Fall 2016 Meeting of AICPA Governing Council Elects Kimberly Ellison-Taylor as New AICPA Chair, Gold Medal Award to RI's own Ernie Almonte

 

The Fall Meeting of the AICPA Governing Council took place in Orlando earlier this week, and the need to anticipate and manage the many changes being seen today to ensure we remain vibrant and relevant tomorrow, was the central theme heard. The AICPA recognizes we face a dramatically changing landscape and is working on several fronts to help our professionals be ready for the next technology, the next service, the next challenge, and the next opportunity. The meeting of the Governing Council brings together hundreds of profession leaders from across the country. Here are some meeting highlights: Kimberly Ellison-Taylor, CPA, CGMA, executive with Oracle, was elected new Chair of the AICPA Board of Directors. In her inaugural speech, “Bringing Our ‘A’ Game: Bold Steps for a Vibrant Future”, she highlighted the many new opportunities technology is creating, the potential for new service areas, and developing the next generation through mentorship. The RI Society congratulates Kimberly Ellison-Taylor on becoming AICPA Chair and we look forward to the vision and leadership she will bring in this new role.

The Fall Meeting also included a special honor for Rhode Island when our very own Ernie Almonte, CPA, CGMA, CFF, received the 2016 AICPA Gold Medal Award for Distinguished Service. Ernie, currently a partner at RSM US, Boston, is a former Chairman of the RISCPA Board and of the AICPA Board of Directors (2009-2010), previously chairing several of the AICPA’s Committees, including Finance, Audit, Nominations, and Government Performance and Accountability. He also chaired the AICPA’s National Financial Literacy Commission from 2013-2015, and is recognized for promoting better financial decision making across all sectors through his frequent media and public speaking appearances. The Gold Medal Award is the highest award granted by the Institute and is given to CPAs who have made major contributions to the profession. The RI Society extends our deepest congratulations to Ernie, who has long been a special friend and voice of leadership within our own CPA community in RI, and is so deserving of this prestigious recognition.

 Other highlights of the Meeting are as follows:

 

October 25, 2016

1. Kimberly Ellison-Taylor, CPA, CGMA, Elected as Chairman of AICPA Board of Directors

2. A New Front in the Battle Against Cyber Risks

3. Profession Makes Progress on Improving Audit Quality

4. Update from Washington: Potential Impact of the 2016 Election on the Profession

5. Meeting the Evolving Consumer Need for High Quality Integrated Services

6. AICPA Honors Former AICPA Chairman with Gold Medal Award

7. Supporting Business Here and Abroad Panel

8. AICPA’s 2015-16 Annual Report Highlights How the Profession is Getting Ready for the Next

 

1. Kimberly Ellison-Taylor, CPA, CGMA, Elected as Chairman of AICPA Board of Directors  

As the newly-elected chairman of the AICPA Board of Directors, Kimberly Ellison-Taylor, an executive with Oracle, is eager to propel the profession toward new horizons. In her inaugural speech, “Bringing Our ‘A’ Game: Bold Steps for a Vibrant Future,” she highlighted the opportunity created by technology, the potential of new service areas and her passion for developing the next generation through mentorship. Read this Journal of Accountancy profile to learn more about Kimberly and her vision for the profession.

 

2. A New Front in the Battle Against Cyber Risks

The CPA profession is developing a multi-pronged effort so practitioners can help organizations better assess and understand cybersecurity risks. Chris Halterman, Executive Director, Advisory Services, Ernst & Young LLP, and Amy Pawlicki, AICPA Director, Business Reporting, Assurance and Advisory Services, presented on the work of the AICPA’s Assurance Services Executive Committee Cybersecurity Working Group. Two sets of proposed criteria provide a common language for companies to use in describing their cybersecurity risk management programs. The release of these criteria pave the way for upcoming attestation guidance, slated for Q1 2017, that will help CPAs perform trusted, independent entity-wide cybersecurity examination engagements.

 

3. Profession Makes Progress on Improving Audit Quality

Sue Coffey, CPA, CGMA, AICPA Executive Vice President – Public Practice, discussed the progress of the 6-Point Plan to enhance audit quality. Sue said the EAQ initiative has moved the needle on audit quality and emphasized the focus on balancing meaningful reforms with helping firms through the process. Read more on the first year of the 6-Point Plan provided in the recently released AICPA Enhancing Audit Quality Initiative, Highlights and Progress Report - 2016

 

4. Update from Washington: Potential Impact of the 2016 Election on the Profession

Mark Peterson, AICPA Executive Vice President – Advocacy, explored how the upcoming elections might affect the balance of power in the Senate, the number of CPAs in Congress and the make-up of key congressional committees. He also touched on the post-election legislative agenda in the lame duck session and key legislative and regulatory matters currently facing the profession—including the DOL overtime rules, IRS services, the Financial Choice Act, tax reform and the recent success of mobile work force legislation in the House. To learn more about how the results of the upcoming election may impact the profession, your members can attend the AICPA’s “Post-Election Events: 2016 Updates and Analysis” webcast series on November 10 from 2:00 pm – 3:00 pm.

 

5. Meeting the Evolving Consumer Need for High Quality Integrated Services

Council members assessed trends and provided feedback on ways the profession can meet the needs of consumers for a broad range of integrated services, including tax, estate, investment and retirement planning. Demographic changes, technological innovation and the expansion of service providers are powering strong demand for a holistic approach to these services. CPAs have an opportunity to position themselves to meet this need.

 

6. AICPA Honors Former AICPA Chairman with Gold Medal Award

Ernie Almonte, CPA, CGMA, CFF, the Chairman of the AICPA Board of Directors from 2009-2010, has earned the 2016 AICPA Gold Medal Award for Distinguished Service. Ernie, currently a partner at RSM US in Boston, previously chaired the Institute’s Finance, Audit, Nominations and Government Performance and Accountability committees, serving as chair of the AICPA’s National Financial Literacy Commission from 2013-2015, and promoting better financial decision making among all Americans through his frequent media and public speaking appearances. The Gold Medal Award is the highest award granted by the Institute and is given to CPAs who have made major contributions to the profession.

 

7. Supporting Business Here and Abroad Panel

Arleen Thomas, CPA, CGMA, Managing Director – Americas Market, Global Offerings & CGMA Exam, led a panel of practitioners, experts and business leaders to discuss the latest trends in risk management and the key competencies and skills finance professionals need to best mitigate risk and capitalize on opportunity. The panelists shared insights on implementing systems and processes to effectively alleviate and monitor risks and exploit the opportunities identified. Download the CGMA Risk Toolkit for quick and easy access to practical tools and resources to help address emerging risks and establish and grow robust risk processes.

 

8. AICPA’s 2015-16 Annual Report Highlights How the Profession is Getting Ready for the Next

The word ‘ready’ is defined as “preparing someone or something for an activity or purpose.” During the past year, AICPA members have worked diligently to get ready for what’s next for the profession. This includes diligently preparing for tax seasonand getting ready to implement upcoming standards. It also means anticipating the needs of a rapidly changing business environment and developing innovative solutions to challenges facing the profession.Learn how members are anticipating these needs in the AICPA’s Annual Report, covering August 1, 2015, through July 31, 2016.

 

 

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