Yes, we are pleased to see the reports about increases in the perception and reputation of CPAs. But, by no means does that mean our work is over. In fact, to be true to our core values, our work will never end. We have faced many challenges. However, the challenges have made us better. They have caused us to reflect on what makes us strong, what makes us unique. Out of that reflection, we move to a time for action. Let me share some of the actions in process.
Reforming the role and makeup of the Auditing Standards Board is necessary to meet the needs of non-public companies and organizations. With the Public Company Accounting Oversight Board authorized to write audit standards only for the SEC-registrant community, it is up to the Auditing Standards Board to develop continuing audit standards to meet the distinct needs of privately held and other non-public entities. We will reconstitute the ASB to provide a membership that better reflects its newly defined constituency--the non-public arena. This will require coordination and cooperative efforts with the PCAOB to ensure that we meet the audit needs of our respective constituencies efficiently and in a timely manner. We intend to share talents and resources to achieve our mutual objectives: improving the quality of financial statements and increasing confidence in American business and the integrity of its CPA financial advisers.
We are likewise restructuring our SEC Practice Section to meet the demands of this new environment of heightened accountability. It will serve as a communication and resource center for auditors involved in SEC filings while also providing input and feedback on proposed audit standards from the PCAOB. Auditors in the field, on the job, will provide the true test of new standards and will have a forum through the SECPS to provide feedback on implementation and practicality of new proposals.
We will continue to move towards improved disciplinary procedures reflecting the best practices available to meet the needs of members and the public. Each step under consideration in the disciplinary area is intended to guard what we believe is our most valuable asset--our core values. Work is under way designing a number of Web-based resource centers and educational tools to provide us what we need to get the job done.
For an up-to-date review of issues and conclusions from our Oct. Council meeting which took place as this newsletter went to press, I would like to direct you to the online version of The CPA Letter (www.aicpa.org/pubs/cpaltr/nov2003/index.htm). Such is the primary advantage of online communications--the ability to communicate in real time.
In the meantime, stay tuned. This renewal effort will need us all.