In a world where trust has been breeched and faith in iconic institutions has been broken, CPAs in corporate finance may be uniquely positioned to help heal the system and restore a sense of integrity to business.
by Rick Telberg
Objectivity, independence and integrity are among the sacred creed of the CPA profession. But never in recent memory has the word “integrity” been bandied about so much in the corporate suite as in these days after the great global financial meltdown.
If the renewed interest in “integrity” is genuine, then CPA finance managers and executives are well-positioned to help make positive change for their organizations and maybe even the public at large.
My view is that the role of internal audit will evolve away from the passivity that now characterizes it. Not because the internal auditors are leading the charge, but because the politicians in Washington and the crooks in Wall Street will force it on those who hire us. The politicians with their simple minded populism, and the crooks with the audacity of their schemes, which can not be hidden anymore in today’s hyper media environment.
“Applauds” state legislature for over-riding veto to enact state’s first peer review mandates.
The new law requires for the first time that public accounting firms in Hawaii undergo outside peer reviews on a regular basis for auditing and attestation work.
“Passage of the law is a significant reform that will aid in the reliability and availability of the best possible professional accounting services in Hawaii,” said Wendell Lee, Hawaii Society of CPAs president. “We are grateful for the hard work by state legislators to bring this reform to reality and look forward to working closely with the state board of accountancy to implement the new law.”
IFRS represents a once-in-a-generation opportunity for accountants and the profession. Some firms won’t be ready.
by Rick Telberg
Many finance and accounting professionals, their firms and companies may be wasting a once-in-a-lifetime opportunity if they allow their capabilities to stagnate or their skills to go stale. Take, for example, IFRS, short for International Financial Reporting Standards.
In the latest stop-and-go story of the globalized rules, it’s, well, if not “stop,” then at least “maybe later than last we thought.” As a result, some firms and corporations are putting their IFRS hiring and training programs on hold.
But that’s a big mistake. For one thing, the worldwide demand for IFRS technicians will be “huge,” according to Craig Walker, accounting and finance practice director for the Mergis recruiting agency. “Bigger than SOX,” he says, referring to the Sarbanes-Oxley Act, which remapped the accounting and auditing landscape in 2002.
Accounting firms can get left behind of they just stand still.
Hugh Duffy, co-founder of Build Your Firm, an accounting firm marketing agency, urges accountants to seize control of their destinies by continually renewing and refreshing their business plans and objectives.
It can start, he says, with marketing more effectively using new media technologies and techniques.
Defends “the vital but sometimes overlooked field of accounting.”
Schapiro
Pledging global accounting convergence — someday — SEC chairman Mary Shapiro today sought to “re-affirm our dedication to developing a single set of high-quality, globally-accepted accounting standards.”
And she addressed three criticisms of the agency, which she called “myths:”
Myth #1: The SEC’s commitment to global accounting standards is not as strong as it should be.
Myth #2: The U.S. may be committed, but it’s dragging its feet regarding adoption of IFRS.
Myth#3: The United States is fixated on process.
For the details, here’s the full text of SEC chairman Mary L. Schapiro’s remarks at the CFA Institute 2010 Annual Conference, Boston, Mass., via videoconference:
My view is that the role of internal audit will evolve away from the passivity that now characterizes it. Not because the internal auditors are leading the charge, but because the politicians in Washington and the crooks in Wall Street will force it on those who hire us. The politicians with their simple minded populism, and the crooks with the audacity of their schemes, which can not be hidden anymore in today’s hyper media environment.
