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Lois Whitehead, Public Relations Manager
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lwhithead@nysscpa.org

“It is not surprising that banking/finance and technology are slated to improve. We see what businesses are spending in these areas,” say Deborah L. Bailey-Brown, president of the Society’s Mid-Hudson Chapter. “As for agriculture, that is directly related to the economy.”

Turning to the US economy, almost half (47.7%) of statewide CPAs are not satisfied with the economic policies of President Bush. Central New York CPAs are somewhat satisfied (43.4%).

Looking at the CPA profession, Society members feel public focus on corporate scandals will have a negative impact (41.9% statewide) on general business practices and the New York State economy while 43.0% of Central NY CPAs say it will have an insignificant impact. CPAs feel the SEC is doing enough to regulate accounting practices (30.3 statewide; 34.5% of Central New York CPAs feel the SEC has done more than enough. CPAs across the state agree the Public Company Accounting Oversight Board will have a highly positive effect (7.6%) with Central New York CPAs (6.1%) or moderately positive effect on audit quality (63.1% statewide, 56.9% Central New York).

CPAs also expect the regulations of the Sarbanes-Oxley Act to have a mostly positive impact on audit clients’ business practices (41.2% statewide) with 54.9% in Central New York saying it will have no effect. Sarbanes-Oxley’s impact on the credibility of financial statements is split between earnings quality will improve (47.3% statewide) while 58.2% in Central New York say earnings quality will remain the same. The effect of Sarbanes-Oxley on corporate integrity is 52.8% of statewide CPAs feel it will improve; 53.4% in Central New York feel it will stay the same.

The most crucial step in preventing future corporate scandals, CPAs say, is increasing internal corporate policy and enforcement (38.5% statewide, 40.0% Central New York) and stronger boards of directors (24.9% statewide, 36.1% Central New York).

Respondents statewide have seen the following difference in audit clients (15.7% more upper management and 24.1% more concern with internal control). In Central New York, 42.1% see no change in audit clients.

Recent changes surrounding the accounting profession has made CPAs more careful in client relations (41.0% statewide, 40.1% Central New York). CPAs reporting no change in handling client relations were 38.7% statewide and 38.1% Central New York).

Over sixty percent (60.4%) of those participating have been CPAs for more than 20 years.

The CPA Poll has a statistical confidence level of +/-4.4% at the 95% confidence level and is based on a random sample survey of the Society’s membership. Complete details of the NYSSCPA Poll, including results in the Western New York, Metro New York and Southern Tier Regions can be found by clicking here.

About the NYSSCPA

Representing 30,000 CPAs, the New York State Society of Certified Public Accountants (NYSSCPA) is the oldest and largest state accounting organization in the nation.

Incorporated in 1897, the Society is a not-for-profit organization that seeks to establish and maintain high standards of integrity, honor, and character among certified public accountants. Its members are CPAs working in public practice, industry, government and education in a state that serves as the home of Wall Street and major financial institutions.

The New York State Society of CPAs is located at 530 Fifth Avenue, New York, NY 10036. To learn more about the Society call 800-633-6320 or visit the Society’s website at www.nysscpa.org.