State Board Report

December 2009

The only thing we can count on is the speed of change, CPT Board Chair Larry Bridgesmith told the Baruch/CPT Conference. “The status quo will not be good enough,” he said and urged the conference’s attendees to recognize three types of action the previous speakers had alluded to: clarify, integrate and anticipate. “Allowing our recovery to rest in someone else’s hands defies being a professional,” Mr. Bridgesmith stated.

Among the conference’s panel sessions were discussions of: auditing fair value, moderated by NASBA President David Costello, with panelists Bruce B. Bingham of Capstone Valuation Services, LLC, Manish Choudhary of Deloitte Financial Advisory Services, LLP, and Robert S. Overstreet of KPMG, LLP; and auditing and the credit crisis moderated by Brian Richson of PricewaterhouseCoopers, LLP, with panelists Al Paulus of Ernst & Young, and Phil D. Wedemeyer of Grant Thornton, LLP. Harold Monk, Jr., chair of the AICPA’s Auditing Standards Board covered current developments at the ASB. Other speakers, as quoted in this month’s sbr, also presented timely information.

Mr. Bridgesmith concluded the conference by challenging auditors to be clearly transparent in their work, which will require them to “step out of the comfort zone.” He said, “We have to have difficult conversations with the public.” Mr. Bridgesmith stated, “It takes courage to step up and become conflict competent.”

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