Society Keeps Pace With the Changing Environment

Society Keeps Pace With the Changing Environment
Strong Governance and Regulatory Compliance Are Focus of Conference

By John J. Kearney

Continued from the Home Page

During the conference, the FAE board of trustees, the PAC board and the Society’s board of directors held meetings. The FAE trustees’ meeting focused on educational program enhancement for our members, in particular for those in industry; a revision in the Society’s bylaws to change the selection of the trustees; and a review of how to provide funding for an enhanced scholarship program. The PAC meeting focused on the legislative agenda and our pursuit to pass effective accounting legislation.

Before I report on the board of directors’ meeting, I would like to review the first day’s events, which primarily concerned post–Sarbanes-Oxley issues our profession faces. Paul Leder, a well-known attorney from Washington, D.C., who represents accountants and public company board members in the areas of governance and compliance, began the day. Paul gave us a review of the new boards for the SEC and the PCAOB, offering valuable insight into what they will expect from the profession and what we need to know from a compliance point of view. We even had an opportunity to ask him very specific questions on these matters.

Following his presentation, there was a panel discussion among four members representing small, medium and large firms, as well as industry. These individuals were Brian Caswell, Andrew Cohen, Steve Langowski and Richard Piluso.

Each gave their thoughts on the cascading effect of SOX on the nonpublic client and how firms working with these clients will need to adjust to the new rules and standards. The breakout session that followed generated much discussion and gave the leadership at the committee and chapter levels a real sense of involvement in working with our members to help them cope with these issues.

Later in the day we received a briefing from the AICPA regarding their new audit centers and their plans to assist members who work in this area. The remainder of the afternoon was spent in two breakout groups. One featured a panel discussion on effective committee leadership. Led by Ray Nowicki, the group comprised all of the Society’s committee chairs, who not only discussed how to best run a committee but also looked for ways to reach out to chapters for their input and assistance.

The other breakout group focused on the nuts and bolts of running a chapter. Chapter Vice-Presidents Katie Doran and Andy Eassa led other chapter leaders in discussions on strengthening the value and services that chapters provide to their members.

The feedback on both sessions was great and everyone was encouraged that we, as a Society, are moving in the right direction, assisting our members and helping to improve the CPA profession.

On the second day, the board of directors took a close look at the Society’s governance initiatives for the remainder of the year. The board approved the appointment of a senior peer review and ethics policy committee, whose members will handle policy issues resulting from new legislation, regulations and standards. During the approval of the committee, the board also approved appointments to the Audit and Finance committees.

The board meeting included the permanent approval of the Society’s six newest chapters, which launched in 2001. The board also appointed members of the Selections Subcommittee, which recommends individuals to fill vacancies on the AICPA Council, the board’s Nominating Committee and the FAE board of trustees. Nominating protocols were reviewed and approved for the current year as well.

As you can see, the Society’s leadership is hard at work serving the membership. If you have any questions or comments regarding the Leadership Conference or the NYSSCPA’s current and long-term objectives, please feel free to contact me at the e-mail provided below.