Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman (2008-09) AICPA.

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Presentation transcript:

Heroes or Scapegoats? Accountants in the Crisis November 17, 2009 Ernie Almonte, CPA/CFF/CITP Past Chairman ( ) AICPA

Fair Value

Regulatory Reform Broker-Dealer Regulation Consumer Financial Protection Agency Investor Protection Act International Financial Reporting Standards

Economic Crisis and Recovery Center 70,000 Unique Visitors 175,000 Page Views 70,000 Unique Visitors 175,000 Page Views

Audit Quality Centers Communicating with Members & Federal Agencies Monitoring Congressional Activity Assisting Members with Financial Statement Audit Implications Subprime Mortgage Crisis Investment Portfolio Risk Pension Underfunding Fair value requirements 403(b) Plan liquidity, freezes & terminations

Role of Accountants

Despite Recession, Moving forward CPAs Continue to Serve as Trusted advisers Objective experts Advocates for the public good Advocacy successContinued leadership in financial literacy, IFRS, PCFRRecord enrollments & graduatesCPA reputation high

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