April 2010 Of Interest

Retaining African Americans in The Accounting Profession – Study

A study by Howard University’s Center for Accounting Education changes the paradigm on how to attain success as a minority and how to retain more African Americans in the profession.

AICPA Fends Off Attack on Accounting Standards

In a recent letter to Senators Dodd and Shelby of the Committee on Banking, Housing and Urban Affairs, the AICPA reiterates its support for independent accounting standards and makes clear the objectives of accounting standards while negating the suggestion to “address potential systemic risks associated with accounting policy” as some have argued.

SEC Moves Toward Letting U.S. Firms Use Global Accounting Rules

The Securities and Exchange Commission said it will move ahead with a plan that might put U.S. companies under international accounting rules by 2014.

CAQ Reacts to SEC’s IFRS Plan

The Center for Audit Quality (CAQ) has issued a statement by Executive Director Cindy Fornelli in reaction to the U.S. Securities and Exchange Commission’s announcement of an International Financial Reporting Standards (IFRS) Work Plan.

Web-Based Whistle-Blowing?

Recent discussions among accountants, attorneys, and compliance professionals on LinkedIn.com suggest that Sarbanes-Oxley is not working as intended to prevent fraud and misconduct. A group of finance and accounting professionals has proposed a viable alternative: they’re asking employees of U.S. publicly traded companies and financial institutions to anonymously disclose information about the questionable business practices of their companies and those companies’ executives on a new Website (www.zethics.com).

Help Your Team Understand Quality Client Service

David Morgan, co-MP of Lattimore, Black, Morgan & Cain and current Chair of the AICPA Private Companies Practice Section, shares his insights on building relationships with clients.

NASBA, AICPA and Prometric Extend CPA Exam Contract

The AICPA, the National Association of State Boards of Accountancy (NASBA) and Prometric have extended until 2024 their contract to jointly offer the CPA Examination in the U.S. The agreement represents a 10-year extension of the exam contract.

PCAOB Is Ready to Get Serious About Audit Committee Communication

PCAOB is accepting comment letters on a draft rule regarding Proposed Auditing Standard Related to Communications with Audit Committees.