Happenings at July 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 July 15-16: * Progress on a proposed exposure draft on outsourcing was discussed. Board members were informed that 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 at its meeting in late July would review a draft proposal (see article on page 1). * Board members discussed the move toward greater transparency in the peer review process and the related member education program (see page 3). The AICPA will work closely with 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, committees and others on this effort. * Feedback on the financial literacy Financial literacy is the ability of individuals to make appropriate decisions in managing their personal finances. Raising levels of financial literacy is now a focus of government programmes in countries including[1] Australia, Japan, the United States and the UK. initiative was discussed. Members have been very positive and enthusiastic about the campaign. * The board approved the principles and direction of the AICPA Foundation's new strategic plan to grow its reach and expand opportunities. * Membership requirements for the soon-to-launch Governmental Audit Quality Center were approved. Applications are scheduled to be available late Sept. * Implementation of approved recommendations of the Task Force on the Role and Responsibilities of Council was discussed. The board is proceeding with certain recommendations that it is able to implement on its own as wed as those approved by Council. * Updates were provided on various topics: possible inappropriate "cascading" of federal legislation, such as the Sarbanes-Oxley Act See SOX. , to state legislative or regulatory bodies; CPA2Biz met its financial breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations target, as well as other operational goals, for its fiscal year ending June 2004; continuation of the board's Member Outreach Program given its success with both board and Institute members; and an overview of a "listening tour" regarding small firms' concerns and needs. |
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