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Call to Order

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Legislative Update

Mr. O’Leary and Mr. Hoops provided an update on Accountancy Bill 302-B, sponsored by State Senator LaValle.

The Executive Committee then discussed the issues of affirmative defense, and whether reviews should be included in language regarding non-licensees.

In response to a question from Mr. Grusd, Mr. O’Leary stated that the legislation contemplated that CPAs in private industry would be subject to its requirements when holding themselves out as CPAs. Mr. Grumet added that the Society’s CFO Committee was comfortable with the proposed language on this issue.

Mr. Kearney moved that the Executive Committee direct Mr. O’Leary or the Legislative Task Force to inform Senator LaValle that the Society supports the compromise legislation, but believes that the word “review” should be eliminated from the provision regarding non-licensees, and that to the extent a non-licensee issues a financial statement, he or she should state that he or she is not a CPA. Ms. Napoleon-Hudson seconded the motion. Following discussion, the motion passed unanimously.

Mr. Hoops suggested that the Society publicize its position in the next issue of The Trusted Professional.

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Adjournment

Mr. Grusd moved to adjourn the meeting, and Mr. Love seconded the motion. All being in favor of the motion, the meeting adjourned at 11:10 a.m.