passed, the securities acts made the audit mandatory for public companies and professional standards were introduced and greatly expanded. Enhanced education and increasingly sophisticated technology allowed CPAs to supplement the bookkeeping tasks many performed in 1905 with management advice using instantly available data. The CPA credential was transformed from a visionary idea into a symbol of integrity, competence and objectivity. The profession itself changed, too, from overwhelmingly white and male to one in which women equal or outnumber men in university accounting programs. Minorities also are making up an increasing percentage of our profession in part due to outreach and scholarship programs. At the same time, the number of AICPA members in business and industry has grown from a small percentage to a majority.

Both the profession and the JofA had to change in order to accommodate this evolving landscape, and they both have done so admirably. The burgeoning complexity of the business world has meant not only a greater appreciation of CPAs' skills but also increasing expectations of them. Every time there is an advancement in business or technology, CPAs have been called on to offer new and more critical services. And the JofA has moved along with the profession on the leading edge of change, providing news and practical insights to help CPAs understand and take advantage of new opportunities.

The JofA's greatest contributions during its first century have been to illuminate these new developments and to document CPAs' commitment to professionalism and public service. It has provided a record of our predecessors' contributions to the profession and the business world. That legacy is something to be proud of, and a foundation we can use to build a better future for ourselves and our successors. And as we do so, the JofA will be there to advise us and record our steps.

Our congratulations to the JofA on its first hundred years.

RELATED ARTICLE: AICPA's agenda: helping in time of need.

"All of us at the AICPA share the deep sadness and concern the entire nation feels over the devastation caused by Hurricane Katrina. Our hearts go out to the hundreds of thousands of Americans whose lives have been forever changed, including the thousands of AICPA members and their families living in areas affected by this disaster.

"We will work with the American Red Cross, IRS, DHS/FEMA and other organizations to understand how the expertise of the CPA profession can be brought to bear on the recovery effort. The items below detail some of the initiatives already under way."

--Barry C. Melancon, President and CEO

Online Disaster Recovery Resource Center

The AICPA has established an online Disaster Recovery Resource Center (www.aicpa.org/news/2005/disaster_ recovery_resources.htm). Visit it for up-to-date information, useful links to other Web sites and a wide range of practical tools. The center includes resources for members to use to assist their employers and clients, as well as practice management guidance for firms directly affected by Hurricane Katrina.

CPA Firms to Assist Affected Firms With Practice Continuation

The AICPA is mobilizing CPA firms through PCPS to identify and implement ways that firms around the country can assist individual CPAs and firms in Louisiana, Mississippi and Alabama. PCPS, with the assistance of the AICPA audit quality centers and sections, plans to establish a "firm volunteer center" that will identify firms wishing to volunteer. Resources that firms might be able to offer include office space and technology including servers and software support. Firms might also volunteer to hire, on a temporary basis, staff from affected firms. A hotline staffed by volunteers and consultants also will be established to respond to firm continuity and disaster-related practice management issues. If you have an urgent practice management question in the interim, send an e-mail to pcps@aicpa. org. For technical questions, contact the A&A Technical Hotline at 888-777-7077, menu option no. 5, followed by menu option no. 3.

AICPA Working With IRS on Relief for Victims

The AICPA Tax Team has been meeting with the IRS to exchange ideas on providing relief for taxpayers in the Presidential-Declared Disaster Areas struck by Hurricane Katrina in addition to steps already announced by the IRS on August 30 (see IR-2005-84, www.irs.gov/newsroom/ article/o,,id=147055,00.html). Among the items under discussion are further extending the filing dates, expediting the process for filing amended 2004 returns for disaster-related claims, automatic abatement of penalties and interest and suspending enforcement activities for all those in the presidential-declared disaster area. Visit www.aicpa.org and www.irs.gov for the latest news releases.

Disaster Recovery Guides, Mobilization Kit and Other Resources

Disaster Recovery: A Guide to Financial Issues was developed by the AICPA PFP Team to help individuals and families in the days, weeks and months following a disaster when they are most in need and often vulnerable to financial challenges. The guide, produced by the National Endowment for Financial Education, the AICPA and the AICPA Foundation, is distributed by participating local chapters of the American Red Cross.

As part of this effort, the AICPA developed the Disaster Recovery CPA Mobilization Kit to support state societies and CPAs in their volunteer outreach to those affected by disaster. The kit focuses on the pro bono services CPAs can offer in moments of crisis and includes a press release template, bylined article and PowerPoint presentation. The AICPA Tax Section's Disaster Area Practice Guide, also available, has been updated to include guidance for victims of Hurricane Katrina and has links to IRS and other tax-related disaster recovery resources.

AICPA Issues Technical Practice Aid on Auditor's Consideration of Impact of Losses From Natural Disasters

The AICPA has issued a new Technical Practice Aid (TPA) outlining auditors' responsibilities when a natural disaster affects an audit client's operations subsequent to the end of audit fieldwork but prior to the issuance of the financial statements and auditor's report.

AICPA and IRS Partner to Provide Pro Bono Tax Assistance to Disaster Victims

The AICPA and the IRS have joined forces to provide pro bono tax assistance to victims of disaster who come to Department of Homeland Security/FEMA shelters. The IRS is working with the AICPA and state CPA societies to connect disaster victims with CPAs in order to provide them the financial counseling they may need. The counseling includes tax matters such as personal casualty loss decisions and amended tax return filings, as well as pending IRS examination and collection matters. This new partnership is another example of CPAs working in the public interest to help Americans with their financial recovery from major disasters. More details on this agreement are available on www.aicpa.org and www.irs.gov.