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State Board Report

June 2013

A task force to study the standard-setting structure and process for financial reporting, auditing and ethics for private entities and to provide guidance on how Boards of Accountancy can be engaged has been appointed by NASBA Chair Gaylen Hansen (CO) with the unanimous approval of the NASBA Board of Directors. Mr. Hansen will lead the new Standards Study Group, that will include: Donny Burkett (SC), Walter Davenport (NC), Raymond Johnson (OR), Harry Parsons (NV) and Laurie Tish (WA).

“The Standards Study Group (SSG) will delve into what the State Boards’ strategy and position ought to be going forward with respect to standard-setting for private entities,” Mr. Hansen stated. He anticipates the SSG “will address various Board of Accountancy options as to the breadth and depth of their involvement in establishing standards, including: What should the Boards’ voice or role be in standard setting? How should that monitoring and oversight be exercised? What vetting, periodic evaluation and ongoing acceptance of thirdparty, private sector standard-setters should occur? How can the independence and governance of the standard-setter be more responsive to the needs of the public?” He explained: “Recent events beg for a better structure than what we have now. The SSG will look for ideas to improve that structure so that standards are authoritative and enforceable by those called upon to enforce them. To that end, we will start with NASBA’s current strategic plan, to fold this initiative into it so that there is appropriate alignment. We will look for catalysts for constructive change that is in the public interest.”

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