State Board Report

February 2012

NASBA’s Regional Directors have agreed to take on the additional responsibility of vetting exposure draft responses and comments submitted on behalf of the association. Under the new procedure (see “Memo” on page 3), the Regional Directors will be evaluating letters produced by the Regulatory Response Committee and other expert committees and approved by NASBA leadership. On January 19 they gave their approval to the release of a letter in support of the “PCAOB Enforcement Transparency Act” (S. 1907 and H.R. 3503) to the Senate Committee on Banking, Housing and Urban Affairs and the House Committee on Financial Services.

The letter stated: “We strongly support and urge the passage of the proposed legislation giving the Public Company Accounting Oversight Board the authority to make post-investigative disciplinary proceedings public from the point of the PCAOB’s order to charge a respondent and start enforcement procedures, consistent with the authority of the Securities and Exchange Commission (SEC).”

President Bishop told the Regional Directors: “As representatives nominated and elected to serve on behalf of the 55 Boards of Accountancy, consensus by the Regional Directors is critical. This level of input will strengthen NASBA’s voice as it moves forward in the response process.”

The charge of the Relations with Member Boards Committee is being revised.

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