Happenings at April Board of Directors' meeting.
* Ethics issues as they relate to outsourcing were discussed. Board members provided feedback to the chairs of the Professional Ethics Executive Committee and the Outsourcing Task Force for consideration in future deliberations.
* Chairman of the Board Scott Voynich updated the board on his recent outreach activities, including meetings with representatives of the Federal Bureau of Investigation, the Department of Labor, the Business Roundtable and the Public Company Accounting Oversight Board. He also met with the chairman and chief accountant of the Securities and Exchange Commission; spoke to several state CPA societies; and attended a meeting of the National Center for Youth Issues, an organization that focuses on teaching young people about integrity and ethics and is led by an AICPA member.
* President and CEO Barry Melancon updated the board on, among other things, the computerized CPA exam, the audit quality centers and the financial literacy campaign. He said the computer-based exam was ready to go live on Apr. 5 as scheduled and on budget (The CPA Letter, May), and that the new exam was recognized both in the psychometric community and in the testing community as the best financial business examination in the world. In addition, since its launch two weeks prior, more than 100 CPA firms had enrolled in the Employee Benefit Plan Audit Quality Center. On financial literacy, Melancon elaborated on AICPA financial education initiatives with the General Accounting Office Comptroller General David Walker (see page 1). He also reported that the Institute was finalizing discussions with the National Endowment for Financial Education and a third major collaborator to put CPAs at the forefront of financial education through advertising, and that state CPA societies will be able to participate in the programs.
* The board voted to propose a resolution to Council that supports increased transparency of the peer review process. The resolution calls for the AICPA staff and Peer Review Board to work with AICPA members to assist them in complying with state requirements in those states that mandate peer reviews and the submission of peer review reports to share information with the state governmental agency.
* In honor of three state societies celebrating their 100th anniversaries (Minnesota, Tennessee, Washington), the board approved resolutions recognizing their achievements.
* An update was provided on the work of the Special Committee on Enhanced Business Reporting. Areas covered included research, content development, portal development and XBRL extension and application, as well as a projected timeline.
* After hearing about recent and future activities of the Work/Life and Women's Initiatives Committee, the board agreed to act as spokespersons and support the committee's mission of advancing women to positions of leadership in the profession. The committee also is developing a new strategic plan and publishing mentoring guidance.
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|Date:||Jun 1, 2004|
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