State Board Report
The Accountancy Boards’ future role in overseeing the standards they are responsible for enforcing was discussed by NASBA Standards Study Group Chair Gaylen Hansen during breakout sessions at the Eastern and Western Regional Meetings. He explained that, as the Boards have the mandate to decide which standards their licensees can use when providing services, and Boards have requested NASBA’s assistance and guidance in making those decisions, the Standards Study Group is recommending to the NASBA Board of Directors that NASBA monitor standard setters and the standard setting process.
The NASBA Standards Study Group includes: Chair Gaylen Hansen (CO), Donald H. Burkett (SC), Walter C. Davenport (NC), Raymond N. Johnson (OR), Harry O. Parsons (NV) and Laurie J. Tish (WA), with staff support from Ken Bishop, Colleen Conrad, Louise Dratler Haberman and Noel Allen. The Group is constructing a matrix that lists authoritative and non-authoritative standard setters (such as the FASB, GAO, PCAOB, IFAC and AICPA) on one axis and then the components of best practices in standard setting on the other axis. Among the best practice components are: how the standard-setting entity was created; how it is funded; the way it selects its board members; the expertise of its board members; the elements of its due process; and its poststandard setting review.
Feedback from the Regional Meetings is being weighed by the SSG as they develop their recommendations to the NASBA Board of Directors.
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