Happenings at April Board of Directors' meeting.Following are some of the more significant actions and events that took place at the AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). Board of Directors meeting Apr. 1-2:
* Ethics issues as they relate to outsourcing were discussed. Board members provided feedback to the chairs of the Professional Ethics professional ethics,
n the rules governing the conduct, transactions, and relationships within a profession and among its publics.
professional ethics liability,
n 1. 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 Federal Bureau of Investigation (FBI), division of the U.S. Dept. of Justice charged with investigating all violations of federal laws except those assigned to some other federal agency. , the Department of Labor, the Business Roundtable Business Roundtable (BRT), an association consisting of the chief executive officers of major U.S. corporations that was founded in 1972 through the merger of the three preexisting business organizations. and the Public Company Accounting Oversight Board The Public Company Accounting Oversight Board (or PCAOB) (sometimes called "Peekaboo") is a private-sector, non-profit corporation created by the Sarbanes-Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. . He also met with the chairman and chief accountant of the Securities and Exchange Commission; spoke to several state CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 psy·cho·met·rics
n. (used with a sing. verb)
The branch of psychology that deals with the design, administration, and interpretation of quantitative tests for the measurement of psychological variables such as intelligence, aptitude, and 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 (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. 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.