AICPA Council Meeting…On the Relevance of Financial Reporting

Charles Allen, CEO, Crowe Horwath LLP, said investors see audits as important and they have confidence in the process. “I believe many of the assurance engagements we’re doing outside of opinion audits are where clients are seeing the most value.” That’s where the market is taking us, he said. “If we don’t take advantage of that, we’re going to lose that opportunity.”

Lou Grabowsky, COO, Grant Thornton: Investors are making decisions on lots of nonfinancial information. “The call to arms on relevancy, and again to be proactive with it, to ensure we stay relevant, is to step out there and challenge ourselves.”

Jean Hobby of PwC: “We have to listen to what the marketplace needs and we have to adapt to meet those needs.”