IPA / AICPA 125th Anniversary/2012 Spring Meeting of Council

Comments and quotes from the opening dialogue, from AICPA President/CEO Barry Melancon…

  • “Potential changes to audit reports for public companies and mandatory firm rotation proposals may change the auditing process.”
  •  Melancon foresees a host of opportunities in assurance, including greenhouse gas emissions, sustainability of supply chains and more.
  • Melancon says ‘big data’ will likely change our thoughts about how we audit and what we audit to increase relevance and reliability.
  • Melancon noted that the federal tax form in 1917 was four pages long. “Will we ever get back to anything like that? Highly unlikely.”
  • AICPA released its tax insight service, allowing citizens to input their personal information and calculate their total tax burden. “There’s no other tool like it,” Melancon says. http://www.totaltaxinsights.org/Calculator
  • Melancon says the CPA brand  is “extraordinarily strong. If we don’t continue to broaden, we will be left behind.
  • 13,500 members are signed up for the Chartered Global Management Accountant (CGMA) credential, which elevates the value proposition of the AICPA.
  • Melancon says  cloud computing has transformed the relationship between the practitioners and their clients. “Technology is a driver of change today and into the future of our profession. We have to embrace it.”
  • Melancon says 294 billion emails are sent every day. “It would take you eight years to watch one day of YouTube videos.” By 2020, research says cash will not be used in any significant way.
  • Melancon called creating more diversity in the profession “an economic imperative.”
  • “We’re the most trusted professional in the business space. Other professions would love to have the type of reputation that people in this room have.”