Minutes of:

Executive Committee Meeting

Date & Time:

Friday, March 8, 2002, 9:05 a.m. to 10:50 a.m.

Location:

Meeting Held via Conference Call pursuant to action taken at March 5, 2002 Executive Committee meeting and Notice E-Mailed March 6, 2002

Presiding Officer:

Nancy Newman-Limata, President

Executive Committee Members Present:

Jo Ann Golden, President-Elect

Kevin J. McCoy, Vice President

Sharon Sabba Fierstein, Secretary

Frank J. Aquilino, Treasurer

Arthur Bloom

Peter H. Frank

Stephen F. Langowski

Carol C. Lapidus

Ian M. Nelson

Louis Grumet, Executive Director

Executive Committee Members Absent:

G. William Hatfield, Vice President

Others Present:

None

Staff Present:

Joanne S. Barry

Robert H. Colson

Dennis M. O’Leary

Paul L. Sinegal

James A. Woehlke

02 – E – 0

Call to Order

Ms. Newman-Limata noted that a quorum was present and called the meeting to order at 9:05 a.m.

02 – E – 1

Legislative Issues

Ms. Newman-Limata introduced the topic of proposing to the New York State legislature a list of overarching ethics principles for auditors as an alternative to banning auditors from offering specific non-audit services. Following a brief background discussion, Mr. Aquilino made the following resolution, which was seconded by Ms. Fierstein:

Following extensive discussion, a vote was taken and the resolution passed. Ms. Newman-Limata and Mr. Langowski opposed.

Discussion turned to q legislative proposal to make lying to one’s auditor a criminal offense. Following some discussion, Mr. McCoy moved that the Society not advocate, but also not oppose, the criminalization of lying to one’s auditor. The motion was seconded by Mr. Aquilino. Following further discussion, the resolution was unanimously approved.

02 – E – 2

Adjournment

Mr. McCoy moved and Mr. Langowski seconded, that the meeting adjourn. The motion was unanimously approved and the meeting adjourned at 10:50 a.m.