Highlights of board of directors' September meeting. (AICPA).
* AICPA President & CEO Barry C. Melancon briefed the board on the general feedback received regarding his Sept. 4 speech outlining initiatives to combat fraud and restore investor confidence (The CPA Letter, Sept.). Various staff members then reported on activities in their areas of responsibility related to the challenges facing the profession.
Among them, Senior Vice President-Member and Public Interests Alan Anderson discussed progress with establishing the Center for Fraud Research, and developing fraud training programs, a competency model on fraud and regional conferences for senior managers in industry.
Geoff Pickard, Vice President-Communications, explained that the Institute was currently conducting an evaluation of its image enhancement campaign and that in the meantime would provide the state CPA societies with ads aimed at increasing confidence in public company audits for placement in local media (see page 4).
In addition, the board approved creating a special task force to study the Sarbanes-Oxley Act's implications for small business and the potential cascading effect for firms conducting audits for privately held companies.
* Based on discussions at the May Council meeting, the Professional Ethics Executive Committee developed proposals to improve the transparency, timeliness and effectiveness of the disciplinary process. The board approved the committee's recommendations, which would be discussed at the fall Council meeting. Moreover, an update was provided on the committee's activities regarding dependency and significant client fees.
* Additional highlights include reports on the Auditing Standards Board's issuance of the fraud audit standard and other fraud-related initiatives (see page 1), and agreement on language changes to the Uniform Accountancy Act with respect to implementation issues concerning "substantial equivalency" as well as the computer-based CPA exam.
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|Date:||Nov 1, 2002|
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