AICPA Council Meeting…Audit Regulation / Quality

John Veihmeyer, CEO KPMG — “We can’t put our heads in the sand and say we don’t want anything to change.” He added, “If you believe that our people are talented and trying to do the right things, sometimes what gets in the way is the time allocated to do the tasks we’re asking them to do.” Let’s focus on the heart of the issue. We have some models where it’s working. “We have best practices examples out there.” He said, on mandatory firm rotation: “Let’s put to the side some things an awful lot of people think are wrongheaded in the way they’re currently being discussed.”

Lou Grabowsky, COO Grant Thornton, on firm rotation, said: “Let’s change the dialogue from defensive to offensive or aggressive.” Need good dialogue with executives and CEO of the companies. “We’re moved so far to a compliance discussion that we forget about a business discussion.” He said get more proactive in the dialogue. “Move our people from the staff room to the executive offices.”

Bill Freda, Vice Chair, Deloitte LLP, said the profession has made great strides. “The level of accountability for all of us is higher than it’s ever been and it’s moving in the right direction.”