August 2012 AICPA Board Meeting

As I near the end of my 3 year term on the AICPA Board of Directors, I embarked on my last Journey to New York, but as fate would have it there were a few bumps in the road – or in this case storms in the air.  I had planned to come in Tuesday evening to get to the hotel, get a good night’s rest and start my final day of committee meetings refreshed, but that was not to be.  All flights into New York were cancelled and I got to get up at 3:30 in the morning to make a 6:00am flight.  My friends like to give me a hard time about “having” to go to New York and put up with the glamour of the travel and hotels.  All I will say is that nothing seems vary glamorous at four in the morning.

Like any Chairman of an Audit committee, I had a close working relationship with the Chief Audit Executive of the AICPA.  So when the AICPA CAE resigned to take a step up the career ladder with another employer I was happy for her while feeling a loss at the same time.  As Audit Committee Chairman I also realized that I would have a roll to play in selecting the next CAE for the AICPA.  Like many of you I found myself of two minds on this “opportunity.”  Frankly, I did not relish having to add yet one more thing to my never ending list of “To Dos, “ but I must admit that many Audit Committee Chairman never get the opportunity to replace a CAE and I thought this will be a great experience that I can learn from and use again in the future.  The good news is that the AICPA had done a great job of recruiting and retaining talent and the best candidate for the job came from inside the AICPA.  Audrey Foster is the new CAE for the AICPA and I am looking forward to working with her over the next couple of months until my term as Chairman ends. 

At the Board meeting itself we continued to discuss a number of issues that have both immediate and long-term impact on the profession including potential standards for personal financial planning services, developments in governmental financial reporting, implications of the changing Health Care industry for the profession, integrated and sustainability reporting and the impact of European developments on the profession.

One of the many points of pride I have about the profession is our efforts to support people in the communities we live in.  The AICPA saw a way to help our members in those efforts when it launched the 360 degrees of financial literacy effort several years ago.  One outgrowth of those efforts was working with the Ad Council on a series of Ads staring Benjamin Banks.  The Financial Literacy ads staring Benjamin Banks are now the most placed ads from the ad council leading 60 other efforts including Smokey the Bear and McGruff the Crime dog.  Its always fun to be number 1, but it’s even sweeter when it is for something so important as the financial health our your friends and neighbors.

I have truly enjoyed my service on the AICPA Board of Directors and as I roll-off the Board I am looking forward to new challenges as I continue to be involved in this fantastic profession.

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