Accountancy Reform Law
WSJ.com Interviews Grumet on Friehling and Reform Law
Dow Jones newswires interviewed Lou Grumet, NYSSCPA executive director, following the announcement that Bernard Madoff’s auditor David Friehling pleaded guilty.
Test Your Knowledge of the Accounting Reform Law
Pop quiz: When is a New York CPA eligible for exemption from the state's accounting reform law requirement to register with the state and take CPE?
A) If the CPA does not perform audits or create financial statements relied upon by the public.
B) If the CPA does not work at a public accounting firm.
C) If the CPA has entered another field and no longer uses the CPA designation, skills or competencies.
D) All of these answers.
In the News: WSJ Covers NYSSCPA Accounting Reform Outreach
Long before the effective date of the new accountancy reform law, the NYSSCPA was traveling the state, informing CPAs of the new requirements on the horizon.
But still, according to an article in the Wall Street Journal, many of those it affects "are in the dark about it."
This, the article notes, includes thousands of tax advisers, from chief financial officers and treasurers at investment banks to certified public accountants at firms around the state. They face penalties -- including having their licenses revoked -- for not complying with the law, which requires them to register with the state education board and take continuing professional education courses.
The law is "the biggest thing in the history of the New York accounting profession since 1897," NYSSCPA Executive Director Lou Grumet told a reporter from Dow Jones.